Document:

Exhibit 10.34

 

Brooge Petroleum and Gas Investment Company FZC

(as Mortgagor)

 

and

 

National Bank of Abu Dhabi PJSC – Islamic Banking Division

(as Security Agent)

 

 

 

 

 

 

COMMERCIAL MORTGAGE

 

    1

     

    

 

THIS
COMMERCIAL MORTGAGE is dated

 

		(1)	Brooge Petroleum
                                         and Gas Investment Company FZC, a free zone company incorporated under the laws of
                                         Fujairah Free Zone, Fujairah, UAE with registration number 13-FZC-1117 and whose principal
                                         place of business is P.O. Box 50170, Fujairah, UAE and represented by (1) [●],
                                         a [●] national, holder of Emirates ID number [●]; and (2) [●], a [●]
                                         national, holder of Emirates ID number[●], in accordance with a power of attorney
                                         dated [●] notarised in Dubai under notarisation number [●] (the Mortgagor);
                                         and

 

		(2)	National Bank
                                         of Abu Dhabi PJSC — Islamic Banking Division, licensed by the Central Bank
                                         of the UAE and represented by [●], a [●] national holder of an Emirates ID
                                         number [●], in accordance with the power of attorney notarised in Dubai under number
                                         [●] on [●] (the Security Agent).

 

BACKGROUND:

 

		A.	This Commercial Mortgage is entered into by the Mortgagor
in accordance with the Mortgagor’s board resolution dated [                       ],
and which is granted by the Mortgagor to secure the Secured Liabilities.

 

		B.	This Commercial Mortgage is a Transaction Document (as
defined in the Common Terms Agreement).

 

IT IS AGREED as follows:

 

		1.	DEFINITIONS AND INTERPRETATIONS

 

		1.1	Definitions

 

In this Commercial Mortgage:

 

Addendum means an addendum to this
Commercial Mortgage substantially in the form set out in Schedule 2 to this Commercial Mortgage.

 

Commercial Code means Federal Law
No. 18 of 1993 regarding the law on commercial transactions.

 

Commercial Registers means each
of the relevant registers maintained by the commercial registration section of the Industrial Development Bureau of the Emirate
of Abu Dhabi and the relevant register maintained by the Fujairah Free Zone Authority.

 

Common Terms Agreement means
the common terms agreement dated 29.06.2015 entered into between the Mortgagor (as the Company, the Seller and the Lessee)
and National Bank of Abu Dhabi PJSC — Islamic Banking Division (as the Investment Agent, Account Bank and
Participant).

 

    2

     

    

 

Equipment means the property, plant
and equipment that constitute part of the Security Assets and which are more particularly described in Schedule 1 (Security
Assets) to this Commercial Mortgage.

 

Finance Party has the meaning given
to it in the Common Terms Agreement and each of their respective successors, transferees and assignees.

 

Phase I means the financed constructed
assets of 14 oil tanks in addition to any related constructed facilities located on plot 130, Block A, Fujairah, UAE

 

Intellectual Property Rights means
all know-how, patents, trade marks, service marks, designs, business names, topographical or similar rights, copyrights and other
intellectual property rights and any interests (including by way of licence) in any of the foregoing (in each case whether registered
or not and including all applications for the same) including in respect of the license agreements particularly described in Schedule
1 (Security Assets) to this Commercial Mortgage.

 

Inventory means all raw materials,
work-in-process goods and products and finished goods and products in the possession of the Mortgagor and which are more particularly
described in Schedule 1 (Security Assets) to this Commercial Mortgage.

 

New Assets means any lease, equipment,
machinery or Intellectual Property Rights and in each under Phase I which are capable of being made the subject of a Security Interest
under the Commercial Code and which are entered into, created or acquired by the Mortgagor after the date of this Mortgage and
which are not subject to a Security Interest pursuant to any other Transaction Security Document.

 

Receivables means all payments,
debts and sums of money receivable or payable or paid or due to the Mortgagor under all contracts and agreements entered into by
the Mortgagor under Phase I.

 

Secured Liabilities has the meaning given to it in the
Common Terms Agreement.

 

Security Assets means the assets
the subject of the security created by this Commercial Mortgage which are detailed in Clause 2 (Security Assets) of this
Commercial Mortgage, and any New Assets under Phase I in respect of which an Addendum has been duly executed, notarised and registered
with the Commercial Register.

 

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

    3

     

    

 

		1.2	Interpretations

 

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

 

		(b)	The provisions set out in clauses 1.2 (Construction)
and 1.3 (Third party rights) of the Common Terms Agreement apply to this Commercial Mortgage.

 

		(c)	If the Security Agent reasonably considers that an amount
paid by the Mortgagor to the Security Agent or any Finance Party under a Transaction Security Document is capable of being avoided
(acting reasonably) then the Security Agent shall be entitled not to release this Commercial Mortgage.

 

		(d)	Reference to “this Commercial Mortgage” includes
all Schedules hereto.

 

		2.	SECURITY ASSETS

 

The Mortgagor, as continuing security for the payment or discharge
when due of the Secured Liabilities mortgages pursuant to Articles 49 to 56 of the Commercial Transactions Law No. 18 of 1993 in
favour of the Security Agent, all of the Mortgagor’s rights, title, benefit and interest in, to and of:

 

		(a)	the goodwill of the Mortgagor including the Mortgagor’s
“commercial name”;

 

		(b)	all the Mortgagor’s Intellectual Property Rights including
the Intellectual Property Rights described in Schedule 1 (Security Assets) to this Commercial Mortgage under Phase I;

 

		(c)	all of the Mortgagor’s equipment including the Equipment
listed in Schedule 1 (Security Assets) to this Commercial Mortgage under Phase I;

 

		(d)	all of the Mortgagor’s rights under any contracts, agreements,
deed or other documents entered into by the Mortgagor under Phasel;

 

		(e)	all of the Mortgagor’s inventory including the Inventory
listed in Schedule 1 (Security Assets) to this Commercial Mortgage under Phase I;

 

		(f)	all of the Mortgagor’s receivables including the Receivables
listed in Schedule 1 (Security Assets) to this Commercial Mortgage under Phase I; and

 

		(g)	all of the Mortgagor’s intangible assets under Phase I.

 

    4

     

    

 

		3.	REPRESENTATIONS AND WARRANTIES

 

		3.1	Representations and Warranties

 

The Mortgagor represents and warrants to the Security Agent
that:

 

		(a)	it is the legal owner of, and has full right, title and
interest in and to the Security Assets under Phase I;

 

		(b)	the Security Assets under Phase I are free from any Security
(other than any Security created by this Commercial Mortgage or any other Security expressly permitted by the Common Terms Agreement);

 

		(c)	no notice of any Security covering all or any part of the
Security Assets under Phase 1 is on file in any recording office other than any such filings in connection with the Security Assets
created by this Commercial Mortgage or any other Transaction Security Documents; and

 

		(d)	the Mortgagor does not have title to any assets under Phase
I of whatever nature which assets are not secured under this Commercial Mortgage and which are capable of being made subject to
a Security and whose value is equal to or more than AED 1,000,000 which have not either: (i) been reported to the Security Agent
under Clause 4.4 (Addenda) of this Commercial Mortgage; or (ii) been made subject to a Security in favour of the Security
Agent.

 

		3.2	Times for making representations and warranties

 

The representations and warranties set
out in this Clause 3 are made on the date of this Commercial Mortgage and are deemed to be repeated by the Mortgagor on each date
during the Security Period on which the Repeating Representations are deemed to be repeated with reference to the facts and circumstances
then existing, and on each date the Mortgagor executes an Addendum pursuant to Clause 4.4(b) of this Commercial Mortgage.

 

		4.	GENERAL UNDERTAKINGS

 

		4.1	Duration

 

During the Security Period, the Mortgagor
shall comply with the following undertakings in this Clause 4.

 

    5

     

    

 

		4.2	Restrictions on Dealings

 

The Mortgagor shall not:

 

		(a)	create or permit to subsist any Security or any third party
interest on or over any Security Asset under Phase I other than any Security created by this Commercial Mortgage or pursuant to
any other Transaction Security Document or any Security expressly permitted by the Common Terms Agreement; or

 

		(b)	sell, transfer, grant, lease or otherwise dispose of
any of the Security Assets under Phase I unless permitted to do so by the Common Terms Agreement.

 

		4.3	Registration

 

The Mortgagor shall:

 

		(a)	at its own cost, register this Commercial Mortgage
in the Commercial Registers as soon as possible, and in any event no later than 60 days after the date of this Commercial Mortgage
such registration being in accordance with the applicable law for five years from the date of registration or the maximum period
allowed under the applicable law;

 

		(b)	not less than one month prior to the date on which
any registration (whether or not previously renewed) of this Commercial Mortgage in the Commercial Registers is scheduled to expire,
at its own cost, renew such registration for a period not less than five years from the date of that renewal or the maximum period
then allowed under the Commercial Transactions Law No. 18 of 1993 and provide to the Security Agent promptly and no more than
five Business Days after the Mortgagor receives evidence of any registration a certificate of registration; and

 

		(c)	save as provided in Clause 14 (Release of Security),
not apply for, or permit, any cancellation or amendment of any registration in the Commercial Registers of this Commercial
Mortgage without the prior written consent of the Security Agent.

 

		4.4	Addenda

 

		(a)	The Mortgagor shall notify the Security Agent within 21
days after its entry into or acquisition of (as applicable)
any New Asset under Phase I whose value is equal to or exceeds AED 1,000,000 (or its equivalent in other currencies), in respect
of which security has not already been created in favour of the Security Agent under this Commercial Mortgage or any other Transaction
Security Document.

    6

     

    

 

		(b)	The Mortgagor shall execute and deliver to the Security
Agent an Addendum in the following circumstances:

 

		(i)	within 10 days following the date of notification referred
to in paragraph (a) above in respect of any New Assets under Phase I to which paragraph (a) above applies, together with all of
its rights, title, benefit and interest in, to and of, the New Assets;

 

		(ii)	within the earlier of (A) 21 days after each financial
year end of the Mortgagor; and (B) 45 days after the date any New Asset under Phase I is acquired, in respect of any New Asset
under Phase I having a value individually in excess of AED 1,000,000 which it creates, acquires or enters into during the relevant
preceding 12 month period in respect of which security has not already been created in favour of the Security Agent for itself
and as agent and trustee for the Finance Parties under this Commercial Mortgage or any Addendum, together with all of the Mortgagor’s
rights, title, benefit and interest in, to and of, the New Assets under Phase I; and

 

		(iii)	the Mortgagor shall at its own cost procure the registration
in the Commercial Register of each Addendum required to be entered into pursuant to paragraph (b) above and provide to the Security
Agent an extract of the Commercial Register evidencing registration of that Addendum and bearing an original stamp of the Commercial
Registrar.

 

		(c)	Pending the execution, delivery and registration of
any Addendum under paragraphs (b) and (c) above, the Mortgagor shall keep any New Assets under Phase I executed, acquired or created
on or after the date of this Commercial Mortgage at the premises of the Mortgagor where such New Assets are intended to be kept
in the normal course of the business operations of the Mortgagor (in the case of tangible assets) and shall hold such New Assets
to the order of the Security Agent.

 

		5.	ENFORCEMENT OF SECURITY

 

		5.1	The Security Agent shall at any time upon or after the
occurrence of an Event of Default which is continuing, be entitled to (but shall not be obliged to):

 

		(a)	serve notice on the Mortgagor and demand payment of
all or any part of the Secured Liabilities to the Security Agent pursuant to the terms of the Common Terms Agreement; and/or

 

		(b)	without prejudice and in addition to any other remedy
which the Security Agent for itself or as agent and trustee for Finance Parties may have at law, contract or otherwise, apply
to the court for an order to sell all or part of the Security Assets by public auction or in any manner it sees fit.

 

    7

     

    

 

		5.2	Notwithstanding
the mortgage created under this Commercial Mortgage and subject to the provisions of the Secured Facilities, the Security
Agent hereby agrees that, until the occurrence of an Event of Default which is continuing, the Mortgagor shall be entitled to
continue to deal with each counterparty to any Security Asset (as applicable) in relation to all aspects relating to the Security
Asset including without limitation receiving and sending notices from and to each such counterparty.

 

		6.	APPLICATION OF PROCEEDS

 

Subject to the provisions of
the Common Terms Agreement, the Security Agent shall apply all monies and amounts in respect of the Security Assets received and
recovered pursuant to this Commercial Mortgage towards the Secured Liabilities.

 

		7.	EXPENSES AND INDEMNITY

 

The Mortgagor shall forthwith on demand
by the Security Agent pay all costs and expenses (including legal fees, travel, accommodation and subsistence costs) incurred by
the Security Agent or any agent or other person appointed by the Security Agent in connection with the enforcement or preservation
of any rights under this Commercial Mortgage or any other Transaction Document, and keep each of them indemnified against any failure
or delay in paying the same.

 

		8.	FURTHER ASSURANCES

 

The Mortgagor shall, at its own expense,
take whatever action the Security Agent may reasonably require for the purpose of:

 

		(a)	perfecting or
                                         protecting the security intended to be created by this Commercial Mortgage, any Addendum
                                         or any renewal of the registration of this Commercial Mortgage or any Addendum over the
                                         Security Assets (including signing, notarising and registering further instruments and
                                         documents under Phase I);

 

		(b)	facilitating
                                         the realisation of any Security Asset or the exercise of any right, power or discretion
                                         exercisable, by the Security Agent in respect of any Security Asset under Phase I; and

 

		(c)	enabling the
                                         Security Agent to carry out the deeds and actions contemplated in Clause 9.3 (Position
                                         of Security Agent) of this Commercial Mortgage including the issuing by the Mortgagor
                                         of a separate power of attorney in favour of the Security Agent, if so requested by the
                                         Security Agent.

 

    8

     

    

 

		9.	POSITION
OF SECURITY AGENT

 

		9.1	The Mortgagor hereby acknowledges that the Finance Parties
have appointed the Security Agent to act as trustee and agent for and on behalf of the Finance Parties pursuant to clause 7
(The Security Agent) of the Investment Agency Agreement.

 

		9.2	All actions of the Security Agent under this Commercial
Mortgage shall be performed by the Security Agent for itself and as agent and trustee for the Finance Parties, and all actions
taken by the Security Agent pursuant to the provisions of this Commercial Mortgage shall be deemed to be on behalf of each Finance
Party.

 

		9.3	The Mortgagor acknowledges that the registration of the
Commercial Mortgage in the Commercial Registers may be renewed by the Security Agent on behalf of the Finance Parties, without
any notice to or consent from the Mortgagor, at any time during the Security Period and shall forthwith on demand pay to the Security
Agent the amount of all costs and actual expenses incurred by the Security Agent in connection with such renewal and the Mortgagor
hereby grants the Security Agent and any person nominated by the Security Agent an irrevocable power of attorney until the end
of the Security Period to renew the registration of this Commercial Mortgage and any Addendum entered into pursuant to the-
terms of this Commercial Mortgage, and to execute any Addendum on behalf of the Mortgagor in respect of any New Assets under
Phase I.

 

		9.4	The Security Agent is not liable for any loss of any kind
(including any loss arising from fluctuations in exchange rates) which may occur as a result of the exercise or purported exercise
of, or any delay or neglect to exercise, any of its rights under this Commercial Mortgage other than losses resulting from its
gross negligence or wilful misconduct.

 

		10.	WAIVER, REMEDIES CUMULATIVE

 

		10.1	The rights of the Security Agent as agent and trustee for
the Finance Parties under this Commercial Mortgage:

 

		(a)	may be exercised as often as necessary;

 

		(b)	are cumulative and not exclusive of its rights under
the general law; and

 

		(c)	may be waived only in writing and specifically.

 

		10.2	Delay in exercising or non-exercise of any such right is
not a waiver of that right.

 

    9

     

    

 

		11.	MISCELLANEOUS

 

		11.1	Covenant to pay

 

The Mortgagor shall pay or discharge the Secured Liabilities
in the manner provided for in the Transaction Documents.

 

		11.2	Continuing security

 

The security constituted by this Commercial Mortgage is continuing
and will extend to the ultimate balance of all the Secured Liabilities, regardless of any intermediate payment or discharge in
whole or in part.

 

		11.3	Additional security

 

The security constituted by this Commercial Mortgage is in addition
to and is not in any way prejudiced by any other security now or subsequently held by the Security Agent for any of the Secured
Liabilities.

 

		12.	SEVERABILITY

 

If any provision of this Commercial Mortgage is or becomes
illegal, invalid or unenforceable in any jurisdiction, that shall not affect:

 

		(a)	the legality,
                                         validity or enforceability in that jurisdiction of any other provision of this Commercial
                                         Mortgage; or

 

		(b)	the legality, validity or enforceability in other jurisdictions
of that or any other provision of this Commercial Mortgage.

 

		13.	SUCCESSORS IN TITLE

 

		13.1	The Security Agent shall be entitled to assign or transfer
all or any of its rights and/or obligations under this Commercial Mortgage to the same extent as the Security Agent has transferred
its rights and/or obligations under the other Transaction Documents and the Mortgagor irrevocably consents to any such assignment
or transfer.

 

		13.2	The Mortgagor shall not have the right to assign or transfer
any of its rights and/or obligations under this Commercial Mortgage unless with a prior written consent by the Security Agent.

 

		13.3	The obligations of the Mortgagor under this Commercial
Mortgage shall bind it and its successors and shall
inure to the benefit of the Security Agent for itself and as trustee and agent for each Finance Party and its successors and assigns.

 

    10

     

    

 

		14.	RELEASE OF SECURITY

 

Upon the expiry of the Security Period,
the Security Agent shall, at the request and cost of the Mortgagor, take whatever action is necessary to release absolutely the
Security Assets from the security constituted by this Commercial Mortgage.

 

		15.	COUNTERPARTS

 

This Commercial Mortgage may be executed
in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

 

		16.	GOVERNING LAW

 

		16.1	This Commercial Mortgage shall be governed by and construed
in accordance with the laws of the Emirate of Abu Dhabi and the federal laws of the United Arab Emirates.

 

		16.2	The parties agree, for the benefit of the Security Agent,
that the courts of Abu Dhabi shall have non-exclusive jurisdiction to hear and determine any suit, action or proceedings arising
out of or in connection with this Commercial Mortgage and, for that purpose, irrevocably submit to the non-exclusive jurisdiction
of such courts.

 

		16.3	The submission to the jurisdiction of the courts of Abu
Dhabi shall not be construed so as to limit the right of the Security Agent to bring proceedings against the Mortgagor in any
other court of competent jurisdiction to hear or determine any suit, action or proceedings arising out of or in connection with
the Transaction Documents whether concurrently or not.

 

		17.	WAIVER OF IMMUNITY

 

		17.1	To the extent that the Mortgagor may in any jurisdiction
claim for itself or its assets any immunity from legal action, execution, attachment (whether in aid of execution, before judgment
or otherwise) or other legal process and to the extent that in any such jurisdiction there may be attributed to itself or its
assets such immunity (whether or not claimed), it hereby irrevocably agrees not to claim, and hereby irrevocably waives, such
immunity to the full extent permitted by the laws of such jurisdiction.

 

		17.2	The Mortgagor hereby consents generally in respect of any
legal action or proceeding arising out of or in connection
with this Commercial Mortgage to the giving of any relief or the issue of any process in connection with this Commercial Mortgage
including the making, enforcement or execution against any property or assets under Phase I whatsoever (irrespective of its use
or intended use) of any order or judgment which may be made or given in any proceedings.

 

		17.3	The
Mortgagor irrevocably and unconditionally acknowledges that the execution, delivery and performance of this Commercial Mortgage
constitute private and commercial (and not public or governmental) acts of such party done and performed for private and commercial
(and not public or governmental) purposes.

 

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

 

    11

     

    

  

Execution page of the Commercial Mortgage

 

Signed by:

 

		 

 

For
and on behalf of

Brooge Petroleum and Gas Investment Company FZC

 

Signed by:

 

	/s/ Ali Al Jarian	 	/s/ Ayman Ragheb Taher Nasser

 

For
and on behalf of

National Bank of Abu Dhabi PJSC – Islamic Banking Division

 

 

12Exhibit 10.35

 

Assignment of Contracts

 

Dated 29-06-2015

 

Brooge Petroleum and Gas Investment Company
FZC

(the Assignor)

 

National Bank of Abu Dhabi PJSC - Islamic Banking
Division

(the Security Agent)

 

	
        Dentons & Co 

        Suite 1204 Al Ghaith Tower

        

        Hamdan Street 

        PO Box 47656

        

        Abu Dhabi

        

        United Arab Emirates
	 

 

     

     

    

Contents

 

	1	Definitions and interpretation	1
	 	 	 
	2	Secured Liabilities	2
	 	 	 
	3	Grant of security	2
	 	 	 
	4	Perfection	3
	 	 	 
	5	Power of attorney	4
	 	 	 
	6	Representations and warranties	4
	 	 	 
	7	Undertakings	5
	 	 	 
	8	Effectiveness of security	6
	 	 	 
	9	Enforcement	8
	 	 	 
	10	Expenses	9
	 	 	 
	11	Currency conversion	9
	 	 	 
	12	Suspense Account	9
	 	 	 
	13	Further assurances	10
	 	 	 
	14	Calculations and certificates	10
	 	 	 
	15	Miscellaneous	10
	 	 	 
	16	Changes to the Parties	11
	 	 	 
	17	Notices	12
	 	 	 
	18	Counterparts	12
	 	 	 
	19	Governing law	12
	 	 	 
	20	Enforcement	12

 

	Schedule 1 - The Original Contracts	13
	 	 
	Execution Page of Assignment of Contracts	

 

    i

     

    

 

Assignment of Contracts

 

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 Assignor); and

 

		(2)	National
                                         Bank of Abu Dhabi PJSC - Islamic Banking Division, as security agent for the Secured
                                         Parties (the Security Agent).

 

Recitals

 

		A	On or about the date of this assignment of contracts (the
Assignment) the Assignor, the Account Bank and the Investment Agent entered
into the Common Terms Agreement pursuant to which the Transaction Documents are to be, or have been, entered into.

 

		B	Pursuant to the terms of the Transaction Documents the Assignor
has agreed to provide the Security under this Assignment to the Security
Agent (as security agent for the Secured Parties) to secure the payment and discharge of the Secured Liabilities.

 

It is agreed:

 

		1	Definitions and interpretation

 

		1.1	Definitions

 

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

 

		1.1.2	In addition, in this Assignment:

 

Additional Contracts means each contract
assigned to the Security Agent under the terms of this Assignment following the execution and delivery of a Supplemental
Agreement.

 

Assigned Documents means each:

 

		(a)	Additional Contract; and

 

		(b)	Original Contract.

 

Assigned Rights means all right, title,
benefit and interest of the Assignor (but none of its obligations), whether present or future, contingent, proprietary, contractual
or otherwise, arising out of or in, to or under the Assigned Documents.

 

Common Terms Agreement means the common
terms agreement dated or about the date of this Assignment and entered into between the Assignor, the Investment Agent and the
Account Bank.

 

    page 1

     

    

 

Notice of Assignment means
a notice of assignment to be delivered by the Assignor in the form set out in Schedule 3 (Form of Notice of Assignment)
or otherwise in a form acceptable to the Security Agent.

 

Original Contract means
all of the Contracts listed in Schedule 1 (The Original Contracts). 

 

Party means a party to this Assignment.

 

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

 

Supplemental Agreement means
the supplemental agreement substantially the same form as set out in Schedule 2 (Form of Supplemental Agreement) or otherwise
in a form acceptable to the Security Agent.

 

		1.2	Construction

 

The principles of construction used in the
Common Terms Agreement shall apply to this Assignment 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	Each Secured Party and its officers, employees and agents
may enforce any term of this Assignment which purports to confer a benefit on that person, but no other person who is not a party
to this Assignment has any right to enforce or to enjoy the benefit of any term of Assignment.

 

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

 

		2	Secured Liabilities

 

The Assignor covenants
with the Security Agent that it shall pay on demand all monies due and payable to the Secured Parties pursuant to the
Transaction Documents and shall otherwise discharge each of the Secured Liabilities on its due date and in accordance with
the terms of the Transaction Documents.

 

		3	Grant of security

 

		3.1	Assignment

 

By way of continuing security for the payment
and discharge of the Secured Liabilities, the Assignor assigns by way of security the Assigned Rights to the Security Agent.

 

		3.2	Release

 

		3,21	Upon
                                         the expiry of the Security Period, the Security Agent shall, subject to Clause 8.5 (Avoidance of payments), at the request and cost of the Assignor, release the Assigned
                                         Rights and all the Security granted by this Assignment free of all Security created by
                                         the Security Agent, without recourse to, and without any representations or warranties
                                         by, the Security Agent or any of its nominee(s).

 

    page 2

     

    

 

		3.3	Continuing security

 

The Security created by this
Assignment shall be a continuing Security for the payment and discharge of the Secured Liabilities from time to time, notwithstanding
any intermediate payment, discharge or satisfaction of the whole or any part of the Secured Liabilities (or any settlement of
accounts between the Assignor and the Security Agent).

 

		3.4	Nature of Assigned Rights

 

The Assignor covenants with the Security Agent that:

 

	 	(a)	the
    terms of this Assignment and the Security created by it apply to the Assigned Rights; and

 

	 	(b)	it
    will not at any time seek to rely on the non-existence of any part of the Assigned Rights at the date of this Assignment as
    releasing the Assignor from the performance, in whole or in part, of any of its liabilities or obligations arising under this
    Assignment or any other agreement relating to or concerning the Assigned Rights.

 

		4	Perfection

 

		4.1	Perfection

 

		4.1.1	The Assignor
                                         agrees that in relation to (i) each Original Contract and (ii) each Additional Contract:

 

	 	(a)	it
    shall within five Business Days (or such longer period of time as may be agreed by the Security Agent) of a request being
    made by the Security Agent deliver to the Security Agent a dated Notice of Assignment addressed to the relevant counterparty
    duly executed by or on behalf of the Assignor if the Security Agent (acting on the instructions of the Majority Participants)
    considers that any event or circumstance, or series of events or circumstances, has occurred which has or could reasonably
    be expected to have a Material Adverse Effect;

 

	 	(b)	the
    Security Agent may deliver any Notice of Assignment to the relevant counterparty without any further notice to the Assignor;
    and

 

	 	(c)	it
    shall use its best endeavours to procure that the relevant counterparty acknowledges the Notice of Assignment by countersigning
    the Notice of Assignment and returning a copy of such acknowledgement to the Security Agent.

 

		4.1.2	The Assignor
                                         agrees that in relation to each Additional Contract that contains the Assignment Clause,
                                         notice shall be deemed to have been given to the relevant counterparty by virtue of the
                                         Assignment Clause

 

		4.1.3	Without prejudice
                                         to Clause 5 (Power of attorney), if requested by the Security Agent, the Assignor
                                         shall provide a notarised power of attorney to the Security Agent in form and substance
                                         satisfactory to the Security Agent.

 

    page 3

     

    

 

		4.2	Supplemental Agreement

 

		4.2.1	If the Assignor is required to assign any Additional Contract
to the Security Agent in accordance with the terms of the Common Terms
Agreement, the Assignor shall execute and deliver to the Security Agent a Supplemental Agreement within the relevant time period,
as provided for within the Common Terms Agreement, pursuant to which all of the Assignor’s right, title and interest, present and
future, in or relating to the Additional Contract(s) shall be assigned to the Security Agent on the terms set out in this Assignment.

 

		4.2.2	The Parties
                                         acknowledge that the assignment pursuant to a Supplemental Agreement takes effect immediately
                                         upon signature by the Assignor, and failure by the Security Agent to execute a Supplemental
                                         Agreement shall in no way invalidate such assignment.

 

		5	Power of attorney

 

		5.1	Appointment

 

The Assignor irrevocably appoints the Security
Agent to be its attorney for and on its behalf and in its name to execute, deliver and perfect all documents and do all things
which the Security Agent may consider to be necessary for carrying out any obligation of the Assignor under this Assignment which
the Assignor has failed to perform and to enable the Security Agent to exercise any of the rights, powers and authority (including
rights of enforcement) conferred on it by or pursuant to this Assignment.

 

		5.2	Delegation

 

The Security Agent shall have
full power to delegate the power conferred on it by this Clause 5 (Power of attorney), but no such delegation shall preclude
the subsequent exercise of such power by the Security Agent itself or preclude the Security Agent from making a subsequent delegation
thereof to some other person; any such delegation may be revoked by the Security Agent at any time. Any delegation of power under
this Clause should be notified (in writing) to the Assignor as soon as reasonably possible.

 

		5.3	Ratification

 

The Assignor ratifies and confirms
and agrees to ratify and confirm whatever the Security Agent may lawfully do or attempt to do in exercise of any of the rights
referred to in this Clause 5 (Power of attorney).

 

		6	Representations and warranties

 

		6.1	Representations and warranties

 

The Security Agent has entered into this Assignment
in reliance on the Assignor’s representations and warranties that, and the Assignor represents and warrants that:

 

		(a)	it is the sole legal and beneficial owner of the Assigned
Rights;

 

		(b)	it has not disposed of, or agreed to dispose of, any interest
in the Assigned Rights;

 

		(c)	it has the right, power and authority to assign the Assigned Rights to the Security Agent in
                                                                                 the                                                                                  manner provided for in this
                                                                                 Assignment;

 

    page 4

     

    

 

	 	(d)	there are no restrictions on the Assignor’s ability to assign the Assigned Rights to the Security Agent;

 

	 	(e)	the Assigned Rights are free of any Security (except for those created by or under this Assignment) and any other rights or interests in favour of third parties;

 

	 	(f)	each Original Contract and, on the date that any Contract becomes an Additional Contract, each Additional Contract is in full force and effect and is enforceable in accordance with their terms;

 

	 	(g)	there is no outstanding breach under any Original Contract and, on the date that any Contract becomes an Additional Contract, each Additional Contract; and

 

	 	(h)	there are no written or
    oral agreements or arrangements between it and a counter party which derogate from the obligations
of any counterparty under an Original Contract and, on the date that any Contract becomes an Additional Contract, each Additional
Contract.

 

		6.2	Repetition

 

The
representations and warranties set out in this Clause 6 (Representations and warranties) shall survive the execution of
this Assignment and are deemed to be made by the Assignor at the same time as the Repeating Representations are deemed to be made
pursuant to clause 4.24 (Repeating representations) of the Common Terms Agreement.

 

		7	Undertakings

 

		7.1	Negative pledge

 

The Assignor shall not create or permit to subsist
any Security on any part of the Assigned Rights (other than the Transaction Security).

 

		7.2	Not jeopardise

 

The Assignor shall not do or permit to be done
any act or thing which may, in the opinion of the Security Agent jeopardise the rights of the Security Agent in the Assigned Rights
or which might adversely affect or diminish the value of the Assigned Rights during the Security Period or which might result in
the receipt or recovery of moneys payable under or in connection with the Assigned Rights being delayed or prevented.

 

		7.3	Notify

 

The Assignor shall promptly notify the Security
Agent of any circumstances which might give rise or may reasonably be expected to give rise, to a claim on or in relation to the
Assigned Rights.

 

		7.4	Actions in respect of Assigned Rights

 

The Assignor shall (to the Security Agent’s satisfaction):

 

		(a)	promptly pursue any remedies available to it in respect
of any claim arising in relation to the Assigned Rights;

 

    page 5

     

    

 

	 	(b)	observe and perform and remain liable to do so, all of the obligations that are to be performed by it under or in relation to this Assignment and its obligations under each Assigned Document;

 

	 	(c)	promptly provide to the Security Agent any information relating to the Assigned Rights that the Security Agent may require; and

 

	 	(d)	ensure that all monies payable to it in relation to the Assigned Rights are paid in full and free and clear of any set-off deductions, withholding, counterclaims or other conditions.

 

		7.5	Assigned Documents

 

The Assignor covenants with the Security Agent that
it will:

 

		(a)	only cancel or terminate an Assigned Document or amend or
otherwise modify an Assigned Document, or waive any default under or
breach of an Assigned Document (or permit any such cancellation, termination or
amendment) if:

 

	 	(i)	it has provided prior written notice of such actions to the Security Agent (provided however no notice shall be required if such actions would not have any Material Adverse Effect); and

 

	 	(ii)	the
    Assignor will not be in breach of clause 8.3 (Eligible Receivables) of the Common Terms Agreement as a result;

 

		(b)	perform, within all required time periods (after giving
effect to any applicable grace periods), all of the obligations and enforce all
of the rights (including taking legal proceedings where appropriate) under an Assigned Document;

 

		(c)	notify the Security Agent in writing, immediately on becoming
aware of the same, of any intention or act (whether written or oral) by a counterparty to terminate or cancel an Assigned Document;

 

		(d)	ensure that all receivables in relation to (i) each Original
Contract and (ii) each Additional Contract are paid in full to the Earnings Account by the Assignor no later than the first Business
Day of the week immediately following receipt (if not paid directly into the Earnings Account by the relevant counterparty);

 

		(e)	not take or omit to take any action the taking or omission
of which would or might impair the Security Agent’s interest in an Assigned
Document or its rights under this Assignment; and

 

		(f)	if requested
                                         by the Security Agent, include in any Additional Contract, including any new, renewal
                                         or replacement Assigned Document, the wording substantially in the same form set out
                                         in Schedule 4 (Form of assignment clause) or otherwise in a form acceptable to
                                         the Security Agent acting reasonably.

 

		8	Effectiveness of security

 

		8.1	Cumulative security

 

The
Security constituted by this assignment shall be cumulative, in addition to and independent of every other Security
which the Security Agent may at any time hold for the Secured Liabilities or any rights, powers and remedies provided by law.
No prior Security held by the Security Agent over the whole or any part of the Assigned Rights shall merge into the security
constituted by this Assignment.

 

    page 6

     

    

 

		8.2	No invalidity, etc.

 

The Security created by or pursuant to this Assignment
and the obligations of the Assignor under this Assignment shall not be discharged, impaired or otherwise affected by any unenforceability
or invalidity of any other agreement or document, any failure by the Security Agent to realise, perfect or protect any other Security
for the Secured Liabilities, by any impairment, amendment, variation, waiver or release of any of the Secured Liabilities, by any
time or indulgence granted to the Assignor or by any other act, event or omission which might otherwise prejudice such Security.

 

		8.3	No liability

 

Neither the Security Agent nor its nominee(s) shall
be liable by reason of:

 

	 	(a)	taking any action permitted by this Assignment;

 

	 	(b)	any neglect or default of any nature whatsoever in connection with the Assigned Rights; or

 

	 	(c)	the taking possession or realisation of all or any part of the Assigned Rights,

 

except in the case of gross negligence, wilful default or fraud on its part.

 

		8.4	Immediate recourse

 

The Assignor waives any right it may have of first
requiring the Security Agent to proceed against or enforce any other rights or security or claim payment from any person before
claiming from the Assignor under this Assignment. This waiver applies irrespective of any law or any provision of this Assignment
to the contrary.

 

		8.5	Avoidance of payments

 

Notwithstanding Clause 3.2 (Release), if
the Security Agent considers that any amount paid or credited to it is capable of being.avoided or reduced by virtue of any bankruptcy,
insolvency, liquidation or similar laws, the liability of the Assignor under this Assignment and the Security constituted by this
Assignment shall continue and that amount shall not be considered to have been irrevocably paid.

 

		8.6	No prejudice

 

The Security constituted by this Assignment and
the rights, powers and remedies of the Security Agent provided by or pursuant to this Assignment or by law shall not be prejudiced
by any unenforceability or invalidity of any other agreement or document or by any time or indulgence granted to the Assignor or
any other person by the Security Agent or by any other thing which might otherwise prejudice the Security or any rights, powers
and remedies of the Security Agent provided by or pursuant to this Assignment or by law.

 

    page 7

     

    

 

		9	Enforcement

 

		9.1	Enforcement of security

 

On and at any time after the occurrence of an
Event of Default which is continuing, the Security Agent shall be entitled (without any notice to, or consent from, the Assignor)
to exercise all the rights, powers and remedies conferred on it by law as an assignee of the Assigned Rights and to:

 

	 	(a)	secure and perfect its title to all or any part of the Assigned Rights (including transferring the same into the name of the Security Agent or its nominee(s)) or otherwise exercise in relation to the Assigned Rights all the rights of an absolute owner;

 

	 	(b)	enforce all or any part of the Security constituted by this Assignment (at the times, in the manner and on the terms it thinks fit) and appropriate, hold, sell or otherwise dispose of all or any part of the Assigned Rights (at the times, in the manner and on the terms it thinks fit);

 

	 	(c)	collect, recover or compromise and give good discharge for any moneys paid or payable to the Assignor under or in respect of the Assigned Rights, and enforce (in any way whatsoever including by way of instituting proceedings in the Assignor’s name) any rights or claims arising or in respect of the Assigned Rights;

 

	 	(d)	apply, set off, transfer or assign all or any part of the Assigned Rights in or towards discharge of all or any part of the Secured Liabilities (without prior notice to the Assignor);

 

	 	(e)	take-over or commence or defend (if necessary using the name of the Assignor) any claims or proceedings to, or affecting, any Assigned Rights which the Security Agent may think fit, and abandon, release or settle in any way any of those claims or proceedings; and

 

	 	(f)	execute and do all such acts, agreements and things as the Security Agent may consider reasonably necessary or proper for or in relation to any of the above purposes.

 

		9.2	Assignor as agent

 

Any sums in respect of the Assigned Rights which
are, upon the occurrence of an Event of Default or at any time thereafter, held by the Assignor, its bankers or other agents or
representatives, shall be deemed to have been received by and be held by them as agent for the Security Agent, and the Assignor
shall immediately notify such persons that this is the case.

 

		9.3	Rights at law

 

The provisions of Clause 9.1
(Enforcement of security) are without prejudice and in addition to any other remedy which the Security Agent may have at
law, contract or otherwise, including, the right to apply to the courts of Abu Dhabi for permission to dispose of all or any of
the Assigned Rights.

 

    page 8

     

    

 

		9.4	Application

 

The Security Agent shall apply all amounts
received, recovered or obtained by it pursuant to this Assignment in or towards discharge of, or set-off against, the Secured
Liabilities in accordance with the provisions of the Transaction Documents.

 

		9.5	Subsequent interests

 

If the Security Agent at any time receives notice
of any subsequent Security affecting all or any part of the Assigned Rights, all payments made by the Assignor to the Security
Agent after that time shall be treated as having been credited to a new account of the Assignor and not as having been applied
in reduction of the Secured Liabilities as at the time when the Security Agent received notice.

 

		9.6	Exercise of rights by the Security Agent

 

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

 

		9.7	Enforcing security

 

The Security Agent shall not be bound to enforce
any other rights, Security or guarantee or claim against any person before enforcing the security constituted by this Assignment,
notwithstanding any non-mandatory provision of law or any provision of this Assignment to the contrary.

 

		10	Expenses

 

The Assignor shall (promptly on demand from the
Security Agent) pay to the Security Agent (on behalf of the relevant Finance Party) on a full indemnity basis the amount of all
actual costs and expenses (including legal fees) incurred by it in connection with:

 

	 	(a)	the enforcement of, or the preservation of any rights under this Assignment; and

 

	 	(b)	any proceedings instituted by the Security Agent as a consequence of taking or holding this Assignment or enforcing in relation to the Assigned Rights.

 

		11	Currency conversion

 

For the purpose of or pending
the discharge of any of the Secured Liabilities, the Security Agent may convert any money received, recovered or realised or subject
to application by it under this Assignment from one currency to another, as the Security Agent thinks fit or deems necessary and
any such conversion shall be effected at the Security Agent’s Spot Rate of Exchange for the time being for obtaining such
other currency with the first currency.

 

		12	Suspense Account

 

All monies received,
recovered or realised by the Security Agent under this Assignment (including the proceeds of any conversion of currency) may,
at the discretion of the Security Agent, be credited to any suspense or impersonal account(s) maintained with a financial institution
(including itself) and may be held in such account(s) for so long as the Security Agent may think fit (the profit being credited to
the relevant account) pending their application, from time to time at the Security Agent’s discretion, in or towards the discharge
of any of the Secured Liabilities.

 

    page 9

     

    

 

		13	Further assurances

 

The Assignor shall (at its own cost) promptly
execute all documents and instruments, make any filings, re-filings, notarisations, translations, registrations or re-registrations
and do all things that the Security Agent may reasonably specify for the purpose of:

 

		(a)	securing
and perfecting its Security over, or title to, all or any part of the Assigned Rights (which may include the execution by the
Assignor of a Security over all or any of the assets constituting, or intended to constitute, Assigned Rights);

 

		(b)	enabling
the Security Agent to vest all or part of the Assigned Rights in its name (or in the name(s) of its nominees, agent or any purchaser);
or

 

		(c)	otherwise
facilitating the realisation of any Assigned Rights.

 

		14	Calculations and certificates

 

		
14.1	Accounts

 

In any litigation or arbitration proceedings arising
out of or in connection with this Assignment, the entries made in the accounts maintained by the Security Agent are prima facie
evidence of the matters to which they relate.

 

		14.2	Certificates and determinations

 

Any certification or determination by the Security
Agent of a rate or amount under this Assignment is, in the absence of manifest error, prima facie evidence of the matters
to which it relates.

 

		15	Miscellaneous

 

		15.1	No liability for loss

 

The Security Agent shall not be liable for any
losses arising out of or in connection with the exercise or purported exercise in good faith of any of its rights under this Assignment
nor for any omissions of any nature whatsoever in connection with all or any of the Assigned Rights other than as may be due to
the breach, gross negligence, wilful misconduct or fraud of the Security Agent.

 

		15.2	Partial invalidity

 

If, at any time, any provision of this Assignment
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.

 

		15.3	Remedies and
                                         waivers

 

No failure to exercise, nor any delay in
exercising, on the part of the Security Agent, any right or remedy under this Assignment shall operate as a waiver, nor shall
any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other
right or remedy.

 

    page 10

     

    

 

		15.4	Cumulative rights

 

The rights and remedies provided in this Assignment
are cumulative and not exclusive of any rights or remedies arising by law and may be exercised from time to time and as often as
the Security Agent may deem expedient.

 

		15.5	Waivers only in writing

 

Any waiver by the Security Agent of any provision
of this Assignment, or any consent or approval given by the Security Agent under or in connection with this Assignment, shall only
be effective if given in writing and then only for the purpose and upon the terms for which it is given.

 

		15.6	Amendments

 

Without prejudice to clause 13 (Amendments and waivers)
of the Investment Agency Agreement, any amendments to this Assignment must be in writing and signed by the Assignor and the Security
Agent.

 

		15.7	Waiver of immunity from suit and enforcement

 

To the extent permitted by any applicable law, the
Assignor irrevocably and unconditionally:

 

	 	(a)	agrees that if the Security Agent brings proceedings against it or its assets in relation to this Assignment, no immunity from those proceedings (including suit, attachment prior to judgment, other attachment, the obtaining of judgment, execution or other enforcement) shall be claimed by or on behalf of itself or with relation to its assets;

 

	 	(b)	waives any such right of immunity which it or its assets now has or may subsequently acquire; and

 

	 	(c)	consents generally in relation to any such proceedings to the giving of any relief or the issue of any process in connection with those proceedings, including the making, enforcement or execution against any assets whatsoever (irrespective of its use or intended use) of any order or judgment which may be made or given in those proceedings.

 

		16	Changes to the Parties

 

		16.1	Assignments and transfers by the Security Agent

 

The Security Agent shall be entitled to assign
or transfer all or any of its rights under this Assignment in accordance with the terms of the Common Terms Agreement.

 

		16.2	Assignments and transfers by the Assignor

 

The Assignor may not assign
any of its rights or transfer any of its rights or obligations under this Assignment.

 

    page 11

     

    

 

		16.3	Successors

 

The obligations of the Assignor under this Assignment shall
bind it and its successors and shall inure to the benefit of the Security Agent and its successors and assigns.

 

		17	Notices

 

The provisions of clause 20 (Notices) of the
Investment Agency Agreement shall apply to this Assignment as though they were set out in full.

 

		18	Counterparts

 

This Assignment 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 this Assignment.

 

		19	Governing law

 

This Assignment and all non-contractual obligations
arising from or connected with it are governed by the laws of the Emirate of Abu Dhabi and applicable federal laws of the UAE.

 

		20	Enforcement

 

		20.1	Courts

 

		20.1.1	The courts of
                                         the Emirate of Abu Dhabi shall have non-exclusive jurisdiction to settle any dispute
                                         arising out of or in connection with this Assignment (including a dispute relating to
                                         the existence, validity or termination of this Assignment or any non-contractual obligation
                                         arising out of or in connection with this Assignment) (a Dispute).

 

		20.1.2	The Parties agree that the courts of the Emirate of Abu
Dhabi are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

 

		20.1.3	This Clause 20.1 is for the benefit of the Finance Parties
only. As a result, 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.

 

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

 

    page 12

     

    

 

Execution Page of Assignment of Contracts

 

	The Assignor	 	

                                                                                 

	 	 
	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 Security Agent	 	        /s/
    Aqeel
    Bughio                         /s/
    Omar Katri
	 	 
	Signed by	)
	 	 
	duly authorised in accordance with the 	)
	laws of Abu Dhabi, United Arad Emirates for 	)
	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:     __________________________	 
	 	 
	                                          __________________________	 
	 	 
	                                          __________________________

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