Document:

Exhibit 10.1

 

Execution Version

 

THIRD AMENDMENT TO CREDIT
AGREEMENT 

 

This Third Amendment
to Credit Agreement (this “Amendment”) is entered into effective as of the 23rd day of August, 2016,
by and among Gran Tierra Energy International Holdings Ltd., an exempted company incorporated with limited liability under the
laws of the Cayman Islands (the “Borrower”), Gran Tierra Energy Inc., a corporation duly formed and existing
under the laws of the State of Nevada (the “Parent”), The Bank of Nova Scotia, as administrative agent (the
“Administrative Agent”) and the Lenders party hereto.

 

WITNESSETH:

 

WHEREAS, Borrower, the
Parent, the Administrative Agent, and Lenders are parties to that certain Credit Agreement dated as of September 18, 2015 (as
amended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”) (unless otherwise
defined herein, all terms used herein with their initial letter capitalized shall have the meaning given such terms in the Credit
Agreement as amended by this Amendment);

 

WHEREAS, pursuant to
the Credit Agreement, Lenders have made certain Loans to the Borrower and provided certain other credit accommodations to Borrower;

 

WHEREAS, the Borrower
has advised the Administrative Agent and the Lenders that the Borrower has entered into that certain Share Purchase Agreement,
dated as of June 30, 2016 (the “Purchase Agreement”), by and among the Borrower, the “Vendors”
(as defined in the Purchase Agreement) and Petrolatina Energy Limited, a company incorporated in England under the 1985 Act, with
registered number 05173588 ("PELE"), pursuant to which the Borrower intends to acquire all of the “Purchased
Securities” (as defined in the Purchase Agreement, herein, the “PELE Assets”), constituting all of the
issued and outstanding Equity Interests of PELE;

 

WHEREAS, the Borrower
has advised the Administrative Agent and the Lenders that the Borrower intends to finance the acquisition of the PELE Assets (the
“PELE Acquisition”) with (a) the proceeds of an issuance of common Equity Interests by the Parent generating
Net Cash Proceeds of no less than $160.0 million (the “Equity Issuance”), (b) the proceeds of Revolving Credit
Loans (the “Revolving Credit Borrowing”), (c) cash on hand (the “Cash Consideration”) and
(d) the proceeds of new term loans not to exceed $130.0 million (the “Term Loan Borrowing”);

 

WHEREAS, the Borrower
has requested that the Administrative Agent and the Lenders enter into this Amendment to amend the Credit Agreement to, among
other things, provide for the issuance of Term Loans under the Credit Agreement on a pari passu basis with the Revolving
Loans;

 

WHEREAS, the Administrative
Agent, Borrower and the Lenders have agreed to enter into this Amendment to amend the Credit Agreement as more particularly set
forth herein;

 

NOW THEREFORE, for and
in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged and confessed, Borrower, Administrative Agent and Lenders hereto hereby agree
as follows:

 

    	 	1	 

     

    

 

Section
1.          Amendments. In reliance on the representations,
warranties, covenants and agreements contained in this Amendment, and subject to the satisfaction of the conditions precedent
set forth in Section 2 hereof, the Credit Agreement and the exhibits to the Credit Agreement are, effective as of
the Third Amendment Effective Date (as defined below), hereby amended to read in their entirety as attached as Exhibit A
hereto.

 

Section
2.           Conditions Precedent. This Amendment
shall be effective on the date that each of the following conditions precedent is satisfied or waived in accordance with Section
12.02 of the Credit Agreement (the “Third Amendment Effective Date”):

 

2.1         Counterparts.
Administrative Agent shall have received from the Lenders, the Parent and the Borrower, counterparts (in such number as may be
requested by the Administrative Agent) of this Amendment signed on behalf of such Persons.

 

2.2         Fees
and Expenses. The Borrower shall have paid to the Administrative Agent and the Lenders all fees required to be paid by
the Borrower (including pursuant to that certain Fee Letter dated as of June 30, 2016 between the Parent and the Administrative
Agent (the “Third Amendment Fee Letter”), and all expenses required to be paid by the Borrower under Section
12.03 of the Credit Agreement for which invoices have been presented at least 3 Business Days before the Third Amendment Effective
Date (other than fees of counsel to the Administrative Agent).

 

2.3         Acquisition
Conditions.

 

(a)          The
Administrative Agent shall have received a true and correct fully-executed copy of the Purchase Agreement (including all amendments,
modifications, exhibits and schedules thereto) effecting the PELE Acquisition and other material side letters or agreements relating
to the PELE Acquisition, and a certificate of an authorized officer of the Borrower certifying the same. 

 

(b)          Subject
only to the funding of the Term Loans on the Third Amendment Effective Date, the PELE Acquisition shall have closed in accordance
with the Purchase Agreement without giving effect to any waiver, modification or consent thereunder, or the failure to satisfy
any condition in Section 6.1(a) thereof, that is materially adverse to the interests of the Lenders unless approved by the Administrative
Agent (such approval not to be unreasonably withheld) (it being understood that (a) any such amendment or waiver that changes
any third party beneficiary rights applicable to the Administrative Agent or the Lenders or the governing law provision or any
increase in the amount of the purchase price under the Purchase Agreement (other than any increase in the amount of the purchase
price paid in the form of, or funded with the proceeds of, common Equity Interests of the Parent) shall be deemed to be materially
adverse to the interests of the Lenders and (b) any decrease in the amount of the purchase price under the Purchase Agreement
of 10% or less shall be deemed not to be materially adverse to the interests of the Lenders) and the Administrative Agent shall
have received a certificate of an authorized officer of the Borrower certifying the same.

 

    	 	2	 

     

    

 

(c)          The
Administrative Agent shall have received evidence that the Parent shall have received net proceeds from the Equity Issuance in
an amount of no less than US$160.0 million which proceeds shall have been applied to the purchase price under the Purchase Agreement.

 

(d)          After
giving pro forma effect to the consummation of collectively, (i) the PELE Acquisition, (ii) the Equity Issuance, (iii) application
of the Cash Consideration, (iv) the RBL Borrowing, (v) the borrowings of Term Loans under the Credit Agreement on the Third Amendment
Effective Date and (vi) the payment of fees, commissions and expenses in connection with each of the foregoing (including pursuant
to the Loan Documents (including the Third Amendment Fee Letter)) (collectively, the “Transactions”) on the
Third Amendment Effective Date, the Credit Parties shall have at least US$100.0 million of liquidity, comprised of borrowing capacity
available under the Credit Agreement (but only to the extent that the Borrower is able to satisfy Section 6.02 of the Credit Agreement
on such date) and cash not subject to a Lien (other than Liens securing the Secured Obligations).

 

(e)          The
Administrative Agent shall have received the Parent’s unaudited financial statements for the fiscal quarter ending March
31, 2016.

 

(f)          The
Administrative Agent shall have received a pro forma consolidated balance sheet and related pro forma consolidated statements
of income of the Parent as of and for the twelve-month period ending on the last day of the most recently completed four-fiscal
quarter period ending March 31, 2016, prepared after giving effect to the Transactions as if the Transactions had occurred as
of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such other financial statements),
in each case based on internal management information.

 

(g)          The
Administrative Agent shall have received a certificate of the Secretary, an Assistant Secretary or another officer of each Credit
Party (a) setting forth (i) resolutions of its board of directors or other applicable governing body with respect to the authorization
of such Credit Party to execute and deliver this Third Amendment and the other Loan Documents to which it is a party and to enter
into the transactions contemplated in those documents, (ii) the directors and/or officers of such Credit Party (y) who are authorized
to sign the Loan Documents to which such Credit Party is a party and (z) who will, until removed from the board of directors or
replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing
documents and giving notices and other communications in connection with this Agreement and the transactions contemplated hereby,
(iii) specimen signatures of such authorized directors and/or officers, and (iv) the articles or certificate of incorporation
and bylaws or memorandum and articles of association (or other organizational documents) of such Credit Party, certified as being
true and complete or (b) certifying that (i) there have been no changes to any of the organizational documents of such Credit
Party attached to the prior certificate of such Secretary, Assistant Secretary or other officer of such Credit Party and (ii)
the resolutions of such Credit Party attached to such prior certificate remain in full force and effect and authorize the execution
and delivery of this Third Amendment and the other Loan Documents to which such Credit Party is a party and its entry into the
transactions contemplated by such documents.

 

    	 	3	 

     

    

 

(h)          The
Administrative Agent shall have received an opinion of (i) Bracewell LLP, special New York counsel to the Parent and the other
Credit Parties, in form and substance satisfactory to the Administrative Agent, (ii) Maples and Calder, Cayman Islands legal counsel
to the Borrower, in form and substance satisfactory to the Administrative Agent (iii) Stikeman Elliott (London) LLP, special United
Kingdom counsel to the Parent and the other Credit Parties, in form and substance satisfactory to the Administrative Agent, (iv)
A&C Legal, special Colombian counsel to the Parent and the other Credit Parties, in form and substance satisfactory to the
Administrative Agent, (v) Ventura Garcés & López-Ibor Abogados, special Spanish counsel to the Parent and the
other Credit Parties, in form and substance satisfactory to the Administrative Agent, and (vi) Patton, Moreno & Asvat, special
Panamanian counsel to the Parent and the other Credit Parties, in form and substance satisfactory to the Administrative Agent;
and

 

(i)          The
Administrative Agent shall have received a certificate from a director of the Borrower in form and substance reasonably satisfactory
to the Administrative Agent certifying that the Credit Parties, on a consolidated basis after giving effect to the Transactions
and the other transactions contemplated hereby, are solvent.

 

(j)          Each
representation and warranty of Borrower contained in the Credit Agreement and the other Loan Documents is true and correct in
all material respects (except to the extent any such representation or warranty is qualified by materiality or Material Adverse
Effect, in which case it shall be true and correct in all respects) on the date hereof after giving effect to the amendments set
forth herein, except to the extent any such representations and warranties are expressly limited to an earlier date, in which
case, such representations and warranties shall continue to be true and correct in all material respects (except to the extent
any such representation or warranty is qualified by materiality or Material Adverse Effect, in which case it shall be true and
correct in all respects) as of such specified earlier date.

 

(k)          The
Administrative Agent shall have received duly executed counterparts (in such number as may be requested by the Administrative
Agent) signed by PELE and its Subsidiaries constituting Subsidiary Guarantors of an Assumption Agreement to that certain Guaranty
and Collateral Agreement, dated as of September 18, 2015, by and among the Borrower, the Parent, the Administrative Agent, and
the other parties thereto.

 

(l)          The
Administrative Agent shall have filed, or will file on the Effective Date, UCC-1 financing statements as the Administrative Agent
may deem necessary or advisable to perfect the security interests created by the Security Instrument set forth in clause (k) above.

 

    	 	4	 

     

    

 

(m)          The
Administrative Agent shall have received (i) certificates, to the extent applicable, together with undated, blank stock powers
or share transfer forms for each such certificate, representing all of the issued and outstanding Equity Interests of each Credit
Party, other than PELE, and (ii) a share charge over the shares in PELE granted by the Borrower in favor of the Administrative
Agent.

 

(n)          The
Administrative Agent shall have received duly executed Notes and Colombian Notes payable to each Lender in a principal amount
equal to its Term Loan Commitment and Maximum Credit Amount dated as of the Third Amendment Effective Date.

 

(o)          The
Administrative Agent shall have received lien searches on PELE, all of its Subsidiaries and PELE’s and such Subsidiaries’
assets.

 

(p)          Since
December 31, 2015, there shall not have occurred any Target Material Adverse Change. “Target Material Adverse Change”
means any change, event, occurrence, effect or circumstance that: (i) is or would reasonably be expected to be material and adverse
to the business, condition (financial or otherwise), assets or results of operations of PELE and its Subsidiaries, taken as a
whole, other than changes, effects, or circumstances resulting from or arising in connection with economic factors affecting the
economy as a whole, or factors generally affecting the industry or specific markets in which PELE and its Subsidiaries operate
or attributable to the announcement or performance of the transactions contemplated by the Purchase Agreement or the Additional
Share Transactions (as defined in the Purchase Agreement), or both, situations of war or terrorism or changes in Applicable Law
(as defined in the Purchase Agreement) or GAAP, provided that in each case, such matter does not have a materially disproportionate
effect on any of PELE and its Subsidiaries, relative to other comparable companies and entities operating in the industries in
which any of PELE and its Subsidiaries operates; or (B) would reasonably be expected to prevent or materially delay or impair
the ability of any of the Vendors (as defined in the Purchase Agreement) to perform its obligations under the Purchase Agreement
or to consummate the transactions contemplated therein.

 

(q)          The
Administrative Agent and the Lenders shall have received, to the extent requested by the Administrative Agent or such Lender at
least 10 days prior to the Third Amendment Effective Date, all documentation and other information required by regulatory authorities
under applicable ‘know your customer” and anti-money laundering rules and regulations, including the Patriot Act,
in respect of the Credit Parties after giving pro forma effect to the Transactions.

 

Section
3.           Representations
and Warranties of Borrower. To induce the Lenders and Administrative Agent to enter into this Amendment, Borrower hereby
represents and warrants to Lenders and Administrative Agent as follows: 

 

3.1         Reaffirm
Existing Representations and Warranties. Each representation and warranty of Borrower contained in the Credit Agreement
and the other Loan Documents is true and correct in all material respects (except to the extent any such representation or warranty
is qualified by materiality or Material Adverse Effect, in which case it shall be true and correct in all respects) on the date
hereof after giving effect to the amendments set forth herein, except to the extent any such representations and warranties are
expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct
in all material respects (except to the extent any such representation or warranty is qualified by materiality or Material Adverse
Effect, in which case it shall be true and correct in all respects) as of such specified earlier date.

 

    	 	5	 

     

    

 

3.2         Due
Authorization; No Conflict. The execution, delivery and performance by Borrower of this Amendment are within Borrower’s
corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder or shareholder action
(including, without limitation, any action required to be taken by any class of directors of the Borrower or any other Person,
whether interested or disinterested, in order to ensure the due authorization of this Amendment). The execution, delivery and
performance by Borrower of this Amendment (a) do not require any consent or approval of, registration or filing with, or any other
action by, any Governmental Authority or any other third Person (including shareholders or any class of directors, whether interested
or disinterested, of the Parent, the Borrower or any other Person), nor is any such consent, approval, registration, filing or
other action necessary for the validity or enforceability of this Amendment, except such as have been obtained or made and are
in full force and effect other than those third party approvals or consents which, if not made or obtained, would not cause a
Default hereunder, could not reasonably be expected to have a Material Adverse Effect or do not have an adverse effect on the
enforceability of this Amendment, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational
documents of any Credit Party or any order of any Governmental Authority, (c) will not violate or result in a default under any
Material Document or any indenture, agreement or other instrument binding upon Borrower or any other Credit Party or its Properties,
or give rise to a right thereunder to require any payment to be made by any Credit Party, and (d) will not result in the creation
or imposition of any Lien on any Property of Borrower or any other Credit Party (other than the Liens created by the Loan Documents).

 

3.3         Validity
and Enforceability. This Amendment constitutes a legal, valid and binding obligation of Borrower, enforceable in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’
rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at
law.

 

3.4         Acknowledgment
of No Defenses. Borrower acknowledges that it has no defense to (a) Borrower’s obligation to pay the Obligations
when due, or (b) the validity, enforceability or binding effect against Borrower or any other Credit Party of the Credit Agreement
or any of the other Loan Documents (to the extent a party thereto) or any Liens intended to be created thereby.

 

Section
4.           Miscellaneous.

 

4.1         Reaffirmation
of Loan Documents. Any and all of the terms and provisions of the Credit Agreement and the Loan Documents shall, except
as amended and modified hereby, remain in full force and effect. This Amendment shall not limit or impair any Liens securing the
Obligations, each of which are hereby ratified, affirmed and extended to secure the Obligations as it may be increased pursuant
hereto. This Amendment constitutes a Loan Document.

 

    	 	6	 

     

    

 

4.2         Parties
in Interest. All of the terms and provisions of this Amendment shall bind and inure to the benefit of the parties hereto
and their respective successors and assigns.

 

4.3         Counterparts.
This Amendment may be executed in counterparts, including, without limitation, by electronic signature, and all parties need not
execute the same counterpart; however, no party shall be bound by this Amendment until each Credit Party and the Lenders have
executed a counterpart. Facsimiles or other electronic transmissions (e.g. pdfs) of such executed counterparts shall be effective
as originals.

 

4.4         Complete
Agreement. THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES.

 

4.5         Headings.
The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for convenience only and shall
not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof.

 

4.6         Effectiveness.
This Amendment shall be effective automatically and without necessity of any further action by Borrower, Administrative Agent
or Lenders when counterparts hereof have been executed by each Credit Party and the Lenders.

 

4.7         Governing
Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed by their respective authorized officers on the date and year
first above written.

 

    	 	7	 

     

    

 

	BORROWER:	gran tierra energy international  

    holdings ltd.
	 	 	 
	 	By:	/s/ Adrián Santiago Coral Pantoja
	 	Name:	Adrián Santiago Coral Pantoja
	 	Title:	Director
	 	 	 
	PARENT:	GRAN TIERRA ENERGY INC.
	 	 	 
	 	By:	/s/ Gary S. Guidry
	 	Name:	Gary S. Guidry
	 	Title:	President & C.E.O.

 

Signature Page
– Third Amendment

 

     

     

    

 

	 ADMINISTRATIVE AGENT:
	THE BANK OF NOVA SCOTIA,
	 	 	 
	 	By:	/s/ Philip Lloyd
	 	Name:	Philip Lloyd
	 	Title:	Director, International Banking
	 	 	 
	 	By:	/s/ Enrique Lopez
	 	Name:	Enrique Lonez
	 	Title:	Vice President, International Banking

 

Signature Page – Third Amendment

 

     

     

    

 

	LENDERS:	THE BANK OF NOVA SCOTIA, as
    a Lender
	 	 	 
	 	By:	/s/ Philip Lloyd
	 	Name:	Philip Lloyd
	 	Title:	Director, International Banking
	 	 	 
	 	By:	/s/ Enrique Lopez
	 	Name:	Enrique Lonez
	 	Title:	Vice President, International Banking

 

Signature Page – Third Amendment

 

     

     

    

 

	 	SOCIÉTÉ GÉNÉRALE,
	 	as a Lender
	 	 	 
	 	By:  	/s/ Max Sonnostine
	 	Name:	Max Sonnostine
	 	Title:  	Director

 

Signature Page – Third Amendment

 

     

     

    

 

 

	 	HSBC Bank Canada,
	 	as a Lender
	 	 	 
	 	By:	/s/ Jason Lang
	 	Name:	Jason Lang
	 	Title:	Director, Resources & Energy Group
	 	 	 
	 	By:	/s/ Adam Lamb
	 	Name:	Adam Lamb
	 	Title:	Assistant Vice President
	 	 	Oil & Gas Large Corporate

 

Signature Page – Third Amendment

 

     

     

    

 

 

	 	Export Development Canada,
	 	as a Lender
	 	 	 
	 	By:	/s/ James Babbitt
	 	Name:	James Babbitt
	 	Title:	Principal, Extractive Industries/
	 	 	Structured and Project Finance
	 	 	 
	 	By:	/s/ Frank Kelly
	 	Name:	Frank Kelly
	 	Title:	Director Extractive Industries
	 	 	Structured and Project Finance

 

Signature Page – Third Amendment

 

     

     

    

 

	 	Natixis, New York Branch,
	 	as a Lender
	 	 	 
	 	By:	/s/ Gabriela Davies
	 	Name:	Gabriela Davies
	 	Title:	Executive Director
	 	 	 
	 	By:	/s/ Morvan Mallegol
	 	Name:	Morvan Mallegol
	 	Title:	Director

 

Signature Page – Third Amendment

 

     

     

    

 

	 	Royal Bank of Canada,
	 	as a Lender
	 	 	 
	 	By:	/s/ Bryn R. Davies
	 	Name:	Bryn R. Davies
	 	Title:	Authorized Signatory

 

Signature Page – Third Amendment

 

     

     

    

 

EXHIBIT A

 

 

 

 

 

CREDIT AGREEMENT

 

Dated as of
September 18, 2015

 

among

 

GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS
LTD.,

as Borrower

 

GRAN TIERRA ENERGY INC.,

as Parent

 

The
Bank of Nova Scotia,

as Administrative Agent and Global Coordinator,

 

THE BANK OF NOVA SCOTIA and SOCIÉTÉ
GÉNÉRALE,

as Joint Lead Arrangers and Joint Bookrunners

 

For the Revolving Loans

 

THE BANK OF NOVA SCOTIA

 

As Sole Lead Arranger and Bookrunner

 

For the Term Loans

 

and

 

The Lenders Party Hereto

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
    No.
	 	 	 	 
	Article I	 	Definitions and Accounting Matters	1
	 	 	 	 
	Section 1.01	 	Terms Defined Above	1
	Section 1.02	 	Certain Defined Terms	1
	Section 1.03	 	Types of Loans and Borrowings	32
	Section 1.04	 	Terms Generally; Rules of Construction	33
	Section 1.05	 	Accounting Terms and Determinations; GAAP	33
	Section 1.06	 	Oil and Gas Definitions	33
	 	 	 	 
	Article II	 	The Credits	33
	 	 	 	 
	Section 2.01	 	Term Loan Commitments	33
	Section 2.02	 	Revolving Credit Commitments	34
	Section 2.03	 	Loans and Borrowings.	34
	Section 2.04	 	Requests for Borrowings	35
	Section 2.05	 	Interest Elections.	36
	Section 2.06	 	Funding of Borrowings.	37
	Section 2.07	 	Termination of Commitments and Termination and Reduction of Aggregate Maximum Revolving Credit
    Amounts.	38
	Section 2.08	 	Borrowing Base.	39
	Section 2.09	 	Letters of Credit.	41
	Section 2.10	 	Replacements of Lenders under Certain Circumstances.	47
	 	 	 	 
	Article III	 	Payments of Principal and Interest; Prepayments; Fees	48
	 	 	 	 
	Section 3.01	 	Repayment of Loans	48
	Section 3.02	 	Interest.	48
	Section 3.03	 	Alternate Rate of Interest	49
	Section 3.04	 	Prepayments.	50
	Section 3.05	 	Fees.	52
	 	 	 	 
	Article IV	 	Payments; Pro Rata Treatment; Sharing of Set-offs	53
	 	 	 	 
	Section 4.01	 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs.	53
	Section 4.02	 	Presumption of Payment by the Borrower	54
	Section 4.03	 	Defaulting Lenders.	55
	 	 	 	 
	Article V	 	Increased Costs; Break Funding Payments; Taxes; Illegality	57
	 	 	 	 
	Section 5.01	 	Increased Costs.	57
	Section 5.02	 	Break Funding Payments	58
	Section 5.03	 	Taxes.	59

 

    	 	 i	 

     

    

 

	Section 5.04	 	Designation of Different Lending Office	61
	Section 5.05	 	Illegality	61
	 	 	 	 
	Article VI	 	Conditions Precedent	61
	 	 	 	 
	Section 6.01	 	Effective Date	61
	Section 6.02	 	Each Credit Event	65
	Section 6.03	 	Additional Conditions to Credit Events	65
	 	 	 	 
	Article VII	 	Representations and Warranties	66
	 	 	 	 
	Section 7.01	 	Organization; Powers	66
	Section 7.02	 	Authority; Enforceability	66
	Section 7.03	 	Approvals; No Conflicts	66
	Section 7.04	 	Financial Condition; No Material Adverse Change.	67
	Section 7.05	 	Litigation	67
	Section 7.06	 	Environmental Matters	67
	Section 7.07	 	Compliance with the Laws and Agreements; No Defaults or Borrowing Base Deficiency.	68
	Section 7.08	 	Taxes	69
	Section 7.09	 	Employee Benefit Arrangements	69
	Section 7.10	 	Disclosure; No Material Misstatements	69
	Section 7.11	 	Insurance	69
	Section 7.12	 	Restrictive Agreements	70
	Section 7.13	 	Subsidiaries.	70
	Section 7.14	 	Location of Business and Offices	70
	Section 7.15	 	Properties; Titles, Etc.	70
	Section 7.16	 	Maintenance of Properties	71
	Section 7.17	 	Marketing of Production.	72
	Section 7.18	 	Swap Agreements and Qualified ECP Guarantor	72
	Section 7.19	 	Use of Loans and Letters of Credit	72
	Section 7.20	 	Solvency	72
	Section 7.21	 	Material Documents	73
	Section 7.22	 	Ranking	73
	Section 7.23	 	Anti-Corruption Laws and Sanctions	73
	Section 7.24	 	Anti-Terrorism Laws/OFAC	74
	Section 7.25	 	Foreign Exchange Special Regime	74
	Section 7.26	 	Investment Company Act	74
	 	 	 	 
	Article VIII	 	Affirmative Covenants	74
	 	 	 	 
	Section 8.01	 	Financial Statements; Other Information	74
	Section 8.02	 	Notices of Material Events	78

 

    	 	 ii	 

     

    

 

	Section 8.03	 	Existence; Conduct of Business	79
	Section 8.04	 	Payment of Obligations	79
	Section 8.05	 	Performance of Obligations under Loan Documents	79
	Section 8.06	 	Operation and Maintenance of Properties; Subordination of Operator’s Liens	79
	Section 8.07	 	Insurance	80
	Section 8.08	 	Books and Records; Inspection Rights	80
	Section 8.09	 	Compliance with Laws	80
	Section 8.10	 	Environmental Matters.	81
	Section 8.11	 	Further Assurances.	81
	Section 8.12	 	Reserve Reports.	82
	Section 8.13	 	Title Information.	83
	Section 8.14	 	Guaranty; Collateral.	83
	Section 8.15	 	Unrestricted Subsidiaries	85
	Section 8.16	 	Post-Closing Obligations	85
	 	 	 	 
	Article IX	 	Negative Covenants	87
	 	 	 	 
	Section 9.01	 	Financial Covenants.	87
	Section 9.02	 	Debt	87
	Section 9.03	 	Liens	89
	Section 9.04	 	Restricted Payments; Repayment of Senior Debt; Amendments to Terms of Senior Debt.	90
	Section 9.05	 	Investments, Loans and Advances	91
	Section 9.06	 	Nature of Business; Unrestricted Subsidiaries.	92
	Section 9.07	 	Limitation on Leases	93
	Section 9.08	 	Proceeds of Notes	93
	Section 9.09	 	Sale or Discount of Receivables	94
	Section 9.10	 	Mergers, Etc	94
	Section 9.11	 	Disposition of Properties	94
	Section 9.12	 	Environmental Matters	96
	Section 9.13	 	Transactions with Affiliates	96
	Section 9.14	 	Restrictive Agreements	96
	Section 9.15	 	Swap Agreements	97
	Section 9.16	 	Material Documents	97
	Section 9.17	 	Marketing Activities	98
	Section 9.18	 	Sanctions	98
	Section 9.19	 	Anti-Corruption Laws	98
	Section 9.20	 	Taghmen Holding Company	98

 

    	 	 iii	 

     

    

 

	Article X	 	Events of Default; Remedies	98
	 	 	 	 
	Section 10.01	 	Events of Default	98
	Section 10.02	 	Remedies.	101
	 	 	 	 
	Article XI	 	The Agents	102
	 	 	 	 
	Section 11.01	 	Appointment; Powers	102
	Section 11.02	 	Duties and Obligations of Administrative Agent	103
	Section 11.03	 	Action by Administrative Agent	103
	Section 11.04	 	Reliance by Administrative Agent	104
	Section 11.05	 	Subagents	104
	Section 11.06	 	Resignation or Removal of Administrative Agent	104
	Section 11.07	 	Agents as Lenders	105
	Section 11.08	 	No Reliance	105
	Section 11.09	 	Administrative Agent May File Proofs of Claim	105
	Section 11.10	 	Withholding Tax	106
	Section 11.11	 	Authority of Administrative Agent to Release Collateral and Liens.	106
	Section 11.12	 	Colombian Security Documents	107
	Section 11.13	 	Global Coordinator, Mandated Lead Arranger, Lead Manager and the Arrangers	107
	 	 	 	 
	Article XII	 	Miscellaneous	108
	 	 	 	 
	Section 12.01	 	Notices.	108
	Section 12.02	 	Waivers; Amendments.	109
	Section 12.03	 	Expenses, Indemnity; Damage Waiver.	111
	Section 12.04	 	Successors and Assigns.	112
	Section 12.05	 	Survival; Revival; Reinstatement.	116
	Section 12.06	 	Counterparts; Integration; Effectiveness.	116
	Section 12.07	 	Severability	117
	Section 12.08	 	Right of Setoff	117
	Section 12.09	 	Governing law; Jurisdiction; Consent to Service of Process.	117
	Section 12.10	 	Headings	118
	Section 12.11	 	Confidentiality	119
	Section 12.12	 	Interest Rate Limitation	119
	Section 12.13	 	Judgment Currency	120
	Section 12.14	 	EXCULPATION PROVISIONS	120
	Section 12.15	 	Collateral Matters; Secured Swap Agreements and Specified Cash Management Agreements	121
	Section 12.16	 	Collateral Assignment of Swap Agreements.	121
	Section 12.17	 	No Third Party Beneficiaries	121
	Section 12.18	 	USA Patriot Act Notice.	122

 

    	 	 iv	 

     

    

 

	Section 12.19	 	English Language	122
	Section 12.20	 	Acknowledgment and Consent to Bail-In of EEA Financial Institutions	122
	Section 12.21	 	Security Trustee	123

 

    	 	 v	 

     

    

 

ANNEXES, EXHIBITS AND SCHEDULES

 

	Annex I	 	List of Maximum Credit Amounts
	Exhibit A-1	 	Form of Revolving Credit Note
	Exhibit A-2	 	Form of Term Loan Note
	Exhibit B	 	Form of Borrowing Request
	Exhibit C	 	Form of Interest Election Request
	Exhibit D	 	Form of Compliance Certificate
	Exhibit E	 	Security Instruments
	Exhibit F	 	Form of Assignment and Assumption
	Exhibit G	 	Petrolatina Constitutional Document Amendments
	 	 	 
	Schedule 1.02(a)	 	Hydrocarbon Properties/Concession Agreements
	Schedule 1.02(b)	 	Eligible Buyers
	Schedule 1.02(c)	 	Offtake Agreements
	Schedule 1.02(d)	 	Guarantors
	Schedule 7.05	 	Litigation
	Schedule 7.06	 	Environmental Matters
	Schedule 7.13	 	Subsidiaries
	Schedule 7.18	 	Swap Agreements
	Schedule 9.02	 	Debt
	Schedule 9.03	 	Liens
	Schedule 9.05	 	Investments
	Schedule 9.13	 	Transactions with Affiliates

 

    	 	 vi	 

     

    

 

THIS CREDIT AGREEMENT
dated as of September 18, 2015, is among: GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS LTD., an exempted company incorporated
with limited liability under the laws of the Cayman Islands (the “Borrower”); GRAN TIERRA ENERGY INC., a corporation
duly formed and existing under the laws of the State of Nevada (the “Parent”); each of the Lenders from time
to time party hereto; THE BANK OF NOVA SCOTIA (in its individual capacity, “Scotiabank”), as administrative
agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”)
and as global coordinator (in such capacity, together with its successors in such capacity, the “Global Coordinator”);
and the other agents and lenders party hereto.

 

RECITALS

 

A.           The
Borrower and the Parent have requested that the Lenders provide certain loans to and extensions of credit on behalf of the Borrower.

 

B.           The
Lenders have agreed to make such loans and extensions of credit subject to the terms and conditions of this Agreement.

 

C.           In
consideration of the mutual covenants and agreements herein contained and of the loans, extensions of credit and commitments hereinafter
referred to, the parties hereto agree as follows:

 

Article
I

Definitions and Accounting Matters

 

Section
1.01         Terms Defined Above. As used in this Agreement, each term
defined above has the meaning indicated above.

 

Section
1.02         Certain Defined Terms. As used in this Agreement, the
following terms have the meanings specified below:

 

“1203647
Alberta Inc.” means 1203647 Alberta Inc., a corporation organized under the laws of the Province of Alberta.

 

“ABR”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate.

 

“Adjusted
Consolidated Net Income” means, for any period, the sum of Consolidated Net Income for such period plus the following
expenses or charges to the extent such expenses or charges reduced Consolidated Net Income for such period: depreciation, depletion,
amortization, exploration expenses and all other noncash charges, minus all noncash income added to Consolidated Net Income.

 

“Adjusted
LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded
upwards, if necessary, to the next 1/100 of 1%) equal to the LIBO Rate for such Interest Period multiplied by the Statutory Reserve
Rate.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

    	 	1	 

     

    

 

“Affected
Loans” has the meaning assigned such term in Section 5.05.

 

“Affiliate”
means, with respect to a specified Person, another Person that (a) directly, or indirectly through one or more intermediaries,
Controls or is Controlled by or is under common Control with the specified Person, or (b) owns directly or indirectly 10% or more
of the Equity Interests having ordinary voting power for the election of the directors or other governing body of such specified
Person (other than as a limited partner of such specified Person). 

 

“Agents”
means, collectively, the Administrative Agent and the Global Coordinator; and “Agent” means either the Administrative
Agent or the Global Coordinator, as the context requires.

 

“Aggregate
Maximum Revolving Credit Amounts” at any time shall equal the sum of the Maximum Revolving Credit Amounts, as the same
may be reduced or terminated pursuant to Section 2.07. On the Effective Date, the Aggregate Maximum Revolving Credit Amounts
is $500,000,000.

 

“Agreement”
means this Credit Agreement, as the same may from time to time be amended, modified, supplemented or restated.

 

“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b)
the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%, and (c) the Adjusted LIBO Rate for a one-month Interest
Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that the Adjusted
LIBO Rate for any day shall be based on the LIBO Rate at approximately 11:00 a.m. London time on such day, subject to the interest
rate floors set forth therein. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective
Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the
Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate
rate of interest pursuant to Section 3.03, then the Alternate Base Rate shall be the greater of clause (a) and (b) above and shall
be determined without reference to clause (c) above.

 

“ANH”
means Agencia Nacional de Hidrocarburos.

 

“Anti-Corruption
Laws” means the FCPA, the UK Bribery Act of 2010, and all similar laws, rules, and regulations of any Governmental Authority
having jurisdiction over any Credit Party from time to time concerning or relating to bribery or corruption.

 

“Anti-Money
Laundering Laws” shall mean all applicable financial recordkeeping and reporting requirements and the money laundering
statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, which in each case
are issued, administered or enforced by any governmental agency having jurisdiction over any Credit Party, or to which any Credit
Party is subject.

 

“Anti-Terrorism
Laws” shall mean any requirement of Law related to terrorism financing or money laundering, including the Patriot Act,
The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act”, 31 U.S.C. §§
5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959), the Trading With the Enemy Act (50 U.S.C. § 1 et seq.,
as amended), and Executive Order 13224 (effective September 24, 2001).

 

    	 	2	 

     

    

  

“Applicable
Margin” means, for any day, (a) with respect to any Eurodollar Term Loans, 6.00%, (b) with respect to any ABR Term Loans,
5.00% and (c) with respect to any ABR Revolving Loan or Eurodollar Revolving Loan, as the case may be, the rate per annum set
forth in the Borrowing Base Utilization Grid below based upon the Borrowing Base Utilization Percentage then in effect:

 

	Borrowing
    Base Utilization Grid
	Borrowing Base Utilization Percentage	 	 	<25	%	 	 	≥25%,
                                         but <50
	%	 	 	≥50%,
                                         but <75
	%	 	 	≥75%,
                                         but <90
	%		 	≥90	%
	ABR Loan Margin	 	 	1.00	%	 	 	1.25	%	 	 	1.50	%	 	 	1.75	%	 	 	2.00	%
	Eurodollar Loan Margin	 	 	2.00	%	 	 	2.25	%	 	 	2.50	%	 	 	2.75	%	 	 	3.00	%

 

Each change in the
Applicable Margin with respect to any ABR Revolving Loan or Eurodollar Revolving Loan, as the case may be, shall apply during
the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of
the next such change; provided, however, that if at any time the Borrower fails to deliver a Reserve Report pursuant to
Section 8.12(a), then the “Applicable Margin” means the rate per annum set forth on the grid when the
Borrowing Base Utilization Percentage is at its highest level.

 

“Applicable
Percentage” means, with respect to any Lender, the fraction expressed as a percentage obtained by dividing (a) the
sum of such Lender’s outstanding Term Loan plus such Lender’s Revolving Credit Commitment by (b) the sum of the
total outstanding Term Loans plus the total Revolving Credit Commitments; provided that for purposes of this definition,
if the Revolving Credit Commitments are terminated in full or have expired, then each Revolving Credit Lender’s Revolving
Credit Commitment and the total Revolving Credit Commitments shall be the amounts thereof immediately prior to giving effect to
any such termination of such Revolving Credit Commitments.

 

“Applicable
Revolving Credit Percentage” means, with respect to any Revolving Credit Lender, the percentage of the Aggregate Maximum
Revolving Credit Amounts represented by such Revolving Credit Lender’s Maximum Revolving Credit Amount; provided that if
the Revolving Credit Commitments are terminated in full or have expired, the Applicable Revolving Credit Percentages shall be
determined based upon the Revolving Credit Commitments most recently in effect, giving effect to any assignments.

 

“Applicable
Term Loan Percentage” means, with respect to any Term Lender (a) at any time prior to the Third Amendment Effective
Date, the percentage of the total Term Loan Commitments represented by such Term Lender’s Term Loan Commitment as such percentage
is set forth on Annex I as modified by Section 2.01, and (b) thereafter, the percentage of the total outstanding Term Loans
represented by such Term Lender’s Term Loans.

 

“Approved
Counterparty” means any Lender or any Affiliate of a Lender.

 

    	 	3	 

     

    

 

“Approved
Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in
bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a)
a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Approved
Petroleum Engineers” means (a) GLJ Petroleum Consultants Ltd., (b) McDaniel & Associates Consultants, and (c) any
other independent petroleum engineers reasonably acceptable to the Administrative Agent.

 

“Argosy Energy,
LLC” means Argosy Energy, LLC, a Delaware limited liability company.

 

“Arrangers”
means, collectively, (a) The Bank of Nova Scotia and Société Générale, in their capacities as the
joint lead arrangers and joint bookrunners hereunder with respect to the Revolving Loans and (b) The Bank of Nova Scotia, in its
capacity as sole lead arranger and bookrunner with respect to the Term Loans.

 

“ASC”
means the Financial Accounting Standards Board Accounting Standards Codification, as in effect from time to time.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any
party whose consent is required by Section 12.04(b)), and accepted by the Administrative Agent, in the form of Exhibit
F or any other form approved by the Administrative Agent.

 

“Availability
Period” means the period from and including the Effective Date to but excluding the Revolving Loan Termination Date.

 

“Available
Amount” means, at any date of determination, an amount, not less than zero in the aggregate, determined on a cumulative
basis equal to the sum of (without duplication): (a) $100,000,000.00, (b) (i) plus (if such number is positive) 50% of Adjusted
Consolidated Net Income or (ii) minus (if such number is negative) 100% of Adjusted Consolidated Net Income, in either case, for
the period (taken as one accounting period) from July 1, 2015 to the end of the fiscal quarter most recently ended in respect
of which a compliance certificate has been delivered as required pursuant to Section 8.01(c), plus (c) the Net Cash Proceeds
of any Permitted Equity Issuance (other than any Permitted Equity Issuance the proceeds of which are used to pay a portion of
the consideration for the PELE Acquisition) after the Effective Date; as such total amount shall be reduced dollar for dollar
from time to time (i) to the extent that all or a portion of the Available Amount is applied prior to such date to make Investments
to the extent permitted by Section 9.05(m), (ii) by the amount of any Net Cash Proceeds of any Permitted Equity Issuance
(other than any Permitted Equity Issuance the proceeds of which are used to pay a portion of the consideration for the PELE Acquisition)
required to be used to prepay Term Loans pursuant to Section 3.04(c)(vi) and (iii) to the extent such amount has been applied
prior to such date for any acquisitions of Property or Investments permitted by Sections 9.05(g)(ii), (i), (k)
or (l).

 

“Bail-In
Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect
of any liability of an EEA Financial Institution.

 

“Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European
Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which
is described in the EU Bail-In Legislation Schedule.

 

    	 	4	 

     

    

 

“Bankruptcy
Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative
Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding
or appointment; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition
of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof; provided, further,
that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the
United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental
Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

 

“Bermuda
Security Documents” means, collectively, each of the following documents:

 

(a)          a
deed of charge agreement executed and delivered by Gran Tierra Energy Colombia to the Administrative Agent dated as of the Effective
Date (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time), in form and substance
satisfactory to the Administrative Agent;

 

(b)          a
deed of charge agreement executed and delivered by Petrolifera to the Administrative Agent dated as of the Effective Date (as
the same may be amended, restated, replaced, supplemented or otherwise modified from time to time), in form and substance satisfactory
to the Administrative Agent;

 

(c)          the
Deposit Account Control Agreement (Gran Tierra Energy Colombia);

 

(d)          the
Deposit Account Control Agreement (Petrolifera); and

 

(e)          any
other documents reasonably required by the Administrative Agent to be executed in connection with the creation, attachment and/or
perfection under the laws of Bermuda of the security interests to be granted pursuant to the aforementioned security documents
or any of the other Security Instruments.

 

“Bid End
Date” has the meaning assigned to such term in the definition of “NCIB Buyback”.

 

“Board”
means the Board of Governors of the Federal Reserve System of the United States of America or any successor Governmental Authority.

 

“Borrowing”
means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which
a single Interest Period is in effect.

 

“Borrowing
Base” means at any time an amount equal to the amount determined in accordance with Section 2.08, as the same
may be adjusted from time to time pursuant to Section 9.11(d).

 

    	 	5	 

     

    

 

“Borrowing
Base Deficiency” occurs if at any time the total Revolving Credit Exposures exceeds the Borrowing Base then in effect.

 

“Borrowing
Base Utilization Percentage” means, as of any day, the fraction expressed as a percentage, the numerator of which is
the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is the Borrowing Base in effect
on such day.

 

“Borrowing
Request” means a request by the Borrower for a Borrowing in accordance with Section 2.04.

 

“Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City, Toronto,
Calgary or Bogota, Colombia are authorized or required by law to remain closed; and if such day relates to a Borrowing or continuation
of, a payment or prepayment of principal of or interest on, or a conversion of or into, or the Interest Period for, a Eurodollar
Loan or a notice by the Borrower with respect to any such Borrowing or continuation, payment, prepayment, conversion or Interest
Period, any day which is also a day on which banks are open for dealings in US Dollar deposits in the London interbank market.

 

“Canadian
Security Documents” means, collectively, each of the following documents:

 

(a)          a
general security agreement executed and delivered by each of the Parent, Solana Resources Limited, Gran Tierra Exchangeco Inc.,
Gran Tierra Callco ULC, 1203647 Alberta Inc., Gran Tierra Goldstrike Inc. and Gran Tierra Energy Canada ULC in favour of the Administrative
Agent (as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time), in form and substance
satisfactory to the Administrative Agent;

 

(b)          one
or more securities pledge agreements executed and delivered by Parent, Gran Tierra Exchangeco Inc., Gran Tierra Callco ULC, 1203647
Alberta Inc., Gran Tierra Goldstrike Inc. and Gran Tierra Energy Cayman Islands Inc., respecting all of the issued and outstanding
shares in Gran Tierra Callco ULC, 1203647 Alberta Inc., Solana Resources Limited, Gran Tierra Exchangeco Inc., Gran Tierra Goldstrike
Inc. and Gran Tierra Energy Canada ULC (as the same may be amended, restated, replaced, supplemented or otherwise modified from
time to time), in form and substance satisfactory to the Administrative Agent; and

 

(c)          any
other documents reasonably required by the Administrative Agent to be executed in connection with the creation, attachment and/or
perfection under the laws of Canada or any province thereof of the security interests to be granted pursuant to the aforementioned
security documents or any of the other Security Instruments.

 

“Capital
Leases” means, in respect of any Person, all leases which shall have been, or should have been, in accordance with GAAP,
recorded as capital leases on the balance sheet of the Person liable (whether contingent or otherwise) for the payment of rent
thereunder.

 

“Cash Collateral”
has the meaning assigned such term in Section 2.09(j)(ii).

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent (as a first priority, perfected security interest), for
the benefit of the Issuing Bank, cash in US Dollars, at a location and pursuant to documentation in form and substance satisfactory
to the Administrative Agent. “Cash Collateralized” has a correlative meaning.

 

    	 	6	 

     

    

 

“Cash Equivalents”
means any Investment of the types described in Section 9.05(c) through (f), and any other Investments of a similar
nature approved by the Administrative Agent in its sole discretion.

 

“Casualty
Event” means any loss, casualty or other damage to, or any nationalization, taking under power of eminent domain or
by condemnation, seizure, taking or similar proceeding of, any Property of any Credit Party.

 

“Cayman Security
Documents” means, collectively, each of the following documents:

 

(a)          equitable
mortgages over the shares of the Borrower, Petrolifera, and Gran Tierra Energy Cayman Islands Inc., together with all annexures
thereto, governed by the laws of the Cayman Islands (as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time), in form and substance satisfactory to the Administrative Agent; and

 

(b)          any
other documents reasonably required by the Administrative Agent to be executed in connection with the creation, attachment and/or
perfection under the laws of Cayman Islands of the security interests to be granted pursuant to the aforementioned security documents
or any of the other Security Instruments.

 

“Change in
Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date
hereof), of Equity Interests representing more than 40% of the aggregate ordinary voting power represented by the issued and outstanding
Equity Interests of the Parent, (b) occupation of a majority of the seats (other than vacant seats) on the board of directors
of the Parent by Persons who were neither (i) nominated by the board of directors of the Parent nor (ii) appointed by directors
so nominated, (c) the failure of the Parent to own, directly or indirectly, 100% of the issued and outstanding Equity Interests
of the Borrower, (d) the Borrower shall cease to be Controlled by the Parent, or (e) any Fundamental Change occurs.

 

“Change in
Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law,
rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement
or (c) compliance by any Lender or the Issuing Bank (or, for purposes of Section 5.01(b)), by any lending office of such
Lender or by such Lender’s or the Issuing Bank’s holding company, if any) with any request, guideline or directive
(whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided
that notwithstanding anything herein to the contrary (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and
all requests, rules, guidelines or directives thereunder or issued in connection therewith, or in implementation thereof and (ii)
all requests, rules, guidelines or directives concerning capital adequacy promulgated by the Bank for International Settlements,
the Basel Committee on Banking Regulations and Supervisory Practices (or any successor similar authority) or the United States
or Canadian financial regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a “Change in
Law”, regardless of the date enacted, adopted, promulgated, issued or implemented.

 

“Code”
means the United States Internal Revenue Code of 1986, as amended from time to time (except as otherwise provided in the definition
of “FATCA”), and the regulations promulgated thereunder.

 

    	 	7	 

     

    

 

“Collateral”
means all the “Collateral” and “Derechos”, in each case, as defined in the applicable Security
Instruments and all other Property, now owned or hereafter acquired on which Liens have been granted (or are required to have
been granted) to the Administrative Agent, for the benefit of the Secured Parties, or to each Secured Party, as applicable, to
secure the Secured Obligations; provided that “Collateral” shall exclude any “Excluded Property” as defined
in the Guaranty Agreement.

 

“Collateral
Account” has the meaning assigned such term in Section 2.09(j)(ii).

 

“Collection
Account” means a deposit account approved by the Administrative Agent, and maintained with Scotiabank, as depositary
(or its successors in such capacity), or HSBC Bank Bermuda Limited or one or more other banks satisfactory to the Administrative
Agent.

 

“Colombia”
means The Republic of Colombia.

 

“Colombian
Branches” means, collectively, (a) Petrolifera Petroleum (Colombia) Limited, the Colombian branch office of Petrolifera,
and (b) Gran Tierra Energy Colombia, Ltd., the Colombian branch office of Gran Tierra Energy Colombia.

 

“Colombian
Hydrocarbon Properties” means (a) as of the Effective Date, the Hydrocarbon Interests set forth on Schedule 1.02(a);
and (b) from time to time and at any time after the Effective Date, all Hydrocarbon Interests in Colombia in which the Borrower
or any Subsidiary shall have an interest and that have been included in the Borrowing Base.

 

“Colombian
Notes” means the Colombian law pagarés with blank spaces and their corresponding letters of instruction, issued
by the Borrower and described in Section 2.03(d), in form and substance satisfactory to the Administrative Agent, together
with all amendments, modifications, replacements, extensions and rearrangements thereof.

 

“Colombian
Oil and Gas Properties” means Oil and Gas Properties of the Credit Parties located in Colombia.

 

“Colombian
Pesos” refers to lawful money of Colombia.

 

“Colombian
Peso Offtake Agreements” means any Offtake Agreements pursuant to which payments are made by the applicable Offtaker
in Colombian Pesos; provided, that the payments made by the Offtakers thereunder do not exceed, in the aggregate, an amount
equal to the Colombian Peso equivalent of $3,000,000 during any 12 month period.

 

“Colombian
Security Documents” means, collectively, each of the following documents:

 

(a)          a
security agreement (garantía mobiliaria) over the economic rights of Gran Tierra Energy Colombia and Petrolifera
in Colombia under each Concession Agreement to which it is a party in existence on the Effective Date, governed by the laws of
Colombia and dated on or about the Effective Date (as the same may be amended, restated, replaced, supplemented or otherwise modified
from time to time), in form and substance satisfactory to the Administrative Agent, granting in favor of the Administrative Agent
and each other Secured Party a first priority security interest in such rights; and

 

    	 	8	 

     

    

 

(b)          any
other documents reasonably required by the Administrative Agent to be executed in connection with the creation, attachment and/or
perfection under the laws of Colombia of the security interests to be granted pursuant to the aforementioned security documents
or any of the other Security Instruments.

 

“Commitments”
means, collectively, the Term Loan Commitments and the Revolving Credit Commitments of all the Lenders, and “Commitment”
means any Term Loan Commitment and/or Revolving Credit Commitment of a Lender, as the context requires.

 

“Commodity
Hedging Agreement” means (a) any swap, forward, cap, floor, collar or other similar transaction relating to the price
of any category of Hydrocarbons or any index calculated based on the price of one or more categories of Hydrocarbons, (b) any
option with respect to any of the foregoing transactions, (c) physical forward contracts for set prices; provided that
payment is not made prior to delivery and (d) any combination of the foregoing transactions.

 

“Concession
Agreements” means, collectively, (a) each Hydrocarbon concession, license, participation, exploration and production
contract, production sharing agreement or other similar agreement entered into between any Credit Party and any Governmental Authority
or other Person listed on Schedule 1.02(a), and (b) any other Hydrocarbon concession, license, participation, exploration
and production contract, production sharing agreement or other similar agreement entered into between any Credit Party and any
Governmental Authority or other Person, as each such agreement may be amended, restated, supplemented, replaced or otherwise modified
in accordance with this Agreement.

 

“Consolidated
Net Income” means with respect to the Parent and the Consolidated Restricted Subsidiaries, for any period, the aggregate
of the net income (or loss) of the Parent and the Consolidated Restricted Subsidiaries after allowances for Taxes for such period
determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded from such net income
(to the extent otherwise included therein) the following: (a) the net income of any Person in which the Parent or any Consolidated
Restricted Subsidiary has an interest (which interest does not cause the net income of such other Person to be consolidated with
the net income of the Parent and the Consolidated Restricted Subsidiaries in accordance with GAAP), except to the extent of the
amount of dividends or distributions actually paid in cash during such period by such other Person to the Parent or to a Consolidated
Restricted Subsidiary, as the case may be; (b) the net income (but not loss) during such period of any Consolidated Restricted
Subsidiary to the extent that the declaration or payment of dividends or similar distributions or transfers or loans by that Consolidated
Restricted Subsidiary is not at the time permitted by operation of the terms of its charter or any agreement, instrument or Governmental
Requirement applicable to such Consolidated Restricted Subsidiary or is otherwise restricted or prohibited, in each case determined
in accordance with GAAP; (c) the net income (or deficit) of any Person accrued prior to the date it becomes a Consolidated Restricted
Subsidiary or is merged into or consolidated with the Parent or any of its Consolidated Restricted Subsidiaries; (d) any extraordinary
non-cash gains or losses during such period and (e) any gains or losses attributable to writeups or writedowns of assets, including
ceiling test writedowns; and provided, further that if the Parent or any Consolidated Restricted Subsidiary shall acquire or dispose
of any Property during such period, then the Consolidated Net Income shall be calculated after giving pro forma effect to such
acquisition or disposition, as if such acquisition or disposition had occurred on the first day of such period.

 

    	 	9	 

     

    

 

“Consolidated
Restricted Subsidiaries” means each Restricted Subsidiary of the Parent which is a Consolidated Subsidiary.

 

“Consolidated
Subsidiaries” means each Subsidiary of the Parent (whether now existing or hereafter created or acquired) the financial
statements of which shall be (or should have been) consolidated with the financial statements of the Parent in accordance with
GAAP.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Convertible
Senior Notes” means any Senior Debt that is convertible into, or exchangeable for, Equity Interests constituting common
stock of any Credit Party. 

 

“Convertible
Senior Notes Documents” shall mean, collectively, any notes evidencing any Convertible Senior Notes, any Convertible
Senior Notes Indenture, and all other agreements, documents and instruments now or at any time executed and delivered by the Parent
or any other Credit Party in connection with any Convertible Senior Notes.

 

“Convertible
Senior Notes Indenture” means any indenture (including the Initial Convertible Senior Notes Indenture) pursuant to which
any Convertible Senior Notes are issued.

 

“Credit Parties”
means, collectively, the Parent, the Borrower and each Subsidiary Guarantor.

 

“Creditor
Party” means the Administrative Agent, the Issuing Bank or any Lender.

 

“C T Corporation”
means C T Corporation System, a Delaware corporation.

 

“Currency
Exchange Agreement” means any agreement or arrangement providing for the transfer or mitigation of risks of fluctuations
in the exchange rate between currencies either generally or under specific contingencies.

 

“Debt”
means, for any Person, the sum of the following (without duplication): (a) all obligations of such Person for borrowed money or
evidenced by bonds, bankers’ acceptances, debentures, notes or other similar instruments; (b) all obligations of such Person
(whether contingent or otherwise) in respect of letters of credit, surety or other bonds and similar instruments; (c) all accounts
payable and all accrued expenses, liabilities or other obligations of such Person to pay the deferred purchase price of Property
or services (other than accounts payable and accrued expenses, liabilities or other obligations to pay the deferred purchase price
of Property or services, from time to time incurred in the ordinary course of business which are not greater than ninety (90)
days past the date of invoice or delinquent or which are being contested in good faith by appropriate action and for which adequate
reserves have been maintained in accordance with GAAP); (d) all obligations under Capital Leases; (e) all obligations under Synthetic
Leases; (f) all Debt (as defined in the other clauses of this definition) of others secured by (or for which the holder of such
Debt has an existing right, contingent or otherwise, to be secured by) a Lien on any Property of such Person, whether or not such
Debt is assumed by such Person; (g) all Debt (as defined in the other clauses of this definition) of others guaranteed by such
Person or in which such Person otherwise assures a creditor against loss of the Debt (howsoever such assurance shall be made)
to the extent of the lesser of the amount of such Debt and the maximum stated amount of such guarantee or assurance against loss;
(h) all obligations or undertakings of such Person to maintain or cause to be maintained the financial position or covenants of
others or to purchase the Debt or Property of others; (i) obligations to deliver commodities, goods or services, including, without
limitation, Hydrocarbons, in consideration of one or more advance payments, other than gas balancing arrangements in the ordinary
course of business; (j) obligations to pay for goods or services even if such goods or services are not actually received or utilized
by such Person; (k) any Debt of a partnership for which such Person is liable either by agreement, by operation of law or by a
Governmental Requirement but only to the extent of such liability; (l) Disqualified Capital Stock; and (m) the undischarged balance
of any production payment created by such Person or for the creation of which such Person directly or indirectly received payment.
The Debt of any Person shall include all obligations of such Person of the character described above to the extent such Person
remains legally liable in respect thereof notwithstanding that any such obligation is not included as a liability of such Person
under GAAP.

 

    	 	10	 

     

    

 

“Dedicated
Cash Receipts” means all cash received by or on behalf of any Credit Party with respect to the following: (a) any amounts
payable under or in connection with any Swap Agreement or Material Document (including, without limitation, payments or proceeds
from Offtake Agreements); (b) cash representing operating revenue earned or to be earned by any Credit Party; (c) proceeds
from Loans; and (d) any other cash received by any Credit Party from whatever source arising from or relating to business, operations
and assets of the Credit Parties located in Colombia; provided that “Dedicated Cash Receipts” shall not include any
of the following: (i) liability insurance proceeds required to be paid directly to third parties, (ii) payments made to any Credit
Party for the account of third parties under or in connection with joint operating agreements or similar joint development agreements
and (iii) payments made in Colombian Pesos received pursuant to the Colombian Peso Offtake Agreements.

 

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured
or waived, become an Event of Default.

 

“Defaulting
Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to
(i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Creditor
Party any other amount required to be paid by it hereunder, (b) has notified the Borrower or any Creditor Party in writing, or
has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under
this Agreement or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business
Days after request by a Creditor Party, acting in good faith, to provide a certification in writing from an authorized officer
of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective
Loans and participations in then outstanding Letters of Credit under this Agreement; provided that such Lender shall cease
to be a Defaulting Lender pursuant to this clause (c) upon such Creditor Party’s receipt of such certification in form and
substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event or a Bail-In Action.

 

“Deposit
Account Control Agreement” means a deposit account control agreement in form and substance satisfactory to the Administrative
Agent, as the same may be amended, modified or supplemented from time to time.

 

“Deposit
Account Control Agreement (Gran Tierra Energy Colombia)” means the Deposit Account Control Agreement dated as of the
Effective Date among Gran Tierra Energy Colombia, the Administrative Agent and HSBC Bank Bermuda Limited (and its successors in
such capacity), as the same may be amended, modified or supplemented from time to time.

 

    	 	11	 

     

    

 

“Deposit
Account Control Agreement (Petrolifera)” means the Deposit Account Control Agreement dated as of the Effective Date
among Petrolifera, the Administrative Agent and HSBC Bank Bermuda Limited, as depositary (or its successors in such capacity),
as the same may be amended, modified or supplemented from time to time.

 

“Designated
Jurisdiction” means any country or territory to the extent that such country or territory itself, or whose government,
is the subject of any Sanction.

 

“Disqualified
Capital Stock” means any Equity Interest that, by its terms (or by the terms of any security into which it is convertible
or for which it is exchangeable) or upon the happening of any event, matures or is mandatorily redeemable for any consideration
other than other Equity Interests (which would not constitute Disqualified Capital Stock), pursuant to a sinking fund obligation
or otherwise, or is convertible or exchangeable for Debt or redeemable for any consideration other than other Equity Interests
(which would not constitute Disqualified Capital Stock) at the option of the holder thereof, in whole or in part, on or prior
to the date that is one year after the earlier of (a) the Maturity Date and (b) the date on which there are no Loans, LC Exposure
or other obligations hereunder outstanding and all of the Commitments are terminated.

 

“EBITDAX”
means, for any period, the sum of Consolidated Net Income for such period plus the following expenses or charges to the extent
deducted from Consolidated Net Income in such period: interest, income Taxes, depreciation, depletion, amortization, exploration
expenses and other similar noncash charges, minus all noncash income added to Consolidated Net Income.

 

“EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject
to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an
institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country
which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent.

 

“EEA Member
Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Effective
Date” means the date on which the conditions specified in Section 6.01 are satisfied (or waived in accordance
with Section 12.02).

 

“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 the approval of the Administrative
Agent and the Majority Lenders shall not be required in connection with any Offtake Agreement if the aggregate amount of all payments
made pursuant to such Offtake Agreement by the Offtaker does not exceed $5,000,000 during any 12 month period; provided, further
that any such Person shall cease to be an Eligible Buyer if:

 

    	 	12	 

     

    

 

(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).

 

“Engineering
Reports” has the meaning assigned such term in Section 2.08(c)(i).

 

“Entitled
Person” has the meaning assigned such term in Section 12.13.

 

“Environmental
Laws” means any and all Governmental Requirements pertaining in any way to health, safety, the environment, the preservation
or reclamation of natural resources, or the management, Release or threatened Release of any Hazardous Materials, in effect in
any and all jurisdictions in which the Parent or any Subsidiary is conducting, or at any time has conducted, business, or where
any Property of the Parent or any Subsidiary is located.

 

“Environmental
Permit” means any permit, registration, license, notice, approval, consent, exemption, variance, or other authorization
required under or issued pursuant to applicable Environmental Laws.

 

“Equity Interests”
means shares of capital stock, ordinary shares, partnership interests, membership interests in a limited liability company, beneficial
interests in a trust or common, preferred, or other equity ownership interests in a Person, and any warrants, options or other
rights entitling the holder thereof to purchase or acquire any such Equity Interest.

 

“EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
person), as in effect from time to time.

 

“Eurodollar”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Adjusted LIBO Rate.

 

“Event of
Default” has the meaning assigned such term in Section 10.01.

 

    	 	13	 

     

    

 

“Excepted
Debt” means (a) Debt in respect of any bankers’ acceptance, bank guarantees, letter of credit, warehouse receipt
or similar facilities entered into in the ordinary course of business or consistent with past practice or industry practice (including
in respect of workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance
or self-insurance or other Debt with respect to reimbursement-type obligations regarding workers compensation claims); (b) Debt
in respect of performance bonds, bid bonds, appeal bonds, surety bonds, completion guarantees and similar obligations (including
such obligations in respect of letters of credit and bank guarantees related thereto and such obligations incurred to secure health,
safety and environmental obligations), in each case, not in connection with money borrowed and provided in the ordinary course
of business or consistent with past practice; (c) cash management obligations, cash management services and other Debt in respect
of netting services, automatic clearing house arrangements, employees’ credit or purchase cards, overdraft protections and
similar arrangements in each case incurred in the ordinary course of business; (d) Debt arising from agreements of the Parent
or any Subsidiary providing for indemnification, adjustment of purchase price or similar obligations (including earn-outs), in
each case entered into in connection with Permitted Acquisitions, other Investments and the disposition of any business, assets
or Equity Interests permitted hereunder; (e) Debt representing deferred compensation to employees, consultants or independent
contractors of the Parent or any Subsidiary incurred in the ordinary course of business which are not greater than ninety (90)
days past the date of invoice or delinquent or which are being contested in good faith by appropriate action and for which adequate
reserves have been maintained in accordance with GAAP; and (f) endorsements of negotiable instruments incurred in the ordinary
course of business.

 

“Excepted
Liens” means: (a) Liens for Taxes, assessments or other governmental charges or levies which are not delinquent or which
are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance with
GAAP; (b) Liens in connection with workers’ compensation, unemployment insurance or other social security, old age pension
or public liability obligations which are not delinquent or which are being contested in good faith by appropriate action and
for which adequate reserves have been maintained in accordance with GAAP; (c) statutory landlord’s liens, operators’,
vendors’, carriers’, warehousemen’s, repairmen’s, mechanics’, suppliers’, workers’,
materialmen’s, construction or other like Liens arising by operation of law in the ordinary course of business or incident
to the exploration, development, operation and maintenance of Oil and Gas Properties each of which is in respect of obligations
that are not delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have
been maintained in accordance with GAAP; (d) contractual Liens which arise in the ordinary course of business under operating
agreements, joint venture agreements, oil and gas partnership agreements, oil and gas leases, farm-out agreements, division orders,
contracts for the sale, transportation or exchange of oil and natural gas, unitization and pooling declarations and agreements,
area of mutual interest agreements, overriding royalty agreements, marketing agreements, processing agreements, net profits agreements,
development agreements, gas balancing or deferred production agreements, injection, repressuring and recycling agreements, salt
water or other disposal agreements, seismic or other geophysical permits or agreements, and other agreements which are usual and
customary in the oil and gas business and are for claims which are not delinquent or which are being contested in good faith by
appropriate action and for which adequate reserves have been maintained in accordance with GAAP; provided that any such
Lien referred to in this clause does not materially impair the use of the Property covered by such Lien for the purposes for which
such Property is held by the Parent or any Subsidiary or materially impair the value of such Property subject thereto; (e) Liens
arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar
rights and remedies and burdening only deposit accounts or other funds maintained with a creditor depository institution; provided
that no such deposit account is a dedicated cash collateral account or is subject to restrictions against access by the depositor
in excess of those set forth by regulations promulgated by the Board and no such deposit account is intended by Parent or any
of its Subsidiaries to provide collateral to the depository institution; (f) easements, restrictions, servitudes, permits, conditions,
covenants, exceptions or reservations in any Property of the Parent or any Subsidiary that do not secure any monetary obligations
and which in the aggregate do not materially impair the use of such Property for the purposes of which such Property is held by
the Parent or any Subsidiary or materially impair the value of such Property subject thereto; (g) Liens on cash or securities
pledged to secure performance of tenders, surety and appeal bonds, government contracts, performance and return of money bonds,
bids, trade contracts, leases, statutory obligations, regulatory obligations and other obligations of a like nature incurred in
the ordinary course of business and (h) judgment and attachment Liens not giving rise to an Event of Default; provided
that any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been
finally terminated or the period within which such proceeding may be initiated shall not have expired and no action to enforce
such Lien has been commenced; provided further that Liens described in clauses (a) through (e) shall remain “Excepted
Liens” only for so long as no action to enforce such Lien has been commenced and no intention to subordinate the first
priority Lien granted in favor of the Administrative Agent and the Lenders is to be hereby implied or expressed by the permitted
existence of such Excepted Liens.

 

    	 	14	 

     

    

 

“Excluded
Cash” means, with respect to cash and Cash Equivalents held by the Credit Parties, on any date of determination, any
(i) Cash Collateral, (ii) cash collateral or cash deposits received from a Person (other than a Credit Party) and held by a Credit
Party, (iii) cash collateral given by a Credit Party to another Person (other than a Credit Party) and other cash, in each case,
held by or on behalf of, another Person (other than a Credit Party) pursuant to any contractual or regulatory obligation, (iv)
cash necessary to cover daylight overdrafts, and (v) cash on hand necessary to fund (A) those obligations payable within the immediately
succeeding five Business Days and (B) those trade or trading obligations to be prepaid in the ordinary course of business in lieu
of posting collateral within the immediately succeeding five Business Days.

 

“Excluded
Offtake Agreements” means any Offtake Agreements (other than the Colombian Peso Offtake Agreements) which, in the aggregate
with all other Excluded Offtake Agreements, provide that the payments made by the Offtakers thereunder do not exceed, in the aggregate,
an amount equal to $10,000,000 during any 12 month period.

 

“Excluded
Swap Obligations” has the meaning assigned to such term in the Guaranty Agreement.

 

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender, the Issuing Bank or any other recipient of any payment
to be made by or on account of any obligation of any Credit Party hereunder or under any other Loan Document, (a) income or franchise
taxes imposed on (or measured by) its net income by the jurisdiction under the laws of which such recipient is organized or in
which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any
branch profits Taxes or similar Taxes imposed by any jurisdiction in which any Credit Party is located, (c) Taxes attributable
to such recipient’s failure to comply with Section 5.03(e) and (d) any United States withholding Tax that is imposed under
FATCA.

 

“Existing
Credit Agreement” means that certain Credit Agreement dated as of August 30, 2013 among the Borrower, the Parent, Wells
Fargo Bank, National Association, as administrative agent, and the lenders and other agents party thereto (as heretofore amended,
modified, supplemented or restated).

 

“Fair Market
Value” shall mean, with respect to any Property on any date of determination, the value of the consideration obtainable
in a sale of such Property or at such date of determination assuming a sale by a willing seller to a non-affiliated willing purchaser
dealing at arm’s length and arranged in an orderly manner over a reasonable period of time having regard to the nature and
characteristics of such Property.

 

    	 	15	 

     

    

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations promulgated thereunder or official
interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreements
entered into in connection therewith, and any fiscal or regulatory legislation, rules, guidance notes or practices adopted pursuant
to such intergovernmental agreement.

 

“Federal
Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of
1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds
brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so
published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations
for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing
selected by it.

 

“Fee Letter”
means, collectively (a) the Agency Fee Letter dated as of August 18, 2015, between the Parent and the Administrative Agent and
(b) the Fee Letter dated as of June 30, 2016, between the Parent and the Administrative Agent.

 

“Financial
Officer” means, for any Person, the chief financial officer, principal accounting officer, treasurer or controller of
such Person. Unless otherwise specified, all references herein to a Financial Officer means a Financial Officer of the Parent.

 

“Financial
Statements” means the financial statement or statements of the Parent and its Consolidated Subsidiaries referred to
in Section 7.04(a).

 

“Foreign
Lender” means any Lender that is resident or organized under the laws of a jurisdiction other than that in which the
Borrower is resident for tax purposes. For purposes of this definition, the United States of America, each State thereof and the
District of Columbia shall be deemed to constitute a single jurisdiction, and Canada and each Province thereof shall be deemed
to constitute a single jurisdiction.

 

“Fundamental
Change” has the meaning given to the term “fundamental change” in the Initial Convertible Senior Notes Indenture
or the meaning given to the term “fundamental change” as defined in any other Convertible Senior Notes Indenture in
a manner substantially consistent with the definition of “fundamental change” as defined in the Initial Convertible
Senior Notes Indenture.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect from time to time subject to the terms
and conditions set forth in Section 1.05.

 

“Governmental
Authority” means the government of the United States of America, Canada, Colombia, Bermuda, the Cayman Islands, Spain,
the United Kingdom or Panama, any other nation or any political subdivision thereof, whether state, department, provincial or
local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

    	 	16	 

     

    

 

“Governmental
Requirement” means any law, statute, code, ordinance, order, determination, rule, regulation, judgment, decree, injunction,
franchise, permit, resolution, instruction, circular, certificate, license, rules of common law, authorization or other directive
or requirement, whether now or hereinafter in effect, of any Governmental Authority.

 

“Gran Tierra
Callco ULC” means Gran Tierra Callco ULC, an unlimited liability corporation organized under the laws of the Province
of Alberta, Canada.

 

“Gran Tierra
Energy Colombia” means Gran Tierra Energy Colombia, Ltd., a limited partnership organized under the laws of Utah.

 

“Gran Tierra
Energy Canada ULC” means Gran Tierra Energy ULC, an unlimited liability corporation organized under the laws of the
Province of Alberta, Canada.

 

“Gran Tierra
Exchangeco Inc.” means Gran Tierra Exchangeco Inc., a corporation organized under the laws of the Province of Alberta.

 

“Gran Tierra
Goldstrike Inc.” means Gran Tierra Goldstrike Inc., a corporation organized under the laws of the Province of Alberta.

 

“Guarantor”
means (a) the Parent and (b) each Subsidiary that guarantees or is required to guarantee the Secured Obligations hereunder (including
pursuant to Section 6.01 and Section 8.14(a)). On the Third Amendment Effective Date, the Subsidiaries set forth
on Schedule 1.02(d) are Guarantors.

 

“Guaranty
Agreement” means that certain Guaranty and Collateral Agreement executed by the Credit Parties in form and substance
satisfactory to the Administrative Agent, unconditionally guarantying on a joint and several basis, payment of the Secured Obligations,
as the same may be amended, modified or supplemented from time to time.

 

“Hazardous
Material” means any substance regulated or as to which liability might arise under any applicable Environmental Law
including: (a) any chemical, compound, material, product, byproduct, substance or waste defined as or included in the definition
or meaning of “hazardous substance,” “hazardous material,” “hazardous waste,”
“solid waste,” “toxic waste,” “extremely hazardous substance,” “toxic
substance,” “contaminant,” “pollutant,” or words of similar meaning or import
found in any applicable Environmental Law; (b) Hydrocarbons, petroleum products, petroleum substances, natural gas, oil, oil and
gas waste, crude oil, and any components, fractions, or derivatives thereof; and (c) radioactive materials, explosives, asbestos
or asbestos containing materials, polychlorinated biphenyls, radon, infectious or medical wastes.

 

“Highest
Lawful Rate” means, with respect to each Lender, the maximum nonusurious interest rate, if any, that at any time or
from time to time may be contracted for, taken, reserved, charged or received on the Notes, the Colombian Notes or on other Obligations
under laws applicable to such Lender which are presently in effect or, to the extent allowed by law, under such applicable laws
which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws allow as of the
date hereof.

 

    	 	17	 

     

    

 

“Hydrocarbon
Interests” means all rights, titles, interests and estates now or hereafter acquired in and to (a) Hydrocarbon reserves
from which Hydrocarbons may or may potentially be severed or extracted, whether directly or indirectly, including, without limitation,
by virtue of any Concession Agreement, similar arrangement or otherwise and (b) any Concession Agreement, oil and gas leases,
oil, gas and mineral leases, or other liquid or gaseous hydrocarbon leases, mineral fee interests, overriding royalty and royalty
interests, net profit interests and production payment interests, including any reserved or residual interests of whatever nature.

 

“Hydrocarbons”
means oil, gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons
and all products refined or separated therefrom.

 

“Impacted
Interest Period” has the meaning assigned to such term in the definition of “LIBO Rate”.

 

“Indemnified
Taxes” means Taxes other than Excluded Taxes.

 

"Initial Convertible
Senior Notes Indenture " shall mean an indenture that provides for the issuance of Convertible Senior Notes on substantially
those terms set forth in that certain Preliminary Offering Memorandum, dated as of March 31, 2016.

 

“Initial
Reserve Report” means the report of GLJ Petroleum Consultants Ltd. dated as of February 2, 2015, evaluating the Colombian
Hydrocarbon Properties of the Credit Parties as of December 31, 2014.

 

“Interest
Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.05.

 

“Interest
Expense” means, for any period, the sum (determined without duplication) of the aggregate gross interest expense of
the Parent and the Consolidated Restricted Subsidiaries for such period, including to the extent included in interest expense
under GAAP: (a) amortization of debt discount, (b) capitalized interest and (c) the portion of any payments or
accruals under Capital Leases allocable to interest expense,.

 

“Interest
Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and (b)
with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part
and, in the case of a Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to
the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest
Period.

 

“Interest
Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending
on the numerically corresponding day in the calendar month that is one, two, three, six or, if agreed to by the Lenders, 12, months
thereafter, as the Borrower may elect; provided, that (a) if any Interest Period would end on a day other than a Business
Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would
fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (b) any Interest
Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day
of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on
which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such
Borrowing.

 

    	 	18	 

     

    

 

“Interest
Rate Protection Agreement” means any interest rate swap, cap or collar agreement or similar arrangement providing for
the transfer or mitigation of interest risks, either generally or under specific contingencies.

 

“Interim
Redetermination” has the meaning assigned such term in Section 2.08(b).

 

“Interim
Redetermination Date” means the date on which a Borrowing Base that has been redetermined pursuant to an Interim Redetermination
becomes effective as provided in Section 2.08(d).

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal places
as the LIBO Screen Rate) reasonably determined by the Administrative Agent (which determination shall be conclusive and binding
absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO Screen
Rate for the longest period (for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period and
(b) the LIBO Screen Rate for the shortest period (for which the LIBO Screen Rate is available) that exceeds the Impacted Interest
Period, in each case, at such time.

 

“Investment”
means, for any Person: (a) the acquisition (whether for cash, Property, services or securities or otherwise) of Equity Interests
of any other Person or any agreement to make any such acquisition (including, without limitation, any “short sale”
or any sale of any securities at a time when such securities are not owned by the Person entering into such short sale); (b) the
making of any deposit with, or advance, loan or capital contribution to, assumption of Debt of, purchase or other acquisition
of any other Debt or equity participation or interest in, or other extension of credit to, any other Person (including the purchase
of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to
such Person, but excluding any such advance, loan or extension of credit having a term not exceeding ninety (90) days representing
the purchase price of inventory or supplies sold by such Person in the ordinary course of business); (c) the purchase or acquisition
(in one or a series of transactions) of Property of another Person that constitutes a business unit; or (d) the entering into
of any guarantee of, or other contingent obligation (including the deposit of any Equity Interests to be sold) with respect to,
Debt or other liability of any other Person and (without duplication) any amount committed to be advanced, lent or extended to
such Person.

 

“Issuing
Bank” means Scotiabank, in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity
as provided in Section 2.09(i), and/or one or more other Lenders selected by the Borrower who agree to act as an issuer
of Letters of Credit (and are approved by Administrative Agent in its reasonable discretion). Any Issuing Bank may, in its discretion,
arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing
Bank” shall mean “each Issuing Bank” or “the applicable Issuing Bank”, as the context may require,
and shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.

 

“Laws”
means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof
by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative
orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in
each case whether or not having the force of law.

 

    	 	19	 

     

    

 

“LC Commitment”
at any time means $100,000,000.

 

“LC Disbursement”
means a payment made by the Issuing Bank pursuant to a Letter of Credit.

 

“LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the
aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC
Exposure of any Revolving Credit Lender at any time shall be its Applicable Revolving Credit Percentage of the total LC Exposure
at such time.

 

“Lead Manager”
means each of Export Development Canada and Natixis, New York Branch.

 

“Lender Parent”
means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Lenders”
means the Persons listed on Annex I and any Person that shall have become a party hereto pursuant to an Assignment and Assumption,
other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. The term “Lenders”
shall include both Term Lenders and Revolving Credit Lenders.

 

“Letter of
Credit” means any letter of credit issued pursuant to this Agreement.

 

“Letter of
Credit Agreements” means all letter of credit applications and other agreements (including any amendments, modifications
or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter
of Credit.

 

“LIBO Rate”
means, with respect to any Eurodollar Borrowing for any applicable Interest Period or for any ABR Borrowing, the London interbank
offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate
for US Dollars) for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen
that displays such rate or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute
page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such
rate from time to time as shall be selected by the Administrative Agent in its reasonable discretion (in each case, the “LIBO
Screen Rate”) at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest
Period; provided that, (x) if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the
purposes of this Agreement and (y) if the LIBO Screen Rate shall not be available at such time for a period equal in length to
such Interest Period (an “Impacted Interest Period”), then the LIBO Rate shall be the Interpolated Rate at
such time, subject to Section 3.03 in the event that the Administrative Agent shall reasonably conclude that it shall not be possible
to determine such Interpolated Rate (which conclusion shall be conclusive and binding absent manifest error); provided
further, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
Notwithstanding the above, to the extent that “LIBO Rate” or “Adjusted LIBO Rate” is used in connection
with an ABR Borrowing, such rate shall be determined as modified by the definition of Adjusted LIBOR Rate for such Interest Period.

 

    	 	20	 

     

    

 

“LIBO Screen
Rate” has the meaning assigned such term in the definition in “LIBO Rate”.

 

“Lien”
means any interest in Property (whether in the form of an easement, restriction, servitude, permit, condition, covenant, exception,
reservation or otherwise) securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether
such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and
including but not limited to (a) the lien or security interest arising from a mortgage, encumbrance, pledge, garantía
mobiliaria, hypothecation, antichresis, usufruct, security agreement, conditional sale, deed of trust, assignment in trust,
or trust receipt or a lease, consignment or bailment for security purposes or (b) production payments and the like payable out
of Oil and Gas Properties. For the purposes of this Agreement, the Parent and each Subsidiary shall be deemed to be the owner
of any Property which it has acquired or holds subject to a conditional sale agreement, or leases under a financing lease or other
arrangement pursuant to which title to the Property has been retained by or vested in some other Person in a transaction intended
to create a financing.

 

“Liquidate”
means, with respect to any Swap Agreement, the sale, assignment, novation, unwind or termination of all or any part of such Swap
Agreement or the creation of an offsetting position against all or any part of such Swap Agreement. The terms “Liquidated”
and “Liquidation” have correlative meanings thereto.

 

“Loan Documents”
means this Agreement, the Notes, the Colombian Notes, the Letter of Credit Agreements, the Letters of Credit, the Security Instruments
and the Fee Letter.

 

“Loans”
means, collectively, the Term Loans and Revolving Loans made by the Lenders to the Borrower pursuant to this Agreement.

 

“Mandated
Lead Arranger” means HSBC Bank Canada.

 

“Majority
Lenders” means, (a) at any time while there are Revolving Credit Commitments outstanding, Lenders having more than fifty
percent (50%) of (i) the Aggregate Maximum Revolving Credit Amounts and (ii) the aggregate amount of Term Loans outstanding of
all Lenders and (b) at any time when there are no Revolving Credit Commitments outstanding, Lenders holding more than fifty percent
(50%) of the sum of the outstanding aggregate principal amount of the Loans and participation interests in Letters of Credit of
all Lenders (without regard to any sale by a Lender of a participation in any Loan under Section 12.04(c)); provided
that the Maximum Revolving Credit Amounts and the principal amount of the Loans and participation interests in Letters of
Credit of the Defaulting Lenders (if any) shall be excluded from the determination of Majority Lenders.

 

“Majority
Revolving Credit Lenders” means, (a) at any time while there are Revolving Credit Commitments outstanding, Revolving
Credit Lenders having more than fifty percent (50%) of the Aggregate Maximum Revolving Credit Amounts and (b) at any time when
there are any Revolving Loans or LC Exposure outstanding, Revolving Credit Lenders holding more than fifty percent (50%) of the
sum of the outstanding aggregate principal amount of the Revolving Loans and participation interests in Letters of Credit of all
Revolving Credit Lenders (without regard to any sale by a Revolving Credit Lender of a participation in any Revolving Loan under
Section 12.04(c)); provided that the Maximum Revolving Credit Amounts and the principal amount of the Revolving
Loans and participation interests in Letters of Credit of the Defaulting Lenders (if any) shall be excluded from the determination
of Majority Revolving Credit Lenders.

 

    	 	21	 

     

    

 

“Material
Adverse Effect” means a material adverse change in, or material adverse effect on (a) the business, operations,
Property or condition (financial or otherwise) of the Credit Parties taken as a whole, (b) the ability of any Credit Party to
perform any of its obligations under any Loan Document, (c) the validity or enforceability of any Loan Document or (d) the rights
and remedies of or benefits available to the Administrative Agent, any other Agent, the Issuing Bank or any Lender under any Loan
Document.

 

“Material
Documents” means, collectively, each Offtake Agreement and each Concession Agreement to which any Credit Party is a
party.

 

“Material
Indebtedness” means Debt (other than the Loans and Letters of Credit), including, but not limited to, any Convertible
Senior Notes or obligations in respect of one or more Swap Agreements, of any one or more of the Parent or any Subsidiary or,
with respect to Section 7.07(b) only, any Credit Party, in an aggregate principal amount exceeding $10,000,000. For purposes
of determining Material Indebtedness, the “principal amount” of the obligations of the Parent or any Subsidiary
or, with respect to Section 7.07(b) only, any Credit Party, in respect of any Swap Agreement at any time shall be the Swap
Termination Value of such Swap Agreement.

 

“Material
Subsidiary” means (a) Petrolifera, (b) Gran Tierra Energy Colombia, (c) as of any date of determination, any Subsidiary
that (i) owns or has an interest in any Property assigned value in the Borrowing Base then in effect, as determined by the Administrative
Agent, or (ii) does business in Colombia, and (d) any Subsidiary that at any time owns or has an interest in Oil and Gas Properties
that have produced Hydrocarbons at any time; provided that the term “Material Subsidiary” shall not
include (i) the Borrower, (ii) any Subsidiary that would constitute a “Material Subsidiary” under clause (d) above
solely as a result of the ownership of or interest in Oil and Gas Properties located in Argentina, Peru or Brazil, or (iii) any
Unrestricted Subsidiary.

 

“Maximum
Revolving Credit Amount” means, as to each Revolving Credit Lender, the amount set forth opposite such Revolving Credit
Lender’s name on Annex I under the caption “Maximum Revolving Credit Amounts”, as the same may
be (a) reduced or terminated from time to time in connection with a reduction or termination of the Aggregate Maximum Revolving
Credit Amounts pursuant to Section 2.07(b) or (b) modified from time to time pursuant to any assignment permitted by Section
12.04(b).

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized rating agency.

 

“Mortgaged
Property” means any Property owned by any Credit Party which is subject to the Liens existing and to exist under the
terms of the Security Instruments.

 

“NCIB Buyback”
means any normal course issuer bid through the facilities of the Toronto Stock Exchange and the New York Stock Exchange by the
Parent whereby the Parent has the ability to repurchase (each such repurchase by the Parent in connection with any NCIB Buybank,
a “Repurchase”) for cancellation of up to approximately 5% of the Parent’s aggregate issued and outstanding
shares of common Equity Interests at such time until the first anniversary of the issuer bid (such date, the “Bid End
Date”).

 

“Net Cash
Proceeds” means with respect to any Permitted Equity Issuance, any incurrence of Debt or any sale or other disposition
(including, without limitation, as a result of a Casualty Event) of any Property pursuant to Sections 9.11(d) or (e),
as applicable, the cash proceeds thereof, net of customary fees, commissions, costs and other expenses incurred in connection
therewith.

 

    	 	22	 

     

    

 

“New Borrowing
Base Notice” has the meaning assigned such term in Section 2.08(d).

 

“Non-Consenting
Lender” has the meaning assigned such term in Section 2.09(b).

 

“Non-Defaulting
Lenders” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Notes”
means the Term Loan Notes and the Revolving Credit Notes, or any of them, as the context requires.

 

“Obligations”
means the collective reference to (a) all obligations, liabilities and amounts owing or to be owing by any Credit Party (whether
direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter
arising or incurred), to the Administrative Agent, the Global Coordinator, the Arrangers, the Issuing Bank or any Lender, which
may arise under, out of, in, or in connection with this Agreement or any other Loan Document, including, without limitation, the
unpaid principal of and interest on the Loans and reimbursement obligations in respect of Letters of Credit (including, without
limitation, interest accruing at the then applicable rate provided in this Agreement after the maturity of the Loans and LC Exposure
and interest accruing at the then applicable rate provided in this Agreement after the filing of any petition in bankruptcy, or
the commencement of any insolvency, liquidation, reorganization or like proceeding, relating to the Borrower, whether or not a
claim for post-filing or post-petition interest is allowed in such proceeding); and (b) all renewals, extensions and/or rearrangements
of any of the above; in each case, whether on account of principal, interest, premium, reimbursement obligations, guaranty obligations,
payments in respect of an early termination date, fees, indemnities, costs, expenses or otherwise (including, without limitation,
all fees and disbursements of counsel to the Secured Parties that are required to be paid by the Borrower, any other Credit Party
pursuant to the terms of this Agreement or any other Loan Document).

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Offtaker”
means each Eligible Buyer.

 

“Offtake
Agreements” means, collectively, (a) each agreement entered into between any Credit Party and an Offtaker that is listed
on Schedule 1.02(c); and (b) any other purchase agreement entered into between any Credit Party and an Offtaker that (i)
provides for the purchase by such Offtaker of Hydrocarbons from such Credit Party, (ii) other than with respect to any Colombian
Peso Offtake Agreement and any Excluded Offtake Agreement, is in form and substance reasonably satisfactory to the Administrative
Agent and (iii) further provides, to the Administrative Agent’s satisfaction, that all payments thereunder shall be made
to the relevant Collection Account, as each such agreement may be amended, restated, supplemented, replaced or otherwise modified
in accordance with this Agreement.

 

    	 	23	 

     

    

 

“Oil and
Gas Properties” means (a) Hydrocarbon Interests; (b) the Properties now or hereafter pooled or unitized with Hydrocarbon
Interests; (c) all presently existing or future unitization, pooling agreements and declarations of pooled units and the units
created thereby (including without limitation all units created under orders, regulations and rules of any Governmental Authority)
which may affect all or any portion of the Hydrocarbon Interests; (d) all operating agreements, contracts and other agreements,
including production sharing contracts and agreements, which relate to any of the Hydrocarbon Interests or the production, sale,
purchase, exchange or processing of Hydrocarbons from or attributable to such Hydrocarbon Interests (including, without limitation,
all Concession Agreements and Offtake Agreements); (e) all Hydrocarbons in and under and which may be produced and saved or attributable
to the Hydrocarbon Interests, including all oil in tanks, and all rents, issues, profits, proceeds, products, revenues and other
incomes from or attributable to the Hydrocarbon Interests; (f) all tenements, hereditaments, appurtenances and Properties in any
manner appertaining, belonging, affixed or incidental to the Hydrocarbon Interests; and (g) all Properties, rights, titles, interests
and estates described or referred to above, including any and all Property, real or personal, now owned or hereinafter acquired
and situated upon, used, held for use or useful in connection with the operating, working or development of any of such Hydrocarbon
Interests or Property (excluding drilling rigs, automotive equipment, rental equipment or other personal Property which may be
on such premises for the purpose of drilling a well or for other similar temporary uses) and including any and all oil wells,
gas wells, injection wells or other wells, buildings, structures, fuel separators, liquid extraction plants, plant compressors,
pumps, pumping units, field gathering systems, tanks and tank batteries, fixtures, valves, fittings, machinery and parts, engines,
boilers, meters, apparatus, equipment, appliances, tools, implements, cables, wires, towers, casing, tubing and rods, surface
leases, rights-of-way, easements and servitudes together with all additions, substitutions, replacements, accessions and attachments
to any and all of the foregoing. Unless otherwise expressly provided herein, all references in this Agreement to “Oil and
Gas Properties” refer to Oil and Gas Properties owned by the Credit Parties, as the context requires.

 

“Other Taxes”
means any and all present or future stamp, court or documentary, intangible, recording, filing, excise or Property Taxes or similar
Taxes arising from any payment made hereunder or from the execution, delivery, performance, enforcement or registration of, from
the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement and any other Loan Document,
except any such Taxes that are imposed as a result of a present or former connection between such recipient and the jurisdiction
imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed
its obligations under, received payments under, or received or perfected a security interest under) with respect to an assignment
(other than an assignment made pursuant to Section 2.09 or 5.04).

 

“Participant”
has the meaning set forth in Section 12.04(c).

 

“Participant
Register” has the meaning set forth in Section 12.04(c)(ii).

 

“PELE”
means Petrolatina Energy Limited, a company incorporated in England under the 1985 Act, with registered number 05173588.

 

“PELE Acquisition”
means the acquisition by the Borrower of all of the outstanding Equity Interests of PELE pursuant to the PELE Purchase Agreement
and, as a result of the acquisition of all the PELE Assets.

 

“PELE Assets”
means, collectively, any (a) of the Equity Interests of PELE or its Subsidiaries and (b) any Property owned by PELE or its Subsidiaries
as of the Third Amendment Effective Date.

 

    	 	24	 

     

    

 

“PELE Purchase
Agreement” means that certain Share Purchase Agreement, dated as of June 30, 2016, by and among the Borrower and the
“Vendors” as defined therein, as amended on or before the Third Amendment Effective Date.

 

“Permitted
Acquisition” means any acquisition by any Credit Party in the form of acquisitions of all or substantially all of the
business or a line of business (whether by the acquisition of Equity Interests, assets or any combination thereof) of any other
Person to the extent such acquisition is permitted by Section 9.05.

 

“Permitted
Equity Issuance” means any sale or issuance of any Equity Interests (other than Disqualified Capital Stock) of the Parent.

 

“Permitted
Tax Distribution” means distributions by any Credit Party (other than Parent) to its direct or indirect parent thereof
to pay federal, foreign, state and local income Taxes that are attributable to the ownership interest held (directly or indirectly)
in such Credit Party, the activities or assets thereof.

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, exempted company,
partnership, Governmental Authority or other entity.

 

“Petrolifera”
means Petrolifera Petroleum (Colombia) Limited, an exempted company incorporated with limited liability under the laws of the
Cayman Islands with registration number 271065.

 

“Prime Rate”
means the rate of interest per annum publicly announced from time to time by Scotiabank as its prime rate in effect at its principal
office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly
announced as being effective. Such rate is set by the Administrative Agent as a general reference rate of interest, taking into
account such factors as the Administrative Agent may deem appropriate; it being understood that many of the Administrative Agent’s
commercial or other loans are priced in relation to such rate, that it is not necessarily the lowest or best rate actually charged
to any customer and that the Administrative Agent may make various commercial or other loans at rates of interest having no relationship
to such rate.

 

“Pro Forma
Compliance” means, for any date of determination, that the Parent is in pro forma compliance with the financial covenants
set forth in Section 9.01(a), (b) and(c).

 

“Property”
means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, including, without
limitation, cash, securities, accounts and contract rights.

 

“Proposed
Borrowing Base” has the meaning assigned to such term in Section 2.08(c)(i).

 

“Proposed
Borrowing Base Notice” has the meaning assigned to such term in Section 2.08(c)(ii).

 

“Qualified
ECP Guarantor” means, in respect of any Swap Agreement, each Credit Party that (a) has total assets exceeding $10,000,000
at the time any guaranty of obligations under such Swap Agreement or grant of the relevant security interest becomes effective
or (b) otherwise constitutes an “eligible contract participant” under the Commodity Exchange Act and can cause another
Person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II)
of the Commodity Exchange Act.

 

    	 	25	 

     

    

 

“Redemption”
means with respect to any Debt, the repurchase, redemption, prepayment, repayment, defeasance or any other acquisition or retirement
for value (or the segregation of funds with respect to any of the foregoing) of such Debt. “Redeem” has the
correlative meaning thereto.

 

“Redetermination
Date” means, with respect to any Scheduled Redetermination or any Interim Redetermination, the date that the redetermined
Borrowing Base related thereto becomes effective pursuant to Section 2.08(d).

 

“Register”
has the meaning assigned such term in Section 12.04(b)(iv).

 

“Regulation
D” means Regulation D of the Board, as the same may be amended, supplemented or replaced from time to time.

 

“Related
Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers,
employees, agents and advisors (including attorneys, accountants and experts) of such Person and such Person’s Affiliates.

 

“Release”
means any depositing, spilling, leaking, pumping, pouring, placing, emitting, discarding, abandoning, emptying, discharging, migrating,
injecting, escaping, leaching, dumping, or disposing.

 

“Remedial
Work” has the meaning assigned such term in Section 8.10(a).

 

“Repurchase”
has the meaning assigned to such term in the definition of “NCIB Buyback”.

 

“Required
Lenders” means, (a) at any time while there are Revolving Credit Commitments outstanding, Lenders having at least sixty-six
and two-thirds percent (66 2/3%) of (i) the Aggregate Maximum Revolving Credit Amounts and (ii) the aggregate amount of Term Loans
outstanding of all Lenders and (b) at any time when there are no Revolving Credit Commitments outstanding, Lenders holding at
least sixty-six and two-thirds percent (66 2/3%) of the sum of the outstanding aggregate principal amount of the Loans and participation
interests in Letters of Credit of all Lenders (without regard to any sale by a Lender of a participation in any Loan under Section
12.04(c)); provided that the Maximum Revolving Credit Amounts and the principal amount of the Loans and participation
interests in Letters of Credit of the Defaulting Lenders (if any) shall be excluded from the determination of Required Lenders.

 

“Required
Revolving Credit Lenders” means, (a) at any time while there are Revolving Credit Commitments outstanding, Revolving
Credit Lenders having at least sixty-six and two-thirds percent (66 2/3%) of the Aggregate Maximum Revolving Credit Amounts and
(b) at any time when there are any Revolving Loans or LC Exposure outstanding, Revolving Credit Lenders having at least sixty-six
and two-thirds percent (66 2/3%) of the sum of the outstanding aggregate principal amount of the Revolving Loans and participation
interests in Letters of Credit of all Revolving Credit Lenders (without regard to any sale by a Revolving Credit Lender of a participation
in any Revolving Loan under Section 12.04(c)); provided that the Maximum Revolving Credit Amounts and the principal
amount of the Revolving Loans and participation interests in Letters of Credit of the Defaulting Lenders (if any) shall be excluded
from the determination of Required Revolving Credit Lenders.

 

    	 	26	 

     

    

 

“Reserve
Report” means a report, in form and substance reasonably satisfactory to the Administrative Agent, setting forth, as
of the dates set forth in Section 8.12(a) (or such other date in the event of an Interim Redetermination) the oil and gas
reserves attributable to the Colombian Oil and Gas Properties, together with a projection of the rate of production and future
net income, taxes, royalties, operating expenses, production sharing volumes and capital expenditures with respect thereto as
of such date, based upon the economic assumptions consistent with the Administrative Agent’s lending requirements at the
time and reflecting Swap Agreements in place with respect to such production.

 

“Responsible
Officer” means, as to any Person, the Chief Executive Officer, the President, any Financial Officer or any Vice President
of such Person. Unless otherwise specified, all references to a Responsible Officer herein means a Responsible Officer of the
Parent.

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other Property) with respect to any
Equity Interests in any Credit Party, or any payment (whether in cash, securities or other Property), including any sinking fund
or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity
Interests in any Credit Party or any option, warrant or other right to acquire any such Equity Interests in any Credit Party.

 

“Restricted
Subsidiary” means any Subsidiary Guarantor that is not an Unrestricted Subsidiary.

 

“Revolving
Credit Commitment” means, with respect to each Revolving Credit Lender, the commitment of such Revolving Credit Lender
to make Revolving Loans and to acquire participations in Letters of Credit hereunder, expressed as an amount representing the
maximum aggregate amount of such Revolving Credit Lender’s Revolving Credit Exposure hereunder, as such commitment may be
(a) modified from time to time pursuant to Section 2.07 and (b) modified from time to time pursuant to assignments by or
to such Revolving Credit Lender pursuant to Section 12.04(b). The amount representing each Revolving Credit Lender’s
Revolving Credit Commitment shall at any time be the lesser of such Revolving Credit Lender’s Maximum Revolving Credit Amount
and such Revolving Credit Lender’s Applicable Revolving Credit Percentage of the then effective Borrowing Base.

 

“Revolving
Credit Commitment Fee Rate” means a rate per annum equal to 0.750%.

 

“Revolving
Credit Exposure” means, with respect to any Revolving Credit Lender at any time, the sum of the outstanding principal
amount of such Revolving Credit Lender’s Revolving Loans and its LC Exposure at such time.

 

“Revolving
Credit Lenders” means, collectively, all of the Lenders with a Revolving Credit Commitment, and “Revolving
Credit Lender” means any of them individually.

 

“Revolving
Credit Maturity Date” means September 18, 2018.

 

“Revolving
Credit Notes” means the promissory notes of the Borrower described in Section 2.03(d) and being substantially
in the form of Exhibit A-1, together with all amendments, modifications, replacements, extensions and rearrangements thereof.

 

“Revolving
Loan Termination Date” means the earlier of the Revolving Credit Maturity Date and the date of termination of the Revolving
Credit Commitments.

 

    	 	27	 

     

    

 

“Revolving
Loans” means any revolving loan made to the Borrower by the Revolving Credit Lenders pursuant to Section 2.03.

 

“Sanctioned
Country” means, at any time, a country or territory which is itself the subject or target of any Sanctions (at the time
of the Effective Date, such countries include Crimea, Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by
the U.S. government (including without limitation, OFAC) or, to the extent applicable to a Credit Party, the Lenders or an Affiliate
thereof, the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury,
the Department for Business, Innovation and Skills or any other UK government authority, or the Canadian government, (b) any Person
operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person.

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government
(including without limitation, OFAC), the United Nations Security Council, the European Union, any European Union member state,
Her Majesty’s Treasury or the Canadian government.

 

“Scheduled
Redetermination” has the meaning assigned such term in Section 2.08(b).

 

“Scheduled
Redetermination Date” means the date on which a Borrowing Base that has been redetermined pursuant to a Scheduled Redetermination
becomes effective as provided in Section 2.08(d).

 

“SEC”
means the Securities and Exchange Commission or any successor Governmental Authority.

 

“Secured
Cash Management Party” means any Lender or Affiliate of any Lender party to a Specified Cash Management Agreement.

 

“Secured
Obligations” means, collectively, (a) the Obligations, (b) all Secured Swap Obligations (other than Excluded Swap
Obligations); (c) all Specified Cash Management Obligations (including, without limitation, all fees and disbursements of counsel
to the Secured Parties that are required to be paid by the Borrower or any other Credit Party pursuant to the terms of any Specified
Cash Management Agreement or any Secured Swap Agreement).

 

“Secured
Parties” means each Lender, the Issuing Bank, the Arrangers, the Administrative Agent, the Global Coordinator, each
Secured Cash Management Party, and each Secured Swap Party.

 

“Secured
Swap Agreement” means any Swap Agreement between the Parent or any Subsidiary and any Person that is entered into prior
to the time, or during the time, that such Person was, a Lender or an Affiliate of a Lender (including any such Swap Agreement
in existence prior to the date hereof), even if such Person subsequently ceases to be a Lender (or an Affiliate of a Lender) for
any reason (any such Person, a “Secured Swap Party”); provided that, for the avoidance of doubt, the
term “Secured Swap Agreement” shall not include any transactions entered into after the time that such Secured
Swap Party ceases to be a Lender or an Affiliate of a Lender.

 

    	 	28	 

     

    

 

“Secured
Swap Obligations” means all amounts and other obligations (other than any Excluded Swap Obligations) owing to any Secured
Swap Party under any Secured Swap Agreement.

 

“Secured
Swap Party” has the meaning assigned to such term in the definition of Secured Swap Agreement.

 

“Security
Instruments” means, collectively, the Guaranty Agreement, the Bermuda Security Documents, the Colombian Security Documents,
the Cayman Security Documents, the Canadian Security Documents, mortgages, deeds of trust and other agreements, instruments or
certificates described or referred to in Exhibit E, and any and all other agreements, documents, pledges, instruments,
Deposit Account Control Agreements, including, without limitation, the Deposit Account Control Agreement (Gran Tierra Energy Colombia)
and the Deposit Account Control Agreement (Petrolifera), consents or certificates now or hereafter executed and delivered by any
Credit Party or any other Person (other than Secured Swap Agreements or participation or similar agreements between any Lender
and any other lender or creditor with respect to any Secured Obligations pursuant to this Agreement) in connection with, or as
security for the payment or performance of the Secured Obligations, as such agreements may be amended, modified, supplemented
or restated from time to time.

 

“Senior
Debt” means any unsecured Debt securities (whether registered or privately placed), including but not limited to any
Convertible Senior Notes, issued or incurred by the Parent or any other Credit Party pursuant to one or more Senior Debt Documents.

 

“Senior Debt
Documents” means any indenture or other agreement among the Parent or any other Credit Party, as issuer, the subsidiary
guarantors party thereto and others either as agent, trustee or holders, which governs any Senior Debt, or pursuant to which any
Senior Debt is issued or incurred, as the same may be amended, modified or supplemented in accordance with Section 9.04(b).

 

“Senior Secured
Leverage Ratio” means, as of any date of determination, the ratio of Senior Secured Obligations as of such date to EBITDAX
for the four fiscal quarters ending on such date.

 

“Senior Secured
Obligations” means all Total Debt (including the Secured Obligations to the extent included in the calculation of Total
Debt) that is secured and that is not expressly subordinated by its terms to the Secured Obligations.

 

“S&P”
means Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc., and any successor thereto that
is a nationally recognized rating agency.

 

“Solana Resources
Limited” means Solana Resources Limited, a corporation formed under the laws of the Province of Alberta, Canada.

 

“Specified
Cash Management Agreement” means any agreement that is entered into by and between the Parent or any Subsidiary and
any Secured Cash Management Party to provide cash management services, including treasury, depository, overdraft, credit or debit
card, electronic funds transfer and other cash management arrangements.

 

“Specified
Cash Management Obligations” means all amounts and other obligations owing to any Secured Cash Management Party under
any Specified Cash Management Agreement.

 

    	 	29	 

     

    

 

“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency
or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject with respect
to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in
Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans
shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit
for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve
percentage.

 

“subsidiary”
means, with respect to any Person (the “parent”) at any date, any other Person the accounts of which would
be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements
were prepared in accordance with GAAP as of such date, as well as any other Person (a) of which Equity Interests representing
more than 50% of the equity or more than 50% of the ordinary voting power (irrespective of whether or not at the time Equity Interests
of any other class or classes of such Person shall have or might have voting power by reason of the happening of any contingency)
or, in the case of a partnership, any general partnership interests are, as of such date, owned, controlled or held, or (b) that
is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or
more subsidiaries of the parent.

 

“Subsidiary”
means any subsidiary of the Parent (including the Borrower); provided that (a) each Colombian Branch shall be deemed
to be a Subsidiary for all purposes hereof; and (b) as used herein, the phrase “Subsidiary of the Borrower”
shall refer to a subsidiary of the Borrower.

 

“Subsidiary
Guarantor” means each Guarantor other than the Parent.

 

“Swap Agreement”
means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement, whether
exchange traded, “over-the-counter” or otherwise, involving, or settled by reference to, one or more rates,
currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic,
financial or pricing risk or value or any similar transaction or any combination of these transactions, including, without limitation,
any Interest Rate Protection Agreement, Commodity Hedging Agreement or Currency Exchange Agreement; provided that no phantom stock
or similar plan providing for payments only on account of services provided by current or former directors, officers, employees
or consultants of any Credit Party shall be a Swap Agreement; provided that, for the avoidance of doubt, the definition of “Swap
Agreement” shall not include any Convertible Senior Notes Document.

 

“Swap Termination
Value” means, in respect of any one or more Swap Agreements, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed
out and termination value(s) determined in accordance therewith, such termination value(s) and (b) for any date prior to the date
referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Agreements, as determined by the
counterparties to such Swap Agreements.

 

    	 	30	 

     

    

 

“Synthetic
Leases” means, in respect of any Person, all leases which shall have been, or should have been, in accordance with GAAP,
treated as operating leases on the financial statements of the Person liable (whether contingently or otherwise) for the payment
of rent thereunder and which were properly treated as indebtedness for borrowed money for purposes of U.S. federal income taxes,
if the lessee in respect thereof is obligated to either purchase for an amount in excess of, or pay upon early termination an
amount in excess of, 80% of the residual value of the Property subject to such operating lease upon expiration or early termination
of such lease.

 

“Taghmen”
means Taghmen Colombia, S.L.U., a company organized under the laws of Spain.

 

“Taghmen
Compliance Date” has the meaning set forth in Section 8.16(a)(vi)(B).

 

“Taxes”
means any and all present or future taxes, levies, imposts, assessments, fees, duties, deductions, charges or withholdings (including
without limitation backup withholding and withholding imposed by any Governmental Authority of Canada) imposed by any Governmental
Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term Lenders”
means, collectively, all of the Lenders with a Term Loan Commitment (or, following the initial funding on the Third Amendment
Effective Date, all of the Lenders that made or hold Term Loans), and “Term Lender” means any of them individually.

 

“Term Loan”
means any loan made to the Borrower by the Term Lenders pursuant to Section 2.03.

 

“Term Loan
Commitment” means, with respect to each Term Lender, the commitment of such Term Lender to fund its Term Loan on the
Third Amendment Effective Date in the amount set forth opposite such Term Lender’s name on Annex I under the caption
“Term Loan Commitment”. The total Term Loan Commitment is the aggregate amount of the Term Loan Commitments of all
the Term Lenders.

 

“Term Loan
Maturity Date” means August 22, 2017.

 

“Term Loan
Notes” means the promissory notes of the Borrower described in Section 2.03(d) and being substantially in the
form of Exhibit A-2, together with all amendments, modifications, replacements, extensions and rearrangements thereof.

 

“Term Loan
Termination Date” means the earlier of the Term Loan Maturity Date and the date on which the Term Loans are repaid in
full.

 

“Third Amendment”
means that certain Third Amendment to Credit Agreement, dated as of the Third Amendment Effective Date, by and among the Borrower,
the Parent and the Lenders.

 

“Third Amendment
Effective Date” means August 23, 2016.

 

“Total Debt”
means, at any date, all Debt of the Parent and the Consolidated Restricted Subsidiaries on a consolidated basis of the type described
in clauses (a), (b), (d), (e), (g), (k), (l) and (m) of the definition of “Debt”; provided that Debt of the type described
in clause (g) shall only be considered “Total Debt” to the extent that such guaranty covers Debt of the type described
in clauses (a), (b), (d), (e), (k), (l) or (m) of the definition of “Debt”.

 

    	 	31	 

     

    

 

“Transactions”
means, with respect to (a) the Borrower, the execution, delivery and performance by the Borrower of this Agreement, each other
Loan Document and each Material Document to which it is a party, the borrowing of Loans, the use of the proceeds thereof and the
issuance of Letters of Credit hereunder, and the grant of Liens by the Borrower on Mortgaged Properties and other Properties pursuant
to the Security Instruments; and (b) each Guarantor, the execution, delivery and performance by such Guarantor of each Loan Document
and each Material Document to which it is a party, the guaranteeing of the Secured Obligations and the other obligations under
the Guaranty Agreement by such Guarantor and such Guarantor’s grant of the security interests and provision of Collateral
under the Security Instruments, and the grant of Liens by such Guarantor on Mortgaged Properties and other Properties pursuant
to the Security Instruments.

 

“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the Alternate Base Rate or the Adjusted LIBO Rate.

 

“UK Security
Instruments” has the meaning set forth in Section 12.21.

 

“Unrestricted
Subsidiary” means any Subsidiary of the Parent which the Borrower has designated in writing to the Administrative Agent
to be an Unrestricted Subsidiary pursuant to Section 9.06; provided, that until the Term Loans have been repaid
in full, no Person owning, directly or indirectly, any PELE Assets may be designated as an Unrestricted Subsidiary.

 

“US Dollars”
or “$” refers to lawful money of the United States of America.

 

“USA Patriot
Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001, Pub. L. 107-56, signed into law October 26, 2001, as amended from time to time.

 

“Wholly-Owned
Subsidiary” means (a) any Subsidiary of which all of the issued and/or outstanding Equity Interests (other than any
directors’ qualifying shares mandated by applicable law), on a fully-diluted basis, are owned by the Parent or one or more
of the Wholly-Owned Subsidiaries or are owned by the Parent and one or more of the Wholly-Owned Subsidiaries or (b) any Subsidiary
that is organized or incorporated in a foreign jurisdiction and is required by the applicable laws and regulations of such foreign
jurisdiction to be partially owned by the government of such foreign jurisdiction or individual or corporate citizens of such
foreign jurisdiction; provided that the Parent, directly or indirectly, owns the remaining Equity Interests in such Subsidiary
and, by contract or otherwise, controls the management and business of such Subsidiary and derives economic benefits of ownership
of such Subsidiary to substantially the same extent as if such Subsidiary were a Wholly-Owned Subsidiary.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

Section
1.03         Types of Loans and Borrowings. For purposes of this Agreement,
Loans and Borrowings, respectively, may be classified and referred to by Type (e.g., a “Eurodollar Loan” or
a “Eurodollar Borrowing”).

 

    	 	32	 

     

    

 

Section
1.04         Terms Generally; Rules of Construction. The definitions
of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any
pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes”
and “including” as used in this Agreement shall be deemed to be followed by the phrase “without limitation”.
The word “will” shall be construed to have the same meaning and effect as the word “shall”.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth in the Loan Documents),
(b) any reference herein to any law shall be construed as referring to such law as amended, modified, codified or reenacted, in
whole or in part, and in effect from time to time, (c) any reference herein to any Person shall be construed to include such Person’s
successors and assigns (subject to the restrictions contained in the Loan Documents), (d) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (e) with respect to the determination of any time period,
the word “from” means “from and including” and the word “to” means “to
and including” and (f) any reference herein to Articles, Sections, Annexes, Exhibits and Schedules shall be construed
to refer to Articles and Sections of, and Annexes, Exhibits and Schedules to, this Agreement. No provision of this Agreement or
any other Loan Document shall be interpreted or construed against any Person solely because such Person or its legal representative
drafted such provision.

 

Section
1.05         Accounting Terms and Determinations; GAAP. Unless otherwise
specified herein, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters
hereunder shall be made, and all financial statements and certificates and reports as to financial matters required to be furnished
to the Administrative Agent or the Lenders hereunder shall be prepared, in accordance with GAAP, applied on a basis consistent
with the Financial Statements except for changes in which the Parent’s independent certified public accountants concur and
which are disclosed to Administrative Agent on the next date on which financial statements are required to be delivered to the
Lenders pursuant to Section 8.01(a); provided that, unless the Borrower and the Majority Lenders shall otherwise
agree in writing, no such change shall modify or affect the manner in which compliance with the covenants contained herein is
computed such that all such computations shall be conducted utilizing financial information presented consistently with prior
periods.

 

Section
1.06         Oil and Gas Definitions. For purposes of this Agreement
and the other Loan Documents, the terms “proved reserves” and “proved undeveloped reserves”
have the meaning given such terms from time to time and at the time in question by the Society of Petroleum Engineers of the American
Institute of Mining Engineers.

 

Article
II

The Credits

 

Section
2.01         Term Loan Commitments. Subject to the terms and conditions
set forth herein, each Term Lender agrees to make Term Loans to the Borrower on the Third Amendment Effective Date in an aggregate
principal amount that will not result in (a) the amount of the Term Loan made by such Term Lender hereunder exceeding such Term
Lender’s Term Loan Commitment or (b) the total amount of the Term Loans made by all Term Lenders hereunder exceeding the
total Term Loan Commitments. Once borrowed, the Borrower may not reborrow any portion of the Term Loans that has been repaid or
prepaid, whether in whole or in part. Upon any funding of any Term Loan hereunder by any Term Lender, such Term Lender’s
Term Loan Commitment shall terminate immediately and without further action.

 

    	 	33	 

     

    

 

Section
2.02         Revolving Credit Commitments. Subject to the terms and
conditions set forth herein, each Revolving Credit Lender agrees to make Revolving Loans to the Borrower during the Availability
Period in an aggregate principal amount that will not result in (a) such Revolving Credit Lender’s Revolving Credit Exposure
exceeding such Revolving Credit Lender’s Revolving Credit Commitment or (b) the total Revolving Credit Exposures exceeding
the total Revolving Credit Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein,
the Borrower may borrow, repay and reborrow the Revolving Loans.

 

Section
2.03         Loans and Borrowings.

 

(a)          Borrowings;
Several Obligations. Each Loan shall be made as part of a Borrowing consisting of Loans made by the Lenders ratably in accordance
with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any
other Lender of its obligations hereunder; provided that the Commitments are several and no Lender shall be responsible
for any other Lender’s failure to make Loans as required.

 

(b)          Types
of Loans. Subject to Section 3.03, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans, as
the Borrower may request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic
or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the
obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

 

(c)          Minimum
Amounts; Limitation on Number of Borrowings. At the commencement of each Interest Period for any Eurodollar Borrowing, such
Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000. At the time that
each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less
than $500,000; provided that, notwithstanding the foregoing, an ABR Borrowing may be in an aggregate amount that is equal
to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as
contemplated by Section 2.09(e). Borrowings of more than one Type may be outstanding at the same time; provided
that there shall not at any time be more than a total of eight (8) Eurodollar Borrowings outstanding. Notwithstanding any other
provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing
of a Term Loan if the Interest Period requested with respect thereto would end after the Term Loan Maturity Date or a Borrowing
of a Revolving Loan if the Interest Period requested with respect thereto would end after the Revolving Credit Maturity Date.

 

(d)          Notes
and Colombian Notes. The (i) Revolving Loans made by each Revolving Credit Lender shall be evidenced by a single promissory
note of the Borrower in substantially the form of Exhibit A-1, and a single Colombian Note of the Borrower in form and
substance satisfactory to the Administrative Agent and (ii) Term Loans made by each Term Lender shall be evidenced by a single
promissory note of the Borrower in substantially the form of Exhibit A-2, and a single Colombian Note of the Borrower in
form and substance satisfactory to the Administrative Agent and, dated, in the case of (A) any Lender party hereto as of the date
of this Agreement, as of the date of this Agreement, or (B) any Lender that becomes a party hereto pursuant to an Assignment and
Assumption, as of the effective date of the Assignment and Assumption, payable to such Revolving Lender in a principal amount
equal to its Maximum Revolving Credit Amount or to such Term Lender in a principal amount equal to the principal amount of the
Term Loan held by such Term Lender as in effect on such date, and otherwise duly completed. In the event that any Revolving Credit
Lender’s Maximum Revolving Credit Amount increases or decreases for any reason (whether pursuant to Section 2.07,
Section 12.04(b) or otherwise), the Borrower shall, at the request of such Revolving Credit Lender, deliver or cause to
be delivered on the effective date of such increase or decrease, a new Revolving Credit Note payable to such Revolving Credit
Lender in a principal amount equal to its Maximum Revolving Credit Amount after giving effect to such increase or decrease, and
otherwise duly completed. In the event that any Term Lender’s share of the outstanding Term Loans increases or decreases
for any reason (whether pursuant to Section 12.04(b) or otherwise), the Borrower shall, at the request of such Term Lender,
deliver or cause to be delivered on the effective date of such increase or decrease, a new Term Loan Note payable to such Revolving
Credit Lender in a principal amount equal to its outstanding Term Loans as of such date, and otherwise duly completed. The date,
amount, Type, interest rate and, if applicable, Interest Period of each Loan made by each Lender, and all payments made on account
of the principal thereof, shall be recorded by such Lender on its books for its Notes. Failure to make any such recordation shall
not affect any Lender’s or the Borrower’s rights or obligations in respect of such Loans or affect the validity of
such transfer by any Lender of its Notes.

 

    	 	34	 

     

    

 

Section
2.04         Requests for Borrowings. To request a Borrowing, the Borrower
shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 12:00
noon, New York City time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing,
not later than 12:00 noon, New York City time, on the date of the proposed Borrowing; provided that no such notice shall be required
for any deemed request of an ABR Borrowing to finance the reimbursement of an LC Disbursement as provided in Section 2.09(e).
Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
Administrative Agent of a written Borrowing Request in substantially the form of Exhibit B, and signed by the Borrower.
Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.03:

 

(i)          the
aggregate amount of the requested Borrowing (and, with respect to any Borrowing on the Third Amendment Effective Date, the amount
of the requested Term Loan Borrowing and the amount of the requested Revolving Loan Borrowing, if any);

 

(ii)         the
date of such Borrowing, which shall be a Business Day;

 

(iii)        whether
such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

 

(iv)        in
the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period”;

 

(v)         the
amount of the then effective Borrowing Base, the current total Revolving Credit Exposures (without regard to the requested Borrowing)
and the pro forma total Revolving Credit Exposures (giving effect to the requested Borrowing); and

 

(vi)        the
location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.06.

 

    	 	35	 

     

    

 

If no election as
to the Type of Borrowing is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified
with respect to any requested Eurodollar Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one
month’s duration. Each Borrowing Request shall constitute a representation by the Borrower that the amount of the requested
Borrowing shall not cause (x) the total Revolving Credit Exposures to exceed the total Commitments (i.e., the lesser of
the Aggregate Maximum Revolving Credit Amounts and the then effective Borrowing Base) or (y) the total outstanding Term Loans
to exceed the total Term Loan Commitments.

 

Promptly following
receipt of a Borrowing Request in accordance with this Section 2.04, the Administrative Agent shall advise each Lender
of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

 

Section
2.05         Interest Elections.

 

(a)          Conversion
and Continuance. Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case
of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower
may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Borrowing,
may elect Interest Periods therefor, all as provided in this Section 2.05. The Borrower may elect different options with
respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the
Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate
Borrowing.

 

(b)          Interest
Election Requests. To make an election pursuant to this Section 2.05, the Borrower shall notify the Administrative
Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.04 if the Borrower
were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such
telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
Administrative Agent of a written Interest Election Request in substantially the form of Exhibit C and signed by the Borrower.

 

(c)          Information
in Interest Election Requests. Each telephonic and written Interest Election Request shall specify the following information in
compliance with Section 2.03:

 

(i)          the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different
portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to Section 2.05(c)(ii) and (iii) shall be specified for each resulting Borrowing);

 

(ii)         the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)        whether
the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

 

    	 	36	 

     

    

 

(iv)        if
the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period”.

 

If any such Interest
Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to
have selected an Interest Period of one month’s duration.

 

(d)          Notice
to Lenders by the Administrative Agent. Promptly following receipt of an Interest Election Request, the Administrative Agent
shall advise each Term Lender and/or Revolving Credit Lender, as applicable, of the details thereof and of such Lender’s
portion of each resulting Borrowing.

 

(e)          Effect
of Failure to Deliver Timely Interest Election Request and Events of Default and Borrowing Base Deficiencies on Interest Election.
If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of
the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default
or a Borrowing Base Deficiency has occurred and is continuing: (i) no outstanding Borrowing may be converted to or continued as
a Eurodollar Borrowing (and any Interest Election Request that requests the conversion of any Borrowing to, or continuation of
any Borrowing as, a Eurodollar Borrowing shall be ineffective) and (ii) unless repaid, each Eurodollar Borrowing shall be converted
to an ABR Borrowing at the end of the Interest Period applicable thereto.

 

Section
2.06         Funding of Borrowings.

 

(a)          Funding
by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 2:00 pm, New York City time, to the account of the Administrative Agent most recently designated by it for
such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting
the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request;
provided that ABR Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.09(e) shall
be remitted by the Administrative Agent to the Issuing Bank. Nothing herein shall be deemed to obligate any Lender to obtain the
funds for its Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will
obtain the funds for its Loan in any particular place or manner.

 

(b)          Presumption
of Funding by the Lenders. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed
date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing,
the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section
2.06(a) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if
a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable
Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with
interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the
date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate
and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii)
in the case of the Borrower, the interest rate applicable to ABR Loans that are the same type (i.e. Revolving Loans or Term Loans).
If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included
in such Borrowing.

 

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Section
2.07         Termination of Commitments and Termination and Reduction of
Aggregate Maximum Revolving Credit Amounts.

 

(a)          Scheduled
Termination of Commitments. Notwithstanding anything to the contrary herein, the Term Loan Commitments shall be terminated
in full upon any funding of the Term Loans on the Third Amendment Effective Date and, if the total Term Loan Commitment as of
the Third Amendment Effective Date is not drawn on the Third Amendment Effective Date, any Term Loan Commitments in respect of
the undrawn amount shall automatically be cancelled. Unless previously terminated, the Revolving Credit Commitments shall terminate
on the Revolving Credit Maturity Date. If at any time the Aggregate Maximum Revolving Credit Amounts or the Borrowing Base is
terminated or reduced to zero, then the Revolving Credit Commitments shall terminate on the effective date of such termination
or reduction.

 

(b)          Optional
Termination and Reduction of Aggregate Maximum Revolving Credit Amounts.

 

(i)          The
Borrower may at any time terminate, or from time to time reduce, the Aggregate Maximum Revolving Credit Amounts; provided
that (A) each reduction of the Aggregate Maximum Revolving Credit Amounts shall be in an amount that is an integral multiple of
$100,000 and not less than $1,000,000 and (B) the Borrower shall not terminate or reduce the Aggregate Maximum Revolving Credit
Amounts if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(c)(i), the total
Revolving Credit Exposures would exceed the total Commitments.

 

(ii)         The
Borrower shall notify the Administrative Agent of any election to terminate or reduce the Aggregate Maximum Revolving Credit Amounts
under Section 2.07(b)(i) at least three Business Days prior to the effective date of such termination or reduction, specifying
such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise
the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.07(b)(ii) shall be
irrevocable; provided, that a notice of termination of the Aggregate Maximum Revolving Credit Amounts may be conditioned upon
the effectiveness of other credit facilities or another event, in which case, such notice may be revoked by the Borrower (with
notice to the Administrative Agent on or prior to the specified effective date of such notice of termination) if such condition
is not satisfied. Any termination or reduction of the Aggregate Maximum Revolving Credit Amounts shall be permanent and may not
be reinstated. Each reduction of the Aggregate Maximum Revolving Credit Amounts shall be made ratably among the Lenders in accordance
with each Lender’s Applicable Revolving Credit Percentage.

 

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Section
2.08         Borrowing Base.

 

(a)          Initial
Borrowing Base. For the period from and including the Third Amendment Effective Date to but excluding the first Redetermination
Date thereafter, the amount of the Borrowing Base shall be $185,000,000. Notwithstanding the foregoing, the Borrowing Base may
be subject to further adjustments from time to time pursuant to Section 2.07 or Section 9.11(d).

 

(b)          Scheduled
and Interim Redeterminations. The Borrowing Base shall be redetermined semi-annually in accordance with this Section 2.08
(a “Scheduled Redetermination”), and, subject to Section 2.08(d), such redetermined Borrowing Base
shall become effective and applicable to the Borrower, the Agents, the Issuing Bank and the Revolving Credit Lenders on May 1st
and November 1st of each year, commencing May 1st, 2016. In addition, the Borrower may, by notifying the Administrative Agent
thereof, and the Administrative Agent may, at the direction of the Majority Lenders, by notifying the Borrower thereof, one time
during any 12 month period, each elect to cause the Borrowing Base to be redetermined between Scheduled Redeterminations (an “Interim
Redetermination”) in accordance with this Section 2.08.

 

(c)          Scheduled
and Interim Redetermination Procedure.

 

(i)          Each
Scheduled Redetermination and each Interim Redetermination shall be effectuated as follows: Upon receipt by the Administrative
Agent of (A) the Reserve Report and the certificate required to be delivered by the Borrower to the Administrative Agent, in the
case of a Scheduled Redetermination, pursuant to Section 8.12(a) and (c), and, in the case of an Interim Redetermination,
pursuant to Section 8.12(b) and (c), and (B) such other reports, data and supplemental information, including, without
limitation, the information provided pursuant to Section 8.12(c), as may, from time to time, be reasonably requested by
the Majority Revolving Credit Lenders (the Reserve Report, such certificate and such other reports, data and supplemental information
being the “Engineering Reports”), the Administrative Agent shall evaluate the information contained in the
Engineering Reports and shall, in good faith, propose a new Borrowing Base (the “Proposed Borrowing Base”)
based upon such information and such other information (including, without limitation, the status of title information with respect
to the Oil and Gas Properties as described in the Engineering Reports and the existence of any other Debt) as the Administrative
Agent deems appropriate in its sole discretion and consistent with its normal oil and gas lending criteria as it exists at the
particular time. In no event shall the Proposed Borrowing Base exceed the Aggregate Maximum Revolving Credit Amounts.

 

(ii)         The
Administrative Agent shall notify the Borrower and the Revolving Credit Lenders of the Proposed Borrowing Base (the “Proposed
Borrowing Base Notice”):

 

(A)         in
the case of a Scheduled Redetermination (1) if the Administrative Agent shall have received the Engineering Reports required to
be delivered by the Borrower pursuant to Sections 8.12(a) and (c) in a timely and complete manner, then on or before
the May 15th and November 15th of such year following the date of delivery or (2) if the Administrative
Agent shall not have received the Engineering Reports required to be delivered by the Borrower pursuant to Sections 8.12(a)
and (c) in a timely and complete manner, then promptly after the Administrative Agent has received complete Engineering
Reports from the Borrower and has had a reasonable opportunity to determine the Proposed Borrowing Base in accordance with Section
2.08(c)(i); and

 

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(B)         in
the case of an Interim Redetermination, promptly, and in any event, within fifteen (15) days after the Administrative Agent has
received the required Engineering Reports.

 

(iii)        Any
Proposed Borrowing Base that would increase the Borrowing Base then in effect must be approved by all of the Revolving Credit
Lenders as provided in this Section 2.08(c)(iii); and any Proposed Borrowing Base that would decrease or maintain the Borrowing
Base then in effect must be approved or be deemed to have been approved by the Required Revolving Credit Lenders as provided in
this Section 2.08(c)(iii). Upon receipt of the Proposed Borrowing Base Notice, each Revolving Credit Lender shall have
fifteen (15) days to agree with the Proposed Borrowing Base or disagree with the Proposed Borrowing Base by proposing an alternate
Borrowing Base. If at the end of such fifteen (15) days, any Revolving Credit Lender has not communicated its approval or disapproval
in writing to the Administrative Agent of such Proposed Borrowing Base which would decrease or maintain the Borrowing Base then
in effect, such silence shall be deemed to be an approval of the Proposed Borrowing Base. If, at the end of such 15-day period,
all of the Revolving Credit Lenders, in the case of a Proposed Borrowing Base that would increase the Borrowing Base then in effect
have approved, or the Required Revolving Credit Lenders, in the case of a Proposed Borrowing Base that would decrease or maintain
the Borrowing Base then in effect have approved or deemed to have approved, as aforesaid, then the Proposed Borrowing Base shall
become the new Borrowing Base, effective on the date specified in Section 2.08(d). If, however, at the end of such 15-day
period, all of the Revolving Credit Lenders or the Required Revolving Credit Lenders, as applicable, have not approved or deemed
to have approved, as aforesaid, then the Administrative Agent shall poll the Revolving Credit Lenders to ascertain the highest
Borrowing Base then acceptable to a number of Revolving Credit Lenders sufficient to constitute the Required Revolving Credit
Lenders and, so long as such amount does not increase the Borrowing Base then in effect, such amount shall become the new Borrowing
Base, effective on the date specified in Section 2.08(d).

 

(d)          Effectiveness
of a Redetermined Borrowing Base. After a redetermined Borrowing Base is approved by all of the Revolving Credit Lenders or
approved or deemed to be approved by the Required Revolving Credit Lenders, as applicable, pursuant to Section 2.08(c)(iii),
the Administrative Agent shall notify the Borrower and the Revolving Credit Lenders of the amount of the redetermined Borrowing
Base (the “New Borrowing Base Notice”), and such amount shall become the new Borrowing Base, effective and
applicable to the Borrower, the Administrative Agent, the Issuing Bank and the Revolving Credit Lenders:

 

(i)          in
the case of a Scheduled Redetermination, (A) if the Administrative Agent shall have received the Engineering Reports required
to be delivered by the Borrower pursuant to Sections 8.12(a) and (c) in a timely and complete manner, then on May
1st or November 1st, as applicable, following such notice, or (B) if the Administrative Agent shall not have received the Engineering
Reports required to be delivered by the Borrower pursuant to Sections 8.12(a) and (c) in a timely and complete manner,
then on the Business Day next succeeding delivery of such notice; and

 

(ii)         in
the case of an Interim Redetermination, on the Business Day next succeeding delivery of such notice.

 

Such amount shall
then become the Borrowing Base until the next Scheduled Redetermination Date, the next Interim Redetermination Date or the next
adjustment to the Borrowing Base under Section 2.08(e), Section 2.08(f) or Section 9.11(d), whichever occurs
first. Notwithstanding the foregoing, no Scheduled Redetermination or Interim Redetermination shall become effective until the
New Borrowing Base Notice related thereto is received by the Borrower.

 

    	 	40	 

     

    

 

(e)          Failure
to Cure Title. If the applicable Credit Party does not cure any title defect or discharge any Lien pursuant to Section
8.13(b) to the satisfaction of the Administrative Agent within sixty (60) days following the earlier of (A) the date on which
the Parent or the Borrower shall have given the notice referred to in this Section, (B) the date a Responsible Officer of the
Parent or the Borrower has become aware of such title defect or Lien and (C) the date that the Administrative Agent has notified
the Parent or the Borrower of such title defect or Lien, then the Administrative Agent and the Required Revolving Credit Lenders
may cause the Borrowing Base to be reduced by an amount equal to the value (or such portion thereof which has been impaired) assigned
to such Hydrocarbon Interests in the most recent Borrowing Base.

 

(f)          Reduction
of Borrowing Base Related to Swap Agreements and Asset Dispositions. If any Swap Agreement in respect of commodities to which
the Parent or any Credit Party is a party is Liquidated, and the aggregate the value assigned to the Liquidated portion of such
Swap Agreement in the then effective Borrowing Base, when aggregated with the value assigned to (A) the Liquidated portion of
all Swap Agreements in respect of commodities Liquidated since the last Scheduled Redetermination Date, plus (B) all Oil and Gas
Properties disposed of pursuant to Section 9.11(d) since the last Scheduled Redetermination Date, is in excess of five
percent (5%) of the then effective Borrowing Base, then contemporaneously therewith, the Borrowing Base then in effect shall be
reduced by an amount equal to the value, if any, assigned to the Liquidated portion of such Swap Agreement in the then effective
Borrowing Base, as determined by the Administrative Agent and approved by the by the Majority Revolving Credit Lenders.

 

(g)          The
Borrowing Base shall also be subject to adjustment pursuant to Section 9.11(d).

 

(h)          Determinations;
Adjustments. Notwithstanding any other provision of this Agreement to the contrary, all determinations and redeterminations
and adjustments by the Administrative Agent (and any determinations and decisions by each of the Revolving Credit Lenders or the
Required Revolving Credit Lenders in connection therewith, or in connection with the provisions of Section 9.11(d), including
any thereof approving or disapproving a proposed redetermination or redetermination by the Administrative Agent or effecting any
adjustment to any element included in a Reserve Report or the determination or redetermination of the Borrowing Base) shall be
made by any such Person as it deems appropriate in its sole discretion and consistent with its normal oil and gas lending criteria
as it exists at the particular time, and any such determination, redetermination or adjustment shall consider any other relevant
information or factors, including without limitation, any additional Debt or other obligations that have been incurred or that
the Parent and the Subsidiaries intend or expect to incur that such Person may deem appropriate in its sole discretion.

 

Section
2.09         Letters of Credit.

 

(a)          General.
Subject to the terms and conditions set forth herein, the Borrower may request the issuance of US Dollar denominated Letters of
Credit for its own account or for the account of any of its Subsidiaries, in a form reasonably acceptable to the Administrative
Agent and the Issuing Bank, at any time and from time to time during the Availability Period in an aggregate amount not to exceed
the LC Commitment; provided that the Borrower may not request the issuance, amendment, renewal or extension of Letters
of Credit hereunder if a Borrowing Base Deficiency exists at such time or would exist as a result thereof. In the event of any
inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit
application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Bank relating to
any Letter of Credit, the terms and conditions of this Agreement shall control.

 

    	 	41	 

     

    

 

(b)          Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment,
renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic
communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the Administrative
Agent (not less than five (5) Business Days in advance of the requested date of issuance, amendment, renewal or extension) a notice:

 

(i)          requesting
the issuance of a Letter of Credit or identifying the Letter of Credit to be amended, renewed or extended;

 

(ii)         specifying
the date of issuance, amendment, renewal or extension (which shall be a Business Day);

 

(iii)        specifying
the date on which such Letter of Credit is to expire (which shall comply with Section 2.09(c));

 

(iv)        specifying
the amount of such Letter of Credit;

 

(v)         specifying
the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend
such Letter of Credit; and

 

(vi)        specifying
the amount of the then effective Borrowing Base and whether a Borrowing Base Deficiency exists at such time, the current total
Revolving Credit Exposures (without regard to the requested Letter of Credit or the requested amendment, renewal or extension
of an outstanding Letter of Credit) and the pro forma total Revolving Credit Exposures (giving effect to the requested
Letter of Credit or the requested amendment, renewal or extension of an outstanding Letter of Credit).

 

A Letter of Credit
shall be issued, amended, renewed or extended only if (and each notice shall constitute a representation and warranty by the Borrower
that), after giving effect to the requested issuance, amendment, renewal or extension, as applicable, (i) the LC Exposure shall
not exceed the LC Commitment and (ii) the total Revolving Credit Exposures shall not exceed the total Commitments (i.e.,
the lesser of the Aggregate Maximum Revolving Credit Amounts and the then effective Borrowing Base).

 

If requested by the
Issuing Bank, the Borrower also shall submit a letter of credit application on the Issuing Bank’s standard form in connection
with any request for a Letter of Credit.

 

(c)          Expiration
Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after
the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal
or extension) and (ii) the date that is five Business Days prior to the Revolving Credit Maturity Date.

 

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(d)          Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further
action on the part of the Issuing Bank or the Revolving Credit Lenders, the Issuing Bank hereby grants to each Revolving Credit
Lender, and each Revolving Credit Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit equal
to such Lender’s Applicable Revolving Credit Percentage of the aggregate amount available to be drawn under such Letter
of Credit. In consideration and in furtherance of the foregoing, each Revolving Credit Lender hereby absolutely and unconditionally
agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Revolving Credit Lender’s Applicable
Revolving Credit Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due
as provided in Section 2.09(e), or of any reimbursement payment required to be refunded to the Borrower for any reason.
Each Revolving Credit Lender acknowledges and agrees that its obligation to acquire participations pursuant to this Section
2.09(d) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default, the existence
of a Borrowing Base Deficiency or reduction or termination of the Commitments, and that each such payment shall be made without
any offset, abatement, withholding or reduction whatsoever.

 

(e)          Reimbursement.
If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement
by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on
the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00
a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date,
then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives such notice, if such notice
is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the
day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided
that if such LC Disbursement is not less than $1,000,000, the Borrower shall, subject to the conditions to Borrowing set forth
herein, be deemed to have requested, and the Borrower does hereby request under such circumstances, that such payment be financed
with an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment
shall be discharged and replaced by the resulting ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative
Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect
thereof and such Revolving Credit Lender’s Applicable Revolving Credit Percentage thereof. Promptly following receipt of
such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Revolving Credit Percentage of
the payment then due from the Borrower, in the same manner as provided in Section 2.06 with respect to Loans made by such
Revolving Credit Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving
Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Revolving
Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this Section
2.09(e), the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Revolving Credit
Lenders have made payments pursuant to this Section 2.09(e) to reimburse the Issuing Bank, then to such Revolving Credit
Lenders and the Issuing Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this Section
2.09(e) to reimburse the Issuing Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above)
shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

 

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(f)           Obligations
Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in Section 2.09(e) shall be absolute,
unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all
circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, any Letter of
Credit Agreement or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter
of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any
respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does
not comply with the terms of such Letter of Credit or any Letter of Credit Agreement, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.09(f),
constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder.
Neither the Administrative Agent, the Revolving Credit Lenders nor the Issuing Bank, nor any of their Related Parties shall have
any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment
or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or
any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under
or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation
of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing
shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed
to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law)
suffered by the Borrower that are caused by the Issuing Bank’s failure to exercise care when determining whether drafts
and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that,
in the absence of gross negligence, bad faith or willful misconduct on the part of the Issuing Bank (as finally determined by
a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised all requisite care in each such determination.
In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents
presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may,
in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless
of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not
in strict compliance with the terms of such Letter of Credit.

 

(g)          Disbursement
Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent
a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and the Borrower
by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make an LC Disbursement
thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation
to reimburse the Issuing Bank and the Revolving Credit Lenders with respect to any such LC Disbursement.

 

(h)          Interim
Interest. If the Issuing Bank shall make any LC Disbursement, then, until the Borrower shall have reimbursed the Issuing Bank
for such LC Disbursement (either with its own funds or a Borrowing under Section 2.09(e)), the unpaid amount thereof shall
bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower
reimburses such LC Disbursement, at the rate per annum then applicable to ABR Loans. Interest accrued pursuant to this Section
2.09(h) shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any
Revolving Credit Lender pursuant to Section 2.09(e) to reimburse the Issuing Bank shall be for the account of such Revolving
Credit Lender to the extent of such payment.

 

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(i)          Replacement
of the Issuing Bank. The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative
Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Credit Lenders
of any such replacement of the Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all
unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 3.05(b). From and after the effective date
of any such replacement, (a) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this
Agreement with respect to Letters of Credit to be issued thereafter and (b) references herein to the term “Issuing Bank”
shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks,
as the context shall require. After the replacement of the Issuing Bank hereunder, the replaced Issuing Bank shall remain a party
hereto and shall continue to have all the rights and obligations of the Issuing Bank under this Agreement with respect to Letters
of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

 

(j)          Cash
Collateralization.

 

(i)          If
(A) any Event of Default shall occur and be continuing and the Borrower receives notice from the Administrative Agent or the Majority
Revolving Credit Lenders demanding that the Borrower Cash Collateralize the outstanding LC Exposure pursuant to this Section
2.09(j), (B) the Borrower is required to Cash Collateralize the excess attributable to any LC Exposure in connection with
any prepayment pursuant to Section 3.04(c), or (C) the Borrower is required to Cash Collateralize a Defaulting Lender’s
LC Exposure pursuant to Section 4.03(c)(iii)(B), then the Borrower shall Cash Collateralize such LC Exposure or the excess
attributable to such LC Exposure, as the case may be, as of such date plus any accrued and unpaid interest thereon; provided
that the obligation to Cash Collateralize pursuant to this Section 2.09(j) shall become effective immediately, and
the Borrower’s obligation to Cash Collateralize shall become immediately due and payable, without demand or other notice
of any kind, upon the occurrence of any Event of Default described in Section 10.01(h), Section 10.01(i) or Section
10.01(j).

 

(ii)         The
Borrower hereby grants to the Administrative Agent, for the benefit of the Issuing Bank and the Lenders, an exclusive first priority
and continuing perfected security interest in and Lien on each account (a “Collateral Account”) in which the
Borrower has Cash Collateralized any obligation hereunder and all cash, checks, drafts, certificates and instruments, if any,
from time to time deposited or held in such account, all deposits or wire transfers made thereto, any and all investments purchased
with funds deposited in such account, all interest, dividends, cash, instruments, financial assets and other Property from time
to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing, and all proceeds,
products, accessions, rents, profits, income and benefits therefrom, and any substitutions and replacements therefor (collectively,
the “Cash Collateral”).

 

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(iii)        The
Borrower’s obligation to Cash Collateralize pursuant to this Section 2.09(j) shall be absolute and unconditional,
without regard to whether any beneficiary of any Letter of Credit has attempted to draw down all or a portion of such amount under
the terms of a Letter of Credit, and, to the fullest extent permitted by applicable law, shall not be subject to any defense or
be affected by a right of set-off, counterclaim or recoupment which any Credit Party may now or hereafter have against any such
beneficiary, the Issuing Bank, the Administrative Agent, the Revolving Credit Lenders or any other Person for any reason whatsoever.

 

(iv)        Each
Collateral Account and all Cash Collateral shall secure the payment and performance of the Credit Parties’ obligations under
this Agreement and the other Loan Documents. The Administrative Agent shall have exclusive dominion and control, including the
exclusive right of withdrawal, over each Collateral Account and the Cash Collateral. Other than any interest earned on the investment
of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s
risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in
each Collateral Account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for
LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of
the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated,
be applied to satisfy other obligations of the Credit Parties under this Agreement or the other Loan Documents. If the Borrower
is required to Cash Collateralize hereunder as a result of the occurrence of an Event of Default, and the Borrower is not otherwise
required to pay to the Administrative Agent the excess attributable to any LC Exposure in connection with any prepayment pursuant
to Section 3.04(c) or Cash Collateralize a Defaulting Lender’s LC Exposure pursuant to Section 4.03(c)(iii)(B),
then such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all
Events of Default have been cured or waived.

 

(k)          Use
of Letters of Credit. Notwithstanding anything herein to the contrary, the Issuing Bank shall have no obligation hereunder
to issue, and shall not issue, any Letter of Credit (i) if any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or if any Governmental Requirement
relating to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters
of credit generally or such Letter of Credit in particular or shall impose upon the Issuing Bank with respect to such Letter of
Credit any restriction, reserve or capital requirement (for which the Issuing Bank is not otherwise compensated hereunder) not
in effect on the Effective Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was not applicable
on the Effective Date and which the Issuing Bank in good faith deems material to it, or (ii) if the issuance of such Letter of
Credit would violate one or more policies of the Issuing Bank applicable to letters of credit generally; provided that, notwithstanding
anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines,
requirements or directives thereunder or issued in connection therewith or in the implementation thereof, and (y) all requests,
rules, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant
to Basel III, shall in each case be deemed not to be in effect on the Effective Date for purposes of clause (ii) above, regardless
of the date enacted, adopted, issued or implemented.

 

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(l)           Issuing
Bank Reports to the Administrative Agent. Unless otherwise agreed by the Administrative Agent, any Issuing Bank that is not
the Administrative Agent or an Affiliate thereof shall, in addition to its notification obligations set forth elsewhere in this
Section, report in writing to the Administrative Agent (i) periodic activity (for such period or recurrent periods as shall be
requested by the Administrative Agent) in respect of Letters of Credit issued by the Issuing Bank, including all issuances, extensions,
amendments and renewals, all expirations and cancelations and all disbursements and reimbursements, (ii) reasonably prior to the
time that the Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal
or extension, and the stated amount of the Letters of Credit issued, amended, renewed or extended by it and outstanding after
giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on
each Business Day on which the Issuing Bank makes any LC Disbursement, the date and amount of such LC Disbursement, (iv) on any
Business Day on which the Borrower fails to reimburse an LC Disbursement required to be reimbursed to the Issuing Bank on such
day, the date of such failure and the amount of such LC Disbursement, and (v) on any other Business Day, such other information
as the Administrative Agent shall reasonably request as to the Letters of Credit issued by the Issuing Bank.

 

(m)         LC
Exposure Determination. For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms or the terms
of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be deemed to
be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated
amount is in effect at the time of determination.

 

Section
2.10         Replacements of Lenders under Certain Circumstances.

 

(a)          With
the consent of the Administrative Agent, not to be unreasonably withheld, the Borrower shall be permitted to replace any Lender
that (i) requests reimbursement for amounts owing pursuant to Section 5.01, Section 5.03 or Section 5.05,
(ii) is affected in the manner described in Section 3.03(b) and as a result thereof any of the actions described in
such Section is required to be taken, or (iii) becomes a Defaulting Lender, with a replacement bank, lending institution or other
financial institution; provided that (A) such replacement does not conflict with any requirement of Law, (B) no Event of
Default shall have occurred and be continuing at the time of such replacement, (C) the replacement bank or institution shall purchase,
at par, all Loans of such replaced Lender and the Borrower shall pay all other amounts, including pursuant to Section 5.01,
Section 5.03 or Section 5.05, as the case may be, owing to such replaced Lender prior to the date of replacement,
(D) the replacement bank or institution, if not already a Lender, and the terms and conditions of such replacement, shall be reasonably
satisfactory to the Administrative Agent (and if a Commitment is being assigned, the Issuing Bank), (E) the replaced Lender shall
be obligated to make such replacement in accordance with the provisions of Section 12.04(a) (provided, that
the Borrower shall be obligated to pay the registration and processing fee referred to therein) and (F) any such replacement shall
not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against
the replaced Lender.

 

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(b)          If
any Lender (such Lender, a “Non-Consenting Lender”) (i) has failed to consent to a proposed amendment, waiver,
discharge or termination that pursuant to the terms of Section 12.02 requires the consent of (A) all of the Lenders
affected or the Required Lenders and with respect to which the Majority Lenders shall have granted their consent, or (B) the Required
Revolving Credit Lenders and with respect to which the Majority Revolving Credit Lenders shall have granted their consent, or
(ii) does not approve a proposed increase of the Borrowing Base with respect to which the Required Revolving Credit Lenders shall
have approved such proposed increase, then provided no Event of Default then exists, the Borrower shall have the right (unless
such Non-Consenting Lender grants such consent), with the consent of the Administrative Agent, not to be unreasonably withheld,
to replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans and its Commitments hereunder
to one or more assignees reasonably acceptable to the Administrative Agent (and if a Revolving Credit Commitment is being assigned,
the Letter of Credit Issuer); provided that: (A) all Obligations of the Borrower owing to such Non-Consenting Lender being
replaced (other than principal and interest) shall be paid in full to such Non-Consenting Lender concurrently with such assignment,
and (B) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal
amount thereof plus accrued and unpaid interest thereon. In connection with any such assignment, the Borrower, Administrative
Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 12.04.

 

(c)          Notwithstanding
anything herein to the contrary, each party hereto agrees that any assignment pursuant to the terms of this Section 2.09
may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and
that the Lender making such assignment need not be a party thereto.

 

Article
III

Payments of Principal
and Interest; Prepayments; Fees

 

Section
3.01        Repayment of Loans. The Borrower hereby unconditionally promises
to pay in full to the Administrative Agent (i) for the account of each Term Lender, the outstanding principal amount of such Term
Lender’s Term Loan, together with all accrued interest thereon, on the Term Loan Maturity Date (or, if earlier, on the Term
Loan Termination Date), and (ii) for the account of each Revolving Credit Lender, the then unpaid principal amount of such Revolving
Credit Lender’s Revolving Loans, together with all accrued interest thereon, on the Revolving Loan Termination Date.

 

Section
3.02          Interest.

 

(a)          ABR
Loans. The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin,
but in no event to exceed the Highest Lawful Rate.

 

(b)          Eurodollar
Loans. The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period
in effect for such Borrowing plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate.

 

(c)          Post-Default
Rate. Notwithstanding the foregoing, if an Event of Default has occurred and is continuing, or if any principal of or interest
on any Loan or any fee or other amount payable by any Credit Party hereunder or under any other Loan Document is not paid when
due, whether at stated maturity, upon acceleration or otherwise, and including any payments in respect of a Borrowing Base Deficiency
under Section 3.04(c), then, upon notice thereof to the Borrower from the Administrative Agent, all Loans outstanding,
in the case of an Event of Default, and such overdue amount, in the case of a failure to pay amounts when due, shall bear interest,
after as well as before judgment, at a rate per annum equal to two percent (2%) plus (i) in the case of overdue principal, the
rate that would otherwise be applicable thereto, and (ii) in the case of all other overdue amounts, to the extent permitted by
applicable law, the rate applicable to ABR Loans as provided in Section 3.02(a), but in no event to exceed the Highest
Lawful Rate. References in this subsection (c) to the Applicable Margin refer, in the case of Term Loans, to the Applicable
Margin for Term Loans and refer, in the case of all other amounts owing under any Loan Documents (including but not limited to
Revolving Loans), to the Applicable Margin for Revolving Loans.

 

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(d)          Interest
Payment Dates. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and (i)
in the case of Revolving Loans on the Revolving Loan Termination Date and (ii) in the case of Term Loans, on the Term Loan Maturity
Date (or, if earlier, on the Term Loan Termination Date); provided that (i) interest accrued pursuant to Section
3.02(c) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than an optional prepayment
of an ABR Loan prior to the Revolving Loan Termination Date), accrued interest on the principal amount repaid or prepaid shall
be payable on the date of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Loan prior
to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such
conversion.

 

(e)          Interest
Rate Computations. All interest hereunder shall be computed on the basis of a year of 360 days, unless such computation would
exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a
leap year), except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based
on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be
payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base
Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive
absent manifest error, and be binding upon the parties hereto.

 

Section
3.03        Alternate Rate of Interest. If prior to the commencement of
any Interest Period for a Eurodollar Borrowing:

 

(a)          the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means
do not exist for ascertaining (including, without limitation, by means of an Interpolated Rate) the Adjusted LIBO Rate or the
LIBO Rate for such Interest Period; or

 

(b)          the
Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or LIBO Rate, as applicable, for such Interest
Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing
for such Interest Period;

 

then the Administrative Agent shall give notice
thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative
Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest
Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing
shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made either as
an ABR Borrowing or at an alternate rate of interest determined by the Required Lenders as their cost of funds.

 

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Section
3.04        Prepayments.

 

(a)          Optional
Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part,
subject to prior notice in accordance with Section 3.04(b).

 

(b)          Notice
and Terms of Optional Prepayment. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy)
of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 12:00 noon, New York City
time, three Business Days before the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not later than
12:00 noon, New York City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall
specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid (and specify whether Revolving
Loans or Term Loans are being prepaid); provided, that a notice of prepayment of all outstanding Loans may be conditioned
upon the effectiveness of other credit facilities or another event, in which case, such notice may be revoked by the Borrower
(with notice to the Administrative Agent on or prior to the specified effective date of such notice of termination) if such condition
is not satisfied. Promptly following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise
the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in
the case of an advance of a Borrowing of the same Type as provided in Section 2.03. Each prepayment of a Borrowing shall
be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the
extent required by Section 3.02 and any payments to the extent required by Section 5.02.

 

(c)          Mandatory
Prepayments.

 

(i)          If,
after giving effect to any termination or reduction of the Aggregate Maximum Revolving Credit Amounts pursuant to Section 2.07(b),
the total Revolving Credit Exposures exceeds the total Commitments, then the Borrower shall (A) prepay the Borrowings of Revolving
Loans on the date of such termination or reduction in an aggregate principal amount equal to such excess, and (B) if any excess
remains after prepaying all of the Borrowings of the Revolving Loans as a result of any LC Exposure, Cash Collateralize such excess
as provided in Section 2.09(j).

 

(ii)         Upon
any redetermination of or adjustment to the amount of the Borrowing Base in accordance with Section 2.08(a) through (d),
if the total Revolving Credit Exposures exceeds the redetermined or adjusted Borrowing Base, then the Borrower shall (A) prepay
the Borrowings of Revolving Loans in an aggregate principal amount equal to such excess and/or add to the Mortgaged Property Oil
and Gas Properties having value, as determined by the Administrative Agent and the Required Revolving Credit Lenders, equal to
or greater than such excess, or a combination thereof and (B) if any excess remains after prepaying all of the Borrowings of Revolving
Loans or adding such Oil and Gas Properties to the Mortgaged Property as a result of any LC Exposure, Cash Collateralize such
excess as provided in Section 2.09(j). The Borrower shall be obligated to make such prepayment, add such Oil and Gas Properties
and/or Cash Collateralize such excess (A) in the case of a redetermination pursuant to Section 2.08(a) through (d),
no later than the date that is 90 days following the date it receives the New Borrowing Base Notice in accordance with Section
2.08(d); and (B) in the case of adjustment pursuant to Section 2.08(e) on the date the adjustment occurs; provided
that all payments required to be made pursuant to this Section 3.04(c)(ii) must be made on or prior to the Revolving Loan
Termination Date.

 

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(iii)        Upon
any adjustments to the Borrowing Base pursuant to Section 2.08(f) or Section 9.11(d), if the total Revolving Credit
Exposures exceeds the Borrowing Base as adjusted, then the Borrower shall (A) prepay the Borrowings of Revolving Loans in an aggregate
principal amount equal to such excess or add to the Mortgaged Property Oil and Gas Properties having value, as determined by the
Administrative Agent and the Required Revolving Credit Lenders, equal to or greater than such excess, or implement a combination
thereof, and (B) if any excess remains after prepaying all of the Borrowings of Revolving Loans or adding such Oil and Gas Properties
to the Mortgaged Property as a result of any LC Exposure, Cash Collateralize such excess as provided in Section 2.09(j).
The Borrower shall be obligated to make such prepayment, add such Oil and Gas Properties and/or Cash Collateralize such excess
in the case of an adjustment to the Borrowing Base pursuant to Section 2.08(f) or Section 9.11(d), on or prior to
the Business Day following the date that the relevant Liquidation, sale or other disposition occurs; provided that all payments
required to be made pursuant to this Section 3.04(c)(iii) must be made on or prior to the Revolving Loan Termination Date.

 

(iv)       No
later than the date that is 2 Business Days following the incurrence of Debt by any Credit Party (other than Debt incurred pursuant
to Sections 9.02(a), (b), (c), (d), (e)(i), (e)(ii) or (e)(iv), (f) or
(j)) or upon any increase of then effective Borrowing Base under this Agreement, the Borrower shall prepay the Term Loans
in an aggregate amount equal to one hundred percent (100%) of the Net Cash Proceeds received in respect of such Debt (or,
with respect to any increase of the then effective Borrowing Base, the amount of such increase of the then effective Borrowing
Base). Nothing in this paragraph is intended to permit any Credit Party to incur Debt other than as permitted under Section
9.02, and any such incurrence of Debt in violation of Section 9.02 shall be a breach of this Agreement.

 

(v)        No
later than the date that is 2 Business Days following the date of the sale or other disposition (including, without limitation,
as a result of a Casualty Event) of any Property pursuant to Sections 9.11(d) or (e), the Borrower shall, after
giving effect to any mandatory prepayments under Section 3.04(c)(iii), prepay the Term Loans in an aggregate amount equal
to one hundred percent (100%) of such Net Cash Proceeds received as a result of such sale or other disposition. Nothing in this
paragraph is intended to permit any Credit Party to sell Property in breach of Section 9.11, and any such sale in violation
of Section 9.11 will constitute a breach of this Agreement.

 

(vi)       No
later than the date that is 2 Business Days following the date of the receipt by any Credit Party of Net Cash Proceeds from a
Permitted Equity Issuance (other than (A) the issuance of common Equity Interests as required by any employee stock plan or similar
arrangement of the Credit Parties permitted by this Agreement and (B) any Permitted Equity Issuance the proceeds of which are
used to pay a portion of the consideration for the PELE Acquisition) the Borrower shall prepay the Term Loans in an aggregate
amount equal to one hundred percent (100%) of the Net Cash Proceeds received in respect of such Permitted Equity Issuance.

 

(vii)      Each
prepayment of Borrowings pursuant to this Section 3.04 shall be first applied ratably to any ABR Borrowings then outstanding
and thereafter to any Eurodollar Borrowings then outstanding, and if more than one Eurodollar Borrowing is then outstanding, to
each such Eurodollar Borrowing in order of priority beginning with the Eurodollar Borrowing with the least number of days remaining
in the Interest Period applicable thereto and ending with the Eurodollar Borrowing with the most number of days remaining in the
Interest Period applicable thereto.

 

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(viii)     Each
prepayment of Borrowings pursuant to this Section 3.04(c) shall be applied ratably to the Loans included in the prepaid
Borrowings. Prepayments pursuant to this Section 3.04(c) shall be accompanied by accrued interest to the extent required
by Section 3.02.

 

(ix)        Notwithstanding
anything to the contrary herein, if a Borrowing Base Deficiency exists at the time any mandatory prepayment of Loans is required
hereunder, or at the time any optional prepayment is tendered in respect of the Term Loans, any such prepayment amounts shall
be applied first to prepay Revolving Loans and/or to Cash Collateralize such excess as provided in Section 2.09(j), and
thereafter to the prepayment of the Term Loans.

 

(d)          No
Premium or Penalty. Prepayments permitted or required under this Section 3.04 shall be without premium or penalty,
except as required under Section 5.02.

 

(e)          Excess
Cash Balances. If at any time while Revolving Loans are outstanding the Credit Parties have any cash equivalents (other than
Excluded Cash) in excess of $35,000,000 in the aggregate at any time for a period of three Business Days (the “Excess
Cash”), the Borrower shall, on the following Business Day (i) prepay the Borrowings in an aggregate principal amount
equal to such excess and (ii) if any excess remains after prepaying all of the Borrowings of Revolving Loans as a result of any
LC Exposure, Cash Collateralize such excess as provided in Section 2.09(j). Each prepayment of Borrowings of Revolving
Loans pursuant to this Section 3.04(e) shall be applied, first, ratably to any ABR Borrowings then outstanding,
and, second, to any Eurodollar Borrowings then outstanding, and if more than one Eurodollar Borrowing is then outstanding,
to each such Eurodollar Borrowing in order of priority beginning with the Eurodollar Borrowing with the least number of days remaining
in the Interest Period applicable thereto and ending with the Eurodollar Borrowing with the most number of days remaining in the
Interest Period applicable thereto. Each prepayment of Borrowings of Revolving Loans pursuant to this Section 3.04(e) shall
be applied ratably to the Revolving Loans included in the prepaid Borrowings. Prepayments pursuant to this Section 3.04(e)
shall be accompanied by accrued interest to the extent required by Section 3.02.

 

Section
3.05         Fees.

 

(a)          Revolving
Credit Commitment Fees. Subject to Section 4.03(c)(i), the Borrower agrees to pay to the Administrative Agent for the
account of each Revolving Credit Lender a commitment fee, which shall accrue at the Revolving Credit Commitment Fee Rate on the
average daily amount of the unused amount of the Revolving Credit Commitment of such Revolving Credit Lender during the period
from and including the date of this Agreement to but excluding the Revolving Loan Termination Date (it being understood that the
LC Exposure shall constitute usage of the Revolving Credit Commitments for purposes of this Section 3.05(a)). Accrued revolving
credit commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on
the Revolving Loan Termination Date, commencing on the first such date to occur after the Effective Date. All commitment fees
shall be computed on the basis of a year of 360 days, unless such computation would exceed the Highest Lawful Rate, in which case
such commitment fees shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for
the actual number of days elapsed (including the first day but excluding the last day).

 

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(b)          Letter
of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Credit Lender
a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin
used to determine the interest rate applicable to Eurodollar Loans on the average daily amount of such Revolving Credit Lender’s
LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including
the date of this Agreement to but excluding the later of the date on which such Revolving Credit Lender’s Commitment terminates
and the date on which such Revolving Credit Lender ceases to have any LC Exposure, (ii) to the Issuing Bank a fronting fee, which
shall accrue at the rate of 0.250% per annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable
to unreimbursed LC Disbursements) during the period from and including the date of this Agreement to but excluding the later of
the date of termination of the Commitments and the date on which there ceases to be any LC Exposure; provided that in no
event shall such fee be less than $500 during any quarter, and (iii) to the Issuing Bank, for its own account, its standard fees
with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation
fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall be
payable on the third Business Day following such last day, commencing on the first such date to occur after the date of this Agreement;
provided that all such fees shall be payable on the Revolving Loan Termination Date and any such fees accruing after the
Revolving Loan Termination Date shall be payable on demand. Upon notice thereof to the Borrower from the Administrative Agent,
during the continuation of an Event of Default, the fees payable pursuant to this Section 3.05(b) shall increase by 2.00%
per annum over the then-applicable rate. Any other fees payable to the Issuing Bank pursuant to this Section 3.05(b) shall
be payable within 10 days after demand. All participation and fronting fees shall be computed on the basis of a year of 360 days,
unless such computation would exceed the Highest Lawful Rate, in which case such fees shall be computed on the basis of a year
of 365 days (or 366 days in a leap year), and shall be payable for the actual number of days elapsed (including the first day
but excluding the last day).

 

(c)          Fee
Letter. The Borrower agrees to pay to the Administrative Agent, for the account of each Person therein specified, the fees
payable in the amounts and at the times stated in the Fee Letter.

 

Article
IV

Payments; Pro Rata Treatment;
Sharing of Set-offs

 

Section
4.01         Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

 

(a)          Payments
by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest,
fees or reimbursement of LC Disbursements, or of amounts payable under Section 5.01, Section 5.02, Section 5.03
or otherwise) prior to 1:00 pm, New York City time, on the date when due, in immediately available funds, without defense,
deduction, recoupment, set-off or counterclaim. Fees, once paid, shall be fully earned and shall not be refundable under any circumstances.
Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received
on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative
Agent at its offices specified in Section 12.01, except payments to be made directly to the Issuing Bank as expressly provided
herein and except that payments pursuant to Section 5.01, Section 5.02, Section 5.03 and Section 12.03
shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received
by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder
shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day,
and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments
hereunder shall be made in US Dollars.

 

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(b)          Application
of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative Agent to pay
fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied
(i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto
in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of
principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with
the amounts of principal and unreimbursed LC Disbursements then due to such parties.

 

(c)          Sharing
of Payments by Lenders. If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment
in respect of any principal of or interest on any of its Loans or participations in LC Disbursements resulting in such Lender
receiving payment of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and accrued
interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase
(for cash at face value) participations in the Loans and participations in LC Disbursements of other Lenders to the extent necessary
so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal
of and accrued interest on their respective Loans and participations in LC Disbursements; provided that (i) if any such
participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall
be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this
Section 4.01(c) shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with
the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary
or Affiliate thereof (as to which the provisions of this Section 4.01(c) shall apply). The Borrower consents to the foregoing
and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to
the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

Section
4.02         Presumption of Payment by the Borrower. Unless the Administrative
Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for
the account of the Lenders or the Issuing Bank that the Borrower will not make such payment, the Administrative Agent may assume
that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute
to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such
payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including
the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of
the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation.

 

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Section
4.03         Defaulting Lenders.

 

(a)          If
any Lender shall fail to make any payment required to be made by it pursuant to Section 2.06(b), Section 2.09(d),
Section 2.09(e), Section 4.02, Section 5.03(f) or Section 12.03(c), then the Administrative Agent
may, in its sole discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the
Administrative Agent for the account of such Lender for the benefit of the Administrative Agent or the Issuing Bank to satisfy
such Lender’s obligations to it under such Sections until all such unsatisfied obligations are fully paid in cash, and/or
(ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations
of such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative
Agent in its sole discretion.

 

(b)          If
a Defaulting Lender (or a Lender who would be a Defaulting Lender but for the expiration of the relevant grace period) as a result
of the exercise of a set-off shall have received a payment in respect of its Revolving Credit Exposure which results in its Revolving
Credit Exposure being less than its Applicable Revolving Credit Percentage of the aggregate Revolving Credit Exposures, then no
payments will be made to such Defaulting Lender until such time as such Defaulting Lender shall have complied with Section
4.03(c) and all amounts due and owing to the Lenders have been equalized in accordance with each Revolving Credit Lender’s
respective pro rata share of the Secured Obligations. Further, if at any time prior to the acceleration or maturity of the Loans,
the Administrative Agent shall receive any payment in respect of principal of a Loan or a reimbursement of an LC Disbursement
while one or more Defaulting Lenders shall be party to this Agreement, the Administrative Agent shall apply such payment first
to the Borrowing(s) for which such Defaulting Lender(s) shall have failed to fund its pro rata share until such time as such Borrowing(s)
are paid in full or each Lender (including each Defaulting Lender) is owed its Applicable Revolving Credit Percentage of all Revolving
Credit Loans then outstanding and Applicable Term Loan Percentage of the Term Loans. After acceleration or maturity of the Loans,
subject to the first sentence of this Section 4.03(b), all principal will be paid ratably as provided in Section 10.02(c).

 

(c)          Notwithstanding
any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall
apply for so long as such Lender is a Defaulting Lender:

 

(i)          Fees
shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 3.05.

 

(ii)         The
Commitment, the Maximum Revolving Credit Amount, the Revolving Credit Exposure and the Term Loans of such Defaulting Lender shall
not be included in determining whether all Lenders, the Required Revolving Credit Lenders, the Majority Revolving Credit Lenders,
the Required Lenders or the Majority Lenders have taken or may take any action hereunder (including any consent to any amendment
or waiver pursuant to Section 12.02); provided that (A) any waiver, amendment or modification requiring the consent
of each Lender or each affected Lender pursuant to Section 12.02 (other than Section 12.02(b)(ii)), shall require
the consent of such Defaulting Lender and (B) any redetermination, whether an increase, decrease or affirmation, of the Borrowing
Base shall occur without the participation of such Defaulting Lender, but the Revolving Credit Commitment (i.e., such Defaulting
Lender’s Applicable Revolving Credit Percentage of the Borrowing Base) of such Defaulting Lender may not be increased without
the consent of such Defaulting Lender.

 

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(iii)        If
any LC Exposure exists at the time a Lender becomes a Defaulting Lender then:

 

(A)          all
or any part of the LC Exposure of such Defaulting Lender shall be reallocated among the Non-Defaulting Lenders in accordance with
their respective Applicable Revolving Credit Percentage (for the purposes of such reallocation the Defaulting Lender’s Commitment
shall be disregarded in determining the Non-Defaulting Lender’s Applicable Revolving Credit Percentage) but only to the
extent (x) the sum of all Non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s LC Exposure
does not exceed the total of all Non-Defaulting Lenders’ Commitments, (y) the conditions set forth in Section 6.02
are satisfied at such time, and (z) the sum of each Non-Defaulting Lender’s Revolving Credit Exposure plus its reallocated
share of such Defaulting Lender’s LC Exposure does not exceed such Non-Defaulting Lender’s Commitment; provided
that, subject to Section 12.20, no such reallocation will constitute a waiver or release of any claim the Borrower, the Administrative
Agent, the Issuing Bank or any Lender may have against such Defaulting Lender or cause such Defaulting Lender to be a Non-Defaulting
Lender;

 

(B)          if
the reallocation described in Section 4.03(c)(iii)(A) cannot, or can only partially, be effected, then the Borrower shall
within one Business Day following notice by the Administrative Agent Cash Collateralize for the benefit of the Issuing Bank only
the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial
reallocation pursuant to Section 4.03(c)(iii)(A)) pursuant to Section 2.09(j) for so long as such LC Exposure is
outstanding;

 

(C)          if
the Borrower Cash Collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to Section 4.03(c)(iii)(B),
then the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.05(b) with respect
to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is Cash Collateralized;

 

(D)          if
the LC Exposure of the Non-Defaulting Lenders is reallocated pursuant to Section 4.03(c)(iii)(A), then the fees payable
to the Lenders pursuant to Section 3.05(a) and Section 3.05(b) shall be adjusted in accordance with such Non-Defaulting
Lenders’ Applicable Revolving Credit Percentages; and

 

(E)          if
all or any portion of such Defaulting Lender’s LC Exposure is neither Cash Collateralized nor reallocated pursuant to Section
4.03(c)(iii), then, without prejudice to any rights or remedies of the Issuing Bank or any Lender hereunder, all commitment
fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s
Commitment that was utilized by such LC Exposure) and all letter of credit fees payable under Section 3.05(b) with respect
to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until such LC Exposure is Cash Collateralized
and/or reallocated.

 

If (i) a Bankruptcy Event
or Bail-in Action with respect to a Lender Parent of any Lender shall occur following the date hereof and for so long as such
event shall continue or (ii) the Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations
under one or more other agreements in which such Lender commits to extend credit, the Issuing Bank shall not be required to issue,
amend or increase any Letter of Credit, unless the Issuing Bank shall have entered into arrangements with the Borrower or such
Lender, satisfactory to the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.

 

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(d)          In
the event that the Administrative Agent, the Borrower and the Issuing Bank each agrees that a Defaulting Lender has adequately
remedied all matters that caused such Lender to be a Defaulting Lender and such Lender is no longer a Defaulting Lender, then
the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date,
if necessary, such Lender shall purchase at par such of the Loans and/or participations in Letters of Credit of the other Lenders
as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its
Applicable Percentage; provided that no adjustments will be made retroactively with respect to fees accrued while such
Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the
affected parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any
claim of any party hereunder arising from such Lender having been a Defaulting Lender.

 

Article
V

Increased Costs; Break
Funding Payments; Taxes; Illegality

 

Section
5.01         Increased Costs.

 

(a)          Eurodollar
Changes in Law. If any Change in Law shall:

 

(i)          impose,
modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account
of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate);

 

(ii)          subject
any Lender or the Issuing Bank to any Taxes (other than Indemnified Taxes described in Section 5.03 or Excluded Taxes) on its
loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto; or

 

(iii)          impose
on any Lender or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender;

 

and the result of any of the foregoing shall
be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make
any such Loan) or to reduce the amount of any sum received or receivable by such Lender or the Issuing Bank (whether of principal,
interest or otherwise), then the Borrower will pay to such Lender, the Issuing Bank or the Administrative Agent such additional
amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

 

(b)          Capital
Requirements. If any Lender or the Issuing Bank determines that any Change in Law regarding capital requirements has or would
have the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of
such Lender’s or the Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made
by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level
below that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the
policies of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy), then from time
to time the Borrower will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts as will
compensate such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction
suffered.

 

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(c)          Certificates.
A certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing
Bank or its holding company, as the case may be, as specified in Section 5.01(a) or (b) shall be delivered to the
Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Bank, as the case may
be, the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(d)          Effect
of Failure or Delay in Requesting Compensation. Failure or delay on the part of any Lender or the Issuing Bank to demand compensation
pursuant to this Section 5.01 shall not constitute a waiver of such Lender’s or the Issuing Bank’s right to
demand such compensation; provided that the Borrower shall not be required to compensate a Lender or the Issuing Bank pursuant
to this Section 5.01 for any increased costs or reductions incurred more than 365 days prior to the date that such Lender
or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided further
that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 365-day period referred
to above shall be extended to include the period of retroactive effect thereof.

 

Section
5.02         Break Funding Payments. In the event of (a) the payment
of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result
of an Event of Default), (b) the conversion of any Eurodollar Loan into an ABR Loan other than on the last day of the Interest
Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in
any notice delivered pursuant hereto, or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest
Period applicable thereto as a result of a request by the Borrower pursuant to Section 5.04, then, in any such event, the
Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan,
such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any,
of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the
Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of
the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would
have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for
such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for US Dollar
deposits of a comparable amount and period from other banks in the eurodollar market.

 

A certificate of any Lender
setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section 5.02 shall be delivered
to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any
such certificate within 10 days after receipt thereof.

 

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Section
5.03         Taxes.

 

(a)          Payments
Free of Taxes. Any and all payments by or on account of any obligation of any Credit Party under any Loan Document shall be
made free and clear of and without deduction for any Taxes, except as required by applicable law; provided that if any
Credit Party or the Administrative Agent shall be required to deduct any Taxes from such payments, then (i) in the case of Indemnified
Taxes or Other Taxes, the sum payable by the applicable Credit Party shall be increased as necessary so that after making all
required deductions (including deductions applicable to additional sums payable under this Section 5.03(a)), the Administrative
Agent, Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions
been made, (ii) such Credit Party or the Administrative Agent shall make such deductions and (iii) such Credit Party or the Administrative
Agent shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

 

(b)          Payment
of Other Taxes by the Credit Parties. The Credit Parties shall timely pay to the relevant Governmental Authority in accordance
with applicable law, or at the option of the Administrative Agent timely reimburse the Administrative Agent for the payment of
any Other Taxes.

 

(c)          Indemnification
by the Credit Parties. The Credit Parties shall jointly and severally indemnify the Administrative Agent, each Lender and
the Issuing Bank, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid
by the Administrative Agent, such Lender or the Issuing Bank, as the case may be, on or with respect to any payment by or on account
of any obligation of the Borrower or any other Credit Party hereunder or in connection with any Loan Document or required to be
withheld or deducted from a payment to the Administrative Agent, such Lender or the Issuing Bank (including Indemnified Taxes
or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 5.03) and any penalties, interest
and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate of the Administrative Agent, a Lender or
the Issuing Bank setting forth in reasonable detail the amount of such payment or liability under this Section 5.03 shall
be delivered to the Borrower and shall be conclusive absent manifest error.

 

(d)          Evidence
of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by any Credit Party to a Governmental
Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent.

 

(e)          Tax
Documentation. Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments under
this Agreement or any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time
or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation
reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or
at a reduced rate. Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or
inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent
in writing of its legal inability to do so. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in the immediately succeeding sentence
below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject
such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such
Lender. Without limiting the generality of the foregoing, if a payment made to a Lender under any Loan Document would be subject
to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements
of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the
Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by
the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i)
of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary
for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for purposes of this Section 5.03(e), “FATCA” shall include any amendments made to FATCA after
the date of this Agreement.

 

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(f)          Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for
(i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the
Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 12.04(c)(ii) relating to the maintenance
of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by
the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such
Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
amount due to the Administrative Agent under this Section 5.03(f).

 

(g)          Tax
Refunds. If the Administrative Agent or a Lender determines, in its sole discretion, that it has received a refund of any
Indemnified Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has
paid additional amounts pursuant to this Section 5.03, it shall pay over such refund to the Borrower (but only to the extent
of indemnity payments made, or additional amounts paid, by the Borrower under this Section 5.03 with respect to the Indemnified
Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Administrative Agent or
such Lender incurred as a result of receiving such refund or in connection with paying over such refund and without interest (other
than any interest paid by the relevant Governmental Authority with respect to such refund); provided that the Borrower,
upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event
the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this paragraph (g), in no event will the Administrative Agent or a Lender be required to pay any amount to
the Borrower pursuant to this paragraph (g) the payment of which would place the Administrative Agent or such Lender in a less
favorable net after-Tax position than the Administrative Agent or such Lender would have been in if the Tax subject to indemnification
and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This Section 5.03 shall not be construed to require the Administrative
Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential)
to the Borrower or any other Person.

 

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(h)          Defined
Term. For purposes of this Section 5.03, the term “Lender” includes Issuing Bank and, for the avoidance of doubt,
the term “applicable law” includes FATCA.

 

Section
5.04         Designation of Different Lending Office. If any Lender
requests compensation under Section 5.01, or if the Borrower is required to pay any additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to Section 5.03, then such Lender shall use reasonable
efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(a) would eliminate or reduce amounts payable pursuant to Section 5.01 or Section 5.03, as the case may be, in the
future and (b) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be materially disadvantageous
to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with
any such designation or assignment.

 

Section
5.05         Illegality. Notwithstanding any other provision of this
Agreement, in the event that it becomes unlawful for any Lender or its applicable lending office to honor its obligation to make
or maintain Eurodollar Loans, including without limitation any illegality due to any economic or financial Sanctions, either generally
or having a particular Interest Period hereunder, then (a) such Lender shall promptly notify the Borrower and the Administrative
Agent thereof and such Lender’s obligation to make such Eurodollar Loans shall be suspended (the “Affected Loans”)
until such time as such Lender may again make and maintain such Eurodollar Loans and (b) all Affected Loans which would otherwise
be made by such Lender shall be made instead as ABR Loans (and, if such Lender so requests by notice to the Borrower and the Administrative
Agent, all Affected Loans of such Lender then outstanding shall be automatically converted into ABR Loans on the date specified
by such Lender in such notice) and, to the extent that Affected Loans are so made as (or converted into) ABR Loans, all payments
of principal which would otherwise be applied to such Lender’s Affected Loans shall be applied instead to its ABR Loans.

 

Article
VI

Conditions Precedent

 

Section
6.01         Effective Date. The obligations of the Lenders to make
Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which each of
the following conditions is satisfied (or waived in accordance with Section 12.02):

 

(a)          The
Administrative Agent, the Global Coordinator, the Arrangers and the Lenders shall have received all arrangement and agency fees
and all other fees and amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement
or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder (including, without limitation,
the fees and expenses of Vinson & Elkins LLP, Posse, Herrera & Ruiz S.A., McCarthy Tétrault, Appleby (Cayman) Ltd.,
Appleby (Bermuda) Ltd., counsel to the Administrative Agent).

 

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(b)          The
Administrative Agent shall have received a certificate of the Secretary, an Assistant Secretary or another officer of each Credit
Party setting forth (i) resolutions of its board of directors or other applicable governing body with respect to the authorization
of such Credit Party to execute and deliver the Loan Documents to which it is a party and to enter into the transactions contemplated
in those documents, (ii) the directors and/or officers of such Credit Party (y) who are authorized to sign the Loan Documents
to which such Credit Party is a party and (z) who will, until removed from the board of directors or replaced by another officer
or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices
and other communications in connection with this Agreement and the transactions contemplated hereby, (iii) specimen signatures
of such authorized directors and/or officers, and (iv) the articles or certificate of incorporation and bylaws or memorandum and
articles of association (or other organizational documents) of such Credit Party, certified as being true and complete. The Administrative
Agent and the Lenders may conclusively rely on such certificate until the Administrative Agent receives notice in writing from
the Borrower to the contrary.

 

(c)          The
Administrative Agent shall have received certificates of the appropriate Governmental Authorities with respect to the existence,
qualification and good standing of each Credit Party.

 

(d)          The
Administrative Agent shall have received from each party hereto counterparts (in such number as may be requested by the Administrative
Agent) of this Agreement signed on behalf of such party.

 

(e)          The
Administrative Agent shall have received duly executed Notes and the Colombian Notes payable to each Lender in a principal amount
equal to its Maximum Revolving Credit Amount dated as of the Effective Date.

 

(f)          The
Administrative Agent shall have received from each party thereto duly executed counterparts (in such number as may be requested
by the Administrative Agent) of the Security Instruments, including the Guaranty Agreement, the Bermuda Security Documents, the
Colombian Security Documents, the Cayman Security Documents, the Canadian Security Documents, and the other Security Instruments
described on Exhibit E, together with share certificates, share transfer instruments, registers, direction letters, acknowledgement
notices, memoranda and any other documents in connection with the Liens created thereby as the Administrative Agent may reasonably
require, and in the case of the Colombian Security Documents, duly filed and (if applicable) recorded before the competent Registry
of Security over Movable Assets substantially concurrently with the Effective Date. In connection with the execution and delivery
of the Security Instruments, the Administrative Agent shall have received:

 

(i)          appropriate
governmental or third party search certificates (including, if applicable, UCC search certificates) as it may require reflecting
no prior Liens encumbering the Properties of the Credit Parties for each of the following jurisdictions: Colombia, the Cayman
Islands, Alberta, Delaware, District of Columbia, Nevada, Utah, and any other jurisdiction reasonably requested by the Administrative
Agent; other than those being assigned or released on or prior to the Effective Date or Liens permitted by Section 9.03.

 

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(ii)         evidence
satisfactory to it that all loans and other amounts owing under the Existing Credit Agreement have been (or contemporaneously
herewith are being) repaid in full and all commitments thereunder have been terminated or cancelled and that all Liens in the
countries of the United States of America, Canada, Bermuda and the Cayman Islands on the Properties of the Credit Parties associated
with the Existing Credit Agreement have been released or terminated or assigned to the Administrative Agent, subject only to the
filing of applicable terminations, releases or assignments.

 

(iii)        evidence
satisfactory to it that all Liens on the Properties of Parent and its Subsidiaries on file with the Registry of Security Over
Movable Assets in Colombia in connection with the Existing Credit Agreement shall have been released or terminated.

 

(iv)        evidence
satisfactory to the Administrative Agent that the ANH has recognized each Colombian Branch as the operator of record of the entire
right, title, state and interest in, each Concession Agreement to which it is a party.

 

(v)         evidence
satisfactory to it that (A) each Guarantor has guaranteed the Secured Obligations pursuant to the Guaranty Agreement and (B) the
Security Instruments create first priority, perfected Liens (other than Excepted Liens) on all of the economic rights of Petrolifera
and Gran Tierra Energy Colombia under each Concession Agreement to which each is a party.

 

(vi)        deliver
a notification to the Offtaker under each Offtake Agreement (other than the Colombian Peso Offtake Agreements) to which any Credit
Party is a party, in form and substance satisfactory to the Administrative Agent, directing each such Offtaker (and any other
Person obligated to make payments thereunder) to make all payments under such Offtake Agreement to the relevant Collection Account
to the extent required pursuant to this Agreement.

 

(vii)       evidence
satisfactory to it that all of the Equity Interests in each Credit Party (other than the Parent) has been pledged, mortgaged,
charged or assigned by way of security to the Administrative Agent for the benefit of the Secured Parties pursuant to the Security
Instruments, and to the extent applicable, the Administrative Agent shall have received certificates, together with undated, blank
stock powers or share transfer forms for each such certificate, representing all of the issued and outstanding Equity Interests
of such Credit Party.

 

(viii)      evidence
satisfactory to it that all filings, registrations and recordings have been made in the appropriate governmental offices, and
all other actions have been taken, or will be taken substantially concurrently with the Effective Date, which shall be necessary
or advisable to create, first priority, perfected Liens (other than Liens permitted by Section 9.03, excluding Section 9.03(g))
on the Collateral pursuant to the Security Instruments.

 

(g)          The
Administrative Agent shall have received an opinion of (i) Bracewell & Giuliani LLP, special New York counsel to the Parent
and the other Credit Parties, in form and substance satisfactory to the Administrative Agent, (ii) A&C Legal, special Colombian
counsel to the Parent and the other Credit Parties, in form and substance satisfactory to the Administrative Agent, (iii) Maples
and Calder, Cayman Islands legal counsel to the Parent and the other Credit Parties, in form and substance satisfactory to the
Administrative Agent, (iv) Stikeman Elliott LLP, special Canadian counsel to the Parent and the other Credit Parties, in form
and substance satisfactory to the Administrative Agent, (v) Greenberg Traurig, LLP, special Nevada counsel to the Parent and the
other Credit Parties, in form and substance satisfactory to the Administrative Agent, and (vi) Snell & Wilmer L.L.P., special
Utah counsel to the Parent and the other Credit Parties, in form and substance satisfactory to the Administrative Agent.

 

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(h)         The
Administrative Agent shall have received a certificate of insurance coverage of the Credit Parties evidencing that the Credit
Parties are carrying insurance in accordance with Section 7.11.

 

(i)          The
Administrative Agent shall have received evidence satisfactory to it that all Governmental Requirements and third-party consents
and approvals necessary or advisable in connection with the Transactions have been obtained (without the imposition of any conditions
not already satisfied) and are in full force and effect; and all applicable waiting periods have expired without any action being
taken by any competent authority; and no law or regulation is applicable that restrains, prevents or imposes materially adverse
conditions upon the Transactions.

 

(j)          The
Administrative Agent shall be reasonably satisfied with the environmental condition of the Oil and Gas Properties of the Parent
and its Subsidiaries.

 

(k)         The
Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying that the Borrower has
received all consents and approvals required by Section 7.03.

 

(l)          The
Administrative Agent shall have received the Financial Statements and the Initial Reserve Report accompanied by a certificate
covering the matters described in Section 8.12(c).

 

(m)        The
Administrative Agent shall have received copies of, and be satisfied with the terms and conditions of each Material Document to
which any Credit Party is a party.

 

(n)         The
Administrative Agent shall have received a copy, certified by a Responsible Officer as true and complete (in each case, together
with all amendments thereto, if any), of (i) each Concession Agreement listed on Schedule 1.02(a), together with all amendments
thereto, if any, and all participation agreements, farm-ins, royalty agreements or similar agreements that establish any obligation
or interest in favor of a third party derived from the Concession Agreements, (ii) each Offtake Agreement listed on Schedule
1.02(c) and (iii) each Swap Agreement listed on Schedule 7.18.

 

(o)         The
Administrative Agent shall have received title information as the Administrative Agent may reasonably require satisfactory to
the Administrative Agent setting forth the status of title to the Oil and Gas Properties evaluated in the Initial Reserve Report.

 

(p)         The
capitalization structure and equity ownership of each Credit Party after giving effect to the Transactions shall be satisfactory
to the Administrative Agent in all respects.

 

(q)         The
Administrative Agent and the Lenders shall have received, to the extent requested by the Administrative Agent or a Lender and
be reasonably satisfied in form and substance with, all documentation and other information required by bank regulatory authorities
under applicable “know-your-customer” and anti-money laundering rules and regulations, including but not restricted
to the USA PATRIOT Act.

 

(r)          The
Administrative Agent shall have received such other documents as the Administrative Agent or special counsel to the Administrative
Agent may reasonably request.

 

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The Administrative Agent
shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding
the foregoing, the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall
not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 12.02) at or prior
to 2:00 p.m., New York City time, on September 30, 2015 (and, in the event such conditions are not so satisfied or waived, the
Commitments shall terminate at such time).

 

Section
6.02          Each Credit Event. The obligation of each Lender
to make a Loan (including the initial funding), and of the Issuing Bank to issue, amend, renew or extend any Letter of Credit,
is subject to the satisfaction of the following conditions:

 

(a)          At
the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter
of Credit, as applicable, no Default or Borrowing Base Deficiency shall have occurred and be continuing.

 

(b)          The
representations and warranties of the Credit Parties set forth in this Agreement and in the other Loan Documents shall be true
and correct in all material respects (except to the extent any such representation or warranty is qualified by materiality or
Material Adverse Effect, in which case it shall be true and correct in all respects) on and as of the date of such Borrowing or
the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable, except to the extent any such representations
and warranties are expressly limited to an earlier date, in which case, on and as of the date of such Borrowing or the date of
issuance, amendment, renewal or extension of such Letter of Credit, as applicable, such representations and warranties shall continue
to be true and correct in all material respects (except to the extent any such representation or warranty is qualified by materiality
or Material Adverse Effect, in which case it shall be true and correct in all respects) as of such specified earlier date.

 

(c)          The
receipt by the Administrative Agent of a Borrowing Request in accordance with Section 2.04 or a request for a Letter of
Credit (or an amendment, extension or renewal of a Letter of Credit) in accordance with Section 2.09(b), as applicable.

 

(d)          At
the time of and immediately after giving effect to any Borrowing of Revolving Loans or the issuance, amendment, renewal or extension
of such Letter of Credit, as applicable, the Borrower together with the other Credit Parties shall not have any cash or cash equivalents
(other than Excluded Cash) in excess of $35,000,000 in the aggregate.

 

(e)          Immediately
after giving effect to any such Revolving Loan or the issuance, amendment, renewal or extension of such Letter of Credit, the
aggregate Revolving Credit Exposure shall not exceed $160,000,000 without the written consent of each Lender in its sole discretion.

 

Each request for a Borrowing
and each request for the issuance, amendment, renewal or extension of any Letter of Credit shall be deemed to constitute a representation
and warranty by the Borrower on the date thereof as to the matters specified in Section 6.02(a) and (b) and Sections
6.02(d) and (e).

 

Section
6.03         Additional Conditions to Credit Events. In addition to
the conditions precedent set forth in Section 6.02, so long as any Lender is a Defaulting Lender, the Issuing Bank shall
not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the LC Exposure will be 100% covered
by the Commitments of the Non-Defaulting Lenders and/or the Borrower will Cash Collateralize the LC Exposure in accordance with
Section 4.03(c)(iii), and participating interests in any such newly issued or increased Letter of Credit shall be allocated
among Non-Defaulting Lenders in accordance with Section 4.03(c)(iii)(A) (and Defaulting Lenders shall not participate therein).

 

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Article
VII

Representations and
Warranties

 

The Parent and the Borrower
each represents and warrants to the Lenders that:

 

Section
7.01         Organization; Powers. Each Credit Party, other than, solely
before the Taghmen Compliance Date, Taghmen, is duly incorporated or organized, validly existing and in good standing under the
laws of the jurisdiction of its incorporation or organization (and in the case of the Colombia Branch, has been duly formed and
validly existing as a branch of an oil exploration production related company in good standing (where applicable) under the laws
of Colombia), has all requisite power and authority, and has all material governmental licenses, authorizations, consents and
approvals necessary, to own its assets and to carry on its business as now conducted, and is qualified to do business in, and
is in good standing in, every jurisdiction where such qualification is required, except where failure to have such power, authority,
licenses, authorizations, consents, approvals and qualifications could not reasonably be expected to have a Material Adverse Effect.

 

Section
7.02        Authority; Enforceability. The Transactions are within each
Credit Party’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder or
shareholder action (including, without limitation, any action required to be taken by any class of directors of the Borrower or
any other Person, whether interested or disinterested, in order to ensure the due authorization of the Transactions). Each Loan
Document and Material Document to which any Credit Party is a party has been duly executed and delivered by such Credit Party
and constitutes a legal, valid and binding obligation of such Credit Party, enforceable in accordance with its terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and subject to
any law regarding financial assistance as set forth in Article 143.2 et seq. of the law approved by Royal Legislative Decree 1/
2010 of 2 July under the title Ley de Sociedades de Capital (Corporate Enterprises Act) of The Kingdom of Spain, as such
law may be amended or replaced from time to time.

 

Section
7.03        Approvals; No Conflicts. The Transactions (a) do not require
any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other third
Person (including shareholders or any class of directors, whether interested or disinterested, of the Parent, the Borrower or
any other Person), nor is any such consent, approval, registration, filing or other action necessary for the validity or enforceability
of any Loan Document or any Material Document or the consummation of the Transactions, except such as have been obtained or made
and are in full force and effect other than (i) the recording and filing of the Security Instruments as required by this Agreement
and (ii) those third party approvals or consents which, if not made or obtained, would not cause a Default hereunder, could not
reasonably be expected to have a Material Adverse Effect or do not have an adverse effect on the enforceability of the Loan Documents,
(b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of any Credit
Party or any order of any Governmental Authority, (c) will not violate or result in a default under any Material Document or any
indenture, agreement or other instrument binding upon any Credit Party or its Properties, or give rise to a right thereunder to
require any payment to be made by any Credit Party and (d) will not result in the creation or imposition of any Lien on any Property
of any Credit Party (other than the Liens created by the Loan Documents).

 

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Section
7.04         Financial Condition; No Material Adverse Change.

 

(a)          The
Parent has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and
cash flows as of and for (i) the fiscal year ended December 31, 2014, reported on by Deloitte & Touche LLP, independent public
accountants and (ii) for the fiscal quarter ended June 30, 2015. Such financial statements present fairly, in all material respects,
the financial position and results of operations and cash flows of the Parent and its Consolidated Subsidiaries as of such date
and for such period in accordance with GAAP.

 

(b)          Since
December 31, 2014, there has been no event, development or circumstance that has had or could reasonably be expected to have a
Material Adverse Effect.

 

(c)          As
of the Effective Date, neither the Parent nor any Subsidiary has on the date hereof any material Debt (including Disqualified
Capital Stock) or any contingent liabilities, off-balance sheet liabilities or partnerships or liabilities for Taxes, except as
referred to or reflected or provided for in the Financial Statements.

 

Section
7.05         Litigation. Except as set forth on Schedule 7.05,
there are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority pending against
or, to the knowledge of the Parent or the Borrower, threatened against or affecting any Subsidiary or involving any Material Document
(i) as to which there is a reasonable possibility of an adverse determination that, if adversely determined, could reasonably
be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve any Loan Document or
the Transactions.

 

Section
7.06         Environmental Matters. Except for such matters as set
forth on Schedule 7.06 or that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect:

 

(a)          the
Parent and the Subsidiaries and each of their respective Properties and operations thereon are, and within all applicable statute
of limitation periods have been, in compliance with all applicable Environmental Laws.

 

(b)          the
Parent and the Subsidiaries have obtained all Environmental Permits required for their respective operations and each of their
Properties, with all such Environmental Permits being currently in full force and effect, and none of the Parent or the Subsidiaries
has received any written notice or otherwise has knowledge that any such existing Environmental Permit will be revoked or that
any application for any new Environmental Permit or renewal of any existing Environmental Permit will be protested or denied.

 

(c)          there
are no claims, demands, suits, orders, inquiries, or proceedings concerning any violation of, or any liability (including as a
potentially responsible party) under, any applicable Environmental Laws that is pending or, to the Parent’s or the Borrower’s
knowledge, threatened against the Parent or any Subsidiary or any of their respective Properties or as a result of any operations
at such Properties.

 

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(d)          none
of the Properties of the Parent or any Subsidiary contain or have contained any: (i) underground storage tanks; (ii) asbestos-containing
materials; (iii) landfills or dumps; or (iv) hazardous waste management units.

 

(e)          there
has been no Release or, to the Parent’s knowledge, threatened Release, of Hazardous Materials at, on, under or from the
Parent’s or any Subsidiary’s Properties, there are no investigations, remediations, abatements, removals, or monitorings
of Hazardous Materials required under applicable Environmental Laws at such Properties and, to the knowledge of the Parent, none
of such Properties are adversely affected by any Release or threatened Release of a Hazardous Material originating or emanating
from any other real property.

 

(f)          neither
the Parent nor any Subsidiary has received any written notice asserting an alleged liability or obligation under any applicable
Environmental Laws with respect to the investigation, remediation, abatement, removal, or monitoring of any Hazardous Materials
at, under, or Released or threatened to be Released from any real properties offsite the Parent’s or any Subsidiary’s
Properties and, to the Parent’s or the Borrower’s knowledge, there are no conditions or circumstances that could reasonably
be expected to result in the receipt of such written notice.

 

(g)          there
has been no exposure of any Person or Property to any Hazardous Materials as a result of or in connection with the operations
and businesses of any of the Parent’s or the Subsidiaries’ Properties that could reasonably be expected to form the
basis for a claim for damages or compensation.

 

(h)          The
Parent and the Subsidiaries have provided to the Lenders complete and correct copies of all environmental site assessment reports,
investigations, studies, analyses, and correspondence on environmental matters (including matters relating to any alleged non-compliance
with or liability under Environmental Laws) that are in any of the Parent’s or the Subsidiaries’ possession or control
and relating to their respective Properties or operations thereon.

 

Section
7.07         Compliance with the Laws and Agreements; No Defaults or Borrowing
Base Deficiency.

 

(a)          Each
Credit Party is in compliance with all Governmental Requirements applicable to it or its Property and all agreements and other
instruments binding upon it or its Property, and possesses all licenses, permits, franchises, exemptions, approvals and other
governmental authorizations necessary for the ownership of its Property and the conduct of its business, except (other than with
respect to bribery and anti-corruption Governmental Requirements) where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

 

(b)          No
Credit Party is in default nor has any event or circumstance occurred which, but for the expiration of any applicable grace period
or the giving of notice, or both, would constitute a default or would require such Credit Party to Redeem or make any offer to
Redeem under any indenture, note, credit agreement or instrument pursuant to which any Material Indebtedness is outstanding or
by which any Credit Party or any of its Properties is bound.

 

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(c)          Each
Material Document is in full force and effect, and constitutes a valid and legally enforceable obligation of the parties thereto,
subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating
to or affecting creditors’ rights generally, general equitable principles; and no Credit Party is in default thereunder,
nor has any event or circumstance occurred which, but for the expiration of any applicable grace period or the giving of notice,
or both, would constitute a default thereunder, or would permit any counterparty thereto the right to terminate such Material
Document or any transaction thereunder, or exercise any remedial rights thereunder.

 

(d)          No
Default or Borrowing Base Deficiency has occurred and is continuing.

 

Section
7.08         Taxes. Each of the Parent and the Subsidiaries has timely
filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes
required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which
the Parent or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP and (b) to
the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. The charges, accruals
and reserves on the books of the Parent and the Subsidiaries in respect of Taxes and other governmental charges are, in the reasonable
opinion of the Parent and the Borrower, adequate. No Tax Lien has been filed (other than Excepted Liens) and, to the knowledge
of the Parent or the Borrower, no claim is being asserted with respect to any such Tax or other such governmental charge.

 

Section
7.09        Employee Benefit Arrangements. No Credit Party maintains any
employee pension or benefit plan. Each Colombian Branch has been and is in material compliance with all labor, pension fund, health,
industrial security and social security obligations required under Colombian law.

 

Section
7.10        Disclosure; No Material Misstatements. None of the reports,
financial statements, certificates or other written information furnished by or on behalf of any Credit Party to the Administrative
Agent or any Lender or any of their Affiliates in connection with the negotiation of this Agreement or any other Loan Document
or delivered hereunder or under any other Loan Document (as modified or supplemented by other information so furnished) contains
any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided that, with respect to projected financial information and
other forward looking information, the Parent and the Borrower represents only that such information was prepared in good faith
based upon assumptions believed to be reasonable at the time so furnished, it being understood that such projections are not to
be viewed as facts and that actual results during the period covered by any such projections may differ significantly from the
projected results. There are no statements or conclusions in any Reserve Report which are based upon or include misleading information
or fail to take into account material information regarding the matters reported therein.

 

Section
7.11        Insurance. The Parent has, and has caused all Credit Parties
to have, (a) all insurance policies sufficient for the compliance by each of them with all material Governmental Requirements
and all material agreements and (b) insurance coverage in at least amounts and against such risk (including, without limitation,
public liability) that are usually insured against by companies similarly situated and engaged in the same or a similar business
for the assets and operations of the Subsidiaries. Subject to Section 8.16(e), Administrative Agent and the Lenders have
been named as additional insureds in respect of such liability insurance policies in respect of all insurance covering Oil and
Gas Properties of the Credit Parties and the Administrative Agent has been named as loss payee with respect to Property loss insurance
in respect of all insurance covering Oil and Gas Properties of the Credit Parties.

 

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Section
7.12        Restrictive Agreements. No Credit Party is a party to any agreement
or arrangement, or subject to any order, judgment, writ or decree, which either restricts or purports to restrict its ability
to grant Liens to the Administrative Agent and the Lenders on or in respect of its Properties to secure the Secured Obligations
and the Loan Documents, or restricts such Credit Party from paying dividends or making any other distributions in respect of its
Equity Interests to any other Credit Party, or restricts such Credit Party from making loans or advances or transferring any Property
to any other Credit Party, or which requires the consent of or notice to other Persons in connection therewith, except, in each
case, for such encumbrances or restrictions permitted under Section 9.14.

 

Section
7.13         Subsidiaries.

 

(a)          As
of the Effective Date, set forth on Schedule 7.13, is (i) a true and complete list of each Subsidiary and each Person holding
ownership interests in such Subsidiary, and (ii) a true and complete description of the nature of the ownership interests held
by each such Person and the percentage of ownership of such Subsidiary represented by such ownership interests.

 

(b)          Except
as disclosed in Schedule 7.13, or as disclosed in writing to the Administrative Agent, which shall promptly furnish a copy
to the Lenders, and which shall be a supplement to Schedule 7.13, (i) each of the Parent and the Subsidiaries owns, free
and clear of Liens (other than Liens created pursuant to the Security Instruments), and has the unencumbered right to vote, all
outstanding ownership interests in each Person shown therein to be held by it, (ii) all of the issued and outstanding Equity Interests
of each such Person has been duly authorized and is validly issued, fully paid and nonassessable, and (iii) there are no outstanding
Equity Rights with respect to such Person.

 

(c)          Each
Guarantor (other than the Parent) is a Wholly-Owned Subsidiary.

 

Section
7.14         Location of Business and Offices. The Parent’s jurisdiction
of incorporation is the State of Nevada, United States of America; the name of the Parent as listed in the public records of its
jurisdiction of organization is Gran Tierra Energy Inc.; the organizational identification number of the Parent in its jurisdiction
of organization is C13734-2003; the Parent’s principal place of business and chief executive offices are located at the
address specified in Section 12.01; and the Parent’s U.S. federal taxpayer identification number is 98-0479924 (or,
in each case, as set forth in a notice delivered to the Administrative Agent pursuant to Section 8.01(n) in accordance
with Section 12.01). The Borrower’s jurisdiction of incorporation is the Cayman Islands; the name of the Borrower
as listed in its certificate of incorporation and, if any, its certificate of incorporation on change of name is Gran Tierra Energy
International Holdings Ltd.; the organizational identification number of the Borrower in its jurisdiction of incorporation is
238484; and the Borrower’s principal place of business and chief executive offices are located at the address specified
in Section 12.01 (or, in each case, as set forth in a notice delivered to the Administrative Agent pursuant to Section
8.01(n) in accordance with Section 12.01).

 

Section
7.15         Properties; Titles, Etc.

 

(a)          Each
Credit Party has good and defensible title to the Oil and Gas Properties evaluated in the most recently delivered Reserve Report
and good title to all its personal Properties, in each case, free and clear of all Liens except Liens permitted by Section
9.03. After giving full effect to the Liens permitted by Section 9.03, each Credit Party specified as the owner owns,
or has exclusive rights in, the net interests in production attributable to the Hydrocarbon Interests as reflected in the most
recently delivered Reserve Report, and the ownership of such Properties shall not in any material respect obligate any Credit
Party to bear the costs and expenses relating to the maintenance, development and operations of each such Property in an amount
in excess of the working interest of each Property set forth in the most recently delivered Reserve Report that is not offset
by a corresponding proportionate increase in such Credit Party’s net revenue interest in such Property.

 

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(b)          All
material leases and agreements necessary for the conduct of the business of the Credit Parties are valid and subsisting, in full
force and effect, and there exists no default or event or circumstance which with the giving of notice or the passage of time
or both would give rise to a default under any such lease or leases, which could reasonably be expected to have a Material Adverse
Effect.

 

(c)          The
rights and Properties presently owned, leased or licensed by the Credit Parties including, without limitation, all easements and
rights of way, include all rights and Properties necessary to permit the Credit Parties to conduct their business in all material
respects in the same manner as its business has been conducted prior to the date hereof.

 

(d)          All
of the Properties of the Credit Parties which are reasonably necessary for the operation of their businesses are in good working
condition and are maintained in accordance with prudent business standards.

 

(e)          Each
Credit Party owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual Property material
to its business, and the use thereof by such Credit Party does not infringe upon the rights of any other Person, except for any
such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.
The Credit Parties either own or have valid licenses or other rights to use all databases, geological data, geophysical data,
engineering data, seismic data, maps, interpretations and other technical information used in their businesses as presently conducted,
subject to the limitations contained in the agreements governing the use of the same, which limitations are customary for companies
engaged in the business of the exploration and production of Hydrocarbons, with such exceptions as could not reasonably be expected
to have a Material Adverse Effect.

 

Section
7.16         Maintenance of Properties. Except for such acts or failures
to act as could not be reasonably expected to have a Material Adverse Effect, the Oil and Gas Properties (and Properties unitized
therewith) of the Credit Parties have been maintained, operated and developed in a good and workmanlike manner and in conformity
with all Governmental Requirements and in conformity with the provisions of all leases, subleases or other contracts comprising
a part of the Hydrocarbon Interests and other contracts and agreements forming a part of the Oil and Gas Properties of the Credit
Parties. Specifically in connection with the foregoing, except for those as could not be reasonably expected to have a Material
Adverse Effect, (i) no Oil and Gas Property of any Credit Party is subject to having allowable production reduced below the full
and regular allowable (including the maximum permissible tolerance) because of any overproduction (whether or not the same was
permissible at the time) and (ii) none of the wells comprising a part of the Oil and Gas Properties (or Properties unitized therewith)
of any Credit Party is deviated from the vertical more than the maximum permitted by Governmental Requirements, and such wells
are, in fact, bottomed under and are producing from, and the well bores are wholly within, the Oil and Gas Properties (or in the
case of wells located on Properties unitized therewith, such unitized Properties) of such Credit Party. All pipelines, wells,
gas processing plants, platforms and other material improvements, fixtures and equipment owned in whole or in part by any Credit
Party that are necessary to conduct normal operations are being maintained in a state adequate to conduct normal operations, and
with respect to such of the foregoing which are operated by any Credit Party, in a manner consistent with Credit Parties’
past practices (other than those the failure of which to maintain in accordance with this Section 7.16 could not reasonably
be expected to have a Material Adverse Effect).

 

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Section
7.17          Marketing of Production.

 

(a)          Schedule
1.02(c) sets forth as of the Effective Date a true and complete list of (i) all Persons to whom each Credit Party sells
crude oil and any other Hydrocarbons and (ii) all contracts for the purchase and sale of crude oil and any other Hydrocarbons
to which the any Credit Party is a party.

 

(b)          Each
contract for the purchase and sale of crude oil and other Hydrocarbons to which each Credit Party is a party is an Offtake Agreement.

 

(c)          Each
Person to whom any Credit Party sells crude oil and other Hydrocarbons is an Eligible Buyer.

 

Section
7.18         Swap Agreements and Qualified ECP Guarantor. Schedule
7.18, as of and after the Effective Date, and after the date hereof, each report required to be delivered by the Borrower
pursuant to Section 8.01(d), sets forth, a true and complete list of all Swap Agreements of each Credit Party, the material
terms thereof (including the type, term, effective date, termination date and notional amounts or volumes), the net mark to market
value thereof, all credit support agreements relating thereto (including any margin required or supplied) and the counterparty
to each such agreement. The Borrower is a Qualified ECP Guarantor.

 

Section
7.19         Use of Loans and Letters of Credit. The proceeds of the
Revolving Loans and the Letters of Credit shall be used (a) to repay Debt under the Existing Credit Agreement and (b) to provide
working capital for exploration and production operations and for general corporate purposes of the Borrower and its Subsidiaries;
provided that none of the Administrative Agent, the Issuing Bank nor any Lender shall have any responsibility to monitor
or verify the application by the Borrower of any amounts borrowed pursuant to this Agreement. The proceeds of the Term Loan shall
be used (a) to pay the purchase price pursuant to the terms of the PELE Purchase Agreement, (b) to repay existing Debt of PELE
pursuant to the terms of the PELE Purchase Agreement, and (c) to pay transaction costs and expenses in connection with the PELE
Acquisition. The Parent and the Subsidiaries are not engaged principally, or as one of its or their important activities, in the
business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock (within
the meaning of Regulation T, U or X of the Board). No part of the proceeds of any Loan or Letter of Credit will be used for any
purpose which violates the provisions of Regulations T, U or X of the Board.

 

Section
7.20         Solvency. After giving effect to the transactions contemplated
hereby, (a) the aggregate assets (after giving effect to amounts that could reasonably be received by reason of indemnity, offset,
insurance or any similar arrangement), at a fair valuation, of the Credit Parties, taken as a whole, will exceed the aggregate
Debt of the Credit Parties on a consolidated basis, as the Debt becomes absolute and matures, (b) each of the Credit Parties will
not have incurred or intended to incur, and will not believe that it will incur, Debt beyond its ability to pay such Debt (after
taking into account the timing and amounts of cash to be received by each of the Credit Parties and the amounts to be payable
on or in respect of its liabilities, and giving effect to amounts that could reasonably be received by reason of indemnity, offset,
insurance or any similar arrangement) as such Debt becomes absolute and matures and (c) each of the Credit Parties will not have
(and will have no reason to believe that it will have thereafter) unreasonably small capital for the conduct of its business.

 

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Section
7.21         Material Documents. As of the Effective Date, the copies
of the Material Documents previously delivered by the Parent or the Borrower to the Administrative Agent are true, accurate and
complete and have not been amended or modified in any manner, other than pursuant to amendments or modifications permitted pursuant
to Section 9.16.

 

Section
7.22         Ranking. The Loans and the LC Exposure constitute senior
secured Debt of the Credit Parties and rank (a) pari passu with all obligations under all Secured Swap Agreements, all
Specified Cash Management Agreements, and Debt secured by Liens permitted by Section 9.03(d) and (b) effectively senior
to all other Debt of the Credit Parties to the extent of the value of the Collateral (other than Debt secured by Liens permitted
by Section 9.03(d)), except for obligations that are accorded mandatory preference by law and as may be limited by bankruptcy,
insolvency or similar laws affecting the enforcement of creditors’ rights generally and as may be limited by equitable principles
of general applicability.

 

Section
7.23         Anti-Corruption Laws and Sanctions. Each Credit Party
and its respective officers and employees and, to the knowledge of the Parent or the Borrower, the respective directors and agents
of each Credit Party are in compliance with (a) the Trading with the Enemy Act, as amended, and each of the foreign assets control
regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended), and any other enabling legislation
or executive order relating thereto, (b) Anti-Corruption Laws or Anti-Money Laundering Laws and (c) the PATRIOT Act, in each case,
in all material respects and have not violated any applicable Sanctions. None of (a) the Credit Party or any of their respective
directors, officers or employees, or (b) to the knowledge of the Parent or the Borrower, any agent of any Credit Party that will
act in any capacity in connection with or benefit from the credit facility established by this Agreement, is a Sanctioned Person
or is engaged in any activity which is prohibited under Sanctions, including without limitation, (i) any direct or, to the knowledge
of the Parent or the Borrower, indirect dealings involving or benefitting (A) a Person that is listed on, or owned or controlled
by, or acting on behalf of a Sanctioned Person; (B) a Person located in, organized under, or owned or controlled by, or acting
on behalf of, a Person located in or organized under the laws of Sanctioned Country; (C) a Person that is owned or controlled
by, or acting for or on behalf of, or providing assistance, support or services of any kind to, or otherwise associated with any
Person in (A) or (B); (ii) any business or making or receiving any contribution of funds, goods or services to or for the benefit
of any Person described in (A)-(C); (iii) any dealing in, or otherwise engaging in any transaction relating to any property or
interests in property subject to prohibitions under Sanctions; and (iv) any transaction that evades, avoids or attempts to violate
any of the prohibitions set forth in the Sanctions or has such a purpose.

 

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Section
7.24         Anti-Terrorism Laws/OFAC. Neither the Parent, nor any
of its Subsidiaries, nor, to the knowledge of the Parent or the Borrower, any of its Affiliates nor any of the respective officers,
directors or agents of the Parent, such Subsidiaries or such Affiliates (a) has violated or is in violation of Anti-Terrorism
Laws, (b) has engaged or engages in any transaction, investment, undertaking or activity that conceals the identity, source or
destination of the proceeds from any category of offenses designated in the “Forty Recommendations” and “Nine
Special Recommendations” published by the Organisation for Economic Co-operation and Development’s Financial Action
Task Force on Money Laundering, (c) is a Sanctioned Person, (d) conducts any business or engages in making or receiving any contribution
of funds, goods or services to or for the benefit of any Sanctioned Person, (e) deals in, or otherwise engages in any transaction
related to, any property or interests in property blocked pursuant to any Anti-Terrorism Law or (f) engages in or conspires to
engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the
prohibitions set forth in any Anti-Terrorism Law.

 

Section
7.25         Foreign Exchange Special Regime. Each Colombian Branch
is subject to, and in compliance with, the corresponding foreign exchange special regime applicable to oil sector companies, composed
by External Resolution 8 of 2000 and circular reglamentaria externa DCIN-83, both issued by the Colombian Central Bank (Banco
de la Republica), and by Decree 2080 of 2000 issued by Ministry of Finance and Public Credit (Ministerio de Hacienda y
Credito Publico).

 

Section
7.26         Investment Company Act. Neither the Parent nor any Subsidiary
is an “investment company” or a company “controlled” by an “investment company,” within the
meaning of, or subject to regulation under, the Investment Company Act of 1940, as amended.

 

Article
VIII

Affirmative Covenants

 

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder and all other amounts
payable under the Loan Documents shall have been paid in full and all Letters of Credit shall have expired or terminated and all
LC Disbursements shall have been reimbursed, the Parent and the Borrower each covenants and agrees with the Lenders that:

 

Section
8.01         Financial Statements; Other Information. The Parent will
furnish to the Administrative Agent and each Lender:

 

(a)          Annual
Financial Statements. As soon as available, but in any event in accordance with then applicable law and not later than 90
days after the end of each fiscal year of the Parent, its audited consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the
figures for the previous fiscal year, all reported on by Deloitte & Touche LLP or other independent public accountants of
recognized national standing (without a “going concern” or like qualification or exception and without any qualification
or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material
respects the financial condition and results of operations of the Parent and its Consolidated Subsidiaries on a consolidated basis
in accordance with GAAP consistently applied.

 

(b)          Quarterly
Financial Statements. As soon as available, but in any event in accordance with then applicable law and not later than 45
days after the end of each of the first three fiscal quarters of each fiscal year of the Parent, its consolidated balance sheet
and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and
the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding
period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of
its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the
Parent and its Consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes.

 

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(c)          Certificate
of Financial Officer – Compliance. Concurrently with any delivery of financial statements under Section 8.01(a)
or Section 8.01(b), a certificate of a Financial Officer substantially in the form of Exhibit D hereto (i) certifying
as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed
to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section
9.01, (iii) setting forth reasonably detailed calculations of Adjusted Consolidated Net Income, (iv) specifying that there
has been no change in the list of Material Subsidiaries, Restricted Subsidiaries and Unrestricted Subsidiaries since the date
the last compliance certificate was delivered or updating the list of Material Subsidiaries, Restricted Subsidiaries and Unrestricted
Subsidiaries, as applicable, to reflect any such changes since such date, (v) stating whether any change in GAAP or in the application
thereof has occurred since the date of the audited financial statements referred to in Section 7.04(a)(i) and, if any such
change has occurred, specifying the effect of such change on the financial statements accompanying such certificate, and (vi)
with respect to each certificate delivered concurrently with any delivery of financial statements under Section 8.01(a)
only, attaching thereto a true, correct and complete organizational chart of the Parent and its Subsidiaries as of the time of
delivery of such certificate.

 

(d)          Certificate
of Financial Officer -- Consolidating Information. If, at any time, all of the Consolidated Subsidiaries of the Parent are
not Consolidated Restricted Subsidiaries, then concurrently with any delivery of financial statements under Section 8.01 (a)
or Section 8.01 (b), a consolidated balance sheet and a consolidated income statement that each include only the consolidated
financial results of the Restricted Subsidiaries and exclude all financial results from any Unrestricted Subsidiaries.

 

(e)          Certificate
of Financial Officer – Swap Agreements. Concurrently with the delivery of each Reserve Report hereunder, a certificate
of a Financial Officer, in form and substance satisfactory to the Administrative Agent, setting forth as of a recent date, a true
and complete list of all Swap Agreements of the Credit Parties, the material terms thereof (including the type, term, effective
date, termination date and notional amounts or volumes), the net mark-to-market value therefor, any new credit support agreements
relating thereto not listed on Schedule 7.18, any margin required or supplied under any credit support document, and the
counterparty to each such agreement.

 

(f)          Certificate
of Insurer – Insurance Coverage. Concurrently with any delivery of financial statements under Section 8.01(a),
a certificate of insurance coverage from each insurer with respect to the insurance required by Section 8.07, in form and
substance satisfactory to the Administrative Agent, and, if requested by the Administrative Agent or any Lender, all copies of
the applicable policies.

 

(g)          Other
Accounting Reports. Promptly upon receipt thereof, a copy of each other report or letter submitted to the Parent or any of
its Subsidiaries by independent accountants in connection with any annual, interim or special audit made by them of the books
of the Parent or any such Subsidiary, and a copy of any response by the Parent or any such Subsidiary, or the Board of Directors
of the Parent or any such Subsidiary, to such letter or report.

 

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(h)          Securities
Exchange and Other Filings; Reports to Shareholders. Promptly after the same become publicly available, copies of all periodic
and other reports, proxy statements and other materials filed by the Parent or any Subsidiary with the SEC, or with any national
securities exchange (including the NYSE Amex and the Toronto Stock Exchange), or distributed by the Parent to its shareholders
generally, as the case may be.

 

(i)          Notices
Under Material Documents. Promptly after the furnishing thereof, copies of any notice, inquiry or demand (including, without
limitation, any notice of, or request for information regarding, any default, event of default, force majeure event or termination
event (caducidad), furnished to or by any Person (whether any Credit Party, any Offtaker, any Governmental Authority, ANH,
Ecopetrol S.A., any counterparty or otherwise) pursuant to or in connection with the terms of any Material Document.

 

(j)          Defaults
under Material Documents. Promptly after the Parent or the Borrower knows or has reason to believe that any condition or event
that constitutes a default, event of default, force majeure event or termination event (howsoever described) under any Material
Document has occurred, a notice of such occurrence, together with a certificate from a Responsible Officer of the Parent or the
Borrower specifying the nature and period of existence of such default, event of default, force majeure event or termination event,
and any action taken or proposed to be taken with respect thereto.

 

(k)          Lists
of Purchasers. Promptly following the written request of the Administrative Agent, a list of all Persons purchasing Hydrocarbons
from any Credit Party.

 

(l)          Notice
of Sales of Oil and Gas Properties and Liquidation of Swap Agreements.

 

(i)          In
the event any Credit Party intends to sell, transfer, assign or otherwise dispose of any Oil or Gas Properties pursuant to Section
9.11(d) or the Parent or any Subsidiary intends to sell, transfer, assign or otherwise dispose of any Equity Interests in
any Subsidiary Guarantor pursuant to Section 9.11(d), prior written notice (and in any event no later than 10 days, or
such later date as the Administrative Agent may agree, prior thereto) of such disposition, the price thereof and the anticipated
date of closing and any other details thereof requested by the Administrative Agent or any Lender.

 

(ii)         In
the event any Credit Party intends to transfer or otherwise dispose of any of its Property pursuant to Section 9.11(h)
or Section 9.11(i), prior written notice (and in any event no later than 10 days, or such later date as the Administrative
Agent may agree, prior thereto) of such transfer or other disposition and any other details thereof requested by the Administrative
Agent or any Lender.

 

(iii)        In
the event that the Parent or any Subsidiary receives any notice of early termination of any Swap Agreement to which it is a party
from any of its counterparties, or any Swap Agreement to which the Parent or any Subsidiary is a party is Liquidated, prompt written
notice of the receipt of such early termination notice or such Liquidation (in the case of a voluntary Liquidation of any Swap
Agreement, written notice no less than one (1) Business Days’ following the date thereof), as the case may be, together
with a reasonably detailed description or explanation thereof and any other details thereof reasonably requested by the Administrative
Agent or any Lender.

 

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(m)         Notice
of Casualty Events. Prompt written notice, and in any event within three Business Days, of the occurrence of any Casualty
Event having a Fair Market Value in excess of $10,000,000 or the commencement of any action or proceeding that could reasonably
be expected to result in a Casualty Event having a Fair Market Value in excess of $10,000,000.

 

(n)          Information
Regarding Guarantors. Prompt written notice (and in any event within ten (10) days) of any change in (i) any Guarantor’s
corporate name or in any trade name used to identify such Person in the conduct of its business or in the ownership of its Properties,
(ii) the location of any Guarantor’s chief executive office or principal place of business, (iii) any Guarantor’s
identity or corporate structure or in the jurisdiction in which such Person is incorporated or formed, (iv) any Guarantor’s
jurisdiction of organization or such Person’s organizational identification number in such jurisdiction of organization,
and (v) any Guarantor’s taxpayer identification number.

 

(o)          Production
Report and Operating Statements.

 

(i)          On
or before April 1 and October 1 of each year, a report setting forth, for each calendar month during the then current fiscal year
to date, the volume of production and sales attributable to production (and the prices at which such sales were made and the revenues
derived from such sales), including gross production and net production after royalties, for each such calendar month from the
Oil and Gas Properties of the Credit Parties, and setting forth the related ad valorem, severance and production taxes and operating
expenses attributable thereto and incurred for each such calendar month, and such other related information as the Administrative
Agent may reasonably request.

 

(ii)         No
later than April 1 of each year, a report prepared by or on behalf of the Parent detailing (i) the projected production of Hydrocarbons
by the Credit Parties in each of the next four fiscal quarters and the assumptions used in calculating such projections, (ii)
an annual operating budget for the Credit Parties for the forthcoming fiscal year, and (iii) the projected capital expenditures
to be incurred by the Credit Parties in each of the next four fiscal quarters, with a breakdown of those capital expenditures
to be used for the development of proved undeveloped reserves in the Oil and Gas Properties of the Credit Parties (including the
Colombian Hydrocarbon Properties), and the assumptions used in calculating such projections.

 

(p)          Notices
of Certain Changes. Promptly, but in any event within ten (10) Business Days after the execution thereof, copies of any amendment,
modification or supplement to the certificate or articles of incorporation, by-laws, any preferred stock designation or any other
organic document of any Credit Party.

 

(q)          Material
Changes. Promptly after any material change in royalties or taxes, or the confiscation, condemnation, seizure, forfeiture
or expropriation in respect of any Oil and Gas Properties of any Credit Party.

 

(r)          Certificate
of Financial Officer – Environmental Laws; Corporate Social Responsibility. Promptly, but no later than ninety (90)
days following the end of each fiscal year of the Parent, a certificate of a Responsible Officer of the Parent, in form and substance
reasonably satisfactory to the Administrative Agent, confirming compliance with Section 7.06, or details of any potential
or actual material deviation therefrom, together with details of the actions being taken to respond to and remedy the situation.

 

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(s)          Notices
under Concession Agreements. Promptly after receipt thereof, copies of any requirement that any Colombian Branch receives
from ANH or Ecopetrol S.A. that results or may result in the early termination (caducidad) of one or more of the Concession Agreements.

 

(t)          Notice
of Senior Debt Issuance. Written notice at least (5) days (or such later date as the Administrative Agent may agree) prior
to the issuance of any Senior Debt as contemplated by Section 9.02(g), the amount thereof and the anticipated date of closing
and a copy of the preliminary offering memorandum (if any), the final offering memorandum (if any) and the most recent draft of
the indenture available at such time (if any) relating to such offering of Senior Debt.

 

(u)          Other
Requested Information. Promptly following any request therefor, such other information regarding the operations, business
affairs and financial condition of the Parent or any Subsidiary, or compliance with the terms of this Agreement or any other Loan
Document, as the Administrative Agent or any Lender may reasonably request.

 

Any financial statement
or filing required to be furnished pursuant to Section 8.01(a), Section 8.01(b) or Section 8.01(h) shall
be deemed to have been furnished on the date on which the Borrower has notified the Administrative Agent that the Parent or the
Borrower has filed such financial statement or filing with either (i) the Securities and Exchange Commission and such financial
statement is available on the EDGAR website at www.sec.gov or (ii) the Canadian Securities Administrators and such financial statement
is available on the SEDAR website at www.sedar.com. Notwithstanding the foregoing, if the Administrative Agent requests the Borrower
to furnish paper copies of any such financial statement or filing, the Borrower shall deliver such paper copies to the Administrative
Agent until the Administrative Agent gives written notice to cease delivering such paper copies.

 

Section
8.02         Notices of Material Events. The Parent will furnish to
the Administrative Agent and each Lender prompt (and in any event within three (3) Business Days) written notice after a Responsible
Officer of the Parent or of the Borrower obtains knowledge of any of the following:

 

(a)          the
occurrence of any Default;

 

(b)          the
filing or commencement of, or the threat in writing of, any action, suit, proceeding, investigation or arbitration by or before
any arbitrator or Governmental Authority against or affecting the Parent or any Affiliate thereof not previously disclosed in
writing to the Lenders or any material adverse development in any action, suit, proceeding, investigation or arbitration (whether
or not previously disclosed to the Lenders) that, in either case, if adversely determined, could reasonably be expected to result
in liability in excess of $10,000,000, not fully covered by insurance, subject to normal deductibles; and

 

(c)          any
other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 

Each notice delivered
under this Section 8.02 shall be accompanied by a statement of a Responsible Officer setting forth the details of the event
or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

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Section
8.03         Existence; Conduct of Business. The Parent will, and will
cause each other Credit Party to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect
its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business and maintain,
if necessary, its qualification to do business in each other jurisdiction in which its Oil and Gas Properties is located or the
ownership of its Properties requires such qualification, except where the failure to so qualify could not reasonably be expected
to have a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution
permitted under Section 9.10.

 

Section
8.04         Payment of Obligations. The Parent will, and will cause
each Subsidiary to, pay its obligations, including Tax liabilities of the Parent and all of its Subsidiaries before the same shall
become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate
proceedings, (b) the Parent or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance
with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse
Effect or result in the seizure or levy of any Property of the Parent or any Subsidiary.

 

Section
8.05         Performance of Obligations under Loan Documents. The Borrower
will pay the Notes and Colombian Notes according to the reading, tenor and effect thereof, and the Parent will, and will cause
each other Credit Party to, do and perform every act and discharge all of the obligations to be performed and discharged by them
under the Loan Documents, including, without limitation, this Agreement, at the time or times and in the manner specified.

 

Section
8.06         Operation and Maintenance of Properties; Subordination of
Operator’s Liens. The Parent, at its own expense, will, and will cause each other Credit Party to:

 

(a)          operate
its Oil and Gas Properties and other material Properties or cause such Oil and Gas Properties and other material Properties to
be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable
contracts and agreements and in compliance with all Governmental Requirements, including, without limitation, applicable pro ration
requirements and Environmental Laws, and all applicable laws, rules and regulations of every other Governmental Authority from
time to time constituted to regulate the development and operation of its Oil and Gas Properties and the production and sale of
Hydrocarbons and other minerals therefrom, except, in each case, where the failure to comply could not reasonably be expected
to have a Material Adverse Effect.

 

(b)          keep
and maintain all Property material to the conduct of its business in good working order and condition, ordinary wear and tear
excepted, and preserve, maintain and keep in good repair, working order and efficiency (ordinary wear and tear excepted) all of
its material Oil and Gas Properties and other material Properties, including, without limitation, all equipment, machinery and
facilities, except to the extent of a disposition of such Property that is otherwise permitted under Section 9.11.

 

(c)          promptly
pay and discharge, or make reasonable and customary efforts to cause to be paid and discharged, all delay rentals, royalties,
expenses and indebtedness accruing under the leases or other agreements affecting or pertaining to its Oil and Gas Properties
and will do all other things necessary to keep unimpaired their rights with respect thereto and prevent any forfeiture thereof
or default thereunder except, in each case, where the failure to do so could not reasonably be expected to have a Material Adverse
Effect.

 

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(d)          promptly
perform or make reasonable and customary efforts to cause to be performed, in accordance with industry standards, the obligations
required by each and all of the assignments, deeds, leases, sub-leases, contracts and agreements affecting its interests in its
Oil and Gas Properties and other material Properties.

 

(e)          cause
each Affiliate of the Parent or the Borrower which operates any of the Credit Parties’ Oil and Gas Properties to subordinate,
pursuant to agreements in form and substance satisfactory to the Administrative Agent, any operators’ Liens or other Liens
in favor of such Affiliate in respect of such Oil and Gas Properties to the Liens in favor of the Administrative Agent for the
benefit of the Secured Parties;

 

(f)          to
the extent a Credit Party is not the operator of any Property, the Parent shall use reasonable efforts to cause the operator to
comply with this Section 8.06.

 

Section
8.07         Insurance. The Parent will, and will cause each Subsidiary
to, maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are
customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. The
loss payable clauses or provisions in said insurance policy or policies insuring any of the Collateral shall be endorsed in favor
of and made payable to the Administrative Agent as its interests may appear and such policies shall name the Administrative Agent
and the Lenders as “additional insureds” and provide that the insurer will endeavor to give at least thirty (30) days’
prior notice of any cancellation to the Administrative Agent.

 

Section
8.08         Books and Records; Inspection Rights. The Parent will,
and will cause each other Credit Party to, keep proper books of record and account in which full, true and correct entries are
made of all dealings and transactions in relation to its business and activities. The Parent will, and will cause each other Credit
Party to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit
and inspect its Properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and
condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested; provided,
that unless an Event of Default has occurred and is continuing, the Credit Parties shall bear the cost and expense of any such
visit or inspection no more than once during any calendar year.

 

Section
8.09         Compliance with Laws. The Parent will, and will cause
each Subsidiary to, comply with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its
Property, except (other than with respect to bribery and anti-corruption Governmental Requirements) where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

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Section
8.10         Environmental Matters.

 

(a)          The
Parent shall at its sole expense: (i) comply, and shall cause its Properties and operations and each Subsidiary and each Subsidiary’s
Properties and operations to comply, with all applicable Environmental Laws, the breach of which could be reasonably expected
to have a Material Adverse Effect; (ii) not Release or threaten to Release, and shall cause each Subsidiary not to Release or
threaten to Release, any Hazardous Material on, under, about or from any of the Parent’s or its Subsidiaries’ Properties
or any other property offsite the Property to the extent caused by the Parent’s or any of its Subsidiaries’ operations
except in compliance with applicable Environmental Laws, the Release or threatened Release of which could reasonably be expected
to have a Material Adverse Effect; (iii) timely obtain or file, and shall cause each Subsidiary to timely obtain or file, all
Environmental Permits, if any, required under applicable Environmental Laws to be obtained or filed in connection with the operation
or use of the Parent’s or its Subsidiaries’ Properties, which failure to obtain or file could reasonably be expected
to have a Material Adverse Effect; (iv) promptly commence and diligently prosecute to completion, and shall cause each Subsidiary
to promptly commence and diligently prosecute to completion, any assessment, evaluation, investigation, monitoring, containment,
cleanup, removal, repair, restoration, remediation or other remedial obligations (collectively, the “Remedial Work”)
in the event any Remedial Work is required or reasonably necessary under applicable Environmental Laws because of or in connection
with the actual or suspected past, present or future Release or threatened Release of any Hazardous Material on, under, about
or from any of the Parent’s or its Subsidiaries’ Properties, which failure to commence and diligently prosecute to
completion could reasonably be expected to have a Material Adverse Effect; (v) conduct, and cause its Subsidiaries to conduct,
their respective operations and businesses in a manner that will not expose any Property or Person to Hazardous Materials that
could reasonably be expected to form the basis for a claim for damages or compensation; and (vi) establish and implement, and
shall cause each Subsidiary to establish and implement, such procedures as may be necessary to continuously determine and assure
that the Parent’s and its Subsidiaries’ obligations under this Section 8.10(a) are timely and fully satisfied,
which failure to establish and implement could reasonably be expected to have a Material Adverse Effect.

 

(b)          The
Parent will promptly, but in no event later than five days of the occurrence thereof, notify the Administrative Agent and the
Lenders in writing of any threatened action, investigation or inquiry by any Governmental Authority or any threatened demand or
lawsuit by any Person against the Parent or any Subsidiary or any of their Properties of which the Parent has knowledge in connection
with any Environmental Laws if the Parent could reasonably anticipate that such action will result in liability (whether individually
or in the aggregate) in excess of $10,000,000, not fully covered by insurance, subject to normal deductibles.

 

Section
8.11         Further Assurances.

 

(a)          The
Parent at its sole expense will, and will cause each other Credit Party to, promptly execute and deliver to the Administrative
Agent all such other documents, agreements and instruments reasonably requested by the Administrative Agent to comply with, cure
any defects or accomplish the conditions precedent, covenants and agreements of any Credit Party, as the case may be, in the Loan
Documents, including the Notes and the Colombian Notes, or to further evidence and more fully describe the Collateral intended
as security for the Secured Obligations, or to correct any omissions in this Agreement or the Security Instruments, or to state
more fully the obligations secured therein, or to perfect, protect or preserve any Liens created pursuant to this Agreement or
any of the Security Instruments or the priority thereof, or to make any recordings, file any notices or obtain any consents, all
as may be reasonably necessary or appropriate, in the sole discretion of the Administrative Agent, in connection therewith.

 

(b)          The
Parent and the Borrower each hereby authorizes the Administrative Agent to file one or more financing or continuation statements
(or the equivalent thereof), and amendments thereto, relative to all or any part of the Mortgaged Property without the signature
of any Credit Party where permitted by law. A carbon, photographic or other reproduction of the Security Instruments or any financing
statement covering the Mortgaged Property or any part thereof shall be sufficient as a financing statement where permitted by
law. The Borrower and the Parent each acknowledges and agrees that any such financing statement may describe the collateral as
“all assets” of the applicable Credit Party or words of similar effect as may be required by the Administrative Agent
in any jurisdiction where such a description is appropriate or applicable.

 

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Section
8.12         Reserve Reports.

 

(a)          On
or before April 1 and October 1 of each year, commencing April 1, 2016, the Borrower shall furnish to the Administrative Agent
and the Revolving Credit Lenders a Reserve Report evaluating the Oil and Gas Properties of the Credit Parties as of the immediately
preceding December 31 and July 1. The Reserve Report as of December 31 of each year shall be prepared by one or more Approved
Petroleum Engineers, and the July 1 Reserve Report of each year shall be prepared by or under the supervision of the chief engineer
of the Borrower or the Parent who shall certify such Reserve Report to be true and accurate and to have been prepared in accordance
with the procedures used in the immediately preceding December 31 Reserve Report.

 

(b)          In
the event of an Interim Redetermination, the Borrower shall furnish to the Administrative Agent and the Revolving Credit Lenders
a Reserve Report prepared by or under the supervision of the chief engineer of the Borrower or the Parent who shall certify such
Reserve Report to be true and accurate and to have been prepared in accordance with the procedures used in the immediately preceding
December 31 Reserve Report. For any Interim Redetermination requested by the Administrative Agent or the Borrower pursuant to
Section 2.08(b), the Borrower shall provide such Reserve Report with an “as of” date as required by the Administrative
Agent as soon as possible, but in any event no later than thirty (30) days following the receipt of such request.

 

(c)          With
the delivery of each Reserve Report, the Borrower shall provide to the Administrative Agent and the Revolving Credit Lenders a
certificate from a Responsible Officer certifying that in all material respects: (i) the information contained in the Reserve
Report and any other information delivered in connection therewith is true and correct, (ii) the Borrower or the other Credit
Parties owns good and defensible title to the Oil and Gas Properties evaluated in such Reserve Report and such Properties are
free of all Liens except for Liens permitted by Section 9.03, (iii) except as set forth on an exhibit to the certificate,
on a net basis there are no gas imbalances, take or pay or other prepayments with respect to its Oil and Gas Properties evaluated
in such Reserve Report which would require any Credit Party to deliver Hydrocarbons either generally or produced from such Oil
and Gas Properties at some future time without then or thereafter receiving full payment therefor, (iv) none of their Oil and
Gas Properties have been sold since the date of the last Borrowing Base determination except as set forth on an exhibit to the
certificate, which certificate shall list all of its Oil and Gas Properties sold and in such detail as reasonably required by
the Administrative Agent, (v) each Offtaker has executed instruction letters pursuant to which it has agreed to make payments
under each Offtake Agreement to which it is a party to the relevant Collection Account as required by Section 8.14(d),
(vi) attached to the certificate is a true and complete list of (A) all Persons to whom the Credit Parties sell crude oil and
any other Hydrocarbons and (B) all contracts for the purchase and sale of crude oil and any other Hydrocarbons to which any Credit
Party is a party (including, without limitation, each Offtake Agreement), (vii) attached thereto is a schedule of the Oil and
Gas Properties evaluated by such Reserve Report that are included in the Borrowing Base, and (viii) attached thereto is a schedule
of the Oil and Gas Properties evaluated by such Reserve Report that are subject to Security Instruments in favor of the Administrative
Agent and demonstrating the percentage of the total proved value of the Oil and Gas Properties that the value of such Oil and
Gas Properties represent.

 

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Section
8.13         Title Information.

 

(a)          On
or before the delivery to the Administrative Agent and the Revolving Credit Lenders of each Reserve Report required by Section
8.12(a), the Borrower will deliver title information in form and substance acceptable to the Administrative Agent covering the
Oil and Gas Properties evaluated by such Reserve Report that were not included in the immediately preceding Reserve Report.

 

(b)          If
(i) the Borrower has provided title information for additional Properties under Section 8.13(a), and receives notice from
the Administrative Agent that title defects or exceptions exist with respect to such additional Properties or (ii) the Parent
or the Borrower become aware of the existence of any title defect or any Lien (other than Liens permitted by Section 9.03)
affecting any Oil and Gas Properties (including any Colombian Hydrocarbon Property) of any Credit Party which has been given value
in the most recent Reserve Report, the Borrower shall give the Administrative Agent prompt written notice of such title defect
or Lien, and the case of the foregoing clauses (i) or (ii), the Parent shall, or shall cause the applicable Credit Party to, undertake
to take all steps necessary to cure such title defect or discharge such Lien; provided, that the failure of the applicable
Credit Party to cure such title defect or discharge such lien to the reasonable satisfaction of the Administrative Agent shall
not constitute an Event of Default and the only remedy of the Administrative Agent and the Revolving Credit Lenders in connection
with such failure shall be the adjustment of the Borrowing Base in accordance with Section 2.08(e).

 

Section
8.14         Guaranty; Collateral.

 

(a)          Guaranty.
The Parent shall guarantee, and the Parent shall cause (i) each Material Subsidiary, (ii) each Subsidiary that directly owns any
Equity Interests in the Borrower or a Material Subsidiary, and (iii) each Subsidiary that guarantees any Senior Debt (including,
in each case, for the avoidance of doubt, PELE and its Subsidiaries to the extent constituting Material Subsidiaries or Subsidiaries
(as applicable)), to guarantee, within thirty (30) days (or such longer time (not to exceed sixty (60) days past such thirty (30)
day period without the consent of the Majority Lenders) as the Administrative Agent may agree in its sole discretion) of such
Person becoming a Material Subsidiary or Subsidiary (as applicable), the Secured Obligations pursuant to the Guaranty Agreement
(by supplement, joinder or otherwise) and/or one or more other guaranty agreements on terms satisfactory in form and substance
to the Administrative Agent; provided that once a Person is a Guarantor hereunder, such Person shall always be a Guarantor
hereunder even if such Person ceases to otherwise meet the foregoing requirements of becoming a Guarantor.

 

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(b)          Liens
and Material Documents. The Parent shall, and shall cause each other Credit Party to (and with respect to any Person that
becomes a Subsidiary Guarantor after the Effective Date (including, for the avoidance of doubt, PELE and its Subsidiaries to the
extent constituting Subsidiary Guarantors), within thirty (30) days (or such longer time (not to exceed sixty (60) days past such
thirty (30) day period without the consent of the Majority Lenders) as the Administrative Agent may agree in its sole discretion)
of such Person becoming a Subsidiary Guarantor), grant to the Administrative Agent for the benefit of the Secured Parties to secure
the Secured Obligations (i) on or prior to the date that such Credit Party enters into any Swap Agreement or Offtake Agreement,
a first priority, perfected Lien on all of its right, title and interest in and to such Swap Agreement or Offtake Agreement (but
in the case of an Offtake Agreement, only if the Administrative Agent determines in its sole discretion that obtaining such Lien
is practicable under the circumstances and the benefits of doing so outweighs the burdens of doing so), and (ii) a first priority,
perfected Lien on all of its right, title and interest in and to such Credit Party’s proved Oil and Gas Properties (including,
without limitation, in the economic rights in each Concession Agreement to which it is a party), material personal property related
thereto, and the following personal property within the meaning of the UCC (and, in other jurisdictions not subject to the UCC,
similar property): Accounts; all Chattel Paper (whether Tangible Chattel Paper or Electronic Chattel Paper); the Collection Accounts;
all General Intangibles (including, without limitation, all rights under insurance contracts, rights to insurance proceeds and
all proceeds of insurance); all Instruments (including, without limitation, all Pledged Notes); all Letter-of-Credit Rights (whether
or not the letter of credit is evidenced by a writing); all books and records pertaining to the foregoing; and to the extent not
otherwise included, all Proceeds, Supporting Obligations and products of any and all of the foregoing and all collateral security
and guarantees given by any Person with respect to any of the foregoing; in each case pursuant to one or more Security Instruments
on terms satisfactory in form and substance to the Administrative Agent. In connection therewith, on or prior to the execution
and delivery by any Credit Party of any Swap Agreement or Offtake Agreement, the Parent shall, and shall cause such Credit Party
to, deliver to the Administrative Agent a duly executed agreement of the counterparty to such Swap Agreement or the Offtaker under
such Offtake Agreement (and in either case, any other Person that is obligated (whether contingently or otherwise) to make payments
thereunder), as applicable, in form and substance satisfactory to the Administrative Agent, pursuant to which such Person shall
agree to make all payments under such Swap Agreement and Offtake Agreement to the relevant Collection Account; provided, that,
notwithstanding the foregoing, there shall be no requirement to grant any Lien on any “Excluded Property” (as defined
in the Guaranty Agreement).

 

(c)          Pledge
of Equity Interests. The Parent shall, and shall cause its Subsidiaries to, mortgage, charge, assign by way of security, and
pledge all of the Equity Interests in the Borrower and each Subsidiary Guarantor (and with respect to any Person that becomes
a Subsidiary Guarantor after the Effective Date (including, for the avoidance of doubt, PELE and its Subsidiaries to the extent
constituting Subsidiary Guarantors), within thirty (30) days (or such longer time (not to exceed sixty (60) days past such thirty
(30) day period without the consent of the Majority Lenders) as the Administrative Agent may agree in its sole discretion) of
such Person becoming a Subsidiary Guarantor), pursuant to one or more Security Instruments on terms satisfactory in form and substance
to the Administrative Agent.

 

(d)          Collection
Accounts. The Parent shall, and shall cause each other Credit Party to:

 

(i)          deposit
or cause to be deposited directly into one or more Collection Accounts in US Dollars or such other currency as the Majority Lenders
may approve in their reasonable discretion, all Dedicated Cash Receipts; and

 

(ii)         grant
a first priority, perfected Lien to the Administrative Agent for the benefit of the Secured Parties on all of its right, title
and interest in and to each Collection Account established in the name of such Credit Party pursuant to one or more Deposit Account
Control Agreements and/or one or more other Security Instruments on terms satisfactory in form and substance to the Administrative
Agent.

 

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(e)          Notwithstanding
the foregoing Sections 8.14(a) through (d), the Administrative Agent may waive any obligation of a Credit Party
to grant a Lien on any property or to provide any item of collateral pursuant to this Section 8.14 if in the sole judgment
of the Administrative Agent the cost or other consequences of granting a Lien on such property or providing such collateral shall
be excessive in view of the benefits to be obtained by the Lenders therefrom.

 

Section
8.15         Unrestricted Subsidiaries. The Parent shall:

 

(a)          cause
each Unrestricted Subsidiary to maintain its own separate books and records and bank accounts, which are and will be, in each
case, separate and apart from those of any other Person;

 

(b)          cause
each Unrestricted Subsidiary to be, and at all times hold itself out to the public as, a legal entity separate and distinct from
any other Person, maintain and utilize separate invoices and checks bearing its own name and otherwise conduct its own business
and own its own assets and correct any known misunderstanding regarding its separate identity;

 

(c)          cause
each Unrestricted Subsidiary to refrain from commingling its funds or other assets with those of any other Person;

 

(d)          cause
each Unrestricted Subsidiary to refrain from maintaining its assets in such a manner that would make it costly or difficult to
segregate, ascertain or identify its individual assets from those of any other Person;

 

(e)          cause
each Unrestricted Subsidiary to observe all corporate formalities;

 

(f)          not,
and shall not permit any of the Restricted Subsidiaries to, incur, assume, guarantee or be or become liable for any Debt of any
of the Unrestricted Subsidiaries in an amount to exceed $25,000,000 at any time outstanding; and

 

(g)          shall
not permit any Unrestricted Subsidiary to hold any Equity Interest in, or any Debt of, the Borrower or any Restricted Subsidiary.

 

Section
8.16         Post-Closing Obligations.

 

(a)          Within
thirty (30) days following the Third Amendment Effective Date (or such longer time (not to exceed sixty (60) days past such thirty
(30) day period without the consent of the Majority Lenders) as the Administrative Agent may agree in its sole discretion):

 

(i)          The
Parent shall have complied with Sections 8.14(b) and (c) with respect to the PELE Assets, as applicable;

 

(ii)          The
Administrative Agent shall have received evidence satisfactory to the Administrative Agent that, to the extent required under
applicable law, ANH approval has been obtained with respect to each Concession Agreement to which PELE or any of its Subsidiaries
is a party;

 

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(iii)         The
Administrative Agent shall have received such amendments, modifications or supplements to the Security Instruments as it may deem
necessary or advisable to reflect the Term Loans made on the Third Amendment Effective Date;

 

(iv)        The
Administrative Agent shall have received an opinion of (i) Bracewell LLP, special New York counsel to the Parent and the other
Credit Parties, in form and substance satisfactory to the Administrative Agent, (ii) Stikeman Elliott (London) LLP, special United
Kingdom counsel to the Parent and the other Credit Parties, in form and substance satisfactory to the Administrative Agent, (iii)
A&C Legal, special Colombian counsel to the Parent and the other Credit Parties, in form and substance satisfactory to the
Administrative Agent, (iv) Ventura Garcés & López-Ibor Abogados, special Spanish counsel to the Parent and the
other Credit Parties, in form and substance satisfactory to the Administrative Agent, and (v) Patton, Moreno & Asvat, special
Panamanian counsel to the Parent and the other Credit Parties, in form and substance satisfactory to the Administrative Agent;

 

(v)          The
Administrative Agent shall have received a certificate of insurance coverage with respect to the PELE and its Subsidiaries evidencing
that such Persons are carrying insurance in accordance with Section 7.11; and

 

(vi)          The
Administrative Agent shall have received satisfactory evidence that (A) the corporate resolutions of Taghmen approving the appointment
of new directors of Taghmen by its sole shareholder have been duly registered with the Spanish Commercial Register and (B) Taghmen
shall have released the closing of Taghmen’s file (cierre registral) at the Commercial Registry of Madrid by filing any
delayed financial statements of Taghmen and taking any other necessary actions to effectuate such release (the date on which Taghmen
first releases the closing of Taghmen’s file (cierre registral) at the Commercial Registry of Madrid, the “Taghmen
Compliance Date”).

 

(b)          Within
fifteen (15) Business Days following the Third Amendment Effective Date (or such longer time (not to exceed sixty (60) days past
such fifteen (15) Business Day period without the consent of the Majority Lenders) as the Administrative Agent may agree in its
sole discretion), the Borrower shall (i) procure that the constitutional documents of PELE are amended to include the terms set
out in the members resolution in Exhibit G; (ii) deliver to the Administrative Agent of a duly passed members resolution
of PELE in the form set out in Exhibit G; and (iii) procure that all filings, registrations and recordings of the members
resolution and updated constitutional documents as required by applicable law are promptly filed, registered or recorded after
the passing of the members resolution.

 

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Article
IX

Negative Covenants

 

Until the Commitments
have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder and all other amounts
payable under the Loan Documents have been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements
shall have been reimbursed, the Parent and the Borrower each covenants and agrees with the Lenders that:

 

Section
9.01         Financial Covenants.

 

(a)          Ratio
of Total Debt to EBITDAX. The Parent will not, as of the last day of any fiscal quarter, permit the ratio of Total Debt as
of such date to EBITDAX for the four fiscal quarters ending on such date to be greater than 4.00 to 1.0.

 

(b)          Senior
Secured Leverage Ratio. The Parent will not, as of the last day of any fiscal quarter, permit the Senior Secured Leverage
Ratio as of such date, to be greater than to be greater than 3.00 to 1.00.

 

(c)          Interest
Coverage Ratio. The Parent will not, as of the last day of any fiscal quarter, permit its ratio of EBITDAX for the period
of four fiscal quarters then ending to Interest Expense for such period to be less than 2.5 to 1.0.

 

Section
9.02          Debt. The Parent will not, and will not permit any
Subsidiary to, incur, create, assume or suffer to exist any Debt, except:

 

(a)          the
Loans or other Obligations arising under the Loan Documents or any guaranty of or suretyship arrangement for the Notes or other
Obligations arising under the Loan Documents and the other Secured Obligations.

 

(b)          Debt
of the Parent and the Subsidiaries existing on the date hereof that is reflected in Schedule 9.02, and any refinancings,
refundings, renewals or extensions thereof (without increasing, or shortening the maturity of, the principal amount thereof).

 

(c)          Debt
under Capital Leases or incurred in the ordinary course of business to pay the deferred purchase price of goods or services or
progress payments in connection with such goods or services, not to exceed $5,000,000.

 

(d)          Debt
associated with bonds or surety obligations required by Governmental Requirements in connection with the operation of its Oil
and Gas Properties.

 

(e)          intercompany
Debt (i) between Credit Parties (other than any Debt incurred by Taghmen) which is subordinated to the Secured Obligations on
terms satisfactory to the Administrative Agent, (ii) between Unrestricted Subsidiaries, (iii) owed by Credit Parties (other than
debt owed by Taghmen) to Unrestricted Subsidiaries, provided any such Debt is expressly subordinated to the Secured Obligations
on terms acceptable to the Administrative Agent, or (iv) owed by any Unrestricted Subsidiary to any Credit Party or by Taghmen
to any Credit Party, to the extent that any such Debt, when aggregated with any other Investments made by any Credit Party in
and to Unrestricted Subsidiaries pursuant to Section 9.05(g)(ii) does not exceed $200,000,000 in the aggregate at any time
outstanding; provided that, with respect to this clause (iv), (A) both before and immediately after giving effect
to any such Debt, no Default shall exist, and (B) after giving effect to any such Debt, the percentage equal to the lesser of
(x) the amount of the fraction expressed as a percentage, the numerator of which is the sum of the Revolving Credit Exposures
of the Lenders on such day, and the denominator of which is $160,000,000 and (y) the Borrowing Base Utilization Percentage, shall
not exceed ninety percent (90%), (C) any such Debt incurred is not held, assigned, transferred, negotiated or pledged to any Person
other than the Parent or one of its Wholly- Owned Subsidiaries, and (D) any such Debt owed by a Credit Party shall be subordinated
to the Secured Obligations on terms satisfactory to the Administrative Agent.

 

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(f)          any
Excepted Debt.

 

(g)          Senior
Debt of the Parent or any other Credit Party (other than Taghmen), and any guarantees thereof, the principal amount of which does
not exceed (i) $500,000,000 minus (ii) the outstanding principal amount of Term Loans in the aggregate at any one time
outstanding; provided, that the principal amount of any Convertible Senior Notes shall not exceed $150,000,000 in the aggregate
at any one time outstanding; provided further that: (A) the Borrower shall have complied with Section 8.01(t); (B)
both before and immediately after giving effect to the incurrence of any such Senior Debt, no Default, Event of Default or Borrowing
Base Deficiency exists or would exist (after giving effect to any concurrent repayment of Debt with the proceeds of such incurrence,
if any); (C) the Parent is in Pro Forma Compliance after giving effect to the incurrence of any such Debt and the transactions
contemplated thereby (and the Parent shall deliver to the Administrative Agent on the date of incurrence thereof a certificate
of a Financial Officer setting forth reasonably detailed calculations demonstrating Pro Forma Compliance); (D) such Senior Debt
does not have any scheduled principal amortization prior to the date which is one hundred eighty days after the Revolving Credit
Maturity Date (as in effect on the date of the incurrence of such Senior Debt); (E) such Senior Debt does not have a scheduled
maturity sooner than the date which is one hundred eighty days after the Revolving Credit Maturity Date (as in effect on the date
of the incurrence of such Senior Debt); (F) no Subsidiary is required to guarantee such Senior Debt unless such Subsidiary has
guaranteed the Secured Obligations pursuant to the Guaranty Agreement (by supplement, joinder or otherwise) and/or one or more
other guaranty agreements on terms satisfactory in form and substance to the Administrative Agent; (G) if such Senior Debt is
senior subordinated Debt, such Senior Debt is expressly subordinate to the payment in full of all of the Secured Obligations on
terms and conditions reasonably satisfactory to the Administrative Agent; (H) (i) in the case of Senior Debt (other than any Convertible
Senior Notes issued pursuant to the Initial Convertible Senior Notes Indenture) and any guarantees thereof, such Senior Debt and
any guarantees thereof are on terms, taken as a whole, no more restrictive on the Parent or any other Credit Party than the terms
and conditions of this Agreement, taken as a whole, as reasonably determined by the Board of Directors of the Parent, acting in
good faith and evidenced by a resolutions of such Board of Directors and (ii) in the case of any Convertible Senior Notes issued
pursuant to the Initial Convertible Senior Notes Indenture and any guarantees thereof, such Convertible Senior Notes and any guarantees
thereof are on terms, taken as a whole, no more restrictive on the Parent or any other Credit Party than the terms and conditions
of this Agreement, taken as a whole, as reasonably determined by a Responsible Officer of the Parent, acting in good faith, and
certified to the Administrative Agent; and (I) such Senior Debt does not have any mandatory prepayment or mandatory redemption
provisions (other than customary change of control or asset sale tender offer provisions and, in the case of any Convertible Senior
Notes, customary provisions requiring the repurchase of such Convertible Senior Notes upon the occurrence of a Fundamental Change)
that would require a mandatory prepayment or redemption in priority to the Secured Obligations.

 

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(h)          Debt
under a Colombian Peso denominated unsecured credit facility with a commercial bank or a syndicate of commercial banks in an aggregate
principal amount not to exceed the US Dollar equivalent of $30,000,000 (determined as of the closing date of such Colombian Peso
denominated unsecured credit facility based on a prevailing exchange rate selected by the Administrative Agent in its reasonable
discretion); provided that: (i) such Debt is unsecured; (ii) such Debt does not have any restriction on the ability
of the Borrower or any Credit Party to amend, supplement or modify this Agreement or the other Loan Documents, (iii) such Debt
does not have any restrictions on the ability of the Borrower or any other Credit Party to guarantee the Secured Obligations or
pledge assets as collateral security for the Secured Obligations, and (iv) the credit agreement governing such Debt is, taken
as a whole, no more restrictive on the Parent and the Subsidiaries than the terms and conditions of this Agreement, taken as a
whole, as reasonably determined by the Board of Directors of the Parent, acting in good faith and evidenced by a resolutions of
such Board of Directors, and the terms and conditions of such Debt shall not conflict with the terms and conditions of this Agreement
or any other Loan Document.

 

(i)          Debt
incurred by any Credit Party (other than Taghmen), the principal amount of which does not exceed five percent (5%) of the lesser
of (x) $160,000,000 and (y) the then-effective Borrowing Base in the aggregate.

 

(j)          Debt
of a Person existing at the time such Person is acquired by the Parent or any Subsidiary to the extent such acquisition constitutes
a Permitted Acquisition (and not created in anticipation or contemplation thereof); provided that the Parent is in Pro
Forma Compliance after giving effect to the incurrence of any such Debt and the transactions contemplated thereby (and the Parent
shall deliver to the Administrative Agent on the date of incurrence thereof a certificate of a Financial Officer setting forth
reasonably detailed calculations demonstrating Pro Forma Compliance).

 

Section
9.03         Liens. The Parent will not, and will not permit any Subsidiary
to, create, incur, assume or permit to exist any Lien on any of its Properties (now owned or hereafter acquired), except:

 

(a)          Liens
securing the payment of any Secured Obligations.

 

(b)          Liens
existing on the date hereof that are reflected on Schedule 9.03;

 

(c)          Excepted
Liens.

 

(d)          Liens
securing Capital Leases permitted by Section 9.02(c) but only on the Property under lease.

 

(e)          Liens
on Property not constituting Collateral securing Debt and not otherwise permitted by the foregoing clauses of this Section
9.03; provided that the aggregate principal or face amount of all Debt secured under this Section 9.03(e) shall
not exceed $5,000,000 at any time.

 

(f)          Liens
on Property of a Person (excluding any Property given credit in the Borrowing Base) existing at the time such Person is acquired
by the Parent or any Subsidiary to the extent such acquisition constitutes a Permitted Acquisition (and not created in anticipation
or contemplation thereof); provided that such Liens do not extend to Property not subject to such Liens at the time of
acquisition (other than improvements thereon).

 

(g)          Liens
securing Debt permitted by Section 9.02(i).

 

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(h)          Liens
on Equity Interests in Unrestricted Subsidiaries.

 

(i)          Liens
on the Properties of Parent and its Subsidiaries located in the jurisdiction of Brazil granted to secure the Existing Credit Agreement,
for so long as the Borrower is in compliance with Section 8.16.

 

Section
9.04         Restricted Payments; Repayment of Senior Debt; Amendments
to Terms of Senior Debt.

 

(a)          Restricted
Payments. The Parent will not, and will not permit any other Credit Party to, declare or make, or agree to pay or make, directly
or indirectly, any Restricted Payment, return any capital to its stockholders or make any distribution of its Property to its
Equity Interest holders, except (i) any Credit Party may declare and pay dividends with respect to its Equity Interests payable
solely in additional shares of its Equity Interests (other than Disqualified Capital Stock); (ii) any Credit Party (other
than the Parent) may declare and pay dividends ratably with respect to its Equity Interests to the direct holders of its Equity
Interests that are other Credit Parties; (iii) the Parent may make Restricted Payments pursuant to and in accordance with stock
option plans or other benefit plans for management or employees of the Parent and its Subsidiaries; (iv) Permitted Tax Distributions,
(v) any Repurchase consummated on or prior to the Bid End Date in connection with the NCIB Buyback; provided, that (A)
both before and immediately after giving effect to each Repurchase, no Default, Event of Default or Borrowing Base Deficiency
exists or would exist, and (B) the aggregate amount of consideration paid by the Parent in respect of all Repurchases for the
NCIB Buyback shall not exceed $45,000,000 in the aggregate for the NCIB Buyback, (vi) any Credit Party may make required cash
interest payments on any Convertible Senior Notes, (vii) any Credit Party may make any payment in, and/or delivery of, its common
stock in satisfaction of the Parent’s obligations in respect of any Convertible Senior Notes upon conversion or exchange
of such Convertible Senior Notes, (viii) any Redemption by any Credit Party of any Convertible Senior Notes upon the occurrence
of a Fundamental Change to the extent such Redemption constitutes a Restricted Payment and (ix) any Credit Party may pay cash
in lieu of fractional shares in connection with any conversion or exchange of any Convertible Senior Notes.

 

(b)          Repayment
of Senior Debt; Amendment to Terms of Senior Debt. The Parent will not, and will not permit any of its Subsidiaries to, prior
to the date that is one hundred eighty (180) days after the Revolving Credit Maturity Date: (i) call, make or offer to make any
optional or voluntary Redemption of or otherwise optionally or voluntarily Redeem (whether in whole or in part) any Senior Debt;
(ii) amend, modify, waive or otherwise change, consent or agree to any amendment, modification, waiver or other change to,
any of the terms of the Senior Debt or any Senior Debt Document if (A) the effect thereof would be to shorten its maturity or
average life, in either case to a date that is prior to one hundred eighty (180) days after the Revolving Credit Maturity Date,
or increase the amount of any payment of principal thereof or increase the rate or shorten any period for payment of interest
thereon or (B) such action requires the payment of a consent fee (howsoever described); provided that the foregoing shall
not prohibit the execution of supplemental indentures associated with the incurrence of additional Senior Debt to the extent permitted
by Section 9.02(g) or the execution of supplemental indentures to add guarantors if required by the terms of any Senior
Debt Document; provided such Person complies with Section 8.14(a) and becomes a Guarantor, or (C) with respect to
any Senior Debt that is subordinated to the Secured Obligations or any other Debt, designate any Debt (other than obligations
of the Parent and the Subsidiaries pursuant to any other Senior Debt that is not so subordinated or the Loan Documents) as “Specified
Senior Indebtedness” or “Specified Guarantor Senior Indebtedness” or give any such other Debt any other similar
designation for the purposes of any Senior Debt Document related to Senior Debt that is subordinated to the Secured Obligations
or any other Debt. For the avoidance of doubt, shares of common stock and cash issued in lieu of fractional shares of common stock,
in each case issued upon conversion or exchange of any Convertible Senior Notes shall not be prohibited by this Section 9.04(b).

 

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Section
9.05         Investments, Loans and Advances. The Parent will not,
and will not permit any other Credit Party to, make or permit to remain outstanding any Investments in or to any Person, except
that the foregoing restriction shall not apply to:

 

(a)          Investments
reflected in the Financial Statements or which are disclosed to the Lenders in Schedule 9.05.

 

(b)          accounts
receivable arising in the ordinary course of business.

 

(c)          direct
obligations of the United States, Canada, or any agency thereof, or obligations guaranteed by the United States, Canada, or any
agency thereof, in each case maturing within one year from the date of creation thereof.

 

(d)          commercial
paper maturing within one year from the date of creation thereof rated no lower than A2 or P2 by S&P, Moody’s, Dominion
Bond Rating Service Limited or Canada Bond Rating Service.

 

(e)          deposits
maturing within one year from the date of creation thereof with, including certificates of deposit issued by, any Lender or any
office located in the United States or Canada of any other bank or trust company which is organized under the laws of the United
States or any state thereof or Canada or any province thereof, has capital, surplus and undivided profits aggregating at least
$100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit
rating of no lower than A2 or P2, as such rating is set forth from time to time, by S&P, Moody’s, Dominion Bond Rating
Service Limited or Canada Bond Rating Service.

 

(f)          deposits
in money market funds investing exclusively in Investments described in Section 9.05(c), Section 9.05(d) or Section
9.05(e).

 

(g)          (i)
Investments made by any Credit Party in or to any other Credit Party; and (ii) Investments made by any Credit Party in or
to Unrestricted Subsidiaries, which, when aggregated with any Debt incurred pursuant to Section 9.02(e)(iv), without duplication,
do not exceed $200,000,000 in the aggregate at any time outstanding; provided that, with respect to this clause (ii), (A)
both before and immediately after giving effect to any such Investment, no Default shall exist, and (B) after giving effect to
any such Investment, the percentage equal to the lesser of (x) the amount of the fraction expressed as a percentage, the numerator
of which is the sum of the Revolving Credit Exposures of the Lenders on such day, and the denominator of which is $160,000,000
and (y) the Borrowing Base Utilization Percentage, shall not exceed ninety percent (90%).

 

(h)          subject
to the limits in Section 9.06(a), Investments (including, without limitation, capital contributions) in general or limited
partnerships or other types of entities (each a “venture”) entered into by a Credit Party with others in the
ordinary course of business; provided that (i) any such venture is engaged exclusively in oil and gas exploration, development,
production, processing and related activities, including transportation, (ii) the interest in such venture is acquired in the
ordinary course of business and on fair and reasonable terms and (iii) such venture interests acquired and capital contributions
made (valued as of the date such interest was acquired or the contribution made) do not exceed, in the aggregate at any time outstanding
an amount equal to $2,000,000.

 

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(i)           Investments
in direct ownership interests in additional Oil and Gas Properties and gas gathering systems related thereto or related to farm-out,
farm-in, joint operating, joint venture or area of mutual interest agreements, gathering systems, pipelines or other similar arrangements
which are usual and customary in the oil and gas exploration and production business; provided that no Default shall have
occurred and be continuing or would result therefrom.

 

(j)           Investments
in stock, obligations or securities received in settlement of debts arising from Investments permitted under this Section 9.05
owing to any Credit Party as a result of a bankruptcy or other insolvency proceeding of the obligor in respect of such debts
or upon the enforcement of any Lien in favor of any Credit Party; provided that the Parent shall give the Administrative
Agent prompt written notice in the event that the aggregate amount of all Investments held at any one time under this Section
9.05(j) exceeds $1,000,000.

 

(k)          other
Investments not to exceed $50,000,000 in the aggregate at any time outstanding; provided that: (i) both before and after
giving effect to any such Investment, no Default exists, and (ii) after giving effect to any such Investment, the percentage equal
to the lesser of (x) the amount of the fraction expressed as a percentage, the numerator of which is the sum of the Revolving
Credit Exposures of the Lenders on such day, and the denominator of which is $160,000,000 and (y) the Borrowing Base Utilization
Percentage, shall not exceed ninety percent (90%).

 

(l)           Investments
made with Equity Interests of the Parent.

 

(m)         Investments
made with all or a portion of the Available Amount on the date that a Responsible officer of the Parent elects to apply all or
a portion thereof to this Section 9.05(m), such election to be specified in a written notice of a Responsible Officer of
the Parent calculating in reasonable detail the amount of Available Amount immediately prior to such election and the amount thereof
elected to be so applied.

 

(n)          (i)
the Investment consisting of the acquisition of all of the outstanding Equity Interests of Petroamerica Oil Corp., (ii) the Investment
consisting of the acquisition of all of the outstanding Equity Interests of PetroGranada Colombia Limited, and (ii) the Investment
consisting of the acquisition of a beneficial interest in all of the outstanding Equity Interests of PELE on the Third Amendment
Effective Date, and upon registration of the transfers of Equity Interest of PELE delivered to the Borrower on the Third Amendment
Effective Date, the acquisition of legal title in all of the outstanding Equity Interests of PELE pursuant to the terms of the
PELE Acquisition Agreement.

 

Section
9.06         Nature of Business; Unrestricted Subsidiaries.

 

(a)          The
Parent will not, and will not permit any Subsidiary to, allow any material change to be made in the character of its business
as an independent oil and gas exploration and production company.

 

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(b)          The
Parent will not permit any Unrestricted Subsidiary to make Investments in any Person except Investments (i) in Credit Parties
or (ii) reasonably related to the conduct of such Subsidiary’s business as an independent oil and gas exploration and production
company.

 

(c)          From
and after the date hereof, the Parent will not, and will not permit any Credit Party to, acquire or make any other expenditure
(whether such expenditure is capital, operating or otherwise) in or related to, any Oil and Gas Properties not located within
the geographical boundaries of Colombia or Mexico except (i) Investments in Unrestricted Subsidiaries that are otherwise permitted
by Section 9.05 and (ii) expenditures (other than in Property or expenditures consisting of deposits or fees associated with purchase
agreements of Property) in preparation of a potential acquisition, ownership or operation of Oil and Gas Properties (excluding
any capital expenditures attributable to the actual acquisition, ownership or operation of Oil and Gas Properties).

 

(d)          Subject
to Section 9.06(e), any Person that becomes a Subsidiary of the Parent or any of its Restricted Subsidiaries shall be classified
as a Restricted Subsidiary.

 

(e)          The
Borrower may designate by written notification thereof to the Administrative Agent, any Restricted Subsidiary, including a newly
formed or newly acquired Subsidiary, as an Unrestricted Subsidiary if (i) prior, and after giving effect, to such designation,
neither a Default nor a Borrowing Base Deficiency would exist and (ii) such designation is deemed to be (A) an Investment
in an Unrestricted Subsidiary in an amount equal to the fair market value as of the date of such designation of the Parent’s
direct and indirect ownership interest in such Subsidiary and such Investment would be permitted to be made at the time of such
designation under Section 9.05(g)(ii) and (B) a disposition of the assets owned by such Subsidiary on the date of such
designation for the purposes of Section 9.11(d)(iii). Except as provided in this Section 9.06(e), no Restricted
Subsidiary may be redesignated as an Unrestricted Subsidiary.

 

(f)          The
Borrower may designate any Unrestricted Subsidiary to be a Restricted Subsidiary if, after giving effect to such designation,
(i) the representations and warranties of the Parent and its Restricted Subsidiaries contained in each of the Loan Documents
are true and correct on and as of such date as if made on and as of the date of such redesignation (or, if stated to have been
made expressly as of an earlier date, were true and correct as of such date), (ii) no Default would exist, and (iii) the
Parent and the Borrower each complies with the requirements of Section 8.14, Section 8.15 and this Section 9.06.
Any such designation shall be treated as a cash dividend in an amount equal to the lesser of the fair market value of the Parent’s
direct and indirect ownership interest in such Subsidiary or the amount of the Parent’s cash investment previously made
for purposes of the limitation on Investments under Section 9.05(g)(ii).

 

Section
9.07          Limitation on Leases. The Parent will not, and will
not permit any other Credit Party to, create, incur, assume or suffer to exist any obligation for the payment of rent or hire
of Property of any kind whatsoever (real or personal but excluding Capital Leases and leases of Hydrocarbon Interests), under
leases or lease agreements which would cause the aggregate amount of all payments made by the Credit Parties pursuant to all such
leases or lease agreements, including, without limitation, any residual payments at the end of any lease, to exceed $4,000,000
in any period of twelve consecutive calendar months during the life of such leases.

 

Section
9.08          Proceeds of Notes. The Parent will not permit the
proceeds of the Notes to be used for any purpose other than those permitted by Section 7.19.

 

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Section
9.09         Sale or Discount of Receivables. Except for receivables
obtained by any Credit Party out of the ordinary course of business or the settlement of joint interest billing accounts in the
ordinary course of business or discounts granted to settle collection of accounts receivable or the sale of defaulted accounts
arising in the ordinary course of business in connection with the compromise or collection thereof and not in connection with
any financing transaction, the Parent will not, and will not permit any other Credit Party to, discount or sell (with or without
recourse) any of its notes receivable or accounts receivable.

 

Section
9.10         Mergers, Etc. The Parent will not, and will not permit
any other Credit Party to, merge into or with or consolidate with any other Person, or permit any other Person to merge into or
consolidate with it, or sell, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions)
all or substantially all of its Property to any other Person (whether now owned or hereafter acquired) (any such transaction,
a “consolidation”), or liquidate or dissolve; provided that, so long as no Default then exists, or would exist
after giving effect thereto, and both before and after giving effect thereto, each Credit Party is in compliance with Section
8.14: (a) any Wholly-Owned Subsidiary of the Borrower may participate in a consolidation with the Borrower so long as the
Borrower is the surviving Person or transferee, (b) any Subsidiary Guarantor may participate in a consolidation with the Parent
so long as the Parent is the surviving Person or transferee, and the Parent shall be in Pro Forma Compliance and subject to the
other provisions of this Agreement, including Sections 9.02(j) and 9.03(e), (c) any Subsidiary Guarantor may participate
in a consolidation with any Unrestricted Subsidiary so long as the Subsidiary Guarantor is the surviving Person or transferee,
(d) any Subsidiary Guarantor may participate in a consolidation with any other Subsidiary Guarantor; provided that, in the case
of clause (d), the surviving Subsidiary Guarantor or transferee (the “Surviving Subsidiary Guarantor”) shall
either be organized in (i) the same jurisdiction as the Subsidiary Guarantor that is not the surviving Subsidiary Guarantor or
transferee (the “Non-Surviving Subsidiary Guarantor”), (ii) the same jurisdiction as the Surviving Subsidiary
Guarantor, (iii) any state of the United States of America or province of Canada, or (iv) such other jurisdiction as approved
by the Majority Lenders, and (e) on or before June 30, 2016, Gran Tierra International Inc., a company incorporated under the
laws of the Cayman Islands, may participate in a consolidation with the Borrower (i) so long as the Borrower is the surviving
Person and (ii) after giving effect to such consolidation, the Borrower is in compliance with Section 8.13.

 

Section
9.11         Disposition of Properties. The Parent will not, and will
not permit any Subsidiary to, sell, assign, farm-out, convey or otherwise dispose of or transfer (including, without limitation,
as a result of a Casualty Event) any Property (including, without limitation, any Equity Interests in any Subsidiary Guarantor
owing Oil and Gas Properties) except for:

 

(a)          the
sale of Hydrocarbons in the ordinary course of business;

 

(b)          the
sale or other disposition of Oil and Gas Properties to which no proved reserves are attributable (and Equity Interests in Subsidiaries
owning Oil and Gas Properties to which no proved reserves are attributable), including farmouts of undeveloped acreage to which
no proved reserves are attributable and assignments in connection with such farmouts;

 

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(c)          (i)
the sale or other disposition of obsolete or worn-out equipment or equipment that is no longer necessary for the business of the
Parent or such Subsidiary or is replaced by equipment of at least comparable value and use, (ii) ordinary course of business dispositions
of (A) cash and Cash Equivalents, (B) overdue accounts receivable in connection with the compromise or collection thereof, and
(C) leases, subleases, rights of way, easements, licenses, and sublicenses that, individually and in the aggregate, do not materially
interfere with the conduct of the business of the Parent and its Subsidiaries and do not materially detract from the value or
the use of the Property which they affect, and (iii) transfers of Property subject to a Casualty Event or in connection with any
condemnation proceeding with respect to Collateral upon receipt of the net cash proceeds of such Casualty Event or condemnation
proceeding;

 

(d)          the
sale or other disposition (including Casualty Events) of any Oil and Gas Property or any interest therein or any Subsidiary Guarantor
owning Oil and Gas Properties; provided that (i) 100% of the consideration received in respect of such sale or other disposition
shall be cash, (ii) the consideration received in respect of such sale or other disposition shall be equal to or greater
than the Fair Market Value of the Oil and Gas Property, interest therein or Subsidiary Guarantor subject of such sale or other
disposition (as reasonably determined by the board of directors of the Parent and, if requested by the Administrative Agent, the
Parent shall deliver a certificate of a Responsible Officer of the Parent certifying to that effect), (iii) if the aggregate the
value assigned to such Property in the then effective Borrowing Base, when aggregated with the value assigned to (A) all such
Oil and Gas Properties disposed of pursuant to this clause (d), plus (B) the Liquidated portion of any Swap Agreements
in respect of commodities Liquidated, in each case, since the last Scheduled Redetermination Date, in the then effective Borrowing
Base, is in excess of five percent (5%) of the then effective Borrowing Base, the Borrowing Base shall be reduced, effective immediately
upon such sale or disposition, by an amount equal to the value, if any, assigned such Property in the then effective Borrowing
Base, as determined by the Administrative Agent and (iv) if any such sale or other disposition is of a Subsidiary Guarantor owning
Oil and Gas Properties, such sale or other disposition shall include all the Equity Interests in such Subsidiary Guarantor;

 

(e)          sales
and other dispositions of Properties to which the exceptions pursuant to Section 9.11(a) to (d) do not apply having
a Fair Market Value not to exceed $10,000,000 during any 6- month period;

 

(f)          any
Unrestricted Subsidiary may sell, transfer, lease or otherwise dispose of any of its Property other than Equity Interests (whether
owned or held by it directly or indirectly) in any Credit Party except as otherwise expressly permitted by Section 9.11(d)
or Section 9.11(j).

 

(g)          sales,
transfers, leases or dispositions of Property permitted by Section 9.10;

 

(h)          any
Credit Party may transfer or otherwise dispose of any of its Property to any other Credit Party; provided that both before
and after giving effect to such transfer or disposition, (A) no Default or Event of Default exists or would exist and (B)
the Credit Parties are in compliance with Sections 8.14(a) and (b) as of the date of such transfer or disposition
without giving effect to the three day grace period specified in such Sections;

 

(i)          any
Credit Party may transfer Property (other than Oil and Gas Properties or interests therein or any Equity Interests in any Credit
Party) to any Unrestricted Subsidiary to the extent such transfer constitutes an Investment permitted by Section 9.05(g)(ii);
provided that both before and after giving effect to such transfer or disposition, no Default or Event of Default exists
or would exist; and

 

(j)          the
Liquidation of any Swap Agreements.

 

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Section
9.12         Environmental Matters. The Parent will not, and will not
permit any Subsidiary to, cause or permit any of its Property to be in violation of, or do anything or permit anything to be done
which will subject any such Property to a Release or threatened Release of Hazardous Materials, exposure to any Hazardous Materials,
or to any Remedial Work under any Environmental Laws, assuming disclosure to the applicable Governmental Authority of all relevant
facts, conditions and circumstances, if any, pertaining to such Property where such violations, Release or threatened Release,
exposure, or Remedial Work could reasonably be expected to have a Material Adverse Effect.

 

Section
9.13         Transactions with Affiliates. The Parent will not, and
will not permit any other Credit Party to, enter into any transaction, including, without limitation, any purchase, sale, lease
or exchange of Property or the rendering of any service, with any Affiliate (other than between the Borrower or any Subsidiary
Guarantor and any Subsidiary Guarantor) unless such transactions are otherwise permitted under this Agreement and are upon fair
and reasonable terms no less favorable to it than it would obtain in a comparable arm’s length transaction with a Person
not an Affiliate; provided, that the foregoing restrictions shall not apply to (a) employment and severance arrangements
and health, disability and similar insurance or benefit plans between the Parent (or any direct or indirect parent thereof) and
the other Credit Parties and their respective directors, officers, employees or consultants (including management and employee
benefit plans or agreements, subscription agreements or similar agreements pertaining to the repurchase of Equity Interests pursuant
to put/call rights or similar rights with current or former employees, officers, directors or consultants and equity option or
incentive plans and other compensation arrangements) in the ordinary course of business or as otherwise approved by the Board
of Directors of the Parent; (b) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided
on behalf of, directors, managers, consultants, officers and employees of the Parent and the other Credit Parties in the ordinary
course of business to the extent attributable to the ownership or operation of, or in connection with any services provided to,
the Parent and the other Credit Parties, (c) transactions pursuant to agreements in existence on the Effective Date and set forth
on Schedule 9.13 or any amendment thereto to the extent such an amendment is not adverse to the Lenders in any material
respect, (d) Restricted Payments, redemptions, repurchases and other actions permitted under Section 9.04, (e) any issuance
of Equity Interests or other payments, awards or grants in cash, securities, Equity Interests or otherwise pursuant to, or the
funding of, employment arrangements, equity options and equity ownership plans approved by the Board of Directors of the Parent,
and (f) payments by the Parent and the other Credit Parties pursuant to Tax payment arrangements among the Parent and the other
Credit Parties on customary terms; provided, that payments by Parent and the other Credit Parties under any such Tax payment
arrangements shall not exceed the excess (if any) of the amount they would have paid on a standalone basis over the amount they
actually pay directly to Governmental Authorities.

 

Section
9.14         Restrictive Agreements. The Parent will not, and will
not permit any other Credit Party to, create, incur, assume or suffer to exist any contract, agreement or understanding which
in any way prohibits or restricts the granting, conveying, creation or imposition of any Lien on any of its Property in favor
of the Administrative Agent and the Lenders, or restricts any Credit Party (other than the Parent) from paying dividends or making
any other distributions in respect of its Equity Interests to the Parent or any other Credit Party, or restricts the Parent or
any other Credit Party from making loans or advances, or transferring any Property, to the Parent or any other Credit Party, or
which requires the consent of or notice to other Persons in connection therewith, other than (i) any such restrictions imposed
by law or by the Loan Documents, (ii) restrictions that restrict in a customary manner the subletting, assignment or transfer
of any Property that is subject to a lease, farm-in agreement or farm-out agreement, license or similar contract, or the assignment
or transfer of any such lease, license or other contract, (iii) restrictions pursuant to customary provisions restricting dispositions
of real property interests set forth in any reciprocal easement agreement of the Borrower or any of its Subsidiaries, (iv) restrictions
with respect to the disposition or distribution of Property in operating agreements, joint venture agreements, development agreements,
area of mutual interest agreements and other agreements that are customary in the Hydrocarbon business and entered into in the
ordinary course of business and (v) customary restrictions arising under any contract or agreement in connection with Debt permitted
under Section 9.02(c) or any contract or agreement creating Liens permitted by Section 9.03(d).

 

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Section
9.15         Swap Agreements. The Parent will not, and will not permit
any Subsidiary to, enter into any Swap Agreements with any Person other than:

 

(a)          Swap
Agreements entered into by the Parent or the Borrower in respect of commodities (i) with an Approved Counterparty and (ii) the
notional volumes for which (when aggregated with other commodity Swap Agreements then in effect other than basis differential
swaps on volumes already hedged pursuant to other Swap Agreements) do not exceed, as of the date such Swap Agreement is executed,
85% of the reasonably anticipated projected production from proved, developed, producing Oil and Gas Properties of the Credit
Parties as set forth in the most recent Reserve Report delivered pursuant to the terms of this Agreement for each month during
the period during which such Swap Agreement is in effect for each of crude oil and natural gas, calculated separately and (iii)
with a tenor not to exceed three (3) years.

 

(b)          Swap
Agreements entered into by the Parent or the Borrower in respect of interest rates with an Approved Counterparty, as follows:
(i) Swap Agreements effectively converting interest rates from fixed to floating, the notional amounts of which (when aggregated
with all other Swap Agreements of the Parent and the Borrower then in effect effectively converting interest rates from fixed
to floating) do not exceed 50% of the then outstanding principal amount of the Parent’s or Borrower’s Debt for borrowed
money which bears interest at a fixed rate and (ii) Swap Agreements entered into by the Parent or the Borrower effectively converting
interest rates from floating to fixed, the notional amounts of which (when aggregated with all other Swap Agreements of the Parent
and the Borrower then in effect effectively converting interest rates from floating to fixed) do not exceed 100% of the then outstanding
principal amount of the Parent’s Debt for borrowed money which bears interest at a floating rate; and

 

(c)          Swap
Agreements in respect of foreign exchange and currency option transactions with an Approved Counterparty to provide protection
against fluctuations in currency values; provided that all such Swap Agreements shall be entered into in the ordinary course of
business and consistent with prudent business practice and not for speculative purposes.

 

(d)          In
no event shall any Swap Agreement contain any requirement, agreement or covenant for the Parent or any Subsidiary to post collateral,
credit support (including in the form of letters of credit) or margin to secure their obligations under such Swap Agreement or
to cover market exposures.

 

Section
9.16         Material Documents. The Parent will not, and will not
permit any other Credit Party to, amend, modify, supplement, cancel or terminate, or waive compliance with respect to, any Material
Documents in any manner that is materially adverse to the interests of the Lenders without the prior written consent of the Majority
Lenders (and, provided that the Parent promptly furnishes to the Administrative Agent a copy of such amendment, modification,
supplement, cancellation, termination or waiver).

 

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Section
9.17         Marketing Activities. The Parent will not, and will not
permit any other Credit Party to, enter into any contracts for the purchase and sale of crude oil or any other Hydrocarbons other
than Offtake Agreements.

 

Section
9.18         Sanctions. Neither the Parent nor any Subsidiary shall,
directly or indirectly, use the proceeds of any Loan or Letter of Credit, or lend, contribute or otherwise make available such
proceeds to any Subsidiary, joint venture partner or other Person, (a)(i) to knowingly fund any activities of or business with
any Person, or (ii) for any purpose in any Designated Jurisdiction that, in each case, at the time of such funding, is the subject
of Sanctions, or (b) in any other manner that will result in a violation by any Person (including any Person participating in
the transaction, whether as Lender, Administrative Agent, Issuing Bank, or otherwise) of Sanctions, Anti-Corruption Laws or Anti-Money
Laundering Laws.

 

Section
9.19         Anti-Corruption Laws. Neither the Parent nor any Subsidiary
shall fail to conduct its businesses in compliance with applicable Anti-Corruption Laws or Anti-Money Laundering Laws in all material
respects.

 

Section
9.20         Taghmen Holding Company. Taghmen shall not engage in any
business or activity (including, without limitation, incurring any Debt) other than (i) the ownership of Equity Interests as of
the Third Amendment Effective Date in Petroleos del Norte, S.A., a corporation duly organized under the laws of Colombia, (ii)
maintaining its corporate existence; provided, that nothing in this Section 9.20 shall prevent Taghmen from consummating
any transaction permitted under this Section 9.20 or taking any action in connection with a reorganization, liquidation,
dissolution or winding-up following the disposal of all or substantially all of its Property pursuant to a transaction permitted
under this Section 9.20, (iii) the execution and delivery of the Loan Documents to which it is a party and the performance
of its obligations thereunder, including the incurrence of any Obligations, (iv) incurring intercompany debt permitted pursuant
to Section 9.02, (v) merging into or with or consolidating with any other Credit Party as otherwise permitted hereunder
or selling, transferring, leasing or otherwise disposing of any of its Property to any other Credit Party as otherwise permitted
hereunder, (vi) participating in tax, accounting and other administrative activities as the owner of Equity Interests in Petroleos
del Norte, S.A., and (vii) activities incidental to the transactions, businesses or activities described in clauses (i) through
(vi) of this Section 9.20, including without limitation, including paying taxes, preparing reports to Governmental Authorities
and to its shareholders, holding directors and shareholders meetings, preparing corporate records and other corporate activities
required to maintain its separate corporate existence.

 

Article
X

Events of Default; Remedies

 

Section
10.01         Events of Default. One or more of the following events
shall constitute an “Event of Default”:

 

(a)          the
Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when and
as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof, by acceleration
or otherwise.

 

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(b)          the
Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in Section
10.01(a)) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue
unremedied for a period of three Business Days.

 

(c)          any
representation or warranty made or deemed made by or on behalf of any Credit Party in or in connection with any Loan Document
or any amendment or modification of any Loan Document or waiver under such Loan Document, or in any report, certificate, financial
statement or other document furnished pursuant to or in connection with any Loan Document or any amendment or modification thereof
or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made (except to the extent
such representation or warranty is qualified by materiality or Material Adverse Effect, in which case it shall have been incorrect
when made or deemed made).

 

(d)          any
Credit Party shall fail to observe or perform any covenant, condition or agreement contained in Section 8.01(j), Section
8.02, Section 8.03, Section 8.14, Section 8.16 or in Article IX.

 

(e)          any
Credit Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those
specified in Section 10.01(a), Section 10.01(b) or Section 10.01(d)) or any other Loan Document, and such
failure shall continue unremedied for a period of 30 days after the earlier to occur of (i) any Credit Party becomes aware of
such failure or (b) notice thereof from the Administrative Agent to the Borrower (which notice may be given at the request of
any Lender).

 

(f)          any
Credit Party shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material
Indebtedness, when and as the same shall become due and payable.

 

(g)          any
event or condition occurs that results in any Material Indebtedness of any Credit Party becoming due prior to its scheduled maturity
or that enables or permits (with or without the giving of notice, but in any event after the expiration of any applicable grace
period provided in the applicable agreement or instrument under which such Material Indebtedness was created) the holder or holders
of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due,
or to require the Redemption thereof or any offer to Redeem to be made in respect thereof, prior to its scheduled maturity or
require any Credit Party to make an offer in respect thereof; provided that this clause (g) shall not apply to any conversion
or exchange trigger that results in conversion or exchange of any convertible or exchangeable debt securities into equity, as
applicable.

 

(h)          an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of any Credit Party or its debts, or of a substantial part of its assets, under any Federal, state or
foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for any Credit Party or for a substantial part of its assets,
and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering
any of the foregoing shall be entered.

 

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(i)          any
Credit Party shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief
under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent
to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in Section
10.01(g), (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar
official for any Credit Party or for a substantial part of its assets, (iv) file an answer admitting the material allegations
of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take
any action for the purpose of effecting any of the foregoing; or any stockholder of any Credit Party shall make any request or
take any action for the purpose of calling a meeting of the stockholders of any Credit Party to consider a resolution to dissolve
and wind-up such Credit Party’s affairs.

 

(j)          any
Credit Party shall become unable, admit in writing its inability or fail generally to pay its debts as they become due.

 

(k)          (i)
one or more judgments for the payment of money in an aggregate amount in excess of $10,000,000 or (ii) any one or more non-monetary
judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, shall
be rendered against any Credit Party or any combination thereof and the same shall remain undischarged for a period of 60 consecutive
days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach
or levy upon any assets of any Credit Party to enforce any such judgment.

 

(l)          the
Loan Documents after delivery thereof shall for any reason, except to the extent permitted by the terms thereof, cease to be in
full force and effect and valid, binding and enforceable in accordance with their terms against any Credit Party party thereto
or shall be repudiated by any of them, or cease to create a valid and perfected Lien of the priority required thereby on any of
the Collateral purported to be covered thereby, except to the extent permitted by the terms of this Agreement, or any Credit Party
or any of their Affiliates shall so state in writing.

 

(m)          any
Governmental Authority shall (i) take any action to condemn, seize, nationalize or appropriate any portion of the Property of
any Credit Party (either with or without payment of compensation) used in the exploration or development of Properties and the
Fair Market Value of such Property constitutes greater than 10% of the Borrowing Base then in effect, or (ii) take any action
to renegotiate, materially modify or increase the rate of taxation or the amount of royalties payable by any Credit Party and
such renegotiation, modification or increase could reasonably be expected to result in a Material Adverse Effect.

 

(n)          any
Credit Party defaults on any of its obligations under one or more Concession Agreements relating to Oil and Gas Properties having
a Fair Market Value greater than $10,000,000, where the effect of such default is to entitle a ANH or Ecopetrol, either immediately
or with the giving of notice, but in any event after the expiration of any applicable grace period provided in the applicable
Concession Agreement, to early terminate (declaración de caducidad) such Concession Agreement(s), or to take any
other course of action with respect thereto.

 

(o)          any
Credit Party defaults on any of its obligations under an Offtake Agreement where the effect of such default is to entitle the
Offtaker under such Offtake Agreement, either immediately or with the giving of notice, but in any event after the expiration
of any applicable grace period provided in the applicable Offtake Agreement, to terminate such Offtake Agreement, or to take any
other course of action with respect thereto.

 

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(p)          a
Change in Control shall occur.

 

Section
10.02        Remedies.

 

(a)          In
the case of an Event of Default other than one described in Section 10.01(h), Section 10.01(i) or Section 10.01(j),
at any time thereafter during the continuance of such Event of Default, the Administrative Agent, at the request of the Majority
Lenders, shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate
the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Notes, the Colombian Notes and
the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and
payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and
payable, together with accrued interest thereon and all fees and other obligations of the Credit Parties accrued hereunder and
under the Notes, the Colombian Notes and the other Loan Documents (including, without limitation, the payment of cash collateral
to secure the LC Exposure as provided in Section 2.09(j)), shall become due and payable immediately, without presentment,
demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all of which are hereby waived
by each Credit Party; and in case of an Event of Default described in Section 10.01(h), Section 10.01(i) or Section
10.01(j), the Commitments shall automatically terminate and the Notes, the Colombian Notes and the principal of the Loans
then outstanding, together with accrued interest thereon and all fees and the other obligations of the Credit Parties accrued
hereunder and under the Notes, the Colombian Notes and the other Loan Documents (including, without limitation, the payment of
cash collateral to secure the LC Exposure as provided in Section 2.09(j)), shall automatically become due and payable,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Credit Parties.

 

Declaration of an
Event of Default referred to in Section 10.01(h), Section 10.01(i) or Section 10.01(j) shall not: (1) prevent
the commencement of a proceeding under Law 1116 of 2006 (“Law 1116”) or any Colombian Branch or the Borrower,
whether in a voluntary or involuntary manner; (2) be construed to mean that the purpose of this Section is to prevent or create
obstacles to prevent, directly or indirectly, that proceedings be commenced in Colombia under Law 1116 with respect to any Colombian
Branch or the Borrower; (3) prohibit any Colombian Branch or the Borrower from negotiating or entering into a restructuring agreement
under Law 1116; or (4) impose any restrictions or prohibitions, or unfavorable effects “efectos desfavorables”
upon any Colombian Branch or the Borrower for the negotiation or execution of a restructuring agreement under Law 1116. The rights
of the Lenders under this Section may not be exercised in connection with Section 10.01(h), Section 10.01(i) or
Section 10.01(j) if and for so long as a proceeding is commenced or a petition is filed in Colombia to commence a proceeding
under Law 1116 with respect to any Colombian Branch or the Borrower, whether in a voluntary or involuntary manner or any Colombian
Branch or the Borrowers engage in negotiations to enter into, or enters into a restructuring agreement in Colombia under Law 1116.

 

(b)          In
the case of the occurrence of an Event of Default, the Administrative Agent and the Lenders will have all other rights and remedies
available at law and equity.

 

    	 	101	 

     

    

  

(c)          All
proceeds realized from the liquidation or other disposition of Collateral or otherwise received after maturity of the Notes, whether
by acceleration or otherwise, shall be applied:

 

(i)          first,
to payment or reimbursement of that portion of the Secured Obligations constituting fees, expenses and indemnities payable to
the Administrative Agent and the Global Coordinator in their capacities as such;

 

(ii)         second,
pro rata to payment or reimbursement of that portion of the Secured Obligations constituting fees, expenses and indemnities payable
to the Lenders;

 

(iii)        third,
pro rata to payment of accrued interest on the Loans;

 

(iv)        fourth,
pro rata to payment of (A) principal outstanding on the Loans, (B) reimbursement obligations in respect of Letters of Credit pursuant
to Section 2.09(e) (and cash collateralization of LC Exposure hereunder), (C) Secured Swap Obligations (other than Excluded
Swap Obligations) owing to Secured Swap Parties, and (D) Specified Cash Management Obligations owing to Secured Cash Management
Parties;

 

(v)         fifth,
pro rata to any other Secured Obligations; and

 

(vi)        sixth,
any excess, after all of the Secured Obligations shall have been indefeasibly paid in full in cash, shall be paid to the Borrower
or as otherwise required by any Governmental Requirement.

 

Notwithstanding the
foregoing, amounts received from the Parent or any Guarantor that is not an “eligible contract participant” under
the Commodity Exchange Act shall not be applied to any Excluded Swap Obligations (it being understood, that in the event that
any amount is applied to the Secured Obligations other than Excluded Swap Obligations as a result of this clause, the Administrative
Agent shall make such adjustments as it determines are appropriate to distributions pursuant to clause fourth above from amounts
received from “eligible contract participants” under the Commodity Exchange Act to ensure, as nearly as possible,
that the proportional aggregate recoveries with respect to the Secured Obligations described in clause fourth above by the holders
of any Excluded Swap Obligations are the same as the proportional aggregate recoveries with respect to other Secured Obligations
pursuant to clause fourth above).

 

Article
XI

The Agents

 

Section
11.01         Appointment; Powers. Each of the Lenders and the Issuing
Bank hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions
on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof and the other Loan
Documents, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely
for the benefit of the Administrative Agent, the Lenders and the Issuing Bank, and neither the Borrower nor any Guarantor shall
have rights as a third party beneficiary of any of such provisions.

 

    	 	102	 

     

    

  

Section
11.02         Duties and Obligations of Administrative Agent. The Administrative
Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality
of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether
a Default has occurred and is continuing (the use of the term “agent” herein and in the other Loan Documents with
reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable law; rather, such term is used merely as a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent contracting parties), (b) the Administrative Agent shall
have no duty to take any discretionary action or exercise any discretionary powers, except as provided in Section 11.03,
and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Parent or any Subsidiary that is communicated to or obtained by the
bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall be deemed not to
have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or
a Lender, and shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation
made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or under any other Loan Document or in connection herewith or therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth herein or in any other Loan Document, (iv)
the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement,
instrument or document, (v) the satisfaction of any condition set forth in Article VI or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent or as to those conditions precedent expressly
required to be to the Administrative Agent’s satisfaction, (vi) the existence, value, perfection or priority of any collateral
security or the financial or other condition of the Parent or any Subsidiary or any other obligor or guarantor, or (vii) any failure
by the Borrower or any other Person (other than itself) to perform any of its obligations hereunder or under any other Loan Document
or the performance or observance of any covenants, agreements or other terms or conditions set forth herein or therein. For purposes
of determining compliance with the conditions specified in Article VI, each Lender shall be deemed to have consented to,
approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved
by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received written notice from such Lender
prior to the proposed closing date specifying its objection thereto.

 

Section
11.03         Action by Administrative Agent. The Administrative Agent
shall have no duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise in writing
as directed by the Majority Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances
as provided in Section 12.02) and in all cases the Administrative Agent shall be fully justified in failing or refusing
to act hereunder or under any other Loan Documents unless it shall (a) receive written instructions from the Majority Lenders
or the Lenders, as applicable, (or such other number or percentage of the Lenders as shall be necessary under the circumstances
as provided in Section 12.02) specifying the action to be taken and (b) be indemnified to its satisfaction by the Lenders
against any and all liability and expenses which may be incurred by it by reason of taking or continuing to take any such action.
The instructions as aforesaid and any action taken or failure to act pursuant thereto by the Administrative Agent shall be binding
on all of the Lenders. If a Default has occurred and is continuing, then the Administrative Agent shall take such action with
respect to such Default as shall be directed by the requisite Lenders in the written instructions (with indemnities) described
in this Section 11.03; provided that, unless and until the Administrative Agent shall have received such directions,
the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect
to such Default as it shall deem advisable in the best interests of the Lenders. In no event, however, shall the Administrative
Agent be required to take any action which exposes the Administrative Agent to personal liability or which is contrary to this
Agreement, the Loan Documents or applicable law. If a Default has occurred and is continuing, neither the Global Coordinator or
the Arrangers shall have any obligation to perform any act in respect thereof. The Administrative Agent shall not be liable for
any action taken or not taken by it with the consent or at the request of the Majority Lenders or the Lenders (or such other number
or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 12.02), and otherwise
the Administrative Agent shall not be liable for any action taken or not taken by it hereunder or under any other Loan Document
or under any other document or instrument referred to or provided for herein or therein or in connection herewith or therewith
including its own ordinary negligence, except for its own gross negligence, bad faith or willful misconduct.

 

    	 	103	 

     

    

  

Section
11.04       Reliance by Administrative Agent. The Administrative Agent shall
be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement,
instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative
Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and
shall not incur any liability for relying thereon and each of the Borrower, the Lenders and the Issuing Bank hereby waives the
right to dispute the Administrative Agent’s record of such statement, except in the case of gross negligence, bad faith
or willful misconduct by the Administrative Agent. The Administrative Agent may consult with legal counsel (who may be counsel
for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not
taken by it in accordance with the advice of any such counsel, accountants or experts. The Administrative Agent may deem and treat
the payee of any Note as the holder thereof for all purposes hereof unless and until a written notice of the assignment or transfer
thereof permitted hereunder shall have been filed with the Administrative Agent.

 

Section
11.05       Subagents. The Administrative Agent may perform any and all its duties
and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related
Parties. The exculpatory provisions of the preceding Sections of this Article XI shall apply to any such sub-agent and
to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

 

Section
11.06       Resignation or Removal of Administrative Agent. Subject to the appointment
and acceptance of a successor Administrative Agent as provided in this Section 11.06, the Administrative Agent may resign
at any time by notifying the Lenders, the Issuing Bank and the Borrower, and the Administrative Agent may be removed at any time
with or without cause by the Majority Lenders. Upon any such resignation or removal, the Majority Lenders shall have the right,
in consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Majority Lenders
and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation
or removal of the retiring Administrative Agent, then the retiring Administrative Agent may, on behalf of the Lenders and the
Issuing Bank, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate
of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall
succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the
retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower
to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article XI
and Section 12.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as
Administrative Agent.

 

    	 	104	 

     

    

 

Section
11.07       Agents as Lenders. Each bank serving as an Agent hereunder shall
have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not
an Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business
with the Parent or any Subsidiary or Affiliate thereof as if it were not an Agent hereunder.

 

Section
11.08       No Reliance. Each Lender acknowledges that it has, independently
and without reliance upon the Administrative Agent, any other Agent or any other Lender and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and each other Loan Document
to which it is a party. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative
Agent, any other Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate,
continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document,
any related agreement or any document furnished hereunder or thereunder. The Agents shall not be required to keep themselves informed
as to the performance or observance by the Parent or any Subsidiary of this Agreement, the Loan Documents or any other document
referred to or provided for herein or to inspect the Properties or books of any Credit Party. Except for notices, reports and
other documents and information expressly required to be furnished to the Lenders by the Administrative Agent hereunder, no Agent
or the Arrangers shall have any duty or responsibility to provide any Lender with any credit or other information concerning the
affairs, financial condition or business of the Borrower (or any of its Affiliates) which may come into the possession of such
Agent or any of its Affiliates. In this regard, each Lender acknowledges that Vinson & Elkins L.L.P. is acting in this transaction
as special counsel to the Administrative Agent only, except to the extent otherwise expressly stated in any legal opinion or any
Loan Document. Each other party hereto will consult with its own legal counsel to the extent that it deems necessary in connection
with the Loan Documents and the matters contemplated therein.

 

Section
11.09       Administrative Agent May File Proofs of Claim. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Parent or any Subsidiary, the Administrative Agent (irrespective of whether the principal of any Loan
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

    	 	105	 

     

    

 

(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders
and the Administrative Agent under Section 12.03) allowed in such judicial proceeding; and

 

(b)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making
of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Section 12.03.

 

Nothing contained
herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender
any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to
authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

Section
11.10       Withholding Tax. To the extent required by any applicable law, the
Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable withholding tax. Without
limiting the provisions of Section 5.03(a), Section 5.03(c) or Section 5.03(f), each Lender and the Issuing
Bank shall, and does hereby, indemnify the Administrative Agent, and shall make payable in respect thereof within 10 days after
demand therefor, against any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges
and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the
Internal Revenue Service or any other Governmental Authority as a result of the failure of the Administrative Agent to properly
withhold tax from amounts paid to or for the account of any Lender for any reason (including, without limitation, because the
appropriate form was not delivered or not property executed, or because such Lender failed to notify the Administrative Agent
of a change in circumstance that rendered the exemption from, or reduction of withholding tax ineffective). A certificate as to
the amount of such payment or liability delivered to any Lender or the Issuing Bank by the Administrative Agent shall be conclusive
absent manifest error. Each Lender and the Issuing Bank hereby authorizes the Administrative Agent to set off and apply any and
all amounts at any time owing to such Lender or the Issuing Bank under this Agreement or any other Loan Document against any amount
due the Administrative Agent under this Section 11.10. The agreements in this Section 11.10 shall survive the resignation
and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination
of the Commitments and the repayment, satisfaction or discharge of all other Secured Obligations.

 

Section
11.11       Authority of Administrative Agent to Release Collateral and Liens.

 

(a)          Each
Lender and the Issuing Bank hereby authorizes the Administrative Agent, to execute and deliver any instruments, documents, termination
statements, assignments, documents and agreements necessary or desirable, or reasonably requested by the Borrower to evidence
and confirm the release of any Guarantor or Collateral pursuant to this Section 11.11, all without the further consent
or joinder of any Lender or the Issuing Bank, at the Borrower’s sole cost and expense.

 

    	 	106	 

     

    

  

(b)          The
Lenders and the Issuance Bank hereby irrevocably agree that any Liens granted to the Administrative Agent by the Credit Parties
on any Collateral shall be automatically released (i) in full, upon the termination of this Agreement and the payment in cash
of all Obligations hereunder (except for contingent indemnification obligations in respect of which a claim has not yet been made
and except for Letters of Credit that have been cash collateralized to the satisfaction of the Issuing Bank or as to which other
arrangements satisfactory to the Issuing Bank shall have been made), (ii) upon the sale or other disposition of such Collateral
(including as part of or in connection with any other sale or other disposition permitted hereunder) to any Person other than
another Credit Party, to the extent such sale or other disposition is made in compliance with the terms of this Agreement (and
the Administrative Agent may rely conclusively on a certificate to that effect provided to it by any Credit Party upon its reasonable
request without further inquiry), (iii) to the extent such Collateral is comprised of property leased to a Credit Party, upon
termination or expiration of such lease, (iv) if the release of such Lien is approved, authorized or ratified in writing by the
Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with Section 12.02),
(v) to the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from
its obligations under the applicable Guaranty Agreement in accordance with the terms thereof, and (vi) as required to effect any
sale or other disposition of Collateral in connection with any exercise of remedies of the Administrative Agent pursuant to the
Security Instruments.  Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens
(other than those being released) upon (or obligations (other than those being released) of the Credit Parties in respect of)
all interests retained by the Credit Parties, including the proceeds of any sale, all of which shall continue to constitute part
of the Collateral except to the extent otherwise released in accordance with the provisions of the Loan Documents.  Additionally,
the Lenders and the Issuing Bank hereby irrevocably agree that the Guarantors shall be released from the Guaranty Agreement (in
each case, solely with respect to the guarantee of the Obligations hereunder) upon consummation of any transaction permitted under
the terms of this Agreement and resulting in such Subsidiary ceasing to constitute a Restricted Subsidiary or Material Subsidiary.

 

Section
11.12         Colombian Security Documents. Each Secured Party hereby
authorizes the Administrative Agent, on behalf of and for the benefit of the Secured Parties, to be the agent for and representative
of the Secured Parties with respect to the Collateral and the Colombian Security Documents and any other Security Instruments
governed by the laws of Colombia. Each Secured Party further authorizes the Administrative Agent to execute on its behalf, directly
or through attorneys-in-fact duly appointed for such purposes (including, without limitation, pursuant to a power of attorney
in form and substance satisfactory to the Administrative Agent), and to accept the benefits of, each of the Colombian Security
Documents and any other agreements or documents as may be necessary or advisable in connection with the grant of, or attachment
or perfection of, the security interest granted to the Administrative Agent, for the benefit of the Secured Parties, pursuant
to the Colombian Security Documents or any other Security Instruments governed by the laws of Colombia (including, but not limited
to, the execution, amendment, modification, waiver, supplement, cancellation and/or termination, of the Colombian Security Documents
and the filing and registration of any amendment, supplement, release and/or cancellation before any competent registry in Colombia,
in connection with the Colombian Security Documents).

 

Section
11.13         Global Coordinator, Mandated Lead Arranger, Lead Manager
and the Arrangers. None of the Global Coordinator, Mandated Lead Arranger, Lead Manager, or the Arrangers shall have any duties,
responsibilities or liabilities under this Agreement and the other Loan Documents other than their duties, responsibilities and
liabilities in their capacity as Lenders hereunder.

 

    	 	107	 

     

    

  

Article
XII

Miscellaneous

 

Section
12.01         Notices.

 

(a)          Except
in the case of notices and other communications expressly permitted to be given by telephone (and subject to Section 12.01(b)),
all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopy, as follows:

 

(i)          if
to the Borrower, to it at 200, 150 13 Avenue S.W., Calgary, Alberta, Canada Attention of Chief Financial Officer (Telecopy No.
(403) 265-3242);

 

(ii)         if
to the Parent, to it at 200, 150 13 Avenue S.W., Calgary, Alberta, Canada Attention of Chief Financial Officer (Telecopy No. (403)
265-3242);

 

(iii)        if
to the Administrative Agent or the Issuing Bank, to it at:

 

	 	Albert Kwan
	 	2000, 700 - 2 Street SW, Calgary, AB  T2P 2W1
	 	Tel: (403) 298-7829
	 	Email: albert.kwan@scotiabank.com

 

(iv)        if
to the Administrative Agent or the Issuing Bank for principal repayments, interest, fees, to it at:

 

	 	Deon Austin
	 	720 King Street West, 2nd Floor,
	 	Toronto, Ontario, Canada M5V 2T3
	 	Tel: 1-416-866-6471
	 	Email: Deon.austin@scotiabank.com
	 	 
	 	Ryan Hariprasad
	 	720 King Street West, 2nd Floor,
	 	Toronto, Ontario, Canada M5V 2T3
	 	Tel: 416 866 5901
	 	Email: gwsloanops.intl@scotiabank.com

 

(v)         if
to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

(b)          Notices
and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures
approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Articles II, III,
IV and V unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent
or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or
communications.

 

    	 	108	 

     

    

 

(c)          Any
party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties
hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt.

 

Section
12.02         Waivers; Amendments.

 

(a)          No
failure on the part of the Administrative Agent, any other Agent, the Issuing Bank or any Lender to exercise and no delay in exercising,
and no course of dealing with respect to, any right, power or privilege, or any abandonment or discontinuance of steps to enforce
such right, power or privilege, under any of the Loan Documents shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, power or privilege under any of the Loan Documents preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies of the Administrative Agent, any other Agent, the Issuing
Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies
that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure
by the Borrower therefrom shall in any event be effective unless the same shall be permitted by Section 12.02(b), and then
such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting
the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of
any Default, regardless of whether the Administrative Agent, any other Agent, any Lender or the Issuing Bank may have had notice
or knowledge of such Default at the time.

 

    	 	109	 

     

    

  

(b)          Neither
this Agreement nor any provision hereof nor any Security Instrument nor any provision thereof may be waived, amended or modified
except pursuant to an agreement or agreements in writing entered into by the Borrower and the Majority Lenders or by the Borrower
and the Administrative Agent with the consent of the Majority Lenders; provided that no such agreement shall (i) increase
the Commitment or the Maximum Revolving Credit Amount of any Revolving Credit Lender without the written consent of such Revolving
Credit Lender, (ii) increase the Borrowing Base without the written consent of each Revolving Credit Lender, decrease or maintain
the Borrowing Base without the consent of the Required Revolving Credit Lenders, or modify Section 2.08 or the definition
of “Reserve Report” in any manner without the consent of each Revolving Credit Lender (other than any Defaulting Lender);
provided that a Scheduled Redetermination may be postponed by the Majority Revolving Credit Lenders, (iii) reduce the principal
amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, or reduce
any other Obligation hereunder or under any other Loan Document, without the written consent of each Lender affected thereby,
(iv) postpone the scheduled date of payment or prepayment of the principal amount of any Loan or LC Disbursement, or any
interest thereon, or any fees payable hereunder, or any other Obligation hereunder or under any other Loan Document, or reduce
the amount of, waive or excuse any such payment, or postpone or extend the Term Loan Maturity Date, the Term Loan Termination
Date, the Revolving Credit Maturity Date or the Revolving Loan Termination Date without the written consent of each Lender affected
thereby, (v) change Section 4.01(b) or Section 4.01(c) in a manner that would alter the pro rata sharing of payments
required thereby, without the written consent of each Lender, (vi) waive or amend Section 3.04(c), Section 6.01,
or Section 6.02(e), Section 8.14, Section 9.06(c), Section 10.02(c) or Section 12.15 or change
the definition of the term “Material Subsidiary”, “Subsidiary”, or “Unrestricted Subsidiary”,
without the written consent of each Lender affected thereby, (vii) release any Guarantor (except as set forth in the Guaranty
Agreement), release all or substantially all of the Collateral (other than as provided in Section 11.11), without the written
consent of each Lender, (viii) change any of the provisions of this Section 12.02(b) or the definitions of “Required
Lenders” or “Majority Lenders” or any other provision hereof specifying the number or percentage of Lenders
required to waive, amend or modify any rights hereunder or under any other Loan Documents or make any determination or grant any
consent hereunder or any other Loan Documents, without the written consent of each Lender or (ix) change the definition of “Majority
Revolving Credit Lenders” or “Required Revolving Credit Lenders” without the written consent of each Revolving
Credit Lender (other than any Defaulting Lenders); provided further that no such agreement shall amend, modify or otherwise affect
the rights or duties of the Administrative Agent, any other Agent, or the Issuing Bank hereunder or under any other Loan Document
without the prior written consent of the Administrative Agent, such other Agent or the Issuing Bank, as the case may be. Notwithstanding
the foregoing, (a) any supplement to Schedule 1.02(b) (Eligible Buyers) or Schedule 7.13 (Subsidiaries) shall be
effective simply by delivering to the Administrative Agent a supplemental schedule clearly marked as such and, upon receipt, the
Administrative Agent will promptly deliver a copy thereof to the Lenders, (b) any Security Instrument may be supplemented to add
additional collateral with the consent of the Administrative Agent and (c) the Administrative Agent and the Borrower (or other
applicable Credit Party) may enter into any amendment, modification or waiver of this Agreement or any other Loan Document or
enter into any agreement or instrument to effect the granting, perfection, protection, expansion or enhancement of any security
interest in any Mortgaged Property or Property to become Mortgaged Property to secure the Secured Obligations for the benefit
of the Lenders or as required by any Governmental Requirement to give effect to, protect or otherwise enhance the rights or benefits
of any Lender under the Loan Documents without the consent of any Lender. In addition, notwithstanding the foregoing, (i) the
Administrative Agent, the Parent and the Borrower may amend, modify or supplement any provision of this Agreement or any other
Loan Document to cure any ambiguity, omission, defect or inconsistency so long as such amendment, modification or supplement does
not adversely affect the rights or obligations of any Lender, (ii) the Administrative Agent, the Parent and the Borrower may amend
other provisions of this Agreement or any other Loan Document to the extent explicitly permitted to do so by the terms of this
Agreement or of any other Loan Document and (iii) the Administrative Agent, the Parent and the Borrower may modify the terms of
any Fee Letter.

 

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Section
12.03         Expenses, Indemnity; Damage Waiver.

 

(a)          The
Borrower shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates,
including, without limitation, the reasonable fees, charges and disbursements of counsel (which shall be limited to a single firm
of counsel for the Administrative Agent and its Affiliates and, if reasonably necessary, a single firm of local or regulatory
counsel in each appropriate jurisdiction and a single firm of special counsel for each relevant specialty, in each case for the
Administrative Agent and its Affiliates, taken as a whole) and other outside consultants for the Administrative Agent, the reasonable
travel, photocopy, mailing, courier, telephone and other similar expenses, and the cost of environmental invasive and non-invasive
assessments and audits and surveys and appraisals, in connection with the syndication of the credit facilities provided for herein,
the preparation, negotiation, execution, delivery and administration (both before and after the execution hereof and including
advice of counsel to the Administrative Agent as to the rights and duties of the Administrative Agent and the Lenders with respect
thereto) of this Agreement and the other Loan Documents and any amendments, modifications or waivers of or consents related to
the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
costs, expenses, Taxes, assessments and other charges incurred by any Agent or any Lender in connection with any filing, registration,
recording or perfection of any security interest contemplated by this Agreement or any Security Instrument or any other document
referred to therein, (iii) all reasonable out-of-pocket expenses incurred by the Issuing Bank in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder, (iv) all out-of-pocket expenses
incurred by any Agent, the Issuing Bank or any Lender, including the fees, charges and disbursements of any counsel for any Agent,
the Issuing Bank or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement
or any other Loan Document, including its rights under this Section 12.03, or in connection with the Loans made or Letters
of Credit issued hereunder, including, without limitation, all such out-of-pocket expenses incurred during any workout, restructuring
or negotiations in respect of such Loans or Letters of Credit.

 

(b)          The
Borrower shall indemnify each Agent, the Arrangers, the Issuing Bank and each Lender, and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”) against, and defend and hold each Indemnitee harmless
from, any and all losses, claims, damages, penalties, liabilities and related expenses, including the fees, charges and disbursements
of counsel (which shall be limited to a single firm of counsel for all Indemnitees, taken as a whole, and, if reasonably necessary,
a single firm of local or regulatory counsel in each appropriate jurisdiction and a single firm of special counsel for each relevant
specialty, in each case for all Indemnitees, taken as a whole and, solely in the case of an actual or perceived conflict of interest
(as reasonably identified by an Indemnitee) where the Indemnitee affected by such conflict informs the Borrower of such conflict,
one additional firm of counsel in each relevant jurisdiction for the affected Indemnitees similarly situated, taken as a whole),
incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery
of this agreement or any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by
the parties hereto or the parties to any other Loan Document of their respective obligations hereunder or thereunder or the consummation
of the transactions contemplated hereby or by any other Loan Document, (ii) the failure of any Credit Party to comply with the
terms of any Loan Document, including this Agreement, or with any Governmental Requirement, (iii) any inaccuracy of any representation
or any breach of any warranty or covenant of any Credit Party set forth in any of the Loan Documents or any instruments, documents
or certifications delivered in connection therewith, (iv) any Loan or Letter of Credit or the use of the proceeds therefrom, including,
without limitation, (A) any refusal by the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents
presented in connection with such demand do not strictly comply with the terms of such Letter of Credit, or (B) the payment of
a drawing under any Letter of Credit notwithstanding the non-compliance, non-delivery or other improper presentation of the documents
presented in connection therewith, (v) any other aspect of the Loan Documents, (vi) the operations of the business of the Credit
Parties by the Credit Parties, (vii) any assertion that the Lenders were not entitled to receive the proceeds received pursuant
to the Security Instruments, (viii) any Environmental Law applicable to the Credit Parties or any of their Properties or operations,
including, the presence, generation, storage, release, threatened release, use, transport, disposal, arrangement of disposal or
treatment of Hazardous Materials on or at any of their Properties, (ix) the breach or non-compliance by any Credit Party with
any Environmental Law applicable to any Credit Party, (x) the past ownership by any Credit Party of any of its Properties or past
activity on any of their Properties which, though lawful and fully permissible at the time, could result in present liability,
(xi) the presence, use, release, storage, treatment, disposal, generation, threatened release, transport, arrangement for transport
or arrangement for disposal of Hazardous Materials on or at any of the Properties owned or operated by any Credit Party or any
actual or alleged presence or release of Hazardous Materials on or from any Property owned or operated by any Credit Party, (xii)
any environmental liability related in any way to any Credit Party, (xiii) any other environmental, health or safety condition
in connection with the Loan Documents, or (xiv) any actual or prospective claim, litigation, investigation or proceeding relating
to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party
thereto, and such indemnity shall extend to each Indemnitee notwithstanding the sole or concurrent negligence of every kind or
character whatsoever, whether active or passive, whether an affirmative act or an omission, including without limitation, all
types of negligent conduct identified in the restatement (second) of torts of one or more of the Indemnitees or by reason of strict
liability imposed without fault on any one or more of the Indemnitees; provided that such indemnity shall not, as to any Indemnitee,
be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from (1) the gross negligence, bad faith or willful misconduct
of such Indemnitee, (2) a material breach by such Indemnitee of its obligations under this Agreement or (3) claims of one or more
Indemnitees against another Indemnitee (other than claims against the Agent or the Arrangers in their capacities as such) and
not involving any act or omission of the Borrower or any of its Related Parties. This Section 12.03(b) shall not apply
with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

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(c)          To
the extent that the Borrower fails to pay any amount required to be paid by it to any Agent, the Arrangers or the Issuing Bank
under Section 12.03(a) or (b), each Lender severally agrees to pay to such Agent, the Arrangers or the Issuing Bank,
as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against such Agent, the Arrangers or the Issuing
Bank in its capacity as such.

 

(d)          To
the extent permitted by applicable law, the Borrower and the Parent shall not assert, and each hereby waives, any claim against
any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement
or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof.

 

(e)          All
amounts due under this Section 12.03 shall be payable promptly (but not later than ten (10) days) after written demand
therefor.

 

Section
12.04         Successors and Assigns.

 

(a)          The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that (i) the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of
each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void), (ii) no Lender
may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 12.04 and (iii)
no Lender may assign to the Borrower, an Affiliate of the Borrower, a Defaulting Lender or an Affiliate of a Defaulting Lender
all or any portion of such Lender’s rights and obligations under this Agreement or all or any portion of its Commitments
or the Loans owing to it hereunder. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person
(other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing
Bank that issues any Letter of Credit), Participants (to the extent provided in Section 12.04(c)) and, to the extent expressly
contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

 

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(b)          (i)           Subject
to the conditions set forth in Section 12.04(b)(ii), any Lender may assign to one or more assignees all or a portion of
its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing
to it) with the prior written consent (such consent not to be unreasonably withheld) of:

 

(A)         the
Borrower; provided that no consent of the Borrower shall be required if such assignment is to a Lender, an Affiliate of
a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, is to any other assignee and, if the Borrower
has not objected to such assignment within five (5) Business Days of notice thereof, the Borrower shall be deemed to have consented
to such assignment; and

 

(B)         the
Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment to an assignee
that is a Lender immediately prior to giving effect to such assignment.

 

(ii)          Assignments
shall be subject to the following additional conditions:

 

(A)         except
in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment
(determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent)
shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent; provided
that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;

 

(B)         

 

(1)         each
assignment by a Revolving Credit Lender shall be made as an assignment of a proportionate part of all the assigning Revolving
Credit Lender’s rights and obligations as a Revolving Credit Lender under this Agreement, including, without limitation,
a pro rata portion of its Revolving Credit Commitment, Maximum Revolving Credit Amount, LC Exposure, participations in Letters
of Credit and outstanding Revolving Loans; and

 

(2)         each
assignment by a Term Lender shall be made as an assignment of a proportionate part of all the assigning Term Lender’s rights
and obligations as a Term Lender under this Agreement Term Lender’s rights and obligations under this Agreement, including,
without limitation, a pro rata portion of its outstanding Term Loans;

 

(C)         the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500;

 

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(D)         the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and

 

(E)         in
no event may any Lender assign all or a portion of its rights and obligations under this Agreement to the Borrower, any Affiliate
of the Borrower or any natural person.

 

(iii)        Subject
to Section 12.04(b)(iv) and the acceptance and recording thereof, from and after the effective date specified in each Assignment
and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to
the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and,
in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Section 5.01, Section
5.02, Section 5.03 and Section 12.03). Any assignment or transfer by a Lender of rights or obligations under
this Agreement that does not comply with this Section 12.04 shall be treated for purposes of this Agreement as a sale by
such Lender of a participation in such rights and obligations in accordance with Section 12.04(c).

 

(iv)        The
Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices
a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the
Lenders, and the Maximum Revolving Credit Amount of, and principal amount (and stated interest) of the Loans and LC Disbursements
owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register
shall be conclusive, and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders may treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any
reasonable time and from time to time upon reasonable prior notice. In connection with any changes to the Register, if necessary,
the Administrative Agent will reflect the revisions on Annex I and forward a copy of such revised Annex I to the
Borrower, the Issuing Bank and each Lender.

 

(v)         Upon
its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in Section 12.04(b) and any written consent to such assignment required by Section 12.04(a), the
Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register.
No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this
Section 12.04(b).

 

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(c)          (i)          Any
Lender may, without the consent of the Borrower, the Administrative Agent or the Issuing Bank, sell participations to one or more
banks or other Persons (other than the Parent or the Borrower, any Affiliate thereof, or any natural person) (a “Participant”)
in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged,
(B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the
Borrower, the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant
to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement
and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument
may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver
described in the proviso to Section 12.02 that affects such Participant. In addition such agreement must provide that the
Participant shall be bound by the provisions of Section 12.03. Subject to Section 12.04(c)(ii), the Borrower agrees
that each Participant shall be entitled to the benefits of Section 5.01, Section 5.02 and Section 5.03 (subject
to the requirements and limitations therein including the requirements under Section 5.03(e) (it being understood that
the documentation required under Section 5.03(e) shall be delivered to the participating Lender)) to the same extent as
if it were a Lender and had acquired its interest by assignment pursuant to Section 12.04(b). To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 12.08 as though it were a Lender; provided
such Participant agrees to be subject to Section 4.01(c) as though it were a Lender. Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name
and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans
or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have
any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information
relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document)
to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit
or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in
the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to
the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility
for maintaining a Participant Register.

 

(ii)         A
Participant shall not be entitled to receive any greater payment under Section 5.01 or Section 5.03 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written consent. Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name
and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans
or other obligations under the Loan Documents (the “Participant Register”). Any such Participant Register shall
be available for inspection by the Administrative Agent at any reasonable time and from time to time upon reasonable prior notice;
provided that the applicable Lender shall have no obligation to show such Participant Register to the Borrower except to
the extent such disclosure is necessary to establish that such Loan, commitment, letter of credit or other obligation is in registered
form under Section 5f.103-1(c) of the Treasury regulations. The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative
Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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(d)          Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including, without limitation, any pledge or assignment to secure obligations to a Federal Reserve
Bank or other central bank having jurisdiction over such Lender, and this Section 12.04 shall not apply to any such pledge
or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a
Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(e)          Notwithstanding
any other provisions of this Section 12.04, no transfer or assignment of the interests or obligations of any Lender or
any grant of participations therein shall be permitted if such transfer, assignment or grant would require any Credit Party to
file a registration statement with the SEC or to qualify the Loans under the “Blue Sky” laws of any state.

 

Section
12.05         Survival; Revival; Reinstatement.

 

(a)          All
covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments
delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied
upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and
issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding
that the Administrative Agent, any other Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default
or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect
as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is
outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The
provisions of Section 5.01, Section 5.02, Section 5.03 and Section 12.03 and Article XI shall
survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment
of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement,
any other Loan Document or any provision hereof or thereof.

 

(b)          To
the extent that any payments on the Secured Obligations or proceeds of any Collateral are subsequently invalidated, declared to
be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver or other Person
under any bankruptcy law, common law or equitable cause, then to such extent, the Secured Obligations so satisfied shall be revived
and continue as if such payment or proceeds had not been received and the Administrative Agent’s and the Lenders’
Liens, security interests, rights, powers and remedies under this Agreement and each Loan Document shall continue in full force
and effect. In such event, each Loan Document shall be automatically reinstated and the Borrower shall take such action as may
be reasonably requested by the Administrative Agent and the Lenders to effect such reinstatement.

 

Section
12.06         Counterparts; Integration; Effectiveness.

 

(a)          This
Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract.

 

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(b)          This
Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent
constitute the entire contract among the parties relating to the subject matter hereof and thereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof and thereof. THIS AGREEMENT AND THE OTHER
LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

 

(c)          Except
as provided in Section 6.01, this Agreement shall become effective when it shall have been executed by the Administrative
Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures
of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, facsimile
or other similar electronic means (e.g. .pdf) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

Section
12.07         Severability. Any provision of this Agreement or any
other Loan Document held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof or thereof; and the invalidity of a particular provision in a particular jurisdiction shall not
invalidate such provision in any other jurisdiction.

 

Section
12.08         Right of Setoff. If an Event of Default shall have occurred
and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest
extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final)
at any time held and other obligations (of whatsoever kind, including, without limitations obligations under Swap Agreements)
at any time owing by such Lender or Affiliate to or for the credit or the account of any Credit Party against any of and all the
obligations of any Credit Party owed to such Lender now or hereafter existing under this Agreement or any other Loan Document,
irrespective of whether or not such Lender shall have made any demand under this Agreement or any other Loan Document and although
such obligations may be unmatured. The rights of each Lender under this Section 12.08 are in addition to other rights and
remedies (including other rights of setoff) which such Lender or its Affiliates may have.

 

Section
12.09         Governing law; Jurisdiction; Consent to Service of Process.

 

(a)          This
Agreement and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York except to the
extent that United States Federal law permits any Lender to contract for, charge, receive, reserve or take interest at the rate
allowed by the laws of the State where such Lender is located.

 

(b)          Any
legal action or proceeding with respect to the Loan Documents may be brought in the courts of the State of New York or of the
United States of America for the Southern District of New York, and, by execution and delivery of this agreement, each party hereby
accepts for itself and (to the extent permitted by law) in respect of its property, generally and unconditionally, the non-exclusive
jurisdiction of the aforesaid courts. Each party hereby irrevocably waives any objection, including, without limitation, any objection
to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter have to the bringing
of any such action or proceeding in such respective jurisdictions. This submission to jurisdiction is non-exclusive and does not
preclude a party from obtaining jurisdiction over another party in any court otherwise having jurisdiction.

 

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(c)          In
addition, to the extent that any Credit Party or Affiliate thereof may be entitled, in any jurisdiction in which judicial proceedings
may at any time be commenced with respect to this agreement or any other Loan Document, to claim for itself or its revenues, assets
or properties any immunity from suit, the jurisdiction of any court, attachment prior to judgment, attachment in aid of execution
of a judgment, set-off, execution of a judgment or any other legal process, and to the extent that in any such jurisdiction there
may be attributed such immunity (whether or not claimed), such Person irrevocably agrees not to claim and hereby irrevocably waives
such immunity to the fullest extent permitted by the laws of such jurisdiction and hereby agrees that the foregoing waiver shall
be enforced to the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the United States of America,
as amended, and is intended to be irrevocable for the purpose of such Act.

 

(d)          The
Borrower hereby designates, appoints and empowers, ample and sufficient, to C T Corporation System (the “Process Agent”),
with offices on the date hereof at 111 Eighth Avenue, New York, New York, 10011, as its designee, appointee and agent with respect
to any such action or proceeding in New York to receive for and on its behalf service of any and all legal process, summons, notices
and documents which may be served in any such proceeding and agrees that the failure of such agent to give any advice of any such
service of process to the Borrower shall not impair or affect the validity of such service or of any claim based thereon. If for
any reason the Process Agent shall cease to be available to act as such, the Borrower agrees to designate a new designee, appointee
and agent in New York City reasonably satisfactory to the Administrative Agent on the terms and for the purposes of this provision.
Each party irrevocably consents to the service of process of any of the aforementioned courts in any such action or proceeding
by the mailing of copies thereof by registered or certified mail, postage prepaid, to it at the address specified in Section 12.01
or such other address as is specified pursuant to Section 12.01 (or its assignment and assumption), such service to become effective
thirty (30) days after such mailing. Nothing herein shall affect the right of a party or any holder of a Note to serve process
in any other manner permitted by law or to commence legal proceedings or otherwise proceed against another party in any other
jurisdiction.

 

(e)          Each
party hereby (i) irrevocably and unconditionally waives, to the fullest extent permitted by law, trial by jury in any legal action
or proceeding relating to this Agreement or any other Loan Document and for any counterclaim therein; (ii) irrevocably waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any such litigation any special, exemplary,
punitive or consequential damages, or damages other than, or in addition to, actual damages; (iii) certifies that no party hereto
nor any representative or agent of counsel for any party hereto has represented, expressly or otherwise, or implied that such
party would not, in the event of litigation, seek to enforce the foregoing waivers; and (iv) acknowledges that it has been induced
to enter into this Agreement, the Loan Documents and the transactions contemplated hereby and thereby by, among other things,
the mutual waivers and certifications contained in this Section 12.09.

 

Section
12.10       Headings. Article and Section headings and the Table of Contents
used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or
be taken into consideration in interpreting, this Agreement.

 

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Section
12.11       Confidentiality. Each of the Administrative Agent, the Issuing Bank
and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed
(a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other
advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of
such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority,
(c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party
to this Agreement or any other Loan Document, (e) in connection with the exercise of any remedies hereunder or under any other
Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights
hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section
12.11, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any Swap Agreement relating to the Borrower
and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available
other than as a result of a breach of this Section 12.11 or (ii) becomes available to the Administrative Agent, the Issuing
Bank or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section 12.11,
“Information” means all information received from any Credit Party relating to the Credit Parties and their
businesses, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a
nonconfidential basis prior to disclosure by a Credit Party; provided that, in the case of information received from any
Credit Party after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person
required to maintain the confidentiality of Information as provided in this Section 12.11 shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information
as such Person would accord to its own confidential information.

 

Section
12.12       Interest Rate Limitation. It is the intention of the parties hereto
that each Lender shall conform strictly to usury laws applicable to it. Accordingly, if the transactions contemplated hereby would
be usurious as to any Lender under laws applicable to it (including the laws of the United States of America or any other jurisdiction
whose laws may be mandatorily applicable to such Lender notwithstanding the other provisions of this Agreement), then, in that
event, notwithstanding anything to the contrary in any of the Loan Documents or any agreement entered into in connection with
or as security for the Notes, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under
law applicable to any Lender that is contracted for, taken, reserved, charged or received by such Lender under any of the Loan
Documents or agreements or otherwise in connection with the Notes shall under no circumstances exceed the maximum amount allowed
by such applicable law, and any excess shall be canceled automatically and if theretofore paid shall be credited by such Lender
on the principal amount of the Obligations (or, to the extent that the principal amount of the Obligations shall have been or
would thereby be paid in full, refunded by such Lender to the Borrower); and (ii) in the event that the maturity of the Notes
is accelerated by reason of an election of the holder thereof resulting from any Event of Default under this Agreement or otherwise,
or in the event of any required or permitted prepayment, then such consideration that constitutes interest under law applicable
to any Lender may never include more than the maximum amount allowed by such applicable law, and excess interest, if any, provided
for in this Agreement or otherwise shall be canceled automatically by such Lender as of the date of such acceleration or prepayment
and, if theretofore paid, shall be credited by such Lender on the principal amount of the Obligations (or, to the extent that
the principal amount of the Obligations shall have been or would thereby be paid in full, refunded by such Lender to the Borrower).
All sums paid or agreed to be paid to any Lender for the use, forbearance or detention of sums due hereunder shall, to the extent
permitted by law applicable to such Lender, be amortized, prorated, allocated and spread throughout the stated term of the Loans
evidenced by the Notes until payment in full so that the rate or amount of interest on account of any Loans hereunder does not
exceed the maximum amount allowed by such applicable law. If at any time and from time to time (i) the amount of interest payable
to any Lender on any date shall be computed at the Highest Lawful Rate applicable to such Lender pursuant to this Section 12.12
and (ii) in respect of any subsequent interest computation period the amount of interest otherwise payable to such Lender
would be less than the amount of interest payable to such Lender computed at the Highest Lawful Rate applicable to such Lender,
then the amount of interest payable to such Lender in respect of such subsequent interest computation period shall continue to
be computed at the Highest Lawful Rate applicable to such Lender until the total amount of interest payable to such Lender shall
equal the total amount of interest which would have been payable to such Lender if the total amount of interest had been computed
without giving effect to this Section 12.12.

 

    	 	119	 

     

    

 

Section
12.13       Judgment Currency. This is an international loan transaction in which
the specification of US Dollars is of the essence, and the stipulated currency shall in each instance be the currency of account
and payment in all instances. A payment obligation in one currency hereunder (the “Original Currency”) shall
not be discharged by an amount paid in another currency (the “Other Currency”), whether pursuant to any judgment
expressed in or converted into any Other Currency or in another place except to the extent that such tender or recovery results
in the effective receipt by the payee of the full amount of the Original Currency payable by it under this Agreement. If for the
purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in the Original Currency into the Other
Currency, the rate of exchange that shall be applied shall be that at which in accordance with normal banking procedures the Administrative
Agent or any Lender hereunder could purchase Original Currency with the Other Currency on the Business Day next preceding the
day on which such judgment is rendered. The obligation of each Credit Party in respect of any such sum due from it to the Administrative
Agent or any other Person under any Loan Document (in this Section called an “Entitled Person”) shall, notwithstanding
the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following
receipt by such Entitled Person of any sum adjudged to be due hereunder in the Other Currency such Entitled Person may in accordance
with normal banking procedures purchase and transfer the Original Currency to New York with the amount of the judgment currency
so adjudged to be due; and each Credit Party hereby, as a separate obligation and notwithstanding any such judgment, agrees jointly
and severally to indemnify such Entitled Person against, and to pay such Entitled Person on demand, in the Original Currency,
the amount (if any) by which the sum originally due to such Entitled Person in the Original Currency hereunder exceeds the amount
of the Original Currency so purchased and transferred.

 

Section
12.14       EXCULPATION PROVISIONS. EACH OF THE PARTIES HERETO SPECIFICALLY AGREES
THAT IT HAS A DUTY TO READ THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND AGREES THAT IT IS CHARGED WITH NOTICE AND KNOWLEDGE
OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; THAT IT HAS IN FACT READ THIS AGREEMENT AND IS FULLY INFORMED AND
HAS FULL NOTICE AND KNOWLEDGE OF THE TERMS, CONDITIONS AND EFFECTS OF THIS AGREEMENT; THAT IT HAS BEEN REPRESENTED BY INDEPENDENT
LEGAL COUNSEL OF ITS CHOICE THROUGHOUT THE NEGOTIATIONS PRECEDING ITS EXECUTION OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS;
AND HAS RECEIVED THE ADVICE OF ITS ATTORNEY IN ENTERING INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS; AND THAT IT RECOGNIZES
THAT CERTAIN OF THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS RESULT IN ONE PARTY ASSUMING THE LIABILITY INHERENT IN
SOME ASPECTS OF THE TRANSACTION AND RELIEVING THE OTHER PARTY OF ITS RESPONSIBILITY FOR SUCH LIABILITY. EACH PARTY HERETO AGREES
AND COVENANTS THAT IT WILL NOT CONTEST THE VALIDITY OR ENFORCEABILITY OF ANY EXCULPATORY PROVISION OF THIS AGREEMENT AND THE OTHER
LOAN DOCUMENTS ON THE BASIS THAT THE PARTY HAD NO NOTICE OR KNOWLEDGE OF SUCH PROVISION OR THAT THE PROVISION IS NOT “CONSPICUOUS.”

 

    	 	120	 

     

    

 

Section
12.15       Collateral Matters; Secured Swap Agreements and Specified Cash Management
Agreements. The benefit of the Security Instruments and of the provisions of this Agreement relating to any Collateral securing
the Secured Obligations shall also extend to and be available to Secured Swap Parties and Secured Cash Management Parties on a
pro rata basis (but subject to the terms of the Loan Documents, including, without limitation, provisions thereof relating
to the application and priority of payments to the Secured Parties) in respect Secured Swap Obligations and Specified Cash Management
Obligations. No Secured Swap Party or Secured Cash Management Party shall have any voting rights under any Loan Document as a
result of the existence of Secured Swap Obligations or Specified Cash Management Obligations.

 

Section
12.16       Collateral Assignment of Swap Agreements.

 

(a)          Pursuant
to the Security Instruments, each Credit Party is required to pledge, assign and transfer (the “Swap Assignment”)
to the Administrative Agent, for the benefit of the Secured Parties, as collateral security for the prompt and complete payment
and performance when due of the Obligations (as defined therein), a first priority continuing security interest in, lien on and
right of setoff against, all of its right, title and interest in and to each Swap Agreement to which it is a party, including
each Swap Agreement between such Credit Party and any Lender or Affiliate of a Lender, all as more particularly described in the
Security Instruments (the “Swap Collateral”). In furtherance of the foregoing, each Lender hereby: (i) consents
and agrees to the Swap Assignment and (ii) agrees that from and after the Effective Date it will make any payments which become
payable by such Lender under or pursuant to any Swap Agreement between such Lender and any Credit Party directly to the relevant
Collection Account until such time as the grant of security interest in such Collateral is released pursuant to the terms of this
Agreement and the other Loan Documents.

 

(b)          The
Parent and the Borrower each agrees that any payment made by a Lender or an Affiliate of a Lender pursuant to the provisions of
this Section 12.16 shall, to the extent of such payment, satisfy the obligations of such Lender or its Affiliate under
the relevant Swap Agreement. The Parent and the Borrower each agrees to hold each Lender and its Affiliates harmless from any
claims or liabilities resulting from actions of such Lender or its Affiliates in accordance with the terms of this Section
12.16.

 

Section
12.17       No Third Party Beneficiaries. This Agreement, the other Loan Documents,
and the agreement of the Lenders to make Loans and the Issuing Bank to issue, amend, renew or extend Letters of Credit hereunder
are solely for the benefit of the Borrower, and no other Person (including, without limitation, any Subsidiary of the Borrower,
any obligor, contractor, subcontractor, supplier or materialsman) shall have any rights, claims, remedies or privileges hereunder
or under any other Loan Document against the Administrative Agent, any other Agent, the Issuing Bank or any Lender for any reason
whatsoever. There are no third party beneficiaries.

 

    	 	121	 

     

    

 

Section
12.18       USA Patriot Act Notice.

 

(a)          Each
Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Credit Party that pursuant
to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies each of them,
which information includes the name and address of each Credit Party and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify such Person in accordance with the USA Patriot Act. The Parent shall, and shall
cause each of its Subsidiaries to, provide, to the extent commercially reasonable, such information and take such actions as are
reasonably requested by each Lender and the Administrative Agent to maintain compliance with the Act.

 

(b)          In
the event that: (i) 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, (ii) any change in the status of any Credit Party after the date of this
Agreement, or (iii) a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to
a party that is not a Lender prior to such assignment or transfer, requires the Administrative Agent (for itself or on behalf
of a Lender) or a Lender to comply with “know your customer” or similar identification procedures in circumstances
where the necessary information is not already available to it, any or all of the Credit Parties, as applicable, shall promptly,
upon the request of the Administrative Agent, supply, or produce the supply of such documentation and other evidence as is requested
by the Administrative Agent (for itself or on behalf of any of the Lenders) in order for the Administrative Agent or the Lenders,
as the case may be, to carry out and be satisfied it has complied with all necessary “know your customer” or other
similar checks under all applicable laws.

 

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

 

Section
12.19       English Language. This Agreement has been negotiated and executed
in the English language. All certificates, reports, notices and other documents and communications given or delivered pursuant
to this Agreement shall be in the English language or, if not in English and if requested by the Administrative Agent, accompanied
by a certified English translation thereof. The English language version of any such document for purposes of this Agreement shall
control the meaning of the matters set forth herein.

 

Section
12.20       Acknowledgment and Consent to Bail-In of EEA Financial Institutions
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any
such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document,
to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by:

 

    	 	122	 

     

    

 

(a)          the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)          the
effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)          a
reduction in full or in part or cancellation of any such liability;

 

(ii)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)        the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion powers of any EEA Resolution
Authority.

 

Section
12.21       Security Trustee. For the purposes of the English law governed Security
Instruments (the “UK Security Instruments”), the Administrative Agent is appointed as security trustee for
the Secured Parties on the terms set out in Schedule 12.21 (the Administrative Agent as Security Trustee). Governing law
clause to address that this clause and Schedule 12.21 are governed by the laws of England and Wales.

 

[SIGNATURES BEGIN
NEXT PAGE]

 

    	 	123	 

     

    

 

The parties hereto
have caused this Agreement to be duly executed as of the day and year first above written.

 

	BORROWER:     	GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS LTD.
	 	 
	 	By:	          
	 	Name:  
	 	Title:  

 

Signature Page – Credit Agreement

 

     

     

    

 

	PARENT:           	GRAN TIERRA ENERGY INC.
	 	 
	 	By:	          
	 	Name:  
	 	Title:  

 

Signature Page – Credit Agreement

 

     

     

    

 

	ADMINISTRATIVE AGENT:	THE BANK OF NOVA SCOTIA,
	 	as Administrative Agent, the Issuing Bank and a Lender
	 	 
	 	By:	          
	 	Name:
	 	Title:
	 	 
	 	By:	
	 	Name:
	 	Title:

 

Signature Page – Credit Agreement

 

     

     

    

 

	LENDERS:	SOCIÉTÉ GÉNÉRALE, 

    as a Lender
	 	
	 	By:	                  
	 	Name:
	 	Title:

 

Signature Page – Credit Agreement

 

     

     

    

 

	 	HSBC Bank Canada,

    as a Lender
	 	 
	 	By:	          
	 	Name:  
	 	Title:  

 

Signature Page – Credit Agreement

 

     

     

    

 

	 	Export Development Canada,
	 	as a Lender
	 	 
	 	By:	          
	 	Name:
	 	Title:
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

Signature Page – Credit Agreement

 

     

     

    

 

	 	Natixis, New York Branch,

    as a Lender
	 	 
	 	By:	          
	 	Name:  
	 	Title:  

 

Signature Page – Credit Agreement

 

     

     

    

 

	 	Royal Bank of Canada,

    as a Lender
	 	 
	 	By:	          
	 	Name:  
	 	Title:  

 

Signature Page – Credit Agreement

 

     

     

    

 

Annex
I

List of Maximum Credit Amounts

 

	Lender	 	Applicable Revolving 

    Credit Percentage	 	 	Maximum Revolving Credit Amounts	 
	The Bank of Nova Scotia	 	 	22.50	%	 	$	112,500,000.00	 
	Société Générale	 	 	22.50	%	 	$	112,500,000.00	 
	HSBC Bank Canada	 	 	17.50	%	 	$	87,500,000.00	 
	Export Development Canada	 	 	15.00	%	 	$	75,000,000.00	 
	Natixis, New York Branch	 	 	15.00	%	 	$	75,000,000.00	 
	Royal Bank of Canada	 	 	07.50	%	 	$	37,500,000.00	 
	TOTAL:	 	 	100.00000000	%	 	$	500,000,000.00	 

 

	Lender	 	Applicable Term Loan 

    Percentage	 	 	Term Loan Commitment	 
	The Bank of Nova Scotia	 	 	24.23	%	 	$	31,500,000	 
	Société Générale	 	 	22.50	%	 	$	29,250,000	 
	HSBC Bank Canada	 	 	17.50	%	 	$	22,750,000	 
	Export Development Canada	 	 	5.19	%	 	$	6,750,000	 
	Natixis, New York Branch	 	 	23.08	%	 	$	30,000,000	 
	Royal Bank of Canada	 	 	7.50	%	 	$	9,750,000	 
	TOTAL:	 	 	100.00000000	%	 	$	130,000,000.00	 

 

    	 	Annex I – Page 1	 

     

    

 

Exhibit
A-1

Form of REVOLVING CREDIT Note

 

	$[          ]	[          ], 20[  ]

 

FOR VALUE RECEIVED,
GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS LTD., an exempted company duly incorporated with limited liability and existing under
the laws of the Cayman Islands (the “Borrower”), hereby promises to pay to [                ]
(the “Revolving Credit Lender”), at the principal office of The Bank of Nova Scotia (the “Administrative
Agent”), at 711 Louisiana Street, Suite 1400, Houston, TX, 77002, United States of America, the principal sum of [       ]
US Dollars ($[       ]) (or such lesser amount as shall equal the aggregate unpaid principal
amount of the Revolving Loans made by the Revolving Credit Lender to the Borrower under the Credit Agreement, as hereinafter defined),
in lawful money of the United States of America and in immediately available funds, on the dates and in the principal amounts
provided in the Credit Agreement, and to pay interest on the unpaid principal amount of each such Revolving Loan, at such office,
in like money and funds, for the period commencing on the date of such Revolving Loan until such Revolving Loan shall be paid
in full, at the rates per annum and on the dates provided in the Credit Agreement.

 

The date, amount,
Type, interest rate, Interest Period and maturity of each Revolving Loan made by the Revolving Credit Lender to the Borrower,
and each payment made on account of the principal thereof, shall be recorded by the Revolving Credit Lender on its books and,
prior to any transfer of this Note, may be recorded by the Revolving Credit Lender on the schedules attached hereto or any continuation
thereof or on any separate record maintained by the Revolving Credit Lender. Failure to make any such notation or to attach a
schedule shall not affect any Revolving Credit Lender’s or the Borrower’s rights or obligations in respect of such
Revolving Loans or affect the validity of such transfer by any Revolving Credit Lender of this Note.

 

This Note is one of
the Notes referred to in the Credit Agreement dated as of September 18, 2015 among the Borrower, the Parent, the Administrative
Agent, and the other agents and lenders signatory thereto (including the Revolving Credit Lender), and evidences Revolving Loans
made by the Revolving Credit Lender thereunder (such Credit Agreement as the same may be amended, supplemented, restated or otherwise
modified from time to time, the “Credit Agreement”). Capitalized terms used in this Note have the respective
meanings assigned to them in the Credit Agreement.

 

This Note is issued
pursuant to, and is subject to the terms and conditions set forth in, the Credit Agreement and is entitled to the benefits provided
for in the Credit Agreement and the other Loan Documents. The Credit Agreement provides for the acceleration of the maturity of
this Note upon the occurrence of certain events, for prepayments of Revolving Loans upon the terms and conditions specified therein
and other provisions relevant to this Note. The assignment or transfer of this Note is subject to various limitations and conditions
under the Credit Agreement.

 

    	 	Exhibit A-1 – Page 1	 

     

    

 

THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THAT UNITED STATES FEDERAL
LAW PERMITS ANY REVOLVING CREDIT LENDER TO CONTRACT FOR, CHARGE, RECEIVE, RESERVE OR TAKE INTEREST AT THE RATE ALLOWED BY THE
LAWS OF THE STATE WHERE SUCH REVOLVING CREDIT LENDER IS LOCATED.

 

	 	GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS LTD.
	 	 
	 	By:	           
	 	Name:	 
	 	Title:	 

 

    	 	Exhibit A-1 – Page 2	 

     

    

 

Exhibit
A-2

Form of term loan Note

 

	$[          ]	[          ], 20[  ]

 

FOR VALUE RECEIVED,
GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS LTD., an exempted company duly incorporated with limited liability and existing under
the laws of the Cayman Islands (the “Borrower”), hereby promises to pay to [                ]
(the “Term Lender”), at the principal office of The Bank of Nova Scotia (the “Administrative Agent”),
at 711 Louisiana Street, Suite 1400, Houston, TX, 77002, United States of America, the principal sum of [       ]
US Dollars ($[       ]) (or such lesser amount as shall equal the aggregate unpaid principal
amount of the Term Loan made by the Term Lender to the Borrower under the Credit Agreement, as hereinafter defined), in lawful
money of the United States of America and in immediately available funds, on the dates and in the principal amounts provided in
the Credit Agreement, and to pay interest on the unpaid principal amount of each such Term Loan, at such office, in like money
and funds, for the period commencing on the date of such Term Loan until such Term Loan shall be paid in full, at the rates per
annum and on the dates provided in the Credit Agreement.

 

The date, amount,
Type, interest rate, Interest Period and maturity of each Term Loan made by the Term Lender to the Borrower, and each payment
made on account of the principal thereof, shall be recorded by the Term Lender on its books and, prior to any transfer of this
Note, may be recorded by the Term Lender on the schedules attached hereto or any continuation thereof or on any separate record
maintained by the Term Lender. Failure to make any such notation or to attach a schedule shall not affect any Term Lender’s
or the Borrower’s rights or obligations in respect of such Term Loan or affect the validity of such transfer by any Term
Lender of this Note.

 

This Note is one of
the Notes referred to in the Credit Agreement dated as of September 18, 2015 among the Borrower, the Parent, the Administrative
Agent, and the other agents and lenders signatory thereto (including the Term Lender), and evidences a Term Loan made by the Term
Lender thereunder (such Credit Agreement as the same may be amended, supplemented, restated or otherwise modified from time to
time, the “Credit Agreement”). Capitalized terms used in this Note have the respective meanings assigned to
them in the Credit Agreement.

 

This Note is issued
pursuant to, and is subject to the terms and conditions set forth in, the Credit Agreement and is entitled to the benefits provided
for in the Credit Agreement and the other Loan Documents. The Credit Agreement provides for the acceleration of the maturity of
this Note upon the occurrence of certain events, for prepayments of the Term Loan upon the terms and conditions specified therein
and other provisions relevant to this Note. The assignment or transfer of this Note is subject to various limitations and conditions
under the Credit Agreement.

 

    	 	Exhibit A-2 – Page 1	 

     

    

 

THIS NOTE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THAT UNITED STATES FEDERAL
LAW PERMITS ANY TERM LENDER TO CONTRACT FOR, CHARGE, RECEIVE, RESERVE OR TAKE INTEREST AT THE RATE ALLOWED BY THE LAWS OF THE
STATE WHERE SUCH TERM LENDER IS LOCATED.

 

	 	GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS LTD.
	 	 	 
	 	By:	           
	 	Name:	 
	 	Title:	 

 

    	 	Exhibit A-2 – Page 2	 

     

    

 

Exhibit
B

Form of Borrowing Request

 

[             ],
20[  ]

 

Gran Tierra Energy
International Holdings Ltd., an exempted company duly incorporated with limited liability and existing under the laws of the Cayman
Islands (the “Borrower”), pursuant to Section 2.04 of the Credit Agreement dated as of September 18,
2015 (together with all amendments, restatements, supplements or other modifications thereto, the “Credit Agreement”)
among the Borrower, the Parent, The Bank of Nova Scotia, as Administrative Agent and the other agents and lenders (the “Lenders”)
which are or become parties thereto (unless otherwise defined herein, each capitalized term used herein is defined in the Credit
Agreement), hereby requests a Borrowing of [the Term/a Revolving] Loan as follows:

 

(i)          Aggregate
amount of the requested Borrowing is $[            ];

 

(ii)         Date
of such Borrowing is [            ], 20[  ];

 

(iii)        Requested
Borrowing is to be [an ABR Borrowing] [a Eurodollar Borrowing];

 

(iv)        [The
initial Interest Period applicable thereto is [            ];] [Applicable
only to Eurodollar Borrowings]

 

(v)         Amount
of Borrowing Base in effect on the date hereof is $[            ];

 

(vi)        Total
Revolving Credit Exposures on the date hereof (i.e., outstanding principal amount of Revolving Loans and total LC Exposure) are
$            ];

 

(vii)       Pro
forma total Revolving Credit Exposures (after giving effect to any requested Borrowing of Revolving Loans on or prior to the
Borrowing Date) are $[            ]; and

 

(viii)      Location
and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section
2.06 of the Credit Agreement, is as follows:

 

[                              ]

[                              ]

[                              ]

[                              ]

[                              ]

 

    	 	Exhibit B – Page 1	 

     

    

 

The undersigned certifies
that he/she is the [            ] of the Borrower, and that as such
he/she is authorized to execute this certificate on behalf of the Borrower. The undersigned further certifies, represents and
warrants on behalf of the Borrower that the Borrower is entitled to receive the requested Borrowing under the terms and conditions
of the Credit Agreement.

 

	 	GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS LTD.
	 	 	 
	 	By:	           
	 	Name:	 
	 	Title:	 

 

    	 	Exhibit B – Page 2	 

     

    

 

Exhibit
C

Form of Interest Election Request

 

[            ],
20[  ]

 

Gran Tierra Energy
International Holdings Ltd., an exempted company duly incorporated with limited liability and existing under the laws of the Cayman
Islands (the “Borrower”), pursuant to Section 2.05 of the Credit Agreement dated as of September 18,
2015 (together with all amendments, restatements, supplements or other modifications thereto, the “Credit Agreement”)
among the Borrower, the Parent, The Bank of Nova Scotia, as Administrative Agent and the other agents and lenders (the “Lenders”)
which are or become parties thereto (unless otherwise defined herein, each capitalized term used herein is defined in the Credit
Agreement), hereby makes an Interest Election Request as follows:

 

(i)          The
Borrowing of [the Term / a Revolving] Loan to which this Interest Election Request applies and, if different options are being
elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which
case the information specified pursuant to (ii) and (iii) below shall be specified for each resulting Borrowing) is [            ];

 

(ii)         The
effective date of the election made pursuant to this Interest Election Request is [            ],
20[  ];[and]

 

(iii)        The
resulting Borrowing is to be [an ABR Borrowing] [a Eurodollar Borrowing][; and]

 

(iv)        The
Interest Period applicable to the resulting Borrowing after giving effect to such election is [            ]]].
[Applicable only to Eurodollar Borrowings]

 

The undersigned certifies
that he/she is the [            ] of the Borrower, and that as such
he/she is authorized to execute this certificate on behalf of the Borrower. The undersigned further certifies, represents and
warrants on behalf of the Borrower that the Borrower is entitled to receive the requested continuation or conversion under the
terms and conditions of the Credit Agreement.

 

	 	GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS LTD.
	 	 	 
	 	By:	           
	 	Name:	 
	 	Title:	 

 

    	 	Exhibit C – Page 1	 

     

    

 

Exhibit
D

Form of Compliance Certificate

 

The undersigned hereby
certifies that he/she is the [            ] of Gran Tierra Energy
International Holdings Ltd., an exempted company duly incorporated with limited liability and existing under the laws of the Cayman
Islands (the “Borrower”), and that as such he/she is authorized to execute this certificate on behalf of the
Borrower. With reference to the Credit Agreement dated as of September 18, 2015 (together with all amendments, restatements, supplements
or other modifications thereto being the “Agreement”) among the Borrower, the Parent, The Bank of Nova Scotia,
as Administrative Agent, and the other agents and lenders (the “Lenders”) which are or become a party thereto,
the undersigned represents and warrants as follows (each capitalized term used herein having the same meaning given to it in the
Agreement unless otherwise specified):

 

(a)          Except
as set forth below, the representations and warranties of the Credit Parties contained in Article VII of the Agreement
and in the Loan Documents were true and correct in all material respects when made, and are repeated at and as of the time of
delivery hereof and are true and correct in all material respects (except to the extent any such representation or warranty is
qualified by materiality or Material Adverse Effect, in which case it was true and correct) at and as of the time of delivery
hereof, except to the extent such representations and warranties are expressly limited to an earlier date.

 

(b)          There
exists no Default or Event of Default [or specify Default and describe].

 

(c)          Attached
hereto are the detailed computations necessary to determine Adjusted Consolidated Net Income for the [fiscal quarter][fiscal year]
ended [            ].

 

(d)          [There
has been no change to the [Material Subsidiaries][Restricted Subsidiaries][Unrestricted Subsidiaries] since [fiscal quarter][fiscal
year] ended [ ]][Attached hereto is a list of each [Material Subsidiary][Restricted Subsidiary][Unrestricted Subsidiary].]

 

(e)          Attached
hereto are the detailed computations necessary to determine whether the Parent is in compliance with Section 9.01 as of
the end of the [fiscal quarter][fiscal year] ended [            ].

 

(f)          [There
has been no change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred
to in Section 7.04(a)(i).][Attached hereto is a list of changes in GAAP since the date of the audited financial statements
referred to in Section 7.04(a)(i) and detailed computations necessary to specify the effect of such change on the financial
statements accompanying this certificate.]

 

(g)          
[Attached hereto is a true, correct and complete organizational chart of the Parent and its Subsidiaries as of the date hereof.]1

 

EXECUTED AND DELIVERED
this [            ] day of [            ].

 

 

1 As applicable.

 

    	 	Exhibit D – Page 1	 

     

    

 

	 	GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS LTD.
	 	 	 
	 	By:	           
	 	Name:	 
	 	Title:	 

 

    	 	Exhibit D – Page 2	 

     

    

 

Exhibit
E

Security Instruments

 

		1)	Guaranty and Collateral Agreement made
                                         by each of the Obligors (as defined therein), in favor of the Administrative Agent

 

		2)	UCC-1 Financing Statements in respect
                                         of item 1, by

 

		a)	Gran Tierra Energy Inc. (filed with
                                         the Secretary of State of Nevada)

 

		b)	Gran Tierra Energy International
                                         Holdings Ltd. (filed with the Recorder of Deeds of the District of Columbia)

 

		c)	Petrolifera Petroleum (Colombia)
                                         Limited (filed with the Recorder of Deeds of the District of Columbia)

 

		d)	Gran Tierra Energy Cayman Islands
                                         Inc. (filed with the Recorder of Deeds of the District of Columbia)

 

		e)	Argosy Energy, LLC (filed with the
                                         Secretary of State of Delaware)

 

		f)	Gran Tierra Energy
                                         Colombia, Ltd. (filed with the Secretary of State of Utah)

 

		g)	Solana Resources Limited (filed
                                         with the Recorder of Deeds of the District of Columbia)

 

		h)	Gran Tierra Exchangeco Inc. (filed
                                         with the Recorder of Deeds of the District of Columbia)

 

		i)	Gran Tierra Callco
                                         ULC (filed with the Recorder of Deeds of the District of Columbia)

 

		j)	1203647 Alberta
                                         Inc. (filed with the Recorder of Deeds of the District of Columbia)

 

		k)	Gran Tierra Goldstrike Inc. (filed
                                         with the Recorder of Deeds of the District of Columbia)

 

		l)	Gran Tierra Energy
                                         Canada ULC (filed with the Recorder of Deeds of the District of Columbia)

 

		3)	Stock Powers delivered in respect of
                                         any certificated U.S. entities whose equity interests are required to be pledged under
                                         the Loan Documents

 

		4)	Contratos de Garantía Mobiliaria
                                         Sin Tenencia Sobre Los Derechos Económicos Derivados de Los Contratos de Concesión
                                         in favor of the Administrative Agent and the Lenders (filed with the Registry of Security
                                         over Movable Assets), by

 

		a)	Petrolifera Petroleum (Colombia)
                                         Limited

 

		b)	Gran Tierra Energy Colombia Ltd.

 

    	 	Exhibit E – Page 1	 

     

    

 

		5)	Letters of Instruction / Consent and
                                         Agreements by:

 

		a)	Ecopetrol S.A – Agreement
                                         for the Purchase and Sale of Crude Petroleum under the Chaza E&P Contract, Guayuyaco
                                         Association Contract and the Santana Risk Participation Contract between Ecopetrol S.A.
                                         and Gran Tierra Energy Colombia, Ltd., effective December 1, 2012, expiring November
                                         30, 2013.

 

		b)	Ecopetrol S.A. – Agreement
                                         for the Purchase and Sale of Crude Petroleum under the Chaza E&P Contract and the
                                         Guayuyaco Association Contract between Ecopetrol S.A. and Petrolifera Petroleum (Colombia)
                                         Limited effective December 1, 2012, expiring November 30, 2013.

 

		c)	Petrobras Colombia Limited –
                                         Agreement for the Purchase and Sale of Crude Petroleum under the Jilguero and Melero
                                         wells located under the Garibay E&P Contract between Petrobras Colombia Limited and
                                         Petrolifera Petroleum (Colombia) Limited, effective July 1, 2013, expiring December 31,
                                         2013.

 

		d)	Petrobras Colombia Limited –
                                         Agreement for the Purchase and Sale of Crude Petroleum under the Ramiriquí well
                                         located under the Llanos - 22 E&P Contract between Petrobras Colombia Limited and
                                         Gran Tierra Energy Colombia Ltd., effective February 1, 2013, expiring January 31,
                                         2014.

 

		e)	Emerald Energy Plc Sucursal Colombia
                                         – Agreement for the Purchase and Sale of Crude Petroleum under the Chaza E&P
                                         Contract and the Guayuyaco Association Contract between Emerald Energy Plc Sucursal Colombia
                                         and Petrolifera Petroleum (Colombia) Limited effective May 12, 2012, expiring May 11,
                                         2014.

 

		f)	Emerald Energy
                                         Plc Sucursal Colombia – Agreement for the Purchase and Sale of Crude Petroleum
                                         under the Chaza E&P Contract, Guayuyaco Association Contract and the Santana Risk
                                         Participation Contract between Emerald Energy Plc Sucursal Colombia and Gran Tierra Energy
                                         Colombia Ltd effective May 12, 2012, expiring May 11, 2014.

 

		g)	Gunvor Colombia SAS – Agreement
                                         for the Purchase and Sale of Crude Petroleum under the Chaza E&P Contract between
                                         Gunvor Colombia SAS and Petrolifera Petroleum (Colombia) Limited effective December 3,
                                         2012, expiring December 2, 2013.

 

		h)	Gunvor Colombia SAS – Agreement
                                         for the Purchase and Sale of Crude Petroleum under the Chaza E&P Contract between
                                         Gunvor Colombia SAS and Gran Tierra Energy Colombia Ltd. effective December 3, 2012,
                                         expiring December 2, 2013.

 

		i)	Cepcolsa –
                                         Agreement for the Purchase and Sale of Crude Petroleum under the Garibay Contract between
                                         Petrolifera Petroleum (Colombia) Limited and Cepcolsa, executed on May 30, 2013, effective
                                         April 1, 2013, expiring March 31, 2014.

 

		j)	Cepcolsa –
                                         Agreement for the Purchase and Sale of Crude Petroleum under the Llanos 22 Contract between
                                         Gran Tierra Energy Colombia Ltd. and Cepcolsa, executed May 30, 2013, effective
                                         April 1, 2013, expiring March 31, 2014.

 

    	 	Exhibit E – Page 2	 

     

    
 

		6)	Equitable Mortgage over Shares in Gran
                                         Tierra Energy International Holdings Ltd. by Solana Resources Limited, in favor of the
                                         Administrative Agent and the Secured Parties.

 

		7)	Notation on Register of Members of Gran
                                         Tierra Energy International Holdings Ltd. indicating an equitable mortgage over shares
                                         and providing details (with respect to item 6).

 

		8)	Equitable Mortgage over Shares in Petrolifera
                                         Petroleum (Colombia) Limited by Gran Tierra Energy International Holdings Ltd. in favor
                                         of the Administrative Agent and the Secured Parties .

 

		9)	(i) Notation on Register of Members
                                         of Petrolifera Petroleum (Colombia) Limited indicating an equitable mortgage over shares
                                         and providing details; and (ii) Entry on Register of Mortgages and Charges of Gran Tierra
                                         Energy International Holdings Ltd. (both with respect to item 8).

 

		10)	Equitable Mortgage over Shares in Gran
                                         Tierra Energy Cayman Islands Inc. by Gran Tierra International Holdings Ltd. in favor
                                         of the Administrative Agent and the Secured Parties.

 

		11)	(i) Notation on Register of Members
                                         of Gran Tierra Energy Cayman Islands Inc. indicating an equitable mortgage over shares
                                         and providing details; and (ii) Entry on Register of Mortgages and Charges of Gran Tierra
                                         Energy International Holdings Ltd. (both with respect to item 10).

 

		12)	Deposit Account Control Agreement (Gran
                                         Tierra Energy Colombia) and Deposit Account Control Agreement (Petrolifera).

 

		13)	Canadian Securities Pledge Agreement
                                         from Gran Tierra Energy Inc. respecting the shares of Gran Tierra Callco ULC and 1203647
                                         Alberta Inc., from Gran Tierra Callco ULC respecting the shares of Gran Tierra Exchangeco
                                         Inc., from Gran Tierra Exchangeco Inc. and Gran Tierra Goldstrike Inc. respecting the
                                         shares of Solana Resources Limited, from 1203647 Alberta Inc. respecting the shares of
                                         Gran Tierra Goldstrike Inc. and from Gran Tierra Energy Cayman Islands Inc. respecting
                                         the shares of Gran Tierra Energy Canada ULC.

 

		14)	Stock powers of attorney or other transfer
                                         documents with respect to item 13

 

		15)	Canadian Security Agreement from Gran
                                         Tierra Energy Inc., Gran Tierra Exchangeco Inc., Solana Resources Limited, Gran Tierra
                                         Callco ULC, 1203647 Alberta Inc., Gran Tierra Goldstrike Inc. and Gran Tierra Energy
                                         Canada ULC.

 

		16)	Registration of Financing Statements
                                         at the Personal Property Registry of Alberta (and each other applicable jurisdiction)
                                         in respect of items 13 and 15, by Norton Rose Fulbright Canada LLP

 

		17)	Deed of Charge from Gran Tierra Energy
                                         Colombia, Ltd. to the Administrative Agent in respect of Deposit Account Control Agreement
                                         (Gran Tierra Energy Colombia).

 

		18)	Deed of Charge from Petrolifera to
                                         the Administrative Agent in respect of and Deposit Account Control Agreement (Petrolifera).

 

    	 	Exhibit E – Page 3
	 

     

    

 

Exhibit
F

Form of Assignment and Assumption

 

This Assignment and Assumption
(the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by
and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as
amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”), receipt of
a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto
are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein
in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective
Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its
capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor
under the respective facilities identified below (including any letters of credit and guarantees included in such facilities)
and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right
of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with
the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby
or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory
claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i)
above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively
as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly
provided in this Assignment and Assumption, without representation or warranty by the Assignor.

 

	1.	Assignor:	 	 
	 	 	 	 
	2.	Assignee:	 	 
	 	 	[and is an Affiliate/Approved Fund of [identify Lender]2]
	 	 	
	3.	Borrower:	Gran Tierra Energy International Holdings Ltd.
	 	 	 
	4.	Administrative Agent:	The Bank of Nova Scotia
	 	 	 
	5.	Credit Agreement:	The Credit Agreement dated as of September 18, 2015 among Gran
    Tierra Energy International Holdings Ltd., as Borrower, the Parent, The Bank of Nova Scotia, as Administrative Agent and the
    Lenders parties thereto.
	 	 	 
	6.	Assigned Interest:	 

 

 

2
Select as applicable.

 

    	 	Exhibit F – Page 1
	 

     

    

 

	Maximum 
 Revolving Credit 

    Amount Assigned	 	Percentage Assigned 

    of Aggregate 
 Maximum 
 Revolving Credit 
 Amounts*	 	 	Term Loans 
 Assigned	 	 	Percentage Assigned 

    of Aggregate Term 
 Loans*	 
		 	 		%	 	 		 	 	 		%
		 	 		%	 	 	 	 	 	 		%
		 	 		%	 	 	 	 	 	 		%

 

Effective Date: ____________ ___, 20__ [TO
BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The terms set forth in this Assignment and
Assumption are hereby agreed to:

 

	 	 	ASSIGNOR
	 	 	 
	 	 	[NAME OF ASSIGNOR]
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	ASSIGNEE
	 	 	 
	 	 	[NAME OF ASSIGNEE]
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

* each total and partial assignment shall
be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement,
including, without limitation, a pro rata portion of its Revolving Credit Commitment, Maximum Revolving Credit Amount, LC Exposure,
participations in Letters of Credit, outstanding Revolving Loans and outstanding Term Loans

 

    	 	Exhibit F – Page 2
	 

     

    

 

 

[Consented to and]3 Accepted:

 

The Bank of Nova Scotia, as

Administrative Agent

 

	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 

 

[Consented to:]4

 

[NAME OF RELEVANT PARTY]

 

	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 

 

 

3 To be added only if the consent
of the Administrative Agent is required by the terms of the Credit Agreement.

4 To be added only if the consent of the Borrower and/or
other parties (e.g. Issuing Bank) is required by the terms of the Credit Agreement.

 

    	 	Exhibit F – Page 3
	 

     

    

ANNEX 1

 

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1.           Representations
and Warranties.

 

1.1           Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has
taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection
with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries
or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower,
any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

 

1.2.           Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under
the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied
by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound
by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations
of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant to Section 8.01 thereof, as applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned
Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative
Agent or any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required
to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees
that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based
on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking
or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations
which by the terms of the Loan Documents are required to be performed by it as a Lender.

 

2.           Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

3.           General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by
fax or other electronic transmission (e.g., .pdf) shall be effective as delivery of a manually executed counterpart of
this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law
of the State of New York.

 

    	 	Exhibit F – Page 1
	 

     

    

 

EXHIBIT G

 

Petrolatina Constitutional Document Amendments

 

Company Number: 05173588

 

COMPANIES ACT 2006

 

COMPANY LIMITED BY SHARES

 

WRITTEN MEMBERS RESOLUTION

 

of

 

PETROLATINA ENERGY LIMITED (the “Company”)

 

Circulation Date ________ 2016

 

WHEREAS:

 

		1.1	Whereas, pursuant to a purchase and
                                         sale agreement dated 30 June, 2016 between (1) Gran Tierra Energy International Holdings
                                         Ltd (“GTIH”), (2) Gran Tierra Energy Inc. (“GTE”)
                                         and (3) Tribeca Oil & Gas Inc., Macquarie Bank Limited and Rorick Ventures Group
                                         Inc. (being the majority of the Company’s shareholders) and the Company, GTIH has
                                         acquired beneficial title to 100% of the ordinary shares in the capital of the Company
                                         and the Company is now a wholly owned subsidiary of GTE;

 

		1.2	GTIH is party to certain loans (the
                                         “Loans”) on the terms and conditions contained in a credit agreement,
                                         between (1) GTE (as Parent), (2) GTIH (as borrower) (the “Borrower”),
                                         (3) the Bank of Nova Scotia, as (administrative agent) (the “Administrative
                                         Agent”) and (4) the Lenders party thereto, originally dated as of September
                                         18, 2015, (as amended, supplemented or otherwise modified prior to the date hereof, (the
                                         “Credit Agreement”); and

 

		1.3	it is a condition of the Credit Agreement
                                         that GTIH grants inter alia a charge over the shares of the Company in favour
                                         of the Administrative Agent in respect of the payment and performance of, inter alia,
                                         the obligations of GTE and GTIH under the Credit Agreement. Consequently the Company
                                         is required to make certain amendments to its Articles of Association as set out below
                                         (the “Amendments”).

 

RESOLUTION

 

Accordingly, pursuant to
Chapter 2 of Part 13 Companies Act 2006, the directors of the Company propose the following resolution be passed as a special
resolution (the “Resolution”) THAT, the articles of association of the Company be and are hereby amended
by the addition as paragraph 4.3 thereof of the following:

 

    	 	Exhibit G – Page 1
	 

     

    

 

4.3           “Notwithstanding
anything otherwise provided in these articles (whether by way of or in relation to pre-emption rights, restrictions on, or conditions
applicable to, share transfers, or otherwise), the directors shall not decline to register any transfer of shares (a "Transfer")
nor suspend registration thereof:

 

4.3.1  where such Transfer is in
favour of any person to which shares have been charged or mortgaged in relation to the Credit Agreement (as defined below) and
any nominee of any of the above (in each case a "Secured Party") and the Transfer is as contemplated by, or pursuant
to, any mortgage or charge of shares or any call or other share option granted in favour of a Secured Party under or in connection
with a credit agreement between (1) GTE (as Parent), (2) GTIH (as borrower) (the “Borrower”), (3) the Bank
of Nova Scotia, as (administrative agent) (the “Administrative Agent”) and (4) the Lenders party thereto, originally
dated as of September 18, 2015, (as amended, supplemented or otherwise modified prior to the date hereof, (the “Credit
Agreement”) (a "Security"); or

 

4.3.2  where such
Transfer is delivered to the Company for registration by or on behalf of a Secured Party in order to register the Secured Party
as legal owner of the shares or in order to transfer the shares to a third party upon disposal or realisation of shares following
the Secured Party having become entitled to exercise or enforce its rights under any such Security; or

 

4.3.3  where such
Transfer is executed by;

 

(a)      a
Secured Party;

 

(b)      any
third party transferee selected by the Secured Party in their absolute discretion; or

 

(c)      any
receiver (or similar officer),

 

pursuant to the power of
sale or the power of transfer under such Security.

 

and a certificate by any
officer of the Secured Party that the relevant Transfer is within paragraphs 12.2.1 to 3 above shall be conclusive evidence of
that fact and the directors shall register the relevant Transfer promptly following receipt thereof. Any provision of these Articles
that purports to create a lien or security over any share shall not apply where a Secured Party has a charge or mortgage over
that share and no notice of intended forfeiture may be given pursuant to the articles of association of the Company or otherwise
in respect of any such share. Notwithstanding anything to the contrary contained in these articles; no Transferor or proposed
Transferor of any shares in the Company to a Secured Party and no Secured Party shall be required to offer the shares which are
or are to be the subject of any Transfer to the shareholders for the time being of the Company or any of them, and no such shareholder
shall have any right under these articles or under any agreement or otherwise to require those shares to be offered to or transferred
to it whether for consideration or not.

 

__________________________________

 

For and on behalf of

 

Gran Tierra Energy International Holdings
Ltd.

 

    	 	Exhibit G – Page 2
	 

     

    

 

Notes:

 

		1.	If you agree with the Resolution, please
                                         indicate your agreement by signing and dating this document where indicated above and
                                         returning it to the Company using one of the following methods:

 

		§	E-mail:
                                         by attaching a scanned copy of the signed document to an e-mail and sending it to davidhardy@grantierra.com.
                                         Please enter “Written resolution” in the e-mail subject box.

 

		§	In
                                         writing to [·]

 

If you do not agree to the Resolution,
you do not need to do anything: you will not be deemed to agree if you fail to reply.

 

		2.	Once you have indicated your agreement
                                         to the Resolution, you may not revoke your agreement.

 

		3.	Unless, within 28 days of the Circulation
                                         Date, sufficient agreement has been received for the Resolution to pass, they will lapse.
                                         If you agree to the Resolution, please ensure that your agreement reaches us before or
                                         during this date.

 

		4.	In the case of joint holders of shares,
                                         only the vote of the senior holder who votes will be counted by the Company. Seniority
                                         is determined by the order in which the names of the joint holders appear in the register
                                         of members.

 

		5.	If you are signing this document on
                                         behalf of a person under a power of attorney or other authority please send a copy of
                                         the relevant power of attorney or authority when returning this document.

 

    	 	Exhibit G – Page 3
	 

     

    

 

Schedule
1.02(a)

Hydrocarbon Properties/Concession Agreements

 

	BLOCK	 	DESCRIPTION	 	EFFECTIVE

    DATE	 	PARTIES
	Santana1	 	Shared Risk Contract Ecopetrol S.A.	 	July 27, 1987	 	Ecopetrol S.A., Gran Tierra Energy Colombia Ltd.
	Azar1	 	Exploration and Exploitation Contract	 	October 12, 2006	 	Agencia Nacional de Hidrocarburos, Gran Tierra Energy Colombia Ltd., Geoadinpro Ltda
	Magdalena1	 	Exploration and Exploitation Contract	 	September 15, 2009	 	Agencia Nacional de Hidrocarburos, Petrolifera Petroleum (Colombia) Limited
	Guachiria Norte1	 	Exploration and Exploitation Contract	 	December 21, 2004	 	Agencia Nacional de Hidrocarburos, Petrolifera Petroleum (Colombia) Limited, Lewis Energy
    Colombia, Inc.
	Magangue5	 	Association Contract – Ecopetrol S.A.	 	January 1, 1990	 	Ecopetrol S.A., Petrolifera Petroleum (Colombia) Limited
	Sierra Nevada1	 	Exploration and Exploitation Contract	 	April 11, 2007	 	Agencia Nacional de Hidrocarburos, Petrolifera Petroleum (Colombia) Limited
	Guayuyaco	 	Association Contract –

        Ecopetrol S.A.
	 	September 30, 2002	 	Ecopetrol S.A., Gran Tierra Energy Colombia Ltd., Petrolifera Petroleum (Colombia) Limited
	Chaza	 	Exploration and Exploitation Contract	 	June 27, 2005	 	Agencia Nacional de Hidrocarburos, Gran Tierra Energy Colombia Ltd., Petrolifera Petroleum
    (Colombia) Limited
	Putumayo Piedemonte Norte	 	Exploration and Exploitation Contract	 	June 17, 2009	 	Agencia Nacional de Hidrocarburos, Gran Tierra Energy Colombia Ltd, Cepcolsa
	Putumayo Piedemonte Sur	 	Exploration and Exploitation Contract	 	June 17, 2009	 	Agencia Nacional de Hidrocarburos, Gran Tierra Energy Colombia Ltd.
	PUT- 10	 	Exploration and Exploitation Contract	 	March 16, 2010	 	Agencia Nacional de Hidrocarburos, Gran Tierra Energy Colombia Ltd.
	Cauca 6	 	Technical Evaluation Contract 	 	March 16, 2011	 	Agencia Nacional de Hidrocarburos, Gran Tierra Energy Colombia Ltd.
	Cauca 7	 	Technical Evaluation Contract	 	March 16, 2011	 	Agencia Nacional de Hidrocarburos, Gran Tierra Energy Colombia Ltd.
	Sinú 1	 	Technical Evaluation Contract	 	November 29, 2012	 	Agencia Nacional de Hidrocarburos, Consorcio Gran Tierra Energy Colombia Ltd - Pluspetrol

 

 

5 Awaiting signature of termination
minutes.

    	 	Schedule 1.02(a) – Page 1
	 

     

    

	BLOCK	 	DESCRIPTION	 	EFFECTIVE

    DATE	 	PARTIES
	Sinú 3	 	Exploration and Exploitation Contract	 	November 29, 2012	 	Agencia Nacional de Hidrocarburos, Consorcio Gran Tierra Energy Colombia
    Ltd - Perenco
	Llanos 22	 	Exploration and Exploitation Contract	 	February 5, 2009	 	Agencia Nacional de Hidrocarburos, Gran Tierra Energy Colombia Ltd, Cepcolsa
	Garibay	 	Exploration and Exploitation Contract	 	October 25, 2005	 	Agencia Nacional de Hidrocarburos, Petrolifera Petroleum (Colombia) Limited, Cepcolsa,
    Jilguero Oil field Unitized
	Catguas	 	Exploration and Exploitation Contract	 	November 2005	 	Agencia Nacional de Hidrocarburos, Petrolifera Petroleum (Colombia) Limited
	Put-1	 	Exploration and Exploitation Contract	 	March 31, 2009	 	Agencia Nacional de Hidrocarburos, Gran Tierra Energy Colombia Ltd., Lewis Energy
    Colombia Inc.
	Put-31	 	Exploration and Exploitation Contract	 	September 3, 2014	 	Agencia
        Nacional de Hidrocarburos, Gran Tierra Energy Colombia Ltd., PetroAmerican International Colombia Corp

	Put-46	 	Exploration and Exploitation Contract	 	January 23, 2009	 	Agencia
        Nacional de Hidrocarburos Gran Tierra Energy Colombia Ltd Petronorte Ltd.

 

 

6 Awaiting assignment approval
from ANH – no actual interest yet.

 

    	 	Schedule 1.02(a) – Page 2
	 

     

    

 

Schedule
1.02(b)

Eligible Buyers

 

		1.	Petroleo
                                         Brasileiro SA

 

		2.	Emerald
                                         Energy Plc Sucursal Colombia 

 

		3.	Gunvor
                                         Colombia SAS

 

		4.	Cepcolsa

 

		5.	Kronos
                                         Energy S.A. ESP.

 

		6.	Comercializadora
                                         de Energía, GAS y servicio S.A ESP GEACOM 

 

		7.	Equion
                                         Energy Limited S.A.

 

		8.	Pacific Stratus Energy Colombia
                                         Corp

 

		9.	Hocol S.A.

 

		10.	Core Petroleum LLC

 

		11.	SurEnergy S.A.S ESP

 

		12.	Gunvor SA

 

    	 	Schedule 1.02(b) – Page 1
	 

     

    

 

Schedule
1.02(c)

Offtake Agreements

 

		1)	Agreement for the Purchase and Sale
                                         of Crude Petroleum under the Chaza E&P Contract between Gunvor Colombia SAS. and
                                         Petrolifera Petroleum (Colombia) Limited, executed on December 3, 2012, effective December
                                         3, 2012, expiring December 2, 2015.

 

		2)	Agreement for the Purchase and Sale
                                         of Crude Petroleum under the Chaza E&P Contract between Gunvor Colombia SAS. and
                                         Gran Tierra Energy Colombia Ltd, executed on December 3, 2012, effective December 3,
                                         2012, expiring December 2, 2015.

 

		3)	Agreement for the Purchase and Sale
                                         of Crude Petroleum under the Garibay E&P Contract between Gunvor Colombia SAS. and
                                         Petrolifera Petroleum (Colombia) Limited executed on February 5, 2015, effective February
                                         1, 2015, expiring January 31, 2016.

 

		4)	Agreement for the Purchase and Sale
                                         of Crude Petroleum under the LL-22 E&P Contract between Gunvor Colombia SAS. and
                                         Gran Tierra Energy Colombia Ltd, executed on February 5, 2015, effective February 1,
                                         2015, expiring January 31, 2016.

 

		5)	Agreement for the Purchase and Sale
                                         of Crude Petroleum under the Chaza E&E Contract between Ecopetrol S.A. and Petrolifera
                                         Petroleum (Colombia) Limited, executed on December 1, 2014, effective December 1, 2014,
                                         expiring November 30, 2015.

 

		6)	Agreement for the Purchase and Sale
                                         of Crude Petroleum under the Chaza E&P Contract between Ecopetrol S.A. and Gran Tierra
                                         Energy Colombia Ltd executed on December 1, 2014, effective December 1, 2014, expiring
                                         November 30, 2015.

 

		7)	Agreement for the Purchase and Sale
                                         of Crude Petroleum under the Chaza E&E Contract and Guayuyaco Association Contract
                                         between Hocol S.A. and Petrolifera Petroleum (Colombia) Limited, executed on April 1,
                                         2014, effective April 1, 2014, expiring March 31, 2015.

 

		8)	Agreement for the Purchase and Sale
                                         of Crude Petroleum under the Chaza E&E Contract and Guayuyaco Association Contract
                                         between Hocol S.A. and Gran Tierra Energy Colombia Ltd, executed on April 1, 2014, effective
                                         April 1, 2014, expiring March 31, 2015.

 

		9)	Agreement for the Purchase and Sale
                                         of Gas under the Llanos 22 Contract between Kronos Energy S.A. ESP and Gran Tierra Energy
                                         Colombia Ltd, executed on April 23, 2013, effective April 23, 2013, expiring September
                                         30, 2016.

 

		10)	Agreement for the Purchase and Sale
                                         of Gas under the Llanos 22 Contract between Surenergy S.A.S. E.S.P. and Gran Tierra Energy
                                         Colombia Ltd, executed on May 6, 2015, effective April 13, 2015, expiring April 12, 2016.

 

		11)	Agreement for the Purchase and Sale
                                         of NAPO Crude Oil FOB at Esmeraldas, Ecuador between Gunvor S.A. and Gran Tierra Energy
                                         Colombia Ltd, executed on December 19, 2014, effective December 19, 2014, expiring January
                                         31, 2016.

 

		12)	Agreement for the Purchase and Sale
                                         of NAPO Crude Oil FOB at Esmeraldas, Ecuador between Gunvor S.A. and Petrolifera Petroleum
                                         (Colombia) Limited, executed on December 19, 2014, effective December 19, 2014, expiring
                                         January 31, 2016.

 

    	 	Schedule 1.02(d) – Page 1
	 

     

    

 

		13)	Agreement for the Purchase and Sale
                                         of NAPO Crude Oil FOB at Esmeraldas, Ecuador between Core Petroleum LLC and Gran Tierra
                                         Energy Colombia Ltd, executed on February 27, 2015, effective February 24, 2015, expiring
                                         January 31, 2016.

 

		14)	Agreement for the Purchase and Sale
                                         of NAPO Crude Oil FOB at Esmeraldas, Ecuador between Core Petroleum LLC and Petrolifera
                                         Petroleum (Colombia) Limited, executed on February 27, 2015, effective February 24, 2015,
                                         expiring January 31, 2016.

 

		15)	Mandate agreement for the disposal
                                         of gas under the LLA-22 Contract (not acquired by Kronos Energy S.A. ESP or Surenergy
                                         S.A.S. E.S.P.) executed between Cepsa Colombia S.A. (agent) and Gran Tierra Energy Colombia
                                         Ltd. on April 23, 2013, effective April 23, 2013, expiring October 22, 2015.

 

    	 	Schedule 1.02(d) – Page 2
	 

     

    

 

Schedule
1.02(d)

Guarantors

 

Gran Tierra
Exchangeco Inc.

 

Gran Tierra
Resources Limited

 

Petrolifera
Petroleum (Colombia) Limited

 

Gran Tierra
Callco ULC

 

Gran Tierra
Energy Cayman Islands Inc.

 

1203647 Alberta
Inc.

 

Gran Tierra
Energy Colombia, Ltd.

 

Gran Tierra
Goldstrike Inc.

 

Argosy Energy,
LLC

 

Gran Tierra
Energy Canada ULC

 

PELE

 

Petrolatina
(CA) Limited.

 

Taghmen Argentina
Limited

 

Taghmen Colombia,
S.L.U.

 

RL Petroleum
Corp.

 

North Riding
Inc.

 

Petroleos Del
Norte S.A.

 

Gran Tierra
Colombia Inc.

 

Gran Tierra
(PUT-7) Limited

 

Gran Tierra
International (Colombia) Corp.

 

Gran Tierra
Energy Corp.

 

Gran Tierra
P&G Corp.

 

    	 	Schedule 1.02(d) – Page 1
	 

     

    

 

Schedule
7.05

Litigation

 

1.          Ecopetrol
S.A. (“Ecopetrol”) vs. Gran Tierra Energy Colombia, Ltd. and Petrolifera Petroleum (Colombia) Ltd (collectively “GTEC”)

 

GTEC and Ecopetrol, the contracting parties
of the Guayuyaco Association Contract, are engaged in a dispute regarding the interpretation of the procedure for allocation of
oil produced and sold during the long-term test of the Guayuyaco-1 and Guayuyaco-2 wells, prior to GTEC's purchase of the companies
originally involved in the dispute. There was no agreement between the parties, and Ecopetrol filed a lawsuit in the Contravention
Administrative Tribunal in the District of Cauca (the “Tribunal”) regarding this matter. During 2013, the Tribunal
ruled in favor of Ecopetrol and awarded Ecopetrol 44,025 bbl of oil. GTEC has filed an appeal of the ruling to the Supreme Administrative
Court (Consejo de Estado) in a second instance procedure. At June 30, 2015, and December 31, 2014, Gran Tierra Energy
Inc. (“Gran Tierra”) had accrued $2.4 million in the interim unaudited condensed consolidated financial statements
in relation to this dispute.

 

2.          GTEC
vs. Agencia Nacional de Hidrocarburos (National Hydrocarbons Agency) (“ANH”)

 

Gran Tierra’s production from the Costayaco
Exploitation Area is subject to an additional royalty (the “HPR royalty”), which applies when cumulative gross production
from an Exploitation Area is greater than five MMbbl. The HPR royalty is calculated on the difference between a trigger price
defined in the Chaza Block exploration and production contract (the “Chaza Contract”) and the sales price. ANH has
interpreted the Chaza Contract as requiring that the HPR royalty must be paid with respect to all production from the Moqueta
Exploitation Area and initiated a noncompliance procedure under the Chaza Contract, which was contested by Gran Tierra because
the Moqueta Exploitation Area and the Costayaco Exploitation Area are separate Exploitation Areas. ANH did not proceed with that
noncompliance procedure. Gran Tierra also believes that the evidence shows that the Costayaco and Moqueta fields are two clearly
separate and independent hydrocarbon accumulations. Therefore, it is Gran Tierra’s view that, pursuant to the terms of the
Chaza Contract, the HPR royalty is only to be paid with respect to production from the Moqueta Exploitation Area when the accumulated
oil production from that Exploitation Area exceeds five MMbbl. Discussions with the ANH have not resolved this issue and Gran
Tierra has initiated the dispute resolution process under the Chaza Contract by filing on January 14, 2013, an arbitration claim
before the Center for Arbitration and Conciliation of the Chamber of Commerce of Bogotá, Colombia, seeking a decision that
the HPR royalty is not payable until production from the Moqueta Exploitation Area exceeds five MMbbl. Gran Tierra supplemented
its claim on May 30, 2013. The ANH filed a response to the claim seeking a declaration that its interpretation is correct and
a counterclaim seeking, amongst other remedies, declarations that Gran Tierra breached the Chaza Contract by not paying the disputed
HPR royalty, that the amount of the alleged HPR royalty is payable, and that the Chaza Contract be terminated. Gran Tierra filed
a response to the ANH's counterclaim and filed its comments on the ANH's responses to Gran Tierra's claim. The ANH filed an amended
counterclaim and Gran Tierra filed a response to the ANH's amended counterclaim. On April 30, 2015, total cumulative production
from the Moqueta Exploitation Area reached 5.0 MMbbl and Gran Tierra commenced paying the HPR royalty payable on production over
that threshold. The estimated compensation which would be payable on cumulative production if the ANH's claims are accepted in
the arbitration is $66.3 million plus related interest of $24.8 million. Gran Tierra also disagrees with the interest rate that
the ANH has used in calculating the interest cost. Gran Tierra asserts that since the HPR royalty is denominated in the U.S. dollar,
the contract requires the interest rate to be three-month LIBOR plus 4%, whereas the ANH has applied the highest legally authorized
interest rate on Colombian peso liabilities, which during the period of production to date has averaged approximately 29% per
annum. At March 31, 2015, based on an interest rate of three-month LIBOR plus 4% related interest would be $4.9 million. At this
time no amount has been accrued in the interim unaudited condensed consolidated financial statements nor deducted from Gran Tierra's
reserves for the disputed HPR royalty as Gran Tierra does not consider it probable that a loss will be incurred.

 

    	 	Schedule 7.05 – Page 1
	 

     

    

 

Additionally, the ANH and Gran Tierra are
engaged in discussions regarding the interpretation of whether certain transportation and related costs are eligible to be deducted
in the calculation of the HPR royalty. Discussions with the ANH are ongoing. Based on the Gran Tierra's understanding of the ANH's
position, the estimated compensation which would be payable if the ANH’s interpretation is correct could be up to $42.1
million as at June 30, 2015. At this time no amount has been accrued in the interim unaudited condensed consolidated financial
statements as Gran Tierra does not consider it probable that a loss will be incurred.

 

    	 	Schedule 7.05 – Page 2
	 

     

    

 

Schedule
7.06

Environmental Matters

 

None.

 

    	 	Schedule 7.06 – Page 1
	 

     

    

 

Schedule
7.13

Subsidiaries

 

	Subsidiary	 	Jurisdiction
    of

    Organization	 	Percentage
    of

    Equity Interests

    Owned	 	Nature
    of

    Ownership	 	Owner
	Gran Tierra Callco ULC	 	Alberta	 	100%	 	Shares	 	Gran Tierra Energy Inc.
	 	 	 	 	 	 	 	 	 
	1203647 Alberta Inc.	 	Alberta	 	100%	 	Shares	 	Gran Tierra Energy Inc.
	 	 	 	 	 	 	 	 	 
	Gran Tierra Exchangeco Inc.	 	Alberta	 	100%	 	Shares	 	Gran Tierra Callco ULC
	 	 	 	 	 	 	 	 	 
	Gran Tierra Goldstrike Inc.	 	Alberta	 	100%	 	Shares	 	1203647 Alberta Inc.
	 	 	 	 	 	 	 	 	 
	Solana Resources Limited	 	Alberta	 	99.99999%	 	Shares	 	Gran Tierra Exchangeco Inc.
	 	 	 	 	 	 	 	 	 
	 	 	Alberta	 	0.00001	 	Shares	 	Gran Tierra Goldstrike Inc.
	 	 	 	 	 	 	 	 	 
	Gran Tierra Argentina Holdings ULC	 	Alberta	 	100%	 	Shares	 	Solana Resources Limited
	 	 	 	 	 	 	 	 	 
	Gran Tierra Energy International Holdings Ltd.	 	Cayman Islands	 	100%	 	Shares	 	Solana Resources Limited
	 	 	 	 	 	 	 	 	 
	Gran Tierra Luxembourg Holdings Sarl	 	Luxembourg	 	100%	 	Shares	 	Gran Tierra Energy International Holdings Ltd.
	 	 	 	 	 	 	 	 	 
	Gran Tierra Finance (Luxembourg) Sarl	 	Luxembourg	 	53.8%	 	Common Shares	 	Gran Tierra Luxembourg Holdings Sarl
	 	 	 	 	 	 	 	 	 
	 	 	Luxembourg	 	46.2%	 	Preferred Shares	 	Gran Tierra Energy International Holdings Ltd.
	 	 	 	 	 	 	 	 	 
	Gran Tierra Energy Brasil Ltda.	 	Brazil	 	3.14%%	 	Quotas	 	Gran Tierra Finance (Luxembourg) Sarl
	 	 	 	 	 	 	 	 	 
	 	 	Brazil	 	96.86%	 	Quotas	 	Gran Tierra Brazco (Luxembourg) Sarl

    	 	Schedule 7.13 – Page 2
	 

     

    

	Subsidiary	 	Jurisdiction
    of

    Organization	 	Percentage
    of

    Equity Interests

    Owned	 	Nature
    of

    Ownership	 	Owner
	Gran Tierra Brazco (Luxembourg) Sarl	 	Luxembourg	 	100%	 	Shares	 	Gran Tierra Finance (Luxembourg) Sarl
	 	 	 	 	 	 	 	 	 
	Petrolifera Petroleum (Colombia) Limited	 	Cayman Islands	 	100%	 	Shares	 	Gran Tierra Energy International Holdings Ltd.
	 	 	 	 	 	 	 	 	 
	Petrolifera Petroleum (Colombia) Limited	 	Colombia Branch	 	100%	 	Shares	 	Petrolifera Petroleum (Colombia) Limited (organized in Cayman Islands) 
	 	 	 	 	 	 	 	 	 
	Gran Tierra Energy Cayman Islands Inc.	 	Cayman Islands	 	100%	 	Shares	 	Gran Tierra Energy International Holdings Ltd.
	 	 	 	 	 	 	 	 	 
	Argosy Energy LLC	 	Delaware	 	100%	 	Membership Interest	 	Gran Tierra Energy Cayman Islands Inc.
	 	 	 	 	 	 	 	 	 
	Grand Tierra Energy Canada ULC	 	Alberta	 	100%	 	Shares	 	Gran Tierra Energy Cayman Islands Inc.
	 	 	 	 	 	 	 	 	 
	Gran Tierra Energy Colombia, Ltd.	 	Utah	 	99.2857%	 	Partnership Interests	 	Gran Tierra Energy Cayman Islands Inc. 
	 	 	 	 	 	 	 	 	 
	 	 	Utah	 	0.7143%	 	Partnership Interests	 	Argosy Energy LLC
	 	 	 	 	 	 	 	 	 
	Gran Tierra Energy Colombia Ltd.	 	Colombia Branch	 	100%	 	Shares	 	Gran Tierra Energy Colombia, Ltd. (organized in Utah)
	 	 	 	 	 	 	 	 	 
	Gran Tierra Energy International (Peru) Holdings B.V.	 	Curacao	 	100%	 	Shares	 	Gran Tierra Energy International Holdings Ltd.
	 	 	 	 	 	 	 	 	 
	Petrolifera Petroleum (Peru)  Limited	 	Barbados	 	100%	 	Shares	 	Gran Tierra Energy International (Peru) Holdings B.V.

    	 	Schedule 7.13 – Page 3
	 

     

    

	Subsidiary	 	Jurisdiction
    of

    Organization	 	Percentage
    of

    Equity Interests

    Owned	 	Nature
    of

    Ownership	 	Owner
	Petrolifera Petroleum Del Peru S.A.C.	 	Peru	 	96.61%	 	Shares	 	Petrolifera Petroleum (Peru) Limited
	 	 	 	 	 	 	 	 	 
	 	 	Peru	 	3.39%	 	Shares	 	Gran Tierra Energy Peru B.V.
	 	 	 	 	 	 	 	 	 
	Gran Tierra Energy Peru B.V.	 	Curacao	 	100%	 	Shares	 	Gran Tierra Energy International (Peru) Holdings B.V.
	 	 	 	 	 	 	 	 	 
	Gran Tierra Energy Peru S.R.L.	 	Peru	 	96.7%	 	Shares	 	Gran Tierra Energy International (Peru) Holdings B.V.
	 	 	 	 	 	 	 	 	 
	 	 	Peru	 	3.3%	 	Shares	 	Gran Tierra Energy Peru B.V.

 

    	 	Schedule 7.13 – Page 4
	 

     

    

 

Schedule
7.18

Swap Agreements

 

None.

 

    	 	Schedule 7.18 – Page 1
	 

     

    

 

Schedule
9.02

Debt

 

	Lender	 	Borrower	 	Amount
 Owed (USD)	 
	Borrower (GTEIH)	 	Gran Tierra Energy Peru S.R.L	 	 	1,961,000	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Gran Tierra Energy International (Peru) Holdings BV	 	 	354,742,950	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Gran Tierra Energy Peru B.V	 	 	13,656,934	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Gran Tierra Finance (Luxembourg) Sarl	 	 	47,841,421	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Gran Tierra Brazco (Luxembourg) Sarl	 	 	2,667,583	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Petrolifera Petroleum (Peru) Limited	 	 	44,311,755	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Petrolifera Petroleum Del Peru S.A.C	 	 	12,954,000	 
	 	 	 	 	 	 	 
	Parent (GTE Nevada)	 	Gran Tierra Energy Peru S.R.L	 	 	18,429,009	 
	 	 	 	 	 	 	 
	Parent (GTE Nevada)	 	Gran Tierra Energy Internationl (Peru) Holdings BV	 	 	8,914	 
	 	 	 	 	 	 	 
	Parent (GTE Nevada)	 	Gran Tierra Energy Peru B.V	 	 	2,737	 
	 	 	 	 	 	 	 
	Parent (GTE Nevada)	 	Petrolifera Petroleum Del Peru S.A.C	 	 	2,292,612	 
	 	 	 	 	 	 	 
	Parent (GTE Nevada)	 	Gran Tierra Energy Brasil Ltda.	 	 	15,412,562	 
	 	 	 	 	 	 	 
	Gran Tierra Energy Peru S.R.L	 	Gran Tierra Energy Canada ULC	 	 	56,639	 
	 	 	 	 	 	 	 
	Gran Tierra Energy Peru S.R.L	 	Petrolifera Petroleum Del Peru S.A.C	 	 	775,120	 
	 	 	 	 	 	 	 
	Gran Tierra Finance (Luxembourg) Sarl	 	Gran Tierra Luxembourg Holdings Sarl	 	 	91,676	 
	 	 	 	 	 	 	 
	Gran Tierra Finance (Luxembourg) Sarl	 	Gran Tierra Brazco (Luxembourg) Sarl	 	 	60,612	 
	 	 	 	 	 	 	 
	Gran Tierra Finance (Luxembourg) Sarl	 	Gran Tierra Energy Brasil Ltda.	 	 	40,460,723	 
	 	 	 	 	 	 	 
	Petrolifera Petroleum Peru Limited	 	Gran Tierra Energy Peru B.V	 	 	440,700	 
	 	 	 	 	 	 	 
	Solana Resources Ltd.	 	Gran Tierra Energy Peru S.R.L	 	 	10,086	 
	 	 	 	 	 	 	 
	Solana Resources Ltd.	 	Gran Tierra Energy Brasil Ltda.	 	 	904,178	 

 

    	 	Schedule 9.02 – Page 2
	 

     

    

 

Schedule
9.03

Liens

 

None.

 

    	 	Schedule 9.03 – Page 1
	 

     

    

Schedule
9.05

Investments

 

Subsidiaries

 

	Owner	 	Subsidiary	 	Amount (USD)	 
	GTE International (Peru) Holdings B.V	 	Gran Tierra Energy Peru S.R.L	 	 	85,594,749	 
	 	 	 	 	 	 	 
	GTE International (Peru) Holdings B.V	 	Gran Tierra Energy Peru B.V	 	 	124,661	 
	 	 	 	 	 	 	 
	GTE International (Peru) Holdings B.V	 	Petrolifera Petroleum (Peru) Ltd.	 	 	52,862,795	 
	 	 	 	 	 	 	 
	Gran Tierra Energy Peru B.V.	 	Gran Tierra Energy Peru S.R.L	 	 	2,921,275	 
	 	 	 	 	 	 	 
	Gran Tierra Energy Peru B.V.	 	Petrolifera Petroleum Del Peru S.A.C	 	 	1,991,584	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Gran Tierra International (Peru) Holdings BV	 	 	67,964,796	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Gran Tierra Finance (Luxembourg) SARL	 	 	59,836,486	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Gran Tierra Luxembourg Holdings	 	 	86,789,920	 
	 	 	 	 	 	 	 
	Gran Tierra Finance (Luxembourg) SARL	 	Gran Tierra Brazco (Luxembourg) SARL	 	 	896,096	 
	 	 	 	 	 	 	 
	Gran Tierra Finance (Luxembourg) SARL	 	Gran Tierra Energy Brasil Ltda.	 	 	142,168,236	 
	 	 	 	 	 	 	 
	GTE Luxembourgh Holdings	 	Gran Tierra Finance (Luxembourg) SARL	 	 	86,789,920	 
	 	 	 	 	 	 	 
	GTE Brazco (Luxembourg) Sarl	 	Gran Tierra Energy Brasil Ltda.	 	 	3,563,679	 
	 	 	 	 	 	 	 
	Petrolifera Petroleum (Peru) LTD	 	Petrolifera Petroleum Del Peru S.A.C.	 	 	96,428,580	 

 

    	 	Schedule 9.05 – Page 1
	 

     

    

 

Loans

 

	Lender	 	Borrower	 	Amount 
 Owed (USD)	 
	Borrower (GTEIH)	 	Gran Tierra Energy Peru S.R.L	 	 	1,961,000	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Gran Tierra Energy International (Peru) Holdings BV	 	 	354,742,950	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Gran Tierra Energy Peru B.V	 	 	13,656,934	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Gran Tierra Finance (Luxembourg) Sarl	 	 	47,841,421	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Gran Tierra Brazco (Luxembourg) Sarl	 	 	2,667,583	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Petrolifera Petroleum (Peru) Limited	 	 	44,311,755	 
	 	 	 	 	 	 	 
	Borrower (GTEIH)	 	Petrolifera Petroleum Del Peru S.A.C	 	 	12,954,000	 
	 	 	 	 	 	 	 
	Parent (GTE Nevada)	 	Gran Tierra Energy Peru S.R.L	 	 	18,429,009	 
	 	 	 	 	 	 	 
	Parent (GTE Nevada)	 	Gran Tierra Energy Internationl (Peru) Holdings BV	 	 	8,914	 
	 	 	 	 	 	 	 
	Parent (GTE Nevada)	 	Gran Tierra Energy Peru B.V	 	 	2,737	 
	 	 	 	 	 	 	 
	Parent (GTE Nevada)	 	Petrolifera Petroleum Del Peru S.A.C	 	 	2,292,612	 
	 	 	 	 	 	 	 
	Parent (GTE Nevada)	 	Gran Tierra Energy Brasil Ltda.	 	 	15,412,562	 
	 	 	 	 	 	 	 
	Gran Tierra Energy Peru S.R.L	 	Petrolifera Petroleum Del Peru S.A.C	 	 	775,120	 
	 	 	 	 	 	 	 
	Gran Tierra Finance (Luxembourg) Sarl	 	Gran Tierra Luxembourg Holdings Sarl	 	 	91,676	 
	 	 	 	 	 	 	 
	Gran Tierra Finance (Luxembourg) Sarl	 	Gran Tierra Brazco (Luxembourg) Sarl	 	 	60,612	 
	 	 	 	 	 	 	 
	Gran Tierra Finance (Luxembourg) Sarl	 	Gran Tierra Energy Brasil Ltda.	 	 	40,460,723	 
	 	 	 	 	 	 	 
	Petrolifera Petroleum Peru Limited	 	Gran Tierra Energy Peru B.V	 	 	440,700	 
	 	 	 	 	 	 	 
	Solana Resources Ltd.	 	Gran Tierra Energy Peru S.R.L	 	 	10,086	 
	 	 	 	 	 	 	 
	Solana Resources Ltd.	 	Gran Tierra Energy Brasil Ltda.	 	 	904,178	 

 

    	 	Schedule 9.05 – Page 2
	 

     

    

 

Schedule
9.13

Transactions with Affiliates

 

Service Agreements

 

	Provider	 	Recipient	 	Date	 	Services
	Solana Resources Limited	 	Gran Tierra Energy Inc.	 	1/16/2015	 	Technical, Consulting, Administrative
	 	 	 	 	 	 	 
	Gran Tierra Energy Canada ULC	 	Solana Resources Limited	 	1/16/2015	 	Employment Agency Agreement
	 	 	 	 	 	 	 
	Gran Tierra Energy Inc.	 	Gran Tierra Energy Colombia, Ltd.	 	4/2/2012	 	Technical, Consulting, Administrative
	 	 	 	 	 	 	 
	Gran Tierra Energy Inc.	 	Petrolifera Petroleum (Colombia) Limited	 	4/2/2012	 	Technical, Consulting, Administrative

 

    	 	Schedule 9.13 – Page 1
	 

     

    

 

Schedule 12.21

 

The
Administrative Agent as Security Trustee

 

		1.	Administrative Agent as holder of
                                         security

 

Unless expressly provided to the contrary,
the Administrative Agent holds any security created by any UK Security Instrument on trust for the Secured Parties. The perpetuity
period for such trust is 125 years.

 

		2.	Responsibility

 

The Administrative Agent is not liable or
responsible to any other Secured Party for:

 

		(a)	any failure in perfecting or protecting
                                         the security created by such UK Security Instrument; or

 

		(b)	any other action taken or not taken
                                         by it in connection with such UK Security Instrument, unless directly caused by its gross
                                         negligence or wilful misconduct.

 

		3.	Powers supplemental

 

The rights, powers and discretions conferred
upon the Administrative Agent by such UK Security Instrument shall be supplemental to the Trustee Act 1925 and the Trustee Act
2000 and in addition to any which may be vested in the Administrative Agent by general law or otherwise.

 

		4.	Disapplication

 

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

 

		5.	Title

 

The Administrative Agent may accept, without
enquiry, the title (if any) the Chargor party to such UK Security Instrument may have to any asset over which security is intended
to be created by such UK Security Instrument.

 

		6.	Possession of documents

 

The Administrative Agent is not obliged to
hold in its own possession such UK Security Instrument or any title deed or other document in connection with any asset over which
security is intended to be created by such UK Security Instrument. Without prejudice to the above, the Administrative Agent may
allow any bank providing safe custody services or any professional adviser to the Administrative Agent to retain any of those
documents in its possession.

 

    	 	Schedule 12.21 – Page 1
	 

     

    

 

		7.	Investments

 

Except as otherwise provided in such UK Security
Instrument, all moneys received by the Administrative Agent under such UK Security Instrument may be invested in the name of,
or under the control of, the Administrative Agent in any investments selected by the Administrative Agent. Additionally, those
moneys may be placed on deposit in the name of, or under the control of, the Administrative Agent at any bank or institution (including
itself) and upon such terms as it may think fit.

 

		8.	Receivers’ Indemnity

 

In no circumstances shall
the Administrative Agent itself be obliged to give an indemnity to any receiver who requires an indemnity as a condition of appointment.

 

		9.	Tax

 

The Administrative
Agent shall have no responsibility whatsoever to any Secured Party as regards any deficiency which might arise because the Administrative
Agent is subject to any tax or withholding from any payment made by it under such UK Security Instrument.

 

    	 	Schedule 12.21 – Page 2EX-4.1

 Exhibit 4.1 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

SYNCHRONY FINANCIAL 

Floating Rate Senior Note due 2017 

CUSIP: 87165B AK9 
 ISIN:
US87165BAK98 
  

			
	No. 2017 – FLT – 2	  	$200,000,000

 SYNCHRONY FINANCIAL, a corporation organized and existing under the laws of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum as set forth in the
Schedule of Increases or Decreases In Note attached hereto on November 9, 2017 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon from August 9, 2016 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, quarterly in arrears on February 9, May 9, August 9 and November 9 of each year (each, an “Interest Payment Date”), commencing
November 9, 2016, until the principal hereof is paid or duly provided for or made available for payment. 
 The interest rate on the
Notes of this series shall be reset quarterly on February 9, May 9, August 9 and November 9 of each year, commencing August 9, 2016 (each, an “Interest Reset Date”). The interest rate for the
period from, and including, the original issue date of the Notes of this series to, but excluding, the initial Interest Reset Date (the 

  
 1 

 
“Initial Interest Reset Period”), shall be an annual rate equal to Three-Month LIBOR (as computed below), determined as of the Interest Determination Date prior to such original
issue date, plus 1.40% per year. Thereafter, the interest rate for each period from, and including, an Interest Reset Date to, but excluding, the immediately succeeding Interest Reset Date (each an “Interest Reset Period”),
shall be an annual rate equal to Three-Month LIBOR (as computed below), determined as of the applicable Interest Determination Date for such Interest Reset Period, plus 1.40% per year. The interest rate for the final Interest Reset Period from,
and including, the Interest Reset Date immediately preceding the Maturity Date to, but excluding, such Maturity Date, shall be an annual rate equal to Three-Month LIBOR (as computed below), determined as of the applicable Interest Determination Date
for such Interest Reset Period, plus 1.40% per year. If any Interest Reset Date for the Notes of this series falls on a day that is not a Business Day, such Interest Reset Date shall be postponed to the next succeeding day that is a Business
Day, except that if such Business Day is in the next succeeding calendar month, such Interest Reset Date shall be the immediately preceding Business Day. The term “Business Day” means any calendar day that is not a Saturday, Sunday
or a day on which commercial banking institutions are not required to be open for business in The City of New York, New York, and that is also a calendar day on which commercial banks are open for dealings in deposits in U.S. Dollars in the London
interbank market (a “London Business Day”); and the term “Interest Determination Date” means, with respect to an Interest Reset Period, the second London Business Day immediately preceding either (a) the
original issue date of the Notes of this series, in the case of the Initial Interest Reset Period, or (b) the applicable Interest Reset Date, in the case of any other Interest Reset Period. 

The amount of interest payable for any full or partial Interest Period for the Notes of this series shall be computed on the basis of the
actual number of days in the period divided by 360. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name the relevant Notes, or any
predecessor Notes, are registered at the close of business on the Record Date for such Interest Payment Date; provided that the interest due on the Maturity Date of a Note of this series will be paid to the Person to whom principal of such
Note is payable. In the event that any scheduled Interest Payment Date (other than the Maturity Date) falls on a day that is not a Business Day, such Interest Payment Date shall be postponed to the next succeeding day that is a Business Day and
interest on the Notes of this series shall continue to accrue on the payment so deferred, except that if such Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the immediately preceding Business Day. If the
Maturity Date for the Notes of this series falls on a date that is not a Business Day, the related payments of principal and interest will be made on the next succeeding Business Day, and no additional interest will accrue on the amount payable for
the period from and after the Maturity Date. 
 The Bank of New York Mellon, or its successor appointed by the Company, will act as
calculation agent (the “Calculation Agent”). Three-Month LIBOR as of the applicable Interest Determination Date (“Three-Month LIBOR”) shall be determined by the Calculation Agent in accordance with the following
provisions: 

  
 2 

 Three-Month LIBOR for any Interest Determination Date shall be the rate for
deposits in U.S. dollars having a maturity of three months, commencing on the original issue date of the Notes of this series or the related Interest Reset Date, as applicable, immediately following such Interest Determination Date, which appears on
the Reuters LIBOR01 Page as of approximately 11:00 a.m., London time, on such Interest Determination Date. “Reuters LIBOR01 Page” shall mean the display designated as page “LIBOR01” on the Reuters Monitor Money Rates
Service (or such other page as may replace the LIBOR01 page on that service, any successor service or such other service as may be nominated as the information vendor for the purpose of displaying rates or prices comparable to the London Interbank
Offered Rate for U.S. Dollar deposits). If no rate appears on the Reuters LIBOR01 Page as of approximately 11:00 a.m., London time, on an Interest Determination Date, then Three-Month LIBOR for such Interest Determination Date shall be
determined in accordance with the provisions of paragraph (ii) below. 
 With respect to an Interest Determination Date
on which no rate appears on the Reuters LIBOR01 Page as of approximately 11:00 a.m., London time, on such Interest Determination Date, the Calculation Agent shall request the principal London offices of each of four major reference banks (which may
include affiliates of the underwriters of the Notes of this series) in the London interbank market selected and identified by the Company to provide the Calculation Agent with a quotation of the rate at which deposits of U.S. Dollars having a
three-month maturity, commencing on the original issue date of the Notes of this series or the related Interest Reset Date, as applicable, immediately following such Interest Determination Date, are offered by it to prime banks in the London
interbank market as of approximately 11:00 a.m., London time, on such Interest Determination Date in a principal amount equal to an amount of not less than U.S. $1,000,000 that is representative for a single transaction in such market at such time.
If at least two such quotations are provided, Three-Month LIBOR for such Interest Determination Date shall be the arithmetic mean of such quotations as calculated by the Calculation Agent. If fewer than two quotations are provided, Three-Month LIBOR
for such Interest Determination Date shall be the arithmetic mean of the rates quoted as of approximately 11:00 a.m., New York City time, on such Interest Determination Date by three major banks (which may include affiliates of the underwriters of
the Notes of this series) selected and identified by the Company for loans in U.S. Dollars to leading European banks having a three-month maturity commencing on the original issue date of the Notes of this series or the related Interest Reset Date,
as applicable, immediately following such Interest Determination Date and in a principal amount equal to an amount of not less than U.S. $1,000,000 that is representative for a single transaction in such market at such time; provided,
however, that if the banks selected by the Company are not quoting such rates as set forth in this paragraph (ii), Three-Month LIBOR for such Interest Determination Date shall be Three-Month LIBOR determined with respect to the immediately
preceding Interest Determination Date. 

  
 3 

 All percentages resulting from any calculation of any interest rate for the Notes of this series
will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward and all dollar amounts will be rounded to the nearest cent, with one-half cent being rounded
upward. 
 Promptly upon such determination, the Calculation Agent shall notify the Company and the Trustee (if the Calculation Agent is not
the Trustee) of the interest rate for the new Interest Reset Period. Upon request of a holder of the Notes of this series, the Calculation Agent shall provide to such holder the interest rate in effect on the date of such request and, if determined,
the interest rate for the next Interest Reset Period. 
 All calculations made by the Calculation Agent for the purposes of calculating
interest on the Notes of this series shall be conclusive and binding on the holders, the Trustee and the Company, absent manifest error. 

Payment of the principal of and interest on this Note will be made at the office or agency of the Company maintained for that purpose in the
Borough of Manhattan, The City of New York, which shall initially be the Principal Office of the Trustee located therein, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to an account
appropriately designated by the Person entitled to payment, provided that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of
the relevant Note in the case of a payment of interest on the Maturity Date). 
 Reference is hereby made to the further provisions of this
Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	SYNCHRONY FINANCIAL
		
	By:	 	 
		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

Dated:                         

  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 
		 	Authorized Signatory

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture (the “Base Indenture”), dated as of August 11, 2014, between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes
any successor trustee), as amended and supplemented by the First Supplemental Indenture, dated as of August 11, 2014, between the Company and the Trustee (the “First Supplemental Indenture”), the Second Supplemental Indenture,
dated as of February 2, 2015, between the Company and the Trustee (the “Second Supplemental Indenture”), the Third Supplemental Indenture, dated as of July 23, 2015, between the Company and the Trustee (the “Third
Supplemental Indenture”), the Fourth Supplemental Indenture, dated as of December 4, 2015, between the Company and the Trustee (the “Fourth Supplemental Indenture”) and the Fifth Supplemental Indenture, dated as of
May 9, 2016, between the Company and the Trustee (the “Fifth Supplemental Indenture,” and the Base Indenture, as supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental
Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the “Indenture”), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, limited in aggregate principal
amount to $700,000,000 as of the date hereof. This Note forms a single series with the Floating Rate Senior Note due 2017 first issued by the Company on May 9, 2016. 

All terms used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in the Indenture. 

The Notes of this series are not redeemable prior to the Maturity Date. The Notes are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance of the obligations of the Company at any time upon compliance by the Company with certain
conditions set forth therein, which provisions apply to the Notes of this series. 
 If an Event of Default with respect to Notes of this
series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the holders of the Notes at any time by the Company and the Trustee, with the consent of the holders of a majority in the aggregate principal amount of the Notes of all series affected thereby at the time
Outstanding, voting as a single class. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Notes of a series at the time Outstanding, on behalf of the holders

  
 R-1 

 
of all Notes of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon
such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees. 
 The Notes of this series are issuable only in registered
form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, except as provided for in Section 2.04 of the Fifth Supplemental Indenture. As provided in the Indenture and subject to certain
limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Except as provided in Section 8.03 of the Base
Indenture, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary. 
 THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 The Company will furnish a copy of the
Indenture to any holder upon written request and without charge. 

  
 R-2 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to: 
  

      
  

 
       

 
 (Insert assignee’s social security or tax
identification number) 
  
       

 
  

      
  

 
       

 
 (Insert address and zip code of assignee) and
irrevocably appoints 
  
       

 
  

      
  

 
       

 
 agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him or her. 
 Date:
                 
  

	
	Signature:
	
	   

	 Signature Guarantee:
                

 (Sign exactly as your name appears on the other side of this Note) 

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE 

The initial principal amount of this Note is $200,000,000. The following increases or decreases in the principal amount of this Note have been
made: 
  

									
	 Date
	 	 Amount of decrease in

principal amount of
 this
Note
	 	 Amount of increase in

principal amount of
 this
Note
	  	Principal amount of
this Note following
such decrease or
increase	  	Signature of
authorized signatory
of Trustee

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