Document:

Exhibit 10.36

 

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. 

 

 

Investment Agency Agreement

 

Dated 29-06-2015

 

Brooge
Petroleum and Gas Investment Company FZC 

(the Company)

 

National Bank of Abu Dhabi PJSC — Islamic Banking Division

(as Investment Agent)

 

National Bank of Abu Dhabi PJSC — Islamic Banking Division

(as Arranger,)

 

National Bank of Abu Dhabi PJSC — Islamic Banking Division

(as Security Agent)

 

National Bank of Abu Dhabi PJSC — Islamic Banking Division

(as Participant)

 

Al Brooge Capital Providing for Oil and Gas LLC 

 

and

 

Emirates Investment Company LLC FZC 

(together with the
Company the Obligors)

 

	
        Dentons & Co 

        Suite 1204 Al Ghaith Tower

        Hamdan Street 

        PO Box 47656

        Abu Dhabi

        United Arab Emirates
	 

  

     

     

    

 

Contents

 

	1	Definitions and interpretation	2
	2	Finance Parties’ rights and obligations	6
	3	Payment mechanics	6
	4	Set-off by Finance Parties	10
	5	Sharing among the Finance Parties	11
	6	Role of the Investment Agent and the Arranger	12
	7	The Security Agent	22
	8	Conduct of business by the Finance Parties	36
	9	Fees	36
	10	Costs and expenses	36
	11	Tax gross-up and indemnities; VAT	37
	12	Other indemnities	40
	13	Amendments and waivers	42
	14	Representations and warranties	43
	15	Illegality	44
	16	Changes to the Participants	44
	17	“Know your customer” checks	47
	18	Confidentiality	48
	19	Mitigation by the Investment Agent and the Participants	50
	20	Notices	50
	21	Calculations and certificates	53
	22	Partial invalidity	53
	23	Remedies and waivers	53
	24	Counterparts	53
	25	Governing law	53
	26	Enforcement	54
	Schedule 1 — The Original Participants	

 

24 June 2015

 

    Page 1

     

    

 

Investment Agency Agreement

 

Dated

 

Between

 

		(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 Company);

 

		(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
                                         Investment Agent for an on behalf of the Participant (the Investment Agent);

 

		(3)	National Bank
                                         of Abu Dhabi PJSC — Islamic Banking Division,
                                         of P. O. Box 40057, Abu Dhabi, United Arab Emirates acting in its capacity as
                                         mandated lead arranger for an on behalf of the Participant (the Arranger);

 

		(4)	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 the Finance Parties for an on behalf of the Participants (the Security
                                         Agent);

 

		(5)	The Participants listed in Schedule 1 (the Original
Participants); and

 

		(6)	Al Brooge Capital
                                         Providing for Oil and Gas LLC and Emirates Investment Company LLC FZC (together
                                         with the Company the Obligors).

 

Recitals

 

		A.	The Participants have agreed to appoint the Investment
Agent and the Security Agent on the terms of this Agreement.

 

		B.	The Finance Parties have agreed to make facilities available
on the terms of the Principal Agreement.

 

		C.	The Investment Agent has provided the Security Agent with
a copy of the Transaction Documents.

 

It is agreed:

 

		1	Definitions and interpretation

 

		1.1	Definitions

 

Words and expressions defined (directly or indirectly) in the
Principal Agreement shall have the same meanings in this Agreement unless they are expressly defined in it and, in addition, in
this Agreement:

 

Assignment Agreement means an agreement
substantially in the form set out in Schedule 3 (Form of Assignment Agreement) or any other form agreed between the
relevant assignor and assignee.

 

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Base Currency means Dirhams.

 

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

 

Commitment means:

 

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

 

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

 

to the extent not cancelled, reduced or transferred
by it under the Transaction Documents.

 

Confidential Information means all information
relating to an Obligor, the Transaction Documents or the Facility in respect of which a Finance Party becomes aware in its capacity
as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose
of becoming a Finance Party under, the Transaction Documents or the Facility from either:

 

		(a)	the Company or any of its advisers, or

 

		(b)	another Finance Party, if the information was obtained
by that Finance Party directly or indirectly from the Company or any of its advisers,

 

in whatever form, and includes information given
orally and any document, electronic file or any other way of representing or recording information which contains or is derived
or copied from such information but excludes information that:

 

		(i)	is or becomes
                                         public information other than as a direct or indirect result of any breach by that Finance
                                         Party of Clause 18 (Confidentiality); or

 

		(ii)	is identified in writing at the time of delivery as
non-confidential by the Company or any of its advisers; or

 

		(iii)	is known by that Finance Party before the date the
information is disclosed to it in accordance with paragraph (i) or (ii) above or is lawfully obtained by that Finance Party after
that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case,
as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of
confidentiality.

 

Confidentiality Undertaking means a confidentiality
undertaking in a form and substance satisfactory to the Investment Agent.

 

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

 

Fee Letter means any
letter or letters dated on or about the date of this Agreement between the Company and all or any of the Arranger, the Investment
Agent and the Security Agent setting out any of the fees referred to in Clause 9 (Fees).

 

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Finance Party means the Arranger, the Investment Agent,
the Security Agent or a Participant.

 

Investment means the aggregate of all Participant Contributions
that have been paid and remain outstanding from time to time.

 

Majority Participants means a Participant or Participants
whose Commitments aggregate more than 662/3 per cent of the Total Commitments (or, if the Total Commitments
have been reduced to zero, aggregated more than 662/3 per cent of the Total Commitments immediately before
the reduction).

 

New Participant has
the meaning given to it in Clause 16.1 (Assignments and transfers by the Participants).

 

Participant means:

 

		(a)	any Original Participant; and

 

		(b)	any bank, financial institution, trust, fund or other entity
which has become a Party in accordance with Clause 16 (Changes to the Participants),

 

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

 

Participant Contribution means in relation to a Participant
a payment to be made or made to the Investment Agent under this Agreement for application by the Investment Agent on behalf of
the Participants as required under the Principal Agreement and the other Transaction Documents.

 

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

 

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

 

Participation means, in relation to a Participant, the
aggregate amount of its Participant Contributions, as the same may be increased or decreased by assignments or transfers in accordance
with the provisions of Clause 16.1 (Assignments and transfers by the Participants).

 

Party means a party to this Agreement.

 

Percentage means in relation to a Participant, the aggregate
Participations made by that Participant as a percentage of the aggregate Participations made by all the Participants.

 

Principal Agreement means the Common Terms Agreement
dated on or about the date of this Agreement between the Company and the Investment Agent.

 

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

 

Related Fund in relation to a fund (the first fund),
means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is

 

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managed
by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate
of the investment manager or investment adviser of the first fund.

 

Remittance means any payment made or owing by an Obligor
under any Transaction Document in relation to the Investment which is remitted to or received by the Investment Agent (in its capacity
as such) for onward payment to the Participants pursuant to this Agreement.

 

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

 

Separate Trustee means any separate trustee appointed
by the Security Agent under Clause 7.24 (Additional Security Agents).

 

Total Commitments means the aggregate of the Commitments,
being 310,718,000 at the date of this Agreement.

 

Transaction Request means:

 

		(a)	the Offer Letter; or

 

		(b)	an Instisna’ Instalment Notice.

 

Transfer Certificate means a certificate substantially
in the form set out in Schedule 2 (Form of Transfer Certificate) or any other form agreed between the Investment Agent and
the Company.

 

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

 

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

 

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

 

		1.2	Construction

 

The principles of construction used in the Principal Agreement
shall apply to this Agreement as they apply to the Principal Agreement.

 

		1.3	Third party rights

 

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

 

		1.3.2	Notwithstanding any term of any 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.

 

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		2	Finance Parties’ rights and obligations

 

		2.1	Several obligations

 

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

 

		2.2	Separate and independent rights

 

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

 

		2.3	Separate enforcement

 

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

 

		3	Payment mechanics

 

		3.1	Receipt of Transaction Request

 

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

 

		3.2	Issue of Participant Contribution Request

 

If a Transaction Request complies with the provisions of the
Transaction Documents the Investment Agent shall use all reasonable endeavours to issue a Participant Contribution Request
no less than three Business Days before the proposed Participant Contribution Date.

 

		3.3	Calculation of Participant Contributions

 

Each Participant’s Participant Contribution to the Istisna’
Instalment requested in a compliant Transaction Request will be equal to the proportion borne by its Available Commitment to the
Available Facility immediately prior to the proposed Participant Contribution Date.

 

		3.4	Participant Contribution payment

 

No less than two Business Days after the date of issue of the
relevant Participant Contribution Request, and in any event no less than one Business Days before the relevant Participant Contribution
Date, each Participant shall pay its Participant Contribution to the Investment Agent in accordance with the relevant Participant
Contribution Request and Clause 3.6 (Payments to the Investment Agent).

 

		3.5	Entitlement arising from payment of Participant Contributions

 

		3.5.1	Subject to Clauses 3.5.2 and 3.5.3, following payment of
its Participant Contribution in accordance with this Clause, a Participant shall be entitled to its Percentage of Remittances
or other payments relating to the Investment that the Investment Agent receives or recovers in relation to that Participant Contribution.

 

    Page 6

     

    

 

		3.5.2	To the extent that a Remittance or other payment is made:

 

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

 

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

 

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

 

a particular Participant or any of its Affiliates (including
a payment or recovery of or on account of Increased Costs, fees or incentives), all of that payment shall be paid to the Participant
concerned.

 

		3.5.3	Where a payment due to a Finance Party has been calculated
in accordance with clausel3 (Market Disruption) of the Principal Agreement, the Participants shall share any Remittance
or other payment made in respect of that payment pro rata to their respective shares of that payment as determined under those
clauses.

 

		3.6	Payments to the Investment Agent

 

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

 

		3.6.2	Payment shall be made to such account in the principal financial
centre of the country of that currency (or, in relation to euro, in London or in a principal financial centre in a Participating
Member State, as specified by the Investment Agent) and with such bank as the Investment Agent, in each case, specifies.

 

		3.6.3	In respect of its Participant Contribution, each Participant
shall confirm (before 11.00 a.m. Abu Dhabi time) two Business Days prior to the Participant Contribution Date) its payment instructions
by authenticated SWIFT message to the Investment Agent to such SWIFT number as the Investment Agent shall have notified to the
Participants for this purpose.

 

		3.7	Distributions by the Investment Agent

 

Each payment received by the Investment Agent under the Transaction
Documents for another Party (including Remittances for the Participants) shall, subject to Clause 3.9 (Distributions to an Obligor)
and Clause 3.10 (Clawback if no actual receipt by the Investment Agent), be made available by the Investment Agent as
soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a
Participant, for the account of its Facility Office), to such account as that Party may notify to the Investment Agent by not less
than five Business Days’ notice with a bank in the principal financial centre of the country of that currency.

 

		3.8	Distributions to the Participants

 

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

 

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		3.8.2	Each of the Participants agrees for the benefit of the Investment
Agent that its entitlement to each payment made by the Investment Agent in respect of Remittances which it receives ranks pari
passu with the entitlements of each other Participant and that the amount to be paid to each Participant shall be that Participant’s
Percentage of each such payment.

 

		3.9	Distributions to an Obligor

 

The Investment Agent may (with the consent of the relevant Obligor
or in accordance with Clause 4 (Set-off by Finance Parties)) apply any amount received by it for an Obligor in or towards
payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Transaction Documents
or in or towards purchase of any amount of any currency to be so applied.

 

		3.10	Clawback if no actual receipt by the Investment Agent

 

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

 

		3.10.2	If the Investment Agent pays an amount to another Party
and it proves to be the case that the Investment Agent had not actually received or was not irrevocably entitled to retain that
amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Investment Agent
shall on demand refund the same to the Investment Agent. That amount shall be treated as an Unpaid Sum (where the paid Party is
the Company) or Participant Unpaid Sum (where the paid Party is a Participant) from the date of payment by the Investment Agent
to the date of receipt of the refund by the Investment Agent, and shall be payable to the Investment Agent together with a Late
Payment Amount (where the paid Party is the Company) on that amount.

 

		3.11	Partial payments

 

		3.11.1	If the Investment Agent or the Security Agent receives or
recovers a Remittance that is insufficient to discharge all the amounts then due and payable by any Obligor under the Transaction
Documents, the Investment Agent (or, as the case may be, the Security Agent) shall apply that payment towards the obligations
of that Obligor under the Transaction Documents in the following order:

 

		(a)	if received on or after the first Ististna’ Payment Date
but before the Commencement Date:

 

		(i)	first, in or towards payment pro rata of any outstanding
fees, actual costs and expenses due to the Arranger, the Investment Agent and the Security Agent under the Transaction Documents;

 

		(ii)	secondly, in or towards payment pro rata of any accrued
Advance Variable Rental Payments due but unpaid under the Transaction Documents;

 

		(iii)	thirdly, in or towards payment pro rata of any accrued
Advance Fixed Rental Payments due but unpaid under the Transaction Documents; and

 

		(iv)	fourthly, in or towards payment pro rata of any other
sum due but unpaid under the Transaction Documents; or

 

    Page 8

     

    

 

		(b)	if received on or after the Commencement Date:

 

		(i)	first, in or towards payment pro rata of any outstanding
fees, actual costs and expenses due to the Arranger, the Investment Agent and the Security Agent under the Transaction Documents;

 

		(ii)	secondly, in or towards payment pro rata of
any accrued Variable Rental Payments due but unpaid under the Transaction Documents;

 

		(iii)	thirdly, in or towards payment pro rata of any accrued
Fixed Rental Payments due but unpaid under the Transaction Documents; and

 

		(iv)	fourthly, in or towards payment pro rata of any other
sum due but unpaid under the Transaction Documents.

 

		3.11.2	The Investment Agent shall, if so directed by the Majority
Participants, vary the order set out in Clauses 3.11.1(a) or 3.11.1(b).

 

		3.11.3	Clauses 3.11.1 and 3.11.2 shall override any appropriation
made by any Obligor.

 

		3.12	No set-off by the Obligors

 

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

 

		3.13	Business Days

 

Any payment under the Transaction Documents which is due to
be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one)
or the preceding Business Day (if there is not).

 

		3.14	Currency of account

 

		3.14.1	Subject to Clauses 3.14.2 and 3.14.3, the Base Currency
is the currency of account and payment for any sum due from the Company or an Obligor under any Transaction Document.

 

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

 

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

 

		3.15	Change of currency

 

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

 

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

 

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

 

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

 

		3.16	Disruption to payment systems etc.

 

If either the Investment Agent determines (in its discretion)
that a Disruption Event has occurred or the Investment Agent is notified by the Company that a Disruption Event has occurred:

 

		(a)	the Investment Agent may, and shall if requested to do so
by the Company, consult with the Company with a view to agreeing with the Company such changes to the operation or administration
of the facilities to be made available under the Principal Agreement as the Investment Agent may deem necessary in the circumstances;

 

		(b)	the Investment Agent shall not be obliged to consult with
the Company in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in
the circumstances and, in any event, shall have no obligation to agree to such changes;

 

		(c)	the Investment Agent may consult with the Finance Parties
in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable
to do so in the circumstances;

 

		(d)	any such changes agreed upon by the Investment Agent and
the Company shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as
an amendment to (or, as the case may be, waiver of) the terms of the Transaction Documents notwithstanding the provisions of Clause
13 (Amendments and waivers);

 

		(e)	the Investment Agent shall not be liable for any damages,
costs or losses to any person, any diminution in value or any liability whatsoever (including for negligence, gross negligence
or any other category of liability whatsoever but not including any claim based on the fraud of the Investment Agent) arising
as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 3.16; and

 

		(f)	the Investment Agent shall notify the Finance Parties of
all changes agreed pursuant to paragraph (d) above.

 

		4	Set-off by Finance Parties

 

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

 

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		5	Sharing among the Finance Parties

 

		5.1	Payments to Finance Parties

 

If a Finance Party (a Recovering Finance Party) receives
or recovers any amount from the Company or any other person other than in accordance with Clause 3 (Payment mechanics) and
applies that amount to a payment due under the Transaction Documents (a Recovered Amount) then:

 

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

 

		(b)	the Investment Agent shall determine whether the receipt
or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received
or made by the Investment Agent and distributed in accordance with Clause 3 (Payment mechanics), without taking account
of any Tax which would be imposed on the Investment Agent in relation to the receipt, recovery or distribution; and

 

		(c)	the Recovering Finance Party shall, within three Business
Days of demand by the Investment Agent, pay to the Investment Agent an amount (the Sharing Payment) equal to such receipt
or recovery less any amount which the Investment Agent determines may be retained by the Recovering Finance Party as its share
of any payment to be made, in accordance with Clause 3.11 (Partial payments).

 

		5.2	Redistribution of payments

 

The Investment Agent shall treat the Sharing Payment as if it
had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the
Sharing Finance Parties) in accordance with Clause 3.11 (Partial payments) towards the obligations that Obligor to
the Sharing Finance Parties.

 

		5.3	Recovering Finance Party’s rights

 

On a distribution by the Investment Agent under Clause 5.2 (Redistribution
of payments) of a payment received or recovered by a Recovering Finance Party from an Obligor, as between the relevant Obligor
and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment shall be treated as not having
been paid by that Obligor.

 

		5.4	Reversal of redistribution

 

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

 

		(a)	each Sharing Finance Party shall, upon the request of the
Investment Agent, pay to the Investment Agent for the account of that Recovering Finance Party an amount equal to the appropriate
part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for
its proportion  of any return on the Sharing Payment which that Recovering Finance Party is required to pay) (the Redistributed
Amount); and

 

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

 

		5.5	Exceptions

 

		5.5.1	This Clause 5 shall not apply to the extent that the Recovering
Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant
Obligor.

 

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

 

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

 

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

 

		6	Role of the Investment Agent and the Arranger

 

		6.1	Appointment of the Investment Agent

 

		6.1.1	Each Participant irrevocably:

 

		(a)	appoints the Investment Agent to act as its agent in connection
with the Transaction Documents and the Investment Agent hereby accepts such appointment; and

 

		(b)	authorises and instructs the Investment Agent to enter into
each Transaction Document to which the Investment Agent is expressed to be a party as its agent on its behalf and to take such
action on its behalf and to exercise such rights, remedies, powers and discretions as are delegated to the Investment Agent by
this Agreement, together with such rights, remedies, powers and discretions as are reasonably incidental thereto.

 

		6.1.2	Extent of duties

 

The Investment Agent shall not have any duties, obligations
or liabilities (whether fiduciary or otherwise) to the Participants beyond those expressly stated in this Agreement.

 

		6.1.3	Binding

 

Any action taken by the Investment Agent under or in relation
to the Transactions Documents with requisite authority, or on the basis of appropriate instructions, received from the Participants
(or as otherwise duly authorised) shall be binding on the Participants as principals.

 

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		6.2	Instructions

 

		6.2.1	The Investment Agent shall:

 

		(a)	unless a contrary indication appears in a Transaction Document,
exercise or refrain from exercising any right, power, authority or discretion vested in it as Investment Agent in accordance with
any instructions given to it by:

 

		(i)	all Participants if the relevant Transaction Document stipulates
the matter is an all Participant decision; and

 

		(ii)	in all other cases, the Majority Participants; and

 

		(b)	not be liable for any act (or omission) if it acts (or refrains
from acting) in accordance with Clause 6.2.1(a) above.

 

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

 

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

 

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

 

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

 

		6.2.6	The Investment
                                         Agent is not authorised to act on behalf of a Participant (without first obtaining that
                                         Participant’s consent) in any legal or arbitration proceedings relating to any
                                         Transaction Document. This Clause 6.2.6 shall not apply to any legal or arbitration proceeding
                                         relating to the perfection, preservation or protection of rights under the Transaction
                                         Security Documents or enforcement of the Transaction Security or Transaction Security
                                         Documents.

 

		6.3	Duties of the Investment Agent

 

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

 

		6.3.2	Subject to Clause 6.3.3, the Investment Agent shall promptly
forward to a Party the original or a copy of any document which is delivered to the Investment Agent for that Party by any other
Party.

 

    Page 13

     

    

 

		6.3.3	Without
prejudice to Clause 16.7 (Copy of Transfer Certificate or Assignment Agreement to Company), Clause 6.3.2 shall not apply
to any Transfer Certificate.

 

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

 

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

 

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

 

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

 

		6.4	Role of the Arranger

 

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

 

		6.5	No fiduciary duties

 

		6.5.1	Nothing in any Transaction Document constitutes the Investment
Agent or the Arranger as a trustee or fiduciary of any other person.

 

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

 

		6.6	Agent’s rights to act and to deal

 

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

 

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

 

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

 

		6.7	Business with the Group

 

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

 

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		6.8	Rights and discretions

 

		6.8.1	The Investment Agent may rely on:

 

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

 

		(b)	assume that:

 

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

 

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

 

		(c)	rely on a certificate from any person:

 

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

 

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

 

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

 

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

 

		(a)	no Default has occurred (unless it has actual knowledge
of a Default arising under clause 11.1 (Non-payment) of the Principal Agreement);

 

		(b)	no Transaction Document has been changed or amended;

 

		(c)	no Transaction Security has become enforceable;

 

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

 

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

 

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

 

		6.8.4	Without prejudice to the generality of Clause 6.8.3 above
or Clause 6.8.5 below, the Investment Agent may at any time engage and pay for the services of any lawyers to act as independent
counsel to the Investment Agent (and so separate from any lawyers instructed by the Participants) if the Investment Agent in its reasonable
opinion deems this to be desirable.

 

    Page 15

     

    

 

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

 

		6.8.6	The Investment Agent may act in relation to the Transaction
Documents through its officers, employees and agents and the Investment Agent shall not:

 

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

 

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

 

unless such error or such loss was directly caused by the Investment
Agent’s gross negligence or wilful misconduct.

 

		6.8.7	Unless a Transaction Document expressly provides otherwise
the Investment Agent may disclose to any other Party and to any person engaged by it or through whom it acts in accordance with
this Clause 6 any information it reasonably believes it has received as agent under this Agreement.

 

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

 

		6.8.9	The Investment Agent is not obliged to disclose to any Finance
Party any details of the rate notified to the Investment Agent by any Participant or the identity of any such Participant for
the purpose of clause 13 (Market Disruption) of the Principal Agreement.

 

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

 

		6.9	Responsibility for documentation and customer identification

 

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

 

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

 

    Page 16

     

    

 

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

 

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

 

		6.10	No duty to monitor

 

The Investment Agent shall not be bound to enquire:

 

		(a)	whether or not any Default has occurred;

 

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

 

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

 

		6.11	Exclusion of liability

 

		6.11.1	Without limiting Clause 6.11.3 and subject to Clause 6.11.2
(and without prejudice to any other provision of any Transaction Document excluding or limiting the liability of the Investment
Agent), the Investment Agent shall not be liable (including for negligence or any other category of liability) for:

 

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

 

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

 

		(c)	without prejudice to the generality of Clauses 6.11.1(a)
and 6.11.1(b), any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result
of:

 

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

 

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

 

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

 

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		6.11.2	The Investment Agent shall not be excluded from liability
under Clause 6.11.1 for any damages, costs, losses, diminution in value or liability (as applicable) arising directly as a result
of the Investment Agent’s gross negligence or wilful default.

 

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

 

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

 

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

 

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

 

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

 

on behalf of any Participant and each Participant confirms to
the Investment Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it
may not rely on any statement in relation to such checks made by the Investment Agent or the Arranger.

 

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

 

		6.11.7	Notwithstanding the provisions of Clause 3 (Payment mechanics),
the Investment Agent shall not be liable to the Company or any Participant for the failure, or the consequences of any failure,
of any cross-border payment system to effect same-day settlement to an account of the Company or any Participant.

 

		6.12	Participants’ indemnity to the Investment Agent

 

		6.12.1	Each Participant shall (in proportion to its share of the
Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately before their reduction
to zero) indemnify the Investment Agent and its officers and employees, within three Business Days of demand, against any actual
cost, loss or liability (including for negligence or any other category of liability whatsoever) incurred by the Investment Agent
or any of its officers and employees (otherwise than by reason of the Investment Agent’s gross negligence or wilful misconduct)
in acting as Investment Agent under the Transaction Documents (unless the Investment Agent or an officer or employee has been
reimbursed by an Obligor pursuant to a Transaction Document).

 

    Page 18

     

    

 

		6.12.2	Subject to Clause 6.12.3 below, the Company shall immediately
on demand reimburse any Participant for any payment that Participant makes to the Investment Agent pursuant to Clause 6.12.1 above.

 

		6.12.3	Clause 6.12.2 above shall not apply to the extent that the
indemnity payment in respect of which the Participant claims reimbursement relates to a liability of the Investment Agent to an
Obligor.

 

		6.13	Resignation of the Investment Agent

 

		6.13.1	The Investment Agent may resign and appoint one of its Affiliates
acting through an office as successor by giving notice to the Participants and the Company.

 

		6.13.2	Alternatively the Investment Agent may resign by giving
30 days’ notice to the Participants and the Company, in which case the Majority Participants (after consultation with the Company)
may appoint a successor Investment Agent.

 

		6.13.3	If the Majority Participants have not appointed a successor
Investment Agent in accordance with Clause 6.13.2 within 20 days after notice of resignation was given, the retiring Investment
Agent (after consultation with the Company) may appoint a successor Investment Agent.

 

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

 

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

 

		6.13.6	Upon the appointment of a successor, the retiring Investment
Agent shall be discharged from any further obligation in respect of the Transaction Documents (other than its obligations under
Clause 6.13.4 above) but shall remain entitled to Clause 12.3 (Indemnity to the Investment Agent) and this Clause 6 (and
any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor
and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor
had been an original Party.

 

		6.14	Replacement of the Investment Agent

 

		6.14.1	After consultation with the Company, the Majority Participants
may, by giving 30 days’ notice to the Investment Agent, replace the Investment Agent by appointing a successor Investment Agent.

 

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

 

    Page 19

     

    

 

		6.14.3	The appointment of the successor Investment Agent shall
take effect on the date specified in the notice from the Majority Participants to the retiring Investment Agent. As from this
date, the retiring Investment Agent shall be discharged from any further obligation in respect of the Transaction Documents (other
than its obligations under Clause 6.14.2 above) but shall remain entitled to the benefit of Clause 12.3 (Indemnity to the Investment
Agent) and this Clause 6 (and any agency fees for the account of the retiring Investment Agent shall cease to accrue from
(and shall be payable on) that date).

 

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

 

		6.15	Confidentiality and disclosure

 

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

 

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

 

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

 

		(a)	any confidential information; or

 

		(b)	any other information,

 

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

 

		6.15.4	Each Obligor consents to the disclosure, by each of the
Secured Parties to any other Secured Party, of any information in a Secured Party’s possession regarding that Obligor.

 

		6.16	Relationship with the Participants

 

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

 

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

 

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

 

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

 

    Page 20

     

    

 

 

		6.16.2	Any Participant may by notice to the Investment Agent appoint
a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Participant
under the Transaction Documents. Such notice shall contain the address, fax number and (where communication by electronic mail
or other electronic means is permitted under Clause 20.5 (Electronic communication)) electronic mail address and/or any
other information required to enable the sending and receipt of information by that means (and, in each case, the department or
officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax
number, electronic mail address, department and officer by that Participant for the purposes of Clause 20.2 (Addresses) and
Clause 20.5 (Electronic communication) and the Investment Agent shall be entitled to treat such person as the person entitled
to receive all such notices, communications, information and documents as though that person were that Participant.

 

		6.17	Credit appraisal by the Participants

 

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

 

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

 

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

 

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

 

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

 

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

 

		(f)	the Shari’ah-compliance of the Transaction Documents.

 

		6.18	Deduction from amounts payable by the Investment Agent

 

If any Party owes an amount to the
Investment Agent under the Transaction Documents the Investment Agent may, after giving notice to that Party, deduct an
amount not exceeding that amount from any payment to that Party which the Investment Agent would otherwise be obliged to make
under the Transaction Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes
of the Transaction Documents that Party shall be regarded as having received any amount so deducted.

 

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		6.19	Reliance and engagement letters

 

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

 

		7	The Security Agent

 

		7.1	Security Agent as trustee and custodian

 

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

 

		7.1.2	Each Party agrees that, in relation to any jurisdiction
the courts of which would not recognise or give effect to the trusts expressed to be constituted by this Agreement, the relationship
of the Finance Parties to the Security Agent, or, in the case of any trust other than that constituted under Clause 7.1.1, the
relationship between any other relevant Parties, shall, in the case of each of the trusts constituted by this Agreement, be construed
simply as one of principal and agent. However, to the fullest extent permissible under the laws of each and every such jurisdiction,
this Agreement shall have full force and effect as between the Parties.

 

		7.1.3	Each of the Investment Agent, the Arranger and each Participant
authorises the Security Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities
and discretions specifically given to the Security Agent under or in connection with the Transaction Documents together with any
other incidental rights, powers, authorities and discretions.

 

		7.2	Authority to Security Agent

 

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

 

		(a)	execute and deliver the Transaction Security Documents;

 

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

 

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

 

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		7.3	Parallel debt (Covenant to pay the Security Agent)

 

		7.3.1	Notwithstanding any other provision of this Agreement, the
Company hereby irrevocably and unconditionally undertakes to pay to the Security Agent, as creditor in its own right and not as
representative of the other Secured Parties, sums equal to and in the currency of each amount payable by the Company to each of
the Secured Parties under each of the Finance Documents as and when that amount falls due for payment under the relevant Finance
Document or would have fallen due but for any discharge resulting from failure of another Secured Party to take appropriate steps,
in insolvency proceedings affecting the Company, to preserve its entitlement to be paid that amount.

 

		7.3.2	The Security Agent shall have its own independent right
to demand payment of the amounts payable by the Company under this Clause 7.3 irrespective of any discharge of the Company’s obligation
to pay those amounts to the other Secured Parties resulting from failure by them to take appropriate steps, in insolvency proceedings
affecting the Company, to preserve their entitlement to be paid those amounts.

 

		7.3.3	Any
                                         amount due and payable by the Company to the Security Agent under this Clause 7.3 shall
                                         be decreased to the extent that the other Secured Parties have received (and are able
                                         to retain) payment in full of the corresponding amount under the other provisions of
                                         the Finance Documents and any amount due and payable by the Company to the other Secured
                                         Parties under those provisions shall be decreased to the extent that the Security Agent
                                         has received (and is able to retain) payment in full of the corresponding amount under
                                         this Clause 7.3.

 

		7.4	Enforcement through Security Agent only

 

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

 

		7.5	Instructions

 

		7.5.1	The Security Agent shall:

 

		(a)	subject to Clauses 7.5.4 and 7.5.5 exercise or refrain from
exercising any right, power, authority or discretion vested in it as Security Agent in accordance with any instructions given
to it by the Majority Participants (or the Investment Agent on their behalf);

 

		(b)	not be liable for any act (or omission) if it acts (or refrains
from acting) in accordance with Clause 7.5.1(a) (or if this Agreement stipulates the matter is a decision for any other Participant
or group of Participants in accordance with instructions given to it by that Participant or group of Participants).

 

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

 

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

 

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		7.5.4	Clause 7.5.1 shall not apply:

 

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

 

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

 

		(c)	in respect of any provision which protects the Security
Agent’s own position in its personal capacity as opposed to its role of Security Agent for the Finance Parties including, without
limitation, Clauses 7.8 (No duty to account) to Clause 7.13 (Exclusion of liability), Clause 7.16 (Confidentiality
and disclosure) to Clause 7.22 (Custodians and nominees) and Clause 7.25 (Acceptance of title) to Clause 7.29
(Disapplication of Trustee Acts).

 

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

 

		7.5.6	Without prejudice to the provisions of the remainder of
this Clause 7.5, in the absence of instructions, the Security Agent may, but shall not be obliged to, act (or refrain from acting)
as it considers in its discretion to be appropriate.

 

		7.6	Duties of the Security Agent

 

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

 

		7.6.2	The Security Agent shall promptly:

 

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

 

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

 

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

 

		7.6.4	If the Security Agent receives notice from a Party referring
to any Transaction Document, describing a Default and stating that the circumstance described is a Default, it shall promptly
notify the Participants.

 

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

 

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		7.7	No fiduciary duties to Obligors

 

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

 

		7.8	No duty to account

 

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

 

		7.9	Business with the Group

 

		7.9.1	In this Clause
                                         7.9 Authorised Activity means, in the case of the Security Agent and any associated
                                         company of the Security Agent:

 

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

 

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

 

		(c)	accepting deposits from, lending money or providing finance
(including Shari’ah compliant finance) to and generally engaging in any kind of banking or other business with any other Party.

 

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

 

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

 

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

 

		(c)	without liability to:

 

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

 

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

 

		7.10	Rights and discretions

 

		7.10.1	The Security Agent may:

 

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

 

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		(b)	assume that:

 

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

 

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

 

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

 

		(c)	rely on a certificate from any person:

 

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

 

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

 

as sufficient evidence that that is the case and, in the case
of Clause 7.10.1(c)(i), may assume the truth and accuracy of that certificate.

 

		7.10.2	The Security Agent may assume (unless it has received notice
to the contrary in its capacity as security agent for the Finance Parties) that

 

		(a)	no Default has occurred;

 

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

 

		(c)	any notice made by an Obligor is made on behalf of and with
the consent and knowledge of all the Obligors.

 

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

 

		7.10.4	Without prejudice to the generality of Clause 7.10.3 or
Clause 7.10.5, the Security Agent may at any time engage and pay for the services of any lawyers to act as independent counsel
to the Security Agent (and so separate from any lawyers instructed by the Participants and/or the Investment Agent) if the Security
Agent in its reasonable opinion deems this to be desirable.

 

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

 

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

 

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

 

    Page 26

     

    

 

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

 

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

 

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

 

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

 

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

 

		7.11	Responsibility
                                         for documentation

 

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

 

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

 

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

 

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

 

		7.12	No duty to monitor

 

The provisions of Clause 7.12
(No duty to monitor) shall apply to the Security Agent as they apply to the Investment Agent and so that references to the Investment
Agent and its capacity as agent in that clause shall be construed as references to the Security Agent and its capacity as security
agent respectively.

 

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		7.13	Exclusion of liability

 

Without limiting Clause
7.13.3 and subject to Clause 7.13.2 (and without prejudice to any their provision of any Transaction Document excluding or
limiting the liability of the Security Agent, any Receiver or Delegate), none of the Security Agent, any Receiver nor any
Delegate will be liable (including for negligence or any other category of liability) for:

 

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

 

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

 

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

 

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

 

		(e)	without prejudice to the generality of Clauses 7.13.1(a)
to 7.13.1(d), any damages, costs, losses, diminution in value or liability whatsoever arising as a result of:

 

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

 

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

 

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

 

		7.13.2	The Security Agent shall not be excluded from liability
under Clause 7.13.1 for any damages, costs, losses, diminution in value or liability (as applicable) arising directly as a result
of the Security Agent’s gross negligence or wilful default.

 

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

 

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

 

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

 

		(b)	any check on the extent to which any transaction contemplated
by this Agreement might be unlawful for any other Secured Party, on behalf of any other Secured Party and each other Secured
Party confirms to the Security Agent that it is solely responsible for any such checks it is required to carry out and that it
may not rely on any statement in relation to such checks made by the Security Agent.

 

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

 

		7.14	Participants’ indemnity to the Security Agent

 

		7.14.1	Each Participant shall (in the proportion that its Commitments
bear to the Total Commitments for the time being (or, if the Total Commitments are zero, immediately prior to their being reduced
to zero)):

 

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

 

		(b)	indemnify the Security Agent and any Delegate and their
respective officers and employees, within three Business Days of demand, against any liabilities incurred by the Security Agent
or an officer or employee as a result of the Security Agent or an officer or employee distributing any moneys or other assets
referred to in Clause 7.31.3 or taking any action to enforce its rights under
that Clause.

 

		7.14.2	Subject to Clause 7.14.3, the Company shall immediately
on demand reimburse any Participant for any payment that Participant makes to the Security Agent pursuant to Clause 7.14.1.

 

		7.14.3	Clause 7.14.2 shall not apply to the extent that the indemnity
payment in respect of which the Participant claims reimbursement relates to a liability of the Security Agent to an Obligor.

 

		7.15	Resignation of the Security Agent

 

		7.15.1	The Security Agent may resign and appoint one of its Affiliates
as successor by giving notice to the Participants and the Company

 

		7.15.2	Alternatively the Security Agent may resign by giving 30
days notice to the Participants and the Company, in which case the Majority Participants may appoint a successor Security Agent.

 

    Page 29

     

    

 

		7.15.3	If the Majority Participants have not appointed a successor
Security Agent in accordance with Clause 7.15.2 within 20 days after notice of resignation was given, the retiring Security Agent
(after consultation with the Investment Agent) may appoint a successor Security Agent

 

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

 

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

 

		(a)	the appointment of a successor; and

 

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

 

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

 

		7.15.7	Upon the appointment of a successor, the retiring Security
Agent shall be discharged from any further obligation in respect of the Transaction Documents (other than its obligations under
Clause 7.27(b) (Winding up of trust) and Clause 7.15.4) but shall remain entitled to the benefit of this Clause 7 and Clause
12.4 (Indemnity to the Security Agent) (and any Security Agent fees for the account of the retiring Security Agent shall
cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights
and obligations amongst themselves as they would have had if that successor had been an original Party.

 

		7.15.8	The Majority Participants may, by notice to the Security
Agent, require it to resign in accordance with Clause 7.15.2. In this event, the Security Agent shall resign in accordance with
Clause 7.15.4 [but the cost referred to in Clause 7.15.4 shall be for the account of the Company].

 

		7.16	Confidentiality and disclosure

 

The provisions of Clause 6.15 (Confidentiality and disclosure)
shall apply to the Security Agent and its trustee division as they apply to the Investment Agent and its agency division and
so that references to the Finance Parties, the Investment Agent and its capacity as agent in that clause shall be construed as
references to the Secured Parties, the Security Agent and its capacity as security agent respectively.

 

		7.17	Information from the Participants

 

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

 

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		7.18	Credit appraisal by the Secured Parties

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		7.19	Reliance and engagement letters

 

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

 

		7.20	No responsibility to perfect Transaction Security

 

		7.20.1	The Security Agent shall not be responsible for:

 

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

 

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

 

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

 

    Page 31

     

    

 

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

 

		(e)	requiring any
further assurance in relation to any Transaction Security Document. 

 

		7.21	Insurance by Security Agent

 

		7.21.1	The Security Agent shall not be obliged:

 

		(a)	to insure any of the Charged Property;

 

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

 

		(c)	to verify any obligation to arrange or maintain insurance
contained in any Transaction Document,

 

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

 

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

 

		7.22	Custodians and nominees

 

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

 

		7.23	Delegation by the Security Agent

 

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

 

		7.23.2	That delegation may be made upon any terms and conditions
(including the power to sub-delegate) and subject to any restrictions that the Security Agent, that Receiver or that rlia.4.1Delegate
(as the case may be) may, in its discretion, think fit in the interests of the Secured

Parties.

 

		7.23.3	The Security Agent, Receiver or Delegate shall not be bound
to supervise, or be in any way responsible for any loss incurred by reason of any misconduct, omission or default on the part, any such delegate or sub-delegate.

 

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		7.24	Additional Security Agents

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		7.25	Acceptance of title

 

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

 

		7.26	Releases

 

Upon a disposal of any of the Charged Property pursuant to the
enforcement of the Transaction Security by a Receiver or the Security Agent, the Security Agent is irrevocably authorised (at the
cost of the Obligors and without any consent, sanction, authority or further confirmation from any other Secured Party) to release,
without recourse or warranty, that property from the Transaction Security, any release of the Transaction Security or other claim
over that asset and to issue any certificates of may be required or desirable.

 

		7.27	Winding up of trust

 

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

 

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

 

    Page 33

     

    

 

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

 

then:

 

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

 

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

 

		7.28	Powers supplemental to Trustee Acts

 

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

 

		7.29	Disapplication of Trustee Acts

 

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

 

		7.30	Enforcement of Transaction Security

 

		7.30.1	The Security Agent may refrain from enforcing the Transaction
Security unless instructed to do so in accordance with Clause 7.5 (Instructions).

 

		7.30.2	The Security Agent shall enforce the Transaction Security
in such manner (including, without limitation, the selection of any administrator of any Obligor to be appointed by the Security
Agent) as it is instructed in accordance with Clause 7.5 (Instructions).

 

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

 

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

 

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		7.31	Application of proceeds

 

		7.31.1	All amounts from time to time received or recovered by the
Security Agent pursuant to the terms of any Transaction Documents or in connection with the realisation or enforcement of all
or any part of the Transaction Security shall be held by the Security Agent on trust to apply them at any time as the Security Agent
(in its discretion) sees fit, to the extent permitted by applicable law, in the following order of priority:

 

		(a)	in discharging any sums owing to the Security Agent (in
its capacity as such), any Receiver or any Delegate;

 

		(b)	in payment or distribution to the Investment Agent, on its
behalf and on behalf of the other Secured Parties, for application towards the discharge of all sums due and payable by any Obligor
under any of the Transaction Documents in accordance with Clause 3.11 (Partial payments);

 

		(c)	if none of the Obligors is under any further actual or contingent
liability under any Transaction Document, in payment or distribution to any person to whom the Security Agent is obliged to pay
or distribute in priority to any Obligor; and

 

		(d)	the balance, if any, in payment or distribution to the relevant
Obligor.

 

		7.31.2	If any future or contingent liability included in the calculation
of the amount due to a Secured Party finally matures, or is settled, for less than the future or contingent amount provided for
in the calculation, the relevant Secured Party shall notify the Security Agent of that fact and that Secured Party shall pay to
the Security Agent for distribution in accordance with Clause 7.31.1 (Application of proceeds) the amount which is necessary
to put the relevant recipients into the position they would have been in (but taking no account of the time cost of money) had
the original distribution been made on the basis of the actual as opposed to the future or contingent liability.

 

		7.31.3	If the Security Agent has distributed any moneys or other
assets to a Secured Party:

 

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

 

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

 

then the Secured Party to whom that distribution was made shall
on demand refund or retransfer the same to the Security Agent.

 

		7.32	Investment of proceeds

 

Prior to the application of
the proceeds of the Transaction Security in accordance with Clause 7.31 (Application of proceeds) the Security Agent may,
at its discretion, hold all or part of those proceeds in one or more profit bearing suspense or impersonal accounts in the name
of the Security Agent with any financial institution (including itself) and for so long as the Security Agent thinks fit (the
interest being credited to the relevant account) pending the application from time to time of those monies at the Security Agent’s
discretion in accordance with the provisions of Clause 7.31 (Application of proceeds).

 

		7.33	Currency conversion

 

		7.33.1	For the purpose of, or pending the discharge of, any of
the Secured Liabilities the Security Agent may convert any moneys received or recovered by the Security Agent from one currency
to another, at the spot rate at which the Security Agent is able to purchase the currency in which the Secured Liabilities are
due with the amount received.

 

		7.33.2	The obligations of any Obligor to pay in the due currency
shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.

 

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		7.34	Permitted Deductions

 

The Security Agent shall be entitled in its discretion (a) to
set aside by way of reserve amounts required to meet and (b) to make and pay, any deductions and withholdings (on account of Taxes
or otherwise) which it is or may be required by any law or regulation to make from any distribution or payment made by it under
this Agreement, and to pay all Taxes which may be assessed against it in respect of any of the Charged Property, or as a consequence
of performing its duties or exercising its rights, powers, authorities and discretions, or by virtue of its capacity as Security
Agent under any of the Transaction Documents or otherwise (other than in connection with its remuneration for performing its duties
under this Agreement).

 

		7.35	Good discharge

 

		7.35.1	Any distribution or payment to be made in respect of the
Secured Liabilities by the Security Agent may be made to the Investment Agent on behalf of the Participants and any distribution
or payment made in that way shall be a good discharge, to the extent of that payment or distribution, by the Security Agent.

 

		7.35.2	The Security Agent is under no obligation to make payment
to the Investment Agent in the same currency as that in which any Unpaid Sum is denominated.

 

		7.36	Amounts received by Obligors

 

If any of the Obligors receives or recovers any amount which,
under the terms of any of the Transaction Documents, should have been paid to the Security Agent, that Obligor will hold the amount
received or recovered on trust for the Security Agent and promptly pay that amount to the Security Agent for application in accordance
with the terms of this Agreement.

 

		8	Conduct of business by the Finance Parties

 

No provision of any Transaction Document will:

 

		(a)	interfere with the right of any Finance Party to arrange
its affairs (tax or otherwise) in whatever manner it thinks fit;

 

		(b)	oblige any Finance Party to investigate or claim any credit,
relief, remission or repayment available to it or the extent, order and manner of any claim; or

 

		(c)	oblige
                                         any Finance Party to disclose any information relating to its affairs (tax or otherwise)
                                         or any computations in respect of Tax.

 

		9	Fees

 

The Company shall pay to the Arranger an arrangement fee in
the amount and at the times agreed in a Fee Letter.

 

		10	Costs and expenses

 

		10.1	Transaction expenses

 

The Company shall promptly
on demand pay the Arranger, the Investment Agent and the Security Agent the amount of all actual costs and expenses
(including legal fees) reasonably incurred by any of them from time to time (and, in the case of the Security Agent, by any
Receiver) in connection with the negotiation, preparation, printing, execution, notarisation, syndication and perfection of
the Transaction Documents, including the registration at or with any applicable register or authority of any Transaction
Document or of any related transfer or interest in any asset.

 

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		10.2	Amendment costs

 

If:

 

		(a)	an Obligor requests an amendment, waiver or release of,
or consent in relation to, any Transaction Document; or

 

		(b)	an amendment is required to any Transaction Document pursuant
to Clause 3.15 (Change of currency),

 

the Company shall, within three Business Days of demand, reimburse
each of the Finance Parties for the amount of all actual costs and expenses (including legal fees) reasonably incurred by that
Finance Party in responding to, evaluating, negotiating or complying with that request or requirement.

 

		10.3	Enforcement and preservation costs

 

The Company, within three Business Days of demand, shall pay
to each Secured Party the amount of all actual costs and expenses (including legal fees) incurred by it in connection with the
enforcement of, or the preservation of any rights under, any Transaction Document and the Transaction Security and any Proceedings
instituted by or against the Security Agent as a consequence of taking or holding the Transaction Security or enforcing these rights,
or the investigation of any possible Default.

 

		11	Tax gross-up and indemnities; VAT

 

		11.1	Definitions

 

In this Agreement:

 

Tax Credit means a credit against, relief from, or remission
or repayment of any Tax.

 

Tax Deduction means a deduction or withholding for or
on account of Tax from a payment under a Transaction Document.

 

Tax Payment means either an increase in a payment made
by an Obligor to a Finance Party under Clause 11.2 (Tax gross-up) or a payment under Clause 11.3 (Tax indemnity).

 

		11.2	Tax gross-up

 

		11.2.1	Each Obligor shall make all payments to be made by it under
the Transaction Documents without any Tax Deduction, unless a Tax Deduction is required by law.

 

		11.2.2	The Company shall promptly upon becoming aware that an Obligor
has had or will have to make a Tax Deduction (or that there has been or will be any change in the rate at which or the basis on
which any Tax Deduction has to be made) notify the Investment Agent accordingly.
Similarly, a Participant shall notify the Investment Agent on becoming so aware in respect of a payment payable to that Participant.
If the Investment Agent receives such a notification from a Participant it shall notify the Company and the Obligor in question.

 

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		11.2.3	If a Tax Deduction is required by law to be made by an Obligor,
the amount of the payment in respect of which the Tax Deduction is required to be made shall be increased to the amount which
(after the Tax Deduction) will leave an amount equal to the payment which would have been due if no Tax Deduction had been required.

 

		11.2.4	If an Obligor is required to make a Tax Deduction, the Obligor
shall make the Tax Deduction, and any payment required in connection with the Tax Deduction within the time allowed and in the
minimum amount required by law.

 

		11.2.5	Within thirty days of making a Tax Deduction or a payment
required in connection with a Tax Deduction, the Obligor making the Tax Deduction or payment shall deliver to the Investment Agent
evidence reasonably satisfactory to that Finance Party that the Tax Deduction or payment has been made.

 

		11.3	Tax indemnity

 

		11.3.1	If any Finance Party is or will be subject to any liability
or required to make any payment for or on account of Tax in relation to any sum received or receivable (or any sum deemed for
Tax purposes to be received or receivable) under any Transaction Document, the Company shall (within three Business Days of demand
by the Investment Agent) pay to that Finance Party the amount determined by that Finance Party in its absolute discretion to be
equal to the loss, liability or cost which will be or has been (directly or indirectly) suffered for or on account of Tax by that
Finance Party as a result of that liability or payment.

 

		11.3.2	Clause 11.3.1 shall not apply:

 

		(a)	in relation to any Tax assessed on a Finance Party:

 

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

 

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

 

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

 

		(b)	to the extent that the liability or requirement is compensated
for by an increased payment under Clause 11.2 (Tax gross-up).

 

		11.3.3	A Finance Party making, or intending to make, a claim under
Clause 11.3.1 above shall promptly notify the Investment Agent of the event which will give, or has given, rise to the claim,
following which the Investment Agent shall notify the Company accordingly.

 

		11.3.4	A Finance Party shall, on receiving a payment from an Obligor
under this Clause 11.3, notify the Investment Agent.

 

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		11.4	Tax Credit

 

If an Obligor makes a Tax Payment and the relevant Finance Party
determines that:

 

		(a)	a
                                         Tax Credit is attributable to an increased payment of which that Tax Payment forms part,
                                         to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was
                                         required; or

 

		(b)	that Finance Party has obtained and utilised that Tax Credit,

 

the Finance Party shall pay an amount to the Obligor which that
Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax
Payment not been required to be made by the Obligor.

 

		11.5	Stamp taxes

 

Each Obligor shall within three Business Days of demand, indemnify
each Finance Party, any Receiver and their respective officers and employees against any cost, loss or liability which that Finance
Party or its Receiver or any of their respective officers and employees incurs in relation to any stamp duty, registration tax
or other similar Tax which is payable in respect of any of the Transaction Documents.

 

		11.6	Value added tax

 

		11.6.1	All amounts expressed to be payable under a Transaction
Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes
are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to Clause 11.6.2 below, if
VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Transaction Document and such Finance
Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition
to and at the same time as paying any other consideration for such supply) an amount equal to the-amount of the VAT
(and such Finance Party must promptly provide an appropriate VAT invoice to that Party).

 

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

 

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

 

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

 

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

 

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		12	Other indemnities

 

		12.1	Currency indemnity

 

		12.1.1	If any sum due from an Obligor under the Transaction Documents
(a Sum), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the
First Currency) in which that Sum is payable into another currency (the Second Currency) for the purpose of:

 

		(a)	making or filing a claim or proof against that Obligor;
or

 

		(b)	obtaining or enforcing an order, judgment or award in relation
to any litigation or arbitration proceedings,

 

that Obligor shall, as an independent obligation, within three
Business Days of demand, indemnify each Secured Party to whom that Sum is due against any cost, loss or liability arising out of
or as a result of the conversion including any discrepancy between (i) the rate of exchange used to convert that Sum from the First
Currency into the Second Currency and (ii) the rate or rates of exchange available to that person at the time of its receipt of
that Sum.

 

		12.1.2	Each Obligor waives any right it may have in any jurisdiction
to pay any amount under the Transaction Documents in a currency or currency unit other than that in which it is expressed to be
payable.

 

		12.2	Other indemnities

 

The Company shall (or shall procure that an Obligor will), within
three Business Days of demand, indemnify each Secured Party and each Secured Party’s officers and employees against any cost, loss
or liability incurred by that Secured Party or any of its officers and employees as a result of:

 

		(a)	the occurrence of any Event of Default;

 

		(b)	a failure by an Obligor to pay any amount due under a Transaction
Document on its due date, including any cost, loss or liability arising as a result of Clause 5 (Sharing among the Finance
Parties);

 

		(c)	funding, or making arrangements to fund, its participation
in the Istisna’ Agreement or the Forward Lease (as applicable) requested by the Company in a Transaction Request but not made
by reason of the operation of any one or more of the provisions of a Transaction Document (other than by reason of default or
negligence by that Finance Party alone); or

 

		(d)	any amount not being paid early in accordance with a notice
of early payment given by the Company.

 

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		12.3	Indemnity to the Investment Agent

 

The Company shall promptly indemnify the Investment and its
officers and employees:

 

		(a)	against any cost, loss or liability incurred by the Investment
Agent or any of its officers and employees (acting reasonably) as a result of:

 

		(i)	investigating any event which it reasonably believes is
a Default; or

 

		(ii)	entering into or performing any foreign exchange contract
for the purposes of Clause 3.15 (Change of currency); or

 

		(iii)	acting or relying on any notice, request or instruction
which it reasonably believes to be genuine, correct and appropriately authorised; or

 

		(iv)	instructing lawyers, accountants, tax advisers, surveyors
or other professional advisers or experts as permitted under the Transaction Documents; and

 

		(b)	any cost, loss or liability (including, without limitation,
for negligence or any other category of liability whatsoever) incurred by the Investment Agent (otherwise than by reason of the
Investment Agent’s gross negligence or wilful misconduct) in acting as Investment Agent under the Transaction Documents.

 

		12.4	Indemnity to the Security Agent

 

		12.4.1	Each Obligor shall jointly and severally promptly indemnify
the Security Agent and every Receiver and Delegate and their respective officers and employees against any cost, loss or liability
incurred by any of them as a result of:

 

		(a)	any failure by the Company to comply with its obligations
under Clause 10 (Costs and expenses);

 

		(b)	acting or relying on any notice, request or instruction
which it reasonably believes to be genuine, correct and appropriately authorised;

 

		(c)	the taking, holding, protection or enforcement of the Transaction
Security,

 

		(d)	the exercise
                                         of any of the rights, powers, discretions, authorities and remedies vested in the Security
                                         Agent and each Receiver and Delegate by the Transaction Documents or by law;

 

		(e)	any default by any Obligor in the performance of any of
the obligations expressed to be assumed by it in the Transaction Documents; or

 

		(f)	acting
                                         as Security Agent and custodian, Receiver or Delegate under the Transaction Documents
                                         or which otherwise relates to any of the Charged Property (otherwise, in each case, than
                                         by reason of the relevant Security Agent’s, Receiver’s or Delegate’s
                                         gross negligence or wilful misconduct).

 

		12.4.2	The Security Agent and every Receiver and Delegate may,
in priority to any payment to the Secured Parties, indemnify itself and its officers and employees out of the Charged Property
in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 12.4 and shall have a lien
on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all moneys payable to it.

 

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		13	Amendments and waivers

 

		13.1	Required consents

 

		13.1.1	Subject to Clauses 13.2 (All Participant matters) and
13.3 (Exceptions), any term of the Transaction Documents may be amended or waived only with the written consent of the
Majority Participants and the Company, and any such amendment or waiver shall be binding on all Parties.

 

		13.1.2	The Investment Agent may effect, on behalf of any Finance
Party, any amendment or waiver permitted by this Clause 13.

 

		13.1.3	Without prejudice to the generality of Clauses 6.8.3, 6.8.4
and 6.8.5 (Rights and discretion) the Investment Agent may engage, pay for and rely on the services of lawyers in determining
the consent level required for and effecting any amendment, waiver or consent under this Agreement.

 

		13.1.4	Each Obligor agrees to any amendment or waiver permitted
by this Clause 8 which is agreed to by the Company.

 

		13.2	All Participant matters

 

An amendment or waiver or (in the case of a Transaction Security
Document) a consent in relation to any term of any Transaction Document that has the effect of changing or which relates to:

 

		(a)	the definition of Majority Participants in Clause
1.1 (Definitions);

 

		(b)	an extension to the date of payment of any amount under
or in connection with the Transaction Documents;

 

		(c)	a reduction in the amount of any payment, fees or commission
payable under or in connection with any Transaction Document;

 

		(d)	a change in the currency of any payment under or in connection
with any Transaction Document;

 

		(e)	an increase in or an extension of any Commitment or the
Total Commitments, an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the Commitments
rateably under any Transaction Document;

 

		(f)	an extension of the Availability Period;

 

		(g)	any provision which expressly requires the consent of all
the Participants;

 

		(h)	Clauses 2 (Finance
                                         Parties’ rights and obligations), 5 (Sharing among the Finance Parties),
                                         16 (Changes to the Participants), this Clause 13, Clause 25 (Governing
                                         law) or 26 (Enforcement);

 

		(i)	Clause 16 (General
                                         provisions relating to certain notices the cancellation of Commitments) of the
                                         Principal Agreement;

 

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		(j)	(other than as expressly permitted by the provisions of
any Transaction Document) the nature or scope of:

 

		(i)	the Charged Property; or

 

		(ii)	the manner in which the proceeds of enforcement of the Transaction
Security are distributed,

 

except insofar as it relates
to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted
under this Agreement or any other Transaction Document; or

 

		(k)	the release or partial release of any Transaction Security,
in each case unless permitted under this Agreement or any other Transaction Document or relating to a sale or disposal of an asset
which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any
other Transaction Document,

 

shall not be made or given without the prior consent of all
the Participants. 

 

		13.3	Other exceptions

 

		13.3.1	An amendment or waiver which relates to, or would otherwise
affect, the rights or obligations of the Arranger, the Investment Agent or the Security Agent (each in its capacity as such) may
not be effected without the consent of the Arranger, the Investment Agent, or, as the case may be, the Security Agent.

 

		14	Representations and warranties

 

The Investment Agent and the Security Agent have entered into
this Agreement in reliance on the representations of each Participant and each Obligor set out in this Clause 14, and each Participant
and each Obligor warrants to the Investment Agent and the Security Agent on the date of this Agreement that:

 

		(a)	it has entered into the Transaction Documents after having
independently reviewed them for the purposes of ensuring their compliance with the Shari’ah and, to the extent it has considered
this necessary, with independent advice from advisers specialising in matters of Shari’ah;

 

		(b)	following that review, it is satisfied that the Transaction
Documents comply with the Shari’ah;

 

		(c)	it has not relied on any statement, representation or warranty
made by or on behalf of the Investment Agent or the Security Agent as to the Shari’ah-compliance of the transactions contemplated
by the Transaction Documents or any of them; and

 

		(d)	it does not have any objections, nor will it raise any objections,
as to matters of Shari’ah-compliance in respect of or otherwise in relation to any of the provisions of the Transaction Documents.

 

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		15	Illegality

 

If, in any applicable jurisdiction, it becomes unlawful for
a Participant to perform any of its obligations as contemplated by this Agreement and the other Transaction Documents or to fund
or maintain its Participation:

 

		(a)	the Participant shall promptly notify the Investment Agent
upon becoming aware of that event; and

 

		(b)	Clause 14 (Illegality) in the Principal Agreement
shall apply.

 

		16	Changes to the Participants

 

		16.1	Assignments and transfers by the Participants

 

Subject to this Clause 16, a Participant (the Existing Participant)
may:

 

		(a)	assign any of its rights; or

 

		(b)	transfer by novation any of its rights and obligations,

 

under any Transaction Document to another bank or financial
institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing
or investing in loans, securities or other financial assets (the New Participant).

 

		16.2	Conditions of assignment or transfer 16.2.1 An assignment
will only be effective on:

 

		(a)	receipt
                                         by the Investment Agent (whether in the Assignment Agreement or otherwise) of written
                                         confirmation from the New Participant (in form and substance satisfactory to the Investment
                                         Agent) that the New Participant will assume the same obligations to the other Finance
                                         Parties and the other Secured Parties as it would have been under if it had been an Original
                                         Participant; and

 

		(b)	performance by the Investment Agent of all necessary “know
your customer” and other similar checks under all applicable laws and regulations in relation to such assignment to a New
Participant, the completion of which the Investment Agent shall promptly notify to the Existing Participant and the New Participant.

 

		16.2.2	A transfer will only be effective if the procedure set out
in Clause 16.5 (Procedure for transfer) is complied with.

 

		16.2.3	Each New Participant, by executing the relevant Transfer
Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Investment Agent has authority to execute
on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Participant or Participants
in accordance with this Agreement on or prior to the date on which the transfer becomes effective in accordance with this Agreement
and that it is bound by that decision to the same extent as the Existing Participant would have been had it remained a Participant.

 

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		16.3	Assignment or transfer fee

 

The New Participant shall, on the date upon which an assignment
or transfer takes effect, pay to the Investment Agent (for its own account) a fee of 0.25 percent of the amount assigned or transferred.

 

		16.4	Limitation of responsibility of Existing Participants

 

		16.4.1	Unless expressly agreed to the contrary, an Existing Participant
makes no representation or warranty and assumes no responsibility to a New Participant for:

 

		(a)	the legality, validity, effectiveness, adequacy or enforceability
of the Transaction Documents, the Transaction Security or any other documents;

 

		(b)	the financial condition of any Obligor;

 

		(c)	the performance and observance by any Obligor of its obligations
under the Transaction Documents or any other documents; or

 

		(d)	the accuracy of any statements (whether written or oral)
made in or in connection with any Transaction Document or any other document,

 

and any representations or warranties implied by law are excluded.

 

		16.4.2	Each New Participant confirms to the Existing Participant,
the other Finance Parties and the Secured Parties that it:

 

		(a)	has made (and shall continue to make) its own independent
investigation and assessment of the financial condition and affairs of any Obligor and its related entities in connection with
its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Participant
in connection with any Transaction Document or the Transaction Security; and

 

		(b)	will continue to make its own independent appraisal of the
creditworthiness of any Obligor and its related entities whilst any amount is or may be outstanding under the Transaction Documents
or any Commitment is in force.

 

		16.4.3	Nothing in any Transaction Document obliges an Existing
Participant to:

 

		(a)	accept a re-transfer or re-assignment from a New Participant
of any of the rights and obligations assigned or transferred under this Clause 16; or

 

		(b)	support any losses directly or indirectly incurred by the
New Participant by reason of the non-performance by any Obligor of its obligations under the Transaction Documents or otherwise.

 

		16.5	Procedure for transfer

 

		16.5.1	Subject to the conditions set out in Clause 16.2 (Conditions
of assignment or transfer) a transfer is effected in accordance with Clause 16.5.4 when the Investment Agent executes an otherwise
duly completed Transfer Certificate delivered to it by the Existing Participant and the New Participant.

 

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		16.5.2	The Investment Agent shall, subject to Clause 16.5.3, execute
the Transfer Certificate referred to in Clause 16.5.1 as soon as reasonably practicable after receipt by it of a duly completed
Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms
of this Agreement.

 

		16.5.3	The Investment Agent shall only be obliged to execute a
Transfer Certificate delivered to it by the Existing Participant and the New Participant once it is satisfied it has complied
with all necessary “know your customer” or other similar checks under its own internal procedures and all applicable
laws and regulations in relation to the transfer to such New Participant.

 

		16.5.4	On the Transfer Date:

 

		(a)	to the extent that in the Transfer Certificate the Existing
Participant seeks to transfer by novation its rights and obligations under the Transaction Documents, each of the Obligors and
the Existing Participant shall be released from further obligations towards one another under the Transaction Documents and their
respective rights against one another under the Transaction Documents shall be cancelled (being the Discharged Rights and Obligations);

 

		(b)	each of the Obligors and the New Participant shall assume
obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations
only insofar as that Obligor and the New Participant have assumed and/or acquired the same in place of that Obligor and the Existing
Participant;

 

		(c)	the Arranger, the investment Agent, the Security Agent,
the New Participant and the other Participants shall acquire the same rights and assume the same obligations between themselves
as they would have acquired and assumed had the New Participant been an Original Participant with the rights and/or obligations
acquired or assumed by it as a result of the transfer and to that extent the Arranger, the Investment Agent, the Security Agent
and the Existing Participant shall each be released from further obligations to each other under the Transaction Documents; and

 

		(d)	the New Participant shall become a Party as a Participant.

 

		16.6	Procedure for assignment

 

		16.6.1	Subject to the conditions set out in Clause 16.2 (Conditions
of assignment or transfer) an assignment may be effected in accordance with Clause 16.6.3 when the Investment Agent executes
an otherwise duly completed Assignment Agreement delivered to it by the Existing Participant and the New Participant. The Investment
Agent shall, subject to. Clause 16.6.2, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement
appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement,
execute that Assignment Agreement.

 

		16.6.2	The Investment Agent shall only be obliged to execute an
Assignment Agreement delivered to it by the Existing Participant and the New Participant once it is satisfied it has complied
with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation
to the assignment to such New Participant.

 

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		16.6.3	On the Transfer Date:

 

		(a)	the Existing Participant will assign absolutely to the New
Participant the rights under the Transaction Documents expressed to be the subject of the assignment in the Assignment Agreement;

 

		(b)	the Existing Participant will be released by each Obligor
and the other Finance Parties from the obligations owed by it (the Relevant Obligations) and expressed to be the subject
of the release in the Assignment Agreement; and

 

		(c)	the New Participant shall become a Party as a “Participant”
and will be bound by obligations equivalent to the Relevant Obligations.

 

		16.6.4	Participants may utilise procedures other than those set
out in this Clause 16.6 to assign their rights under the Transaction Documents (but not, without the consent of the relevant Obligor
or unless in accordance with Clause 16.5 (Procedure for transfer), to obtain a release by that Obligor from the obligations
owed to that Obligor by the Participants nor the assumption of equivalent obligations by a New Participant) provided that they
comply with the conditions set out in Clause 16.2 (Conditions of assignment or transfer).

 

		16.7	Copy of Transfer Certificate or Assignment Agreement
to Company

 

The Investment Agent shall, as soon as reasonably practicable
after it has executed a Transfer Certificate or Assignment Agreement, send to the Company a copy of that Transfer Certificate or
Assignment Agreement.

 

		16.8	Assignments and transfers by Obligors

 

No Obligor may assign any of its rights or transfer any of its
rights or obligations under the Transaction Documents.

 

		17	“Know your customer” checks

 

		17.1	Requests for documentation

 

If the Investment Agent, the Security Agent or any Participant
(or, in the case of paragraph (c) below, any prospective new Participant) is obliged by:

 

		(a)	the introduction of or any change in (or in the interpretation,
administration or application of) any law or regulation made after the date of this Agreement;

 

		(b)	any change in the status or shareholders of an Obligor after
the date of this Agreement; or

 

		(c)	a proposed assignment or transfer by a Participant of any
of its rights and obligations under this Agreement to a party that is not a Participant before such assignment or transfer,

 

to comply with “know your
customer” or similar identification procedures in circumstances here the necessary information is not already available to
it, each Obligor shall promptly upon the request of the Investment Agent or any Participant supply, or procure the supply of,
such documentation and other evidence as is reasonably requested by the Investment Agent (for itself or on behalf of the Security
Agent or any Participant) or any Participant (for itself or in the case of the event described in paragraph (c) above, on behalf
of any prospective new Participant) in order for the Investment Agent, the Security Agent or such Participant or, in the case
of the event described in paragraph (c) above, any prospective new Participant to carry out and be satisfied it has complied with
all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the
transactions contemplated in the Transaction Documents.

 

    Page 47

     

    

 

		17.2	Supply of documentation

 

Each Participant shall promptly upon the request of the Investment
Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Investment Agent
(for itself or the Security Agent) in order for the Investment Agent or the Security Agent to carry out and be satisfied it has
complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant
to the transactions contemplated in the Transaction Documents.

 

		18	Confidentiality

 

		18.1	Confidential Information

 

Each Finance Party agrees to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by Clause 18.2 (Disclosure of Confidential Information),
and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to
its own confidential information.

 

		18.2	Disclosure of Confidential Information Any Finance
Party may disclose:

 

		(a)	to any of its Affiliates and Related Funds and any of its
or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information
as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to
this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may
be price-sensitive information except that there shall be no such requirement so to inform if the recipient is subject to professional
obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information;

 

		(b)	to any person:

 

		(i)	to (or through) whom it assigns or transfers (or may potentially
assign or transfer) all or any of its rights and/or obligations under one or more Transaction Documents or which succeeds (or
which may potentially succeed) it as Agent or Security Agent and, in each case, to any of that person’s Affiliates, Representatives
and professional advisers;

 

		(ii)	with (or through) whom it enters into (or may potentially
enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments
are to be made or may be made by reference to, one or more Transaction Documents and/or one or more Obligors and to any of that
person’s Affiliates, Representatives and professional advisers;

 

    Page 48

     

    

 

		(iii)	appointed by any Finance Party or by a person to whom Clauses
18.2(a) or 18.2(b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to
the Transaction Documents on its behalf (including any person appointed under Clause 6.16.2);

 

		(iv)	who invests in or otherwise finances (or may potentially
invest in or otherwise finance), directly or indirectly, any transaction referred to in Clauses 18.2(b)(i) or (ii) above,
and where such transaction is a securitisation, any person who is a transaction party to such securitisation;

 

		(v)	to whom information is required or requested to be disclosed
by any court of competent jurisdiction or governmental, banking, taxation or other regulatory authority or similar body, the rules
of any relevant stock exchange or pursuant to any applicable law or regulation;

 

		(vi)	to whom information is required to be disclosed in connection
with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes;

 

		(vii)	who is a Party; or

 

		(viii)	with the consent of the Company,

 

in each case, such Confidential Information as that Finance
Party shall consider appropriate.

 

		18.3	Entire agreement

 

This Clause 18 (Confidentiality) constitutes the entire
agreement between the Parties in relation to the obligations of the Finance Parties under the Transaction Documents regarding Confidential
Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

 

		18.4	Inside information

 

Each of the Finance Parties acknowledges that some or all of
the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or
prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance
Parties undertakes not to use any Confidential Information for any unlawful purpose.

 

		18.5	Notification of disclosure

 

Each of the Finance Parties agrees (to the extent permitted
by law and regulation) to inform the Company:

 

		(a)	of the circumstances of any disclosure of Confidential Information made pursuant to Clause 18.2(b)(v) except where such disclosure
is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function;
and

 

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 18
(Confidentiality).

 

    Page 49

     

    

 

		19	Mitigation by the Investment Agent and the Participants

 

		19.1	Mitigation

 

		19.1.1	Each Finance Party shall, in consultation with the Company,
take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under
or pursuant to, or cancelled pursuant to, any of clause 14 (Illegality) of the Principal Agreement, clause 21 (Increased
Costs) of the Master Forward Lease Agreement or Clause 11 (Tax gross-up and indemnities; VAT) or including transferring
its rights and obligations under the Transaction Documents to another Affiliate or Facility Office.

 

		19.1.2	Clause 19.1.1 does not in any way limit the obligations
of any Obligor under the Transaction Documents.

 

		19.2	Limitation of liability

 

The Company shall promptly indemnify each Finance Party for
all costs and expenses reasonably incurred by that Finance Party because of steps taken by it under Clause 19.1 (Mitigation).

 

		20	Notices

 

		20.1	Communications in writing

 

Any communication to be made under or in connection with the
Transaction Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter.

 

		20.2	Addresses

 

		20.2.1	The address and fax number (and the department or officer,
if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered
under or in connection with the Transaction Documents is:

 

		(a)	in the case of each Obligor, the Investment Agent and the
Security Agent, that identified with their respective names in Clause 20.2.2; and

 

		(b)	in the case of each Participant, that notified in writing
to the Investment Agent on or before the date on which it becomes a Party,

 

or any substitute address or fax number or department or officer
as the Party may notify to the Investment Agent (or the Investment Agent may notify to the other Parties, if a change is made by
the Investment Agent) by not less than five Business Days’ notice.

 

		20.2.2	The addresses referred to in Clause 20.2.1 are as follows:

 

		(a)	The Obligors:

 

		Address:	P. O. Box 50170, Fujairah, United Arab Emirates

 

		Attention:	                                               

 

		Fax:	02 6333152

 

		(b)	The Investment Agent:

 

		Address:	P. O. Box 40057, Abu Dhabi, United Arab Emirates

 

		Attention:	                        

 

		Fax:	02 6220949

 

    Page 50

     

    

 

		(c)	The Security Agent:

 

		Address:	P. O. Box 40057, Abu Dhabi, United Arab Emirates

 

		Attention:	                        

 

		Fax:	02 6220949

 

		20.3	Delivery

 

		20.3.1	Any communication or document made or delivered by one person
to another under or in connection with the Transaction Documents will only be effective:

 

		(a)	if by way of fax, when received in legible form; or

 

		(b)	if by way of letter, (i) when it has been left at the relevant
address or (ii) two Business Days (or, in the case of airmail, five Business Days) after being deposited in the post postage prepaid
(or, as the case may be, airmail postage prepaid), in an envelope addressed to it at that address,

 

and, if a particular department or officer is specified as part
of its address details provided under Clause20.2.2 (Addresses) if addressed to that department or officer.

 

		20.3.2	Any communication or document to be made or delivered to
the Investment Agent or the Security Agent will be effective only when actually received by the Investment Agent or (as the case
may be) the Security Agent and then only if it is expressly marked for the attention of the department or officer identified in
Clause 20.2.2 (or any substitute department or officer) as the Investment Agent or (as the case may be) the Security Agent shall
specify for this purpose.

 

    Page 51

     

    

 

		20.3.3	All notices under this Agreement from or to any Obligor
shall be sent through the Investment Agent.

 

		20.3.4	Any communication
                                         or document made or delivered to any Obligor in accordance with this Clause will be deemed
                                         to have been made or delivered to that Obligor.

 

		20.3.5	Any communication or document which becomes effective, in
accordance with Clauses 20.3.1 to 20.3.4 above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective
on the following day.

 

		20.4	Notification of address and fax number

 

Promptly upon receipt of notification of an address or fax number
or change of address or fax number pursuant to Clause 20.2.1 (Addresses) or changing its own address or fax number, the
Investment Agent shall notify the other Parties.

 

		20.5	Electronic communication

 

		20.5.1	Any communication to be made between any two Parties under
or in connection with the Transaction Documents may be made by electronic mail or other electronic means, to the extent that those
two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those
two Parties:

 

		(a)	notify each other in writing of their electronic mail address
and/or any other information required to enable the sending and receipt of information by that means; and

 

		(b)	notify each other of any change to their address or any
other such information supplied by them by not less than five Business Days’ notice.

 

		20.5.2	Any
                                         electronic communication made between those two Parties will be effective only when actually
                                         received in readable form and in the case of any electronic communication made by a Party
                                         to the Investment Agent or the Security Agent only if it is addressed in such a manner
                                         as the Investment Agent or the Security Agent shall specify for this purpose.

 

		20.5.3	Any electronic communication which becomes effective, in
accordance with Clause 20.5.2 above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following
day. For this purpose, the place of receipt of any electronic communication shall be deemed to be the address of the receiving
Party under Clause 20.2 (Addresses).

 

		20.6	English language

 

		20.6.1	Any notice given under or in connection with any Transaction
Document must be in English

 

		20.6.2	All other documents provided under or in connection with
any Transaction Document must be:

 

		(a)	in English; or

 

		(b)	if not in English, and if so required by the Investment
Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document
is a constitutional, statutory or other official document.

 

    Page 52

     

    

 

		21	Calculations and certificates

 

		21.1	Accounts

 

In any litigation or arbitration proceedings arising out of
or in connection with a Transaction Document, the entries made in the accounts maintained by a Finance Party are prima facie
evidence of the matters to which they relate.

 

		21.2	Certificates and determinations

 

Any certification or
determination by a Finance Party of a rate or amount under any Transaction Document is, in the absence of manifest error,
conclusive evidence of the matters to which it relates.

 

		21.3	Day count convention

 

Any payment, commission or fee accruing under a Transaction
Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days
or, in any case where the practice in the relevant interbank market differs, in accordance with that market practice.

 

		22	Partial invalidity

 

If, at any time, any provision of a Transaction
Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the
law of any other jurisdiction will in any way be affected or impaired.

 

		23	Remedies and waivers

 

No failure to exercise, nor any delay in exercising, on the
part of any Finance Party or Secured Party, any right or remedy under a Transaction Document shall operate as a waiver of any such
right or remedy or constitute an election to affirm any of the Transaction Documents. No election to affirm any of the Transaction
Documents on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right
or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided
in each Transaction Document are cumulative and not exclusive of any rights or remedies provided by law.

 

		24	Counterparts

 

Each Transaction Document may be executed in any number of counterparts,
and this has the same effect as if the signatures on the counterparts were on a single copy of the Transaction Document.

 

		25	Governing law

 

		25.1	English law

 

This Agreement, 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.

 

    Page 53

     

    

 

		25.2	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.

 

		26	Enforcement

 

		26.1	Jurisdiction

 

		26.1.1	Subject to Clause 26.1.2, the Parties submit, and waive
any objection, to the exclusive jurisdiction of the courts of the Dubai International Financial Centre, Emirate of Dubai, United
Arab Emirates to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence,
validity or termination of this this Agreement or any non-contractual obligation arising out of or in connection with this Agreement)
(a Dispute). The Parties agree that the courts of the 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.

 

		26.1.2	This Clause 26.1 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.

 

		26.2	State Immunity

 

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

 

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

 

		(a)	agrees not to claim such immunity;

 

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

 

		(c)	consents, in any legal proceedings arising out of or in
connection with this Agreement, 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.

 

		26.2.3	In
relation to any legal proceedings that may be taken immunity shall have effect under, and be construed in Act 1978.

 

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

 

    Page 54

     

    

 

Execution Page of Investment Agency Agreement

 

	The Investment Agent	 	 
	 	 	 
	Signed 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 Arranger

 

	Signed
    by	)	Aqeel Bughio
	 	)	Sector Head – Corporate
	duly authorised in accordance with the	)	 
	laws  of  Abu Dhabi, United  Arab Emirates for	)	Omar Katri
	and on behalf of National Bank of
    Abu	)	Sector Head - Commercial
	Dhabi PJSC – Islamic Banking
    Division in	)	 
	the presence of:	)	 
	 	 	 
	Signature of witness	)	 

 

	Name of witness:	 	 	 
	 	 	 
	Address of witness:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

     

     

    

 

Execution Page of Investment Agency Agreement

 

The Security Agent

 

	Signed by	)	/s/ Aqeel Bughio
	 	)	 
	duly authorised in accordance with the	)	 
	laws of Abu Dhabi, United Arab Emirates for	)	/s/ Omar Katri
	and on behalf of National Bank of Abu	)	 
	Dhabi PJSC – Islamic Banking Division in	)	 
	the presence of:	)	 
	 	 	 
	Signature of witness	)	 

 

	Name of witness:	 	 	 
	 	 	 
	Address of witness:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

The Participant

 

	Signed by	)	/s/ Aqeel Bughio
	 	)	 
	duly authorised in accordance with the	)	 
	laws of Abu Dhabi, United Arab Emirates for	)	/s/ Omar Katri
	and on behalf of National Bank of Abu	)	 
	Dhabi PJSC –  Islamic Banking Division in	)	 
	the presence of:	)	 
	 	 	 
	Signature of witness	)	 

 

	Name of witness:	 	 	 
	 	 	 	 
	Address of witness:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

     

     

    

 

Execution Page of Investment Agency Agreement

 

The Obligors 

 

The Company

 

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

 

 

	Name of witness:	 	 	 
	 	 	 
	Address of witness:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Obligor

 

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

	Name of witness:	 	 	 
	 	 	 
	Address of witness:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

     

     

    

 

Execution Page of Investment Agency Agreement

 

Obligor

 

	Signed by	)	 
	 	)
	duly authorised in accordance with the	)
	laws of Abu Dhabi, United Arab Emirates for	)
	and on behalf Al Brooge Capital Providing	)
	for Oil and Gas LLC in the presence of:	)
	 	 
	Signature of witness	)

 

	Name of witness:	 	 	 
	 	 	 
	Address of witness:Exhibit 10.37

 

 

 

 

Service
Agency Agreement

 

 

 

Dated
29-06-2015

 

 

 

Brooge
Petroleum and Gas Investment Company FZC

(The
Service Agent)

 

 

 

National
Bank of Abu Dhabi PJSC - Islamic Banking Division

(The
Lessor)

 

 

 

	
        Dentons & Co

        

        Suite 1204 Al Ghaith Tower

        

        Hamdan Street

        

        PO Box 47656

        

        Abu Dhabi

        

        United Arab Emirates
	

 

     

     

    

 

Contents

 

	1	Definitions and interpretation	1
	 	 	 
	2	Effective date	2
	 	 	 
	3	Appointment and fee	2
	 	 	 
	4	Insurance	3
	 	 	 
	5	Maintenance matters	3
	 	 	 
	6	Ownership Taxes	4
	 	 	 
	7	Loss and damage to the Leased Asset	4
	 	 	 
	8	General indemnity	6
	 	 	 
	9	Failure to perform	6
	 	 	 
	10	Service Charge Amount	6
	 	 	 
	11	Knowledge of the Forward Lease and the other Transaction Documents	7
	 	 	 
	12	No authority to pledge credit	8
	 	 	 
	13	Assignment	8
	 	 	 
	14	Governing law	8
	 	 	 
	15	Enforcement	8

 

    	24 June 2015	Contents (i)

     

    

 

Service
Agency Agreement (Agreement)

 

Dated

 

Between

 

		(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 Service Agent); and

 

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

 

Recitals

 

		A.	Pursuant
                                         to the terms of the Forward Lease, the Investment Agent (acting in the capacity as the
                                         Lessor) has agreed to lease the Leased Asset to the Lessee.

 

		B.	The
                                         Lessor wishes to appoint the Service Agent as its service agent to perform the Services
                                         and the Service Agent is willing to accept this appointment in accordance with the terms
                                         of this Agreement.

 

It
is agreed:

 

		1	Definitions
and interpretation

 

		1.1	Definitions

 

		1.1.1	Unless
the context otherwise requires or unless expressly defined in this Agreement, words and expressions defined in clause 1.1 (Definitions)
of the Common Terms Agreement (whether directly or indirectly) have the same meanings in this Agreement.

 

		1.1.2	In
addition, in this Agreement:

 

Common
Terms Agreement means the common terms agreement dated on or around the date of the Master Forward Lease Agreement
between, amongst others, the Investment Agent and the Service Agent (in the capacity as the Company).

 

Forward
Lease means that Forward Lease dated on or around the date of this Agreement entered into between the Lessor and the Service
Agent (as Lessee) pursuant to the Master Forward Lease Agreement.

 

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

 

Party means a party to this Agreement.

 

Service
Charge Amount means the expenses incurred by the Service Agent during a Lease Period in providing the Services.

 

    	24 June 2015	Page 1

     

    

 

Service
Charge Reimbursement Date means the date when the Lessor pays a Service Charge Amount to the Service Agent which shall correspond
to:

 

		(a)	the
Rental Payment Date in respect of the Lease Period which commences immediately after the Lease Period in which a Service Charge
Amount arose; or

 

		(b)	the
Termination Amount Payment Date.

 

Services
means the services performed by the Service Agent under this Agreement in relation to the Forward Lease with respect to the
Property Insurance Policy, Major Maintenance, the payment of Ownership Taxes.

 

		1.2	Construction

 

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

 

		1.3	Third
party rights

 

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

 

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

 

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

 

		1.4	Common
Terms Agreement

 

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

 

		2	Effective
date

 

This
Agreement will only become effective on the Commencement Date.

 

		3	Appointment
and fee

 

		3.1	Appointment

 

As
from the Commencement Date, the Lessor appoints the Service Agent to act as its agent to perform the Services in accordance with
the terms of this Agreement.

 

		3.2	Fee

 

In
consideration of the Service Agent acting as the Service Agent, the Lessor (as agent for the Participants) shall pay to the Service
Agent a fee of AED100 and the Service Agent acknowledges the receipt and adequacy of the fee.

 

    	24 June 2015	Page 2

     

    

 

		4	Insurance

 

		4.1	Property
Insurance Policy

 

		4.1.1	During
the Lease Term, the Service Agent shall take out and maintain in force the Property Insurance Policy.

 

		4.1.2	Without
limiting the obligations of the Service Agent described in Clause 4.1.1, the Service Agent must perform this obligation so that:

 

		(a)	the
Lessor at all times complies with clause 13.1 (Property Insurance Policy) of the Master Forward Lease Agreement; and

 

		(b)	it
complies with all of the provisions contained in Parts 1, 2 and 3 of schedule 6 (Insurance matters) to the Master Forward
Lease Agreement (other than terms which are expressed to only apply to the Operating Insurance Policy or the Third Party Insurance
Policy).

 

		4.1.3	The
Service Agent shall promptly pay premia in relation to the Property Insurance Policy.

 

		4.2	Level
of insurance cover

 

		4.2.1	The
Service Agent shall at all times ensure that the sum insured under the Property Insurance Policy in the event of a Total Loss
or Expropriation Event is an amount equal to:

 

		(a)	the
full replacement value of the Leased Asset; or

 

		(b)	the
Termination Amount from time to time,

 

whichever is greater.

 

		5	Maintenance
matters

 

		5.1	Obligation
to perform Major Maintenance

 

During
the Lease Term, the Service Agent shall perform all Major Maintenance relating to the Leased Asset in accordance with good industry
practice.

 

		5.1.1	Without
limiting the obligations of the Service Agent described in Clause 5.1 (Obligation to perform Major Maintenance), the Service
Agent must perform Major Maintenance so that it conforms with the performance obligations contained in clause 11.2 (Performance
of Ordinary Maintenance and Repair) of the Master Forward Lease Agreement as if references to “Ordinary Maintenance and
Repair” were references to “Major Maintenance”.

 

		5.1.2	The
Service Agent shall promptly pay all fees, costs and expenses that are payable to third persons for the performance of Major Maintenance.

 

    	24 June 2015	Page 3

     

    

 

		5.2	Subcontracting

 

Without
prejudice to the Service Agent’s obligations under this Agreement, the Service Agent may sub-contract all or part of its obligation
to perform Major Maintenance on the following terms:

 

		(a)	the
terms of such sub-contracting shall not conflict in any respect with the terms of this Agreement and must be such that any such
sub-contracting shall instantly terminate upon a termination for whatever reason of the leasing of the Leased Asset;

 

		(b)	any
sub-contractor shall perform any Major Maintenance strictly in accordance with the terms of this Agreement;

 

		(c)	any
sub-contracting agreement shall not permit any further sub-contracting;

 

		(d)	the
Service Agent shall not be released from any of its obligations under this Agreement in consequence of any such sub-contracting
(save that due performance by a sub-contractor of any obligation of the Service Agent shall constitute a good discharge of such
obligation to the extent of such performance); and

 

		(e)	the
Service Agent shall, on request from the Lessor from time to time, promptly provide the Lessor with details of any sub-contractor
and sub-contracting and copies of any relevant sub-contract agreement.

 

		5.3	Inspection

 

When
undertaking any Major Maintenance, the Service Agent shall provide all necessary assistance to allow the Lessor and the Lessor’s
agents or representatives to inspect or survey the Leased Asset and the Major Maintenance that is being undertaken.

 

		6	Ownership
Taxes

 

		6.1.1	During
the Lease Term, the Service Agent must pay all Ownership Taxes on or in relation to:

 

		(a)	the
Leased Asset or any part of it; or

 

		(b)	any
disposition or other transaction that gives rise to an Ownership Tax in relation to the Leased Asset or any part of it.

 

		6.1.2	Upon
becoming aware that an Ownership Tax has or will become payable, the Service Agent shall promptly notify the Lessor accordingly.

 

		6.1.3	If
an Ownership Tax is required to be paid, the Service Agent shall make the payment, and any payment required in connection with
the Ownership Tax, within the time allowed and in the minimum amount required by law.

 

		6.1.4	Within
30 days of paying an Ownership Tax or a payment required in connection with the Ownership Tax, the Service Agent shall deliver
to the Lessor evidence reasonably satisfactory to the Lessor that the Ownership Tax or other payment has been made.

 

		7	Loss
and damage to the Leased Asset

 

		7.1	Partial
Loss

 

		7.1.1	The
Service Agent must give prompt notice to the Lessor of any Partial Loss in the manner described in paragraph 1.7(a)(ii)
(Claims) of Part 1 of schedule 6 to the Master Forward Lease Agreement.

 

    	24 June 2015	Page 4

     

    

 

		7.1.2	If
there is a Partial Loss, the Service Agent shall:

 

		(a)	oversee
and arrange for the timely performance of the repair work so that the Leased Asset is reinstated to its original condition fair
wear and tear excepted;

 

		(b)	subject
to the provisions of paragraph 1.8 (Insurance proceeds) of Part 1 of schedule 6 (Insurance matters) to the Master
Forward Lease Agreement, apply the insurance proceeds from the Property Insurance Policy in relation to paying for the repair
works, or if the insurer elects to make payments to the contractors or other persons undertaking the repair works, co-operate
with the insurer as may be required in connection with this procedure.

 

		7.2	Total
Loss or Expropriation Event

 

		7.2.1	The
Service Agent must give prompt notice to the Lessor of any Total Loss or Expropriation Event in the manner described in paragraph
1.7(a)(ii) (Claims of Part 1 of schedule 6 to the Master Forward Lease Agreement.

 

		7.2.2	The
Service Agent shall arrange that within 30 days of when the Total Loss or Expropriation Event, as the case may be, occurred:

 

		(a)	all
Total Loss Proceeds; and/or

 

		(b)	all
Compensation payable on an Expropriation Event,

 

are paid to and received by the Security Agent.

 

		7.2.3	If
a Total Loss or Expropriation Event occurs and:

 

		(a)	the
                                         Service Agent has failed to take out and maintain the Property Insurance Policy as contemplated
                                         by Clause 4.1 (Property Insurance Policy); or

 

		(b)	no
                                         Total Loss Proceeds or Compensation is paid within 30 days of when the Total Loss or
                                         Expropriation Event occurred; or

 

		(c)	Total
                                         Loss Proceeds or Compensation is been paid within 30 days of when the Total Loss or Expropriation
                                         Event occurred but where there is a Total Loss/Expropriation Event Shortfall,

 

this
shall be evidence that the Service Agent has not performed its obligations in relation to the, Property Insurance Policy and the
Service Agent shall, within three Business Days of demand, indemnify the Lessor (in its capacity as the Investment Agent) for
the Total Loss/Expropriation Event Shortfall.

 

		7.2.4	If
the Total Loss/Expropriation Event Shortfall is irrevocably and unconditionally paid in full to the Investment Agent or the Security
Agent, the Lessor shall, at the cost and expense of the Lessee, take such reasonable action as the Lessee may request so that
it is the beneficiary of any future insurance proceeds under the Property Insurance Policy or future Compensation in relation
to the Leased Asset.

 

    	24 June 2015	Page 5

     

    

 

		8.	General
indemnity

 

		8.1	Indemnity
provisions

 

The
Service Agent shall, within three Business Days of demand, indemnify each Secured Party and each Secured Party’s officers,
employees and agents against any Losses incurred by each Secured Party or any of its officers, employees and agents in
connection with this Agreement including any Losses arising in connection with:

 

		(a)	the
Service Agent’s failure to perform its obligations under the terms of this Agreement;

 

		(b)	any
infringement or alleged infringement of any intellectual property by the use or possession of the Leased Asset; and

 

		(c)	any
claims or actions relating to the protection and defence of the title and interest to the Leased Asset of each Secured Party.

 

		8.2	Indemnity
survives termination

 

The
indemnity described in Clause 8.1 (Indemnity Provisions) shall survive the expiration or termination of this Agreement
or any other Transaction Document.

 

		8.3	Exclusions

 

The
indemnity described in Clause 8.1 (Indemnity Provisions) does not extend to Losses caused by the gross negligence or wilful
misconduct of the Lessor or any of its officers, employees or agents seeking indemnification.

 

		9	Failure
to perform

 

		9.1	Failure
to perform undertakings

 

If
the Service Agent does not comply with any of its obligations in relation to the Services, the Lessor has the right (but not
the obligation) to undertake any required action to effect compliance by the Service Agent, including re-taking
possession of the Leased Asset.

 

		9.2	Indemnification

 

In
the circumstances described in Clause 9.1 (Failure to perform undertakings), the Lessor shall be entitled to require
indemnification under Clause 8.1 (Indemnity provisions).

 

		10	Service
Charge Amount

 

		10.1	Procedure

 

		10.1.1	If
the Service Agent wants to claim a Service Charge Amount, no later than three Business Days before the end of the then current
Lease Period, the Service Agent must:

 

		(a)	notify
the Lessor in writing of the Service Charge Amount; and

 

		(b)	provide
the Lessor with an invoice supported with copies of commercial invoices, premium notes and other evidence of payment) supporting
the claimed Service Charge Amount.

 

		10.1.2	If
the Service Agent does not make a claim in accordance with Clause 10.1.1, the Service Agent shall be deemed to have irrevocably
and unconditionally waived its right to claim that Service Charge Amount and the Lessor shall be under no obligation to pay that
Service Charge Amount.

 

    	24 June 2015	Page 6

     

    

 

		10.2	Payment
of Service Charge Amount

 

Subject to:

 

		(a)	the
                                         Service Agent having complied with the provisions of Clause 10.1 (Procedure);

 

		(b)	there
                                         being no Event of Default or Event of Mandatory Prepayment that is continuing; and

 

		(c)	the
                                         set-off provisions contained in Clause 10.3 (Set-off),

 

on
the Service Charge Reimbursement Date relating to the Service Charge Amount being claimed, the Lessor shall pay the Service Charge
Amount.

 

		10.3	Set-off

 

		10.3.1	The
Lessor may set off a matured Service Charge Amount owed by it to the Service Agent against:

 

		(a)	a
matured Supplementary Rental Payment; or

 

		(b)	that
part of the matured Termination Amount which corresponds to an amount equal to the Service Charge Amount.

 

owed
by the Service Agent (acting in its capacity as the Lessee) to the Lessor.

 

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

 

		10.4	Termination

 

When
the leasing arrangements contemplated by the Forward Lease terminate:

 

		(a)	the
obligation of the Lessor to pay the Service Charge Amount shall end on the same date;

 

		(b)	the
Service Agent must continue to perform its obligations under this Agreement (but with no payment of the Service Charge Amount)
until such time as the Lessor notifies the Service Agent that:

 

		(i)	it
                                         no longer requires the Service Agent to continue performing the Services; or

 

		(ii)	the
                                         Security Period has expired.

 

		11	Knowledge
of the Forward Lease and the other Transaction Documents

 

The
Service Agent represents and warrants to the Lessor that it has full knowledge of all of the terms of the Forward Lease and the
other Transaction Documents including those obligations in the Forward Lease that the Service Agent must perform under this Agreement.

 

    	24 June 2015	Page 7

     

    

 

		12	No
authority to pledge credit

 

In
the performance of the Services, the Service Agent has no authority to pledge the credit of the Lessor (or any other Finance Party)
or to create any Security over the Leased Asset.

 

		13	Assignment

 

		13.1	No
assignment or transfer by Service Agent

 

The
Service Agent may not assign any of its rights or transfer any of its rights or obligations under this Agreement.

 

		13.2	Assignment
and/or transfer by Lessor

 

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

 

		14	Governing
law

 

		14.1	English
law

 

		14.1.1	Subject
to Clause 14.1.2, this Agreement and all non-contractual obligations arising out of or connected with it shall be governed by,
and construed in accordance with, English law.

 

		14.12	The
                                         Parties agree that the creation and transfer of any proprietary rights of the Parties
                                         in relation to the Leased Asset shall be governed by, and construed in accordance with,
                                         the laws of Fujairah and the federal laws of the United Arab Emirates as applied by the
                                         civil courts of Fujairah, in each case, to the extent those laws do not conflict with
                                         Shari’a. In the event of any contradiction between the laws of Fujairah and the
                                         federal laws of the United Arab Emirates and the principles of Shari’a, the principles
                                         of Shari’a shall prevail.

 

		14.2	Interest

 

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

 

		15	Enforcement

 

		15.1	Jurisdiction

 

		15.1.1	Subject
                                         to Clause 15.1.2, the Parties submit, and waive any objection, to the exclusive jurisdiction
                                         of the courts of the Dubai International Financial Centre, Emirate of Dubai, United Arab
                                         Emirates to settle any dispute arising out of or in connection with this Agreement (including
                                         a dispute relating to the existence, validity or termination of this Agreement or any
                                         non-contractual obligation arising out of or in connection with this Agreement) (a Dispute).
                                         The Parties agree that the courts of the Dubai International Financial Centre, Emirate
                                         of Dubai, United Arab Emirates are the most appropriate and convenient courts to settle
                                         Disputes and accordingly no Party will argue to the contrary.

 

    	24 June 2015	Page 8

     

    

 

		15.1.2	The
Parties agree that the civil courts of Fujairah shall have the exclusive jurisdiction to settle any dispute arising out of or
in connection with the creation and transfer of any proprietary rights of the Parties in relation to the Leased Asset.

 

		15.1.3	Notwithstanding
Clauses 15.1.1 and 15.1.2, the Parties agree that the Investment Agent may take proceedings relating to a Dispute in any other
court with jurisdiction. To the extent allowed by law, the Investment Agent may take concurrent proceedings in any number of jurisdictions.
This Clause 15.1.3 is for the benefit of the Investment Agent only.

 

		15.2	State
immunity

 

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

 

		15.2.2	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 as it or its assets now has or may in future acquire; and

 

		(c)	consents,
                                         in any legal proceedings arising out of or in connection with this Agreement, 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.

 

		15.2.3	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.

 

		15.2.4	For
the purposes of this Clause 15.2 (State immunity):

 

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

 

asset
includes any asset not used solely for commercial purposes.

 

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

 

    	24 June 2015	Page 9

     

    

 

Execution Page
of Service Agency Agreement

 

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

 

	Name of witness:	 	 	
	 	 	 
	Address of witness: 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

	The Lessor	 	 
	 	 	 
	Signed by	)	/s/ Aqeel Bughio
	 	)	 
	duly authorised in accordance with the	)	 
	laws of Abu Dhabi, United Arab Emirates for	)	 
	and on behalf of National Bank
    of Abu	)	 
	Dhabi PJSC - Islamic Banking Division in	)	 
	its capacity as Investment Agent for and on	)	 
	behalf of the Participants in the presence of:	 	 
	Signature of witness	)	/s/ Omar Katri
	 	 	 
	Signature of witness	)	 

 

	Name of witness:	 	 	
	 	 	 
	Address of witness: 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

 

 

	24 June 2015	Page 10

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