Document:

EXHIBIT 10.47

 

Execution Version

 

THIRD AMENDMENT

 

TO

 

CREDIT AGREEMENT

 

dated as of

 

January 20, 2011

 

among

SOLANA RESOURCES LIMITED,

as Borrower,

GRAN TIERRA ENERGY INC.,

BNP PARIBAS,

as Administrative Agent and Global Coordinator,

and

 

The Lenders Party Hereto

 

  

  

 

  

THIRD AMENDMENT TO CREDIT AGREEMENT

THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Third Amendment”) dated as of January 20, 2011, is among SOLANA RESOURCES LIMITED, a corporation duly formed and existing under the laws of the Province of Alberta, Canada (the “Borrower”); GRAN TIERRA ENERGY INC., a corporation formed and existing under the laws of the State of Nevada (the
“Parent”); BNP PARIBAS, as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”) for the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”) and as global coordinator; and the undersigned Lenders.

 

R E C I T A L S

 

A.           The Borrower, the Parent, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of July 30, 2010, as amended by that certain First Amendment to Credit Agreement dated as of August 31, 2010 and further amended by that certain Second Amendment to Credit Agreement dated as of November 5, 2010 among the Borrower, the Parent, the Administrative Agent and the Lenders party thereto (the “Credit Agreement”), pursuant to which the Lenders have made certain extensions of credit available to the Borrower.

 

B.           The Borrower has requested and the Lenders have agreed to amend certain provisions of the Credit Agreement.

 

C.           NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1.            Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement.  Unless otherwise indicated, all references to Sections in this Third Amendment refer to Sections of the Credit Agreement.

 

Section 2.             Amendment to Section 1.02.  The definition of “Eligible Buyers” is hereby amended and restated in its entirety to read as follows:

 

“Eligible Buyers” means (a) Ecopetrol S.A., (b) Petrobras Internacional Braspetro B.V., (c) Petrobras Colombia Limited, (d) each of the Persons listed on Schedule 1.02(b), (e) in the case of Colombian Hydrocarbon Properties not operated by any Credit Party, any buyer approved by the operator thereof other than an Affiliate of the Parent, and (f) any additional Persons that have been approved in writing by the Administrative Agent and the Majority Lenders, acting reasonably, at the time of the purchase of crude oil or other Hydrocarbons by such Person from any Credit Party; provided that any such Person shall cease to be an Eligible
Buyer if:

 

(i)           any Credit Party has received any written notice or otherwise has knowledge that such Person is the subject of any bankruptcy, insolvency, reorganization, liquidation, dissolution or winding-up proceeding or action (whether voluntary or involuntary); or

 

(ii)           at the time any such determination is made, more than 10% of the aggregate amount of accounts due from such Person in respect of its purchase of crude oil or other Hydrocarbons from any Credit Party has at such time remained unpaid for more than 30 days (measured from the due date specified in the original invoice therefor).

  

  

  

Section 3.             Amendment of Schedule 1.02(c).  Schedule 1.02(c) is hereby amended and restated in its entirety to read as set forth on Schedule 1.02(c) attached hereto.

 

Section 4.            Conditions Precedent.  This Third Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement) (the “Effective Date”):

 

4.1           The Administrative Agent shall have received from the Majority Lenders, the Borrower, the Parent and the Subsidiary Guarantors, counterparts (in such number as may be requested by the Administrative Agent) of this Third Amendment signed on behalf of such Persons.

 

4.2           The Administrative Agent shall have received a copy, certified by a Responsible Officer as true and complete of (a) each amendment dated December 29, 2010 to the Offtake Agreements listed as items 1 through 4 on Schedule 1.02(c) attached hereto and (b) the Offtake Agreements listed as items 6 and 7 on Schedule 1.02(c) attached hereto, in each case, in form and substance satisfactory to the Administrative Agent.

 

4.3           No Default shall have occurred and be continuing, after giving effect to the terms of this Third Amendment.

 

Section 5.             Miscellaneous.

 

5.1           Confirmation.  The provisions of the Credit Agreement, as amended by this Third Amendment, shall remain in full force and effect following the effectiveness of this Third Amendment.

 

5.2           Ratification and Affirmation; Representations and Warranties.  The Borrower and the Parent each hereby: (a) acknowledges the terms of this Third Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, after giving effect to the amendments contained herein; (c) agrees that from and after the Effective Date each reference to the Credit
Agreement in the Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Third Amendment; and (d) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Third Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects, unless such representations and warranties are stated to relate to a specific earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects as of such earlier date and (ii) no Default has occurred and is continuing.

 

5.3           Loan Document.  This Third Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto.

 

5.4           Counterparts.  This Third Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Third Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 

5.5           NO ORAL AGREEMENT.  THIS THIRD AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

  

2

  

5.6           GOVERNING LAW.  THIS THIRD AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

[SIGNATURES BEGIN NEXT PAGE]

  

3

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed as of the date first written above.

	
BORROWER:

	
SOLANA RESOURCES LIMITED

	 	 	 
	 	 	 
	  	
By:

	/s/ Martin H. Eden
	  	
Name:

	Martin H. Eden
	  	
Title:

	Chief Financial Officer
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	
PARENT:

	
GRAN TIERRA ENERGY INC.

	 	 	 
	 	 	 
	  	
By:

	/s/ Martin H. Eden
	  	
Name:

	Martin H. Eden
	  	
Title:

	Chief Financial Officer

 

Signature Page

Third Amendment to Credit Agreement

  

  

  

	
ADMINISTRATIVE AGENT:

	
BNP PARIBAS,

	  	
as Administrative Agent and a Lender

	  	  	  
	  	  	  
	  	
By:

	/s/ Juan Carlos Sandoval
	  	
Name:

	Juan Carlos Sandoval
	  	
Title:

	Vice President
	  	  	  
	  	  	  
	  	
By:

	/s/ Courtney Kubesch
	  	
Name:

	Courtney Kubesch
	  	
Title:

	Vice President

 

Signature Page

Third Amendment to Credit Agreement

  

  

  

 

RATIFICATION AND AFFIRMATION

Each of the undersigned Guarantors hereby: (a) acknowledges the terms of this Third Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, after giving effect to the amendments contained herein; (c) agrees that from and after the Effective Date (as defined in this Third Amendment) each reference to the Credit Agreement in the Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Third Amendment; and (d) represents and warrants to the
Lenders that as of the date hereof, after giving effect to the terms of this Third Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects, unless such representations and warranties are stated to relate to a specific earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects as of such earlier date and (ii) no Default has occurred and is continuing.

	  	
Executed as a DEED by:

	  	
SOLANA PETROLEUM EXPLORATION

	  	
(COLUMBIA) LIMITED

	  	  	  
	  	  	  
	  	
By:

	/s/ Julian Garcia
	  	
Name:

	Julian Garcia
	  	
Title:

	Director
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	
GRAN TIERRA EXCHANGECO INC.

	  	  	  
	  	  	  
	  	
By:

	/s/ Martin H. Eden
	  	
Name:

	Martin H. Eden
	  	
Title:

	Chief Financial Officer
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	
Executed as a DEED by:

	  	
GRAN TIERRA ENERGY INTERNATIONAL

	  	
HOLDINGS LTD.

	  	  	  
	  	  	  
	  	
By:

	/s/ Julian Garcia
	  	
Name:

	Julian Garcia
	  	
Title:

	Director

Signature Page

Third Amendment to Credit Agreement

  

  

  

	  	
GRAN TIERRA ENERGY CAYMAN

	  	
ISLANDS INC.

	  	  	  
	  	  	  
	  	
By:

	/s/ Julian Garcia
	  	
Name:

	Julian Garcia
	  	
Title:

	Director
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	
ARGOSY ENERGY, LLC

	  	  	  
	  	  	  
	  	
By:

	/s/ Julian Garcia
	  	
Name:

	Julian Garcia
	  	
Title:

	Manager
	  	  	  
	  	  	  
	  	  	  
	  	  	  
	  	
GRAN TIERRA ENERGY COLOMBIA, LTD.

	  	
By: Argosy Energy, LLC, the general partner of

	  	
       Gran Tierra Energy Colombia, Ltd.

	  	  	  
	  	  	  
	  	
By:

	/s/ Julian Garcia
	  	
Name:

	Julian Garcia
	  	
Title:

	Manager

Signature Page

Third Amendment to Credit Agreement

  

  

  

 

Schedule 1.02(c)

 

Offtake Agreements

 

 

1)  Agreement with offer to purchase crude from Santana and Guayuyaco, between Gran Tierra Energy Colombia, Ltd. and Ecopetrol S.A., signed December 18, 2009 effective December 19, 2009, expiring June 30, 2011, as amended on December 29, 2010.

 

2)  Agreement with offer to purchase crude from Chaza, between Gran Tierra Energy Colombia, Ltd. and Ecopetrol S.A., signed December 18, 2009, effective January 1, 2010 expiring June 30, 2011,as amended on December 29, 2010.

 

3)  Agreement with offer to purchase crude from Guayuyaco, between Solana Petroleum Exploration (Colombia) Limited and Ecopetrol S.A., signed December 18, 2009, effective January 1, 2010 expiring June 30, 2011, as amended on December 29, 2010.

 

4)  Agreement with offer to purchase crude from Chaza, between Solana Petroleum Exploration (Colombia) Limited and Ecopetrol S.A., signed December 18, 2009, effective January 1, 2010 expiring June 30, 2011, as amended on December 29, 2010.

 

5)  Agreement for the Purchase and Sale of Crude Petroleum under the Chaza E&P Contract, between Petrobras Internacional Braspetro B.V. and Gran Tierra Energy Colombia, Ltd., effective October 1, 2010, expiring October 1, 2011.

 

6) Agreement for the Purchase and Sale of Crude Petroleum under the Chaza E&P contract, between Petrobras Internacional Braspetro B.V  and Solana Petroleum, Exploration (Colombia) Limited, dated December 29, 2010 and effective January 14, 2011 (it being understood that such agreement shall become effective on or after the date thereof) expiring 1 August, 2011.

 

7) Agreement for the Purchase and Sale of Crude Petroleum under the Garibay E&P contract, between Petrobras Colombia Limited and Solana Petroleum, Exploration (Colombia) Limited, dated December 29, 2010 and effective January 14, 2011 (it being understood that such agreement shall become effective on or after the date thereof) expiring 1 August, 2011.

 

Schedule 1.02(c)Unassociated Document

Exhibit 10.50

 

 

 

 

 

ADDENDUM NO.1 TO THE CONTRACT RESULTING FROM THE COMMERCIAL OFFER DATED DECEMBER 17, 2009 FOR THE PURCHASE OF CHAZA OIL

The contracting parties: ECOPETROL S.A., decentralized entity of national order, incorporated by means of Law 165 of 1948, with Tax ID No.  899-999-068-1, organized as a Mixed Economy Company according to the dispositions of article No. 2 of Law 1118 of 2006, linked/related to the Ministry of Mines and Energy, with domicile in Bogota D.C., whose bylaws are totally contained in Public Deed No. 5314 of December 14, 2007 given before Notary Second of Bogota D.C. and registered before the Chamber of Commerce, hereinafter referred in this Addendum as THE BUYER, represented by CLAUDIA L. CASTELLANOS R., of age and domiciled in this city, identified with
citizenship card No. 63.314.635 issued in Bucaramanga, who in capacity of Vice-president of Supply and Marketing and with authorization contained in the Delegation Manual, acts on behalf of this company, and on the other hand, GRAN TIERRA ENERGY COLOMBIA LTD, with Tax Id No. 860.516.431-7, hereinafter THE SELLER represented by JULIAN GARCIA SALCEDO, identified with citizenship card No. 19.421.914 who acts in his capacity as legal representative and is duly authorized to execute this Addendum according to the incorporation and representation certificate issued by the Chamber of Commerce, who states that neither he nor the company he represents are disqualified on grounds of disability or any inconsistency according to the Constitution or the law, that might prevent them from entering into this Addendum.

RECITALS

	
1.

	
That by means of Sales Order issued on December 18, 2009 GRAN TIERRA ENERGY COLOMBIA LTD accepted the Commercial Offer dated December 17, 2009 issued by ECOPETROL S.A., for the purchase of 100% of the oil of property of THE SELLER, produced in Chaza Block.

	
2.

	
That on November 8, 2010 the Parties executed the Amendment No. 1 to the contract derived from the commercial offer of December 17, 2009, by which numerals 1 and 7 of the contract were modified.

	
3.

	
That the expiration date for the contract resulting from the acceptance of the Commercial Offer dated December 17, 2009 for the purchase of oil is December 31st, 2010.

	
4.

	
That the parties are interested in extending the duration of the contract resulting from the acceptance of the commercial offer of December 17, 2009 until June 30, 2011.

	
5.

	
That for purposes of the execution of this Amendment, THE BUYER previously verified the Bulletin of Fiscal Responsibility developed and published by the General Comptroller of the Republic, in which THE SELLER does not appear as one of the people who have been determined by a judicial and firm decision as fiscally responsible. Likewise, THE BUYER implemented the control mechanisms in compliance with the Manual for the Administration of the Risk of Money Laundering (AL) and the Financing of Terrorism (FT).

 

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6.

	
That in accordance with the Delegations Manual, the Vice-President of Supply and Marketing is competent to enter into this Amendment.

	
7.

	
That THE BUYER in its budget expenses has made the respective budget request for 2011 for the execution of the Contract hereof.

	
8.

	
That in accordance with the dispositions contained in the Contracting Manual of THE BUYER and having analyzed the nature and manner of implementing the performance of the Parties on the occasion of this Addendum to the sales of crude oil, the Authorized Officer has classified the risk as low, and therefore dispenses the need to require a guarantee from THE SELLER.

	
9.

	
That considering the contractual planning, the areas of Labor Relations Risk, Coordination of Risks, Coordination of Budget and Accounting and Tax Coordination of ECOPETROL S.A. were consulted, in order to avoid any labor, tax, environmental, and other risks that may be generated for Ecopetrol as a result of the execution and implementation of this Addendum.

	
10.

	
That in compliance with the guidelines for the prevention of Money Laundering and the Financing of Terrorism adopted by THE BUYER, the Legal Representative of THE SELLER represents under the seriousness of oath and subject to the sanctions of the Colombian Criminal Code:

	
  

	
I.

	
That its funds (or the funds of the entity represented) are generated in legal activities and are linked to the normal development of my activities (or activities inherent to the corporate purpose of the company represented), and otherwise, said funds do not come from any illegal activity as contemplated in the Colombian Criminal Code or in any regulation that substitutes, adds or amends it.

	
  

	
II.

	
That he (or the entity represented) has not made any transactions or operations destined to illegal activities as contemplated in the Colombian Criminal Code or in any regulation that substitutes, adds or amends it, or in favor of persons in connection with said activities.

	
  

	
III.

	
That the funds committed in the contract or legal relation with THE BUYER do not come from any illegal activity as contemplated in the Colombian Criminal Code or in any regulation that substitutes, adds or amends it.

	
  

	
IV.

	
That in the execution of the contract or legal relation with THE BUYER, it will not contract or have any relations with any third parties that carry out operations or whose funds are coming from illegal activities as contemplated in the Colombian Criminal Code or in any regulation that substitutes, adds or amends it.

	
  

	
V.

	
That the entity represented complies with all regulations on prevention and control of money laundering and the financing of terrorism) ML/FT) as may be applicable (as the case might be), having implemented the policies, procedures and mechanisms for the prevention and control to ML/FT derived from said legal provisions. A model of certification is attached in annex 1.

 

 

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Cra. 7a No. 37-69 Piso 5, Bogotá, D.C. Colombia

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VI.

	
That neither him, nor the entity represented, nor its shareholders, associates or partners that directly or indirectly hold FIVE PER CENT (5%) or more of the corporate capital, contribution or participation, or its legal representatives and members of the Board of Directors are in the international listings related to Colombia in accordance with international law (United Nations listings) or in the OFAC listings, being THE BUYER authorized to conduct the verifications as deemed pertinent and to terminate any commercial or legal relationship if proved that any of such persons are found in said listings. A minute of certification is attached in annex 2.

	 	
VII.

	
That there are no investigations or criminal proceedings for any offenses of willful misconduct against him or against the entity represented, its shareholders or partners, that directly or indirectly hold FIVE PER CENT (5%) or more of the corporate capital, contributions or participation, or its legal representatives and its members of the Board of Directors, being THE BUYER authorized to make the verifications as deemed pertinent in data bases or in local or international public information or tot terminate any commercial or legal relationship if proved that against any of such persons there are investigations or proceedings or the existence of information in said public data bases that may place THE BUYER in front of a legal or reputational risk.

	 	
VIII.

	
That in the event of occurrence of any of the circumstances described in the two paragraphs above, the commitment is to communicate it immediately to THE BUYER.

	
  

	
IX.

	
That with the signature of this document, it is understood that, both he as well as the natural or legal person represented, grant their informed consent, and therefore, authorize THE BUYER to communicate to the local authorities or the authorities of any of the countries in which THE BUYER conducts operations, on any of the situations described in this document, as well as to provide to the competent authorities of such countries all the personal, public and private information, as required from him or the natural or legal person represented; and likewise for THE BUYER to make the reports to the competent authorities as considered pertinent in accordance with its regulations and manuals in connection with its system of prevention and/or management the risk of assets laundering and the
financing of terrorism, waving it from any responsibility for such action.

	
  

	
X.

	
That all the documentation and information provided for entering into and execution of the contract or legal business with THE BUYER is true and accurate, being THE BUYER authorized to make any verifications as deemed pertinent and to terminate the contract or legal business if proved or becomes aware otherwise.

	
  

	
XI.

	
That no other natural or legal person has any non-legitimate interest in the contract or legal business that motivates the subscription of the statement hereof.

	 	
XII.

	
That he is aware, represents and accepts that THE BUYER has the legal obligation to request any clarifications as deemed pertinent in the event of circumstances based on which THE BUYER may have reasonable doubts concerning its operations or the operations of the natural or legal person represented, as well as the origin of its assets, in which case they are committed to provide the respective clarifications. If these are not satisfactory under THE BUYER’S criteria, they authorize to terminate the commercial or legal relation.

 

 

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Based on the above, the Parties,

AGREE

FIRST CLAUSE. Modify article No. 1 (SOURCES OF SUPPLY AND VOLUME) of the contract resulting from the acceptance of the Commercial Offer dated December 17, 2009 accepted by means of Sales Order No. GTE-02-2009 issued on December 18, 2009, as follows:

“1. SOURCES OF SUPPLY AND VOLUME

  

THE BUYER agrees to acquire and pay one hundred percent (100%) of all the crude produced, which is property of THE SELLER in Chaza Block, and THE SELLER agrees to sell and deliver the (100%) of the crude oil of its property in accordance with the terms and conditions of this document. The contract resulting from acceptance of the commercial offer does not include the volume of oil, which is owned by the National Hydrocarbons Agency (ANH) corresponding to royalties.

The obligations of THE BUYER and THE SELLER will last for the term set forth in article No. 4 of the present document

For purposes of this commercial offer and the contract arising from acceptance of it, one barrel equals to one hundred and fifty-eight point nine hundred eighty-eight (158.988) liters.

SECOND CLAUSE. Add the following paragraph to article 7 of the contract resulting from the acceptance of the Commercial Offer dated December 17, 2009, as follows:

“FIRST PARAGRAPH. Considering the above, in the events in which THE BUYER does not acquire all the volumes nominated by THE SELLER in the final monthly schedule, the latter shall be free to sell said volumes to third parties, without this implying any breach of the contractual relation between the parties.”

THIRD CLAUSE. Modify article 4 (VALIDITY, TERMS OF EXECUTION AND SPECIAL GROUNDS FOR TERMINATION IN ADVANCE) of the contract resulting from the Commercial Offer of December 17, 2009 as follows:

“4. VALIDITY, TERMS OF EXECUTION AND SPECIAL GROUNDS FOR TERMINATION IN ADVANCE.

The validity of the Contract resulting from the Offer hereof, shall commence with its acceptance and will terminate with its liquidation.

 

 

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The term of execution of the Contract shall begin on January 1, 2010 (with the previous fulfillment of the requirement of execution set forth in numeral 18 of this document) and will end in June 30 of two thousand eleven (2011).

The parties shall carry out the respective liquidation within a term of four (4) months counted from the date of termination of the term of execution of the Contract resulting from the acceptance of the Offer hereof.

In case THE SELLER fails to attend the liquidation, or if no agreement is reached on the content of the same within the mentioned term, THE SELLER expressly authorizes THE BUYER to proceed with the unilateral liquidation within a two (2) months term.”

FOURTH CLAUSE. Article 26 is deleted (PENALTY CLAUSE) which had been included in Addendum No. 1.

FIFTH CLAUSE. This Addendum does not imply a novation of the contract resulting from the acceptance of the Commercial Offer dated December 17, 2009 for the purchase of crude produced in Chaza Block which’s clauses continue intact except for what was modified by this document.

SIXTH CLAUSE. The Parties will enter into this Addendum with its execution. For the performance of the dispositions within, the accreditation by THE SELLER within three (3) business days after the execution of this Contract Addendum of the payment of the publication of this Addendum in the Public Contracts Newspaper (Diario Único de Contratación Pública) will be required.

SEVENTH CLAUSE. Each of the Parties of this sale and purchase agreement acknowledges and accepts the taxes and/or withholdings that apply in accordance to the Law. The payment of all national, departmental and municipal taxes, fees, charges, or similar that are caused or will be caused by this Addendum, including but not limited to those incurred by the execution, formalization, implementation and termination or liquidation of this Addendum or arising after the date of signature of this Addendum, shall be borne by the taxpayer of the relevant tax, who must pay under the law and regulations in force.

 

 

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In witness whereof, the Parties hereto have caused this Addendum to be duly executed in Bogotá D.C. on the 15th day of December of 2010, in two copies of equal value.

	
THE SELLER

	
THE BUYER

	
 

 

/s/ JULIAN GARCIA SALCEDO

JULIAN GARCIA SALCEDO

 Legal Representative

	
 

 

 

/s/ CLAUDIA L. CASTELLANOS R.

CLAUDIA L. CASTELLANOS R.

Vice-president of Supply and Marketing

 

ANNEX 1.  Model of certification of application of ML/FT regulations for companies obliged to adopt systems of AL/FT prevention

ANNEX 2. Certificate of shareholder’s interests for associates, shareholders or partners with more than five (5%) interest in the corporate capital.

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Cra. 7a No. 37-69 Piso 5, Bogotá, D.C. Colombia

Teléfono: (571)2344606

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