Document:

GTE - 2012.6.30 - EX 10.4

Exhibit 10.4

RESIGNATION, CONSENT AND APPOINTMENT AGREEMENT AND AMENDMENT AGREEMENT
(Solana Resources Limited)

This Resignation, Consent and Appointment Agreement (this “Agreement”) is effective as of May 17, 2012 (the “Effective Date”), by and among BNP PARIBAS (“BNP”), in its capacity as Administrative Agent and Global Coordinator (in such capacities, the “Existing Agent”) and in its capacity as Issuing Bank, under that certain Credit Agreement and other Loan Documents referred to below, the Successor Agent (as defined below) , the Successor Issuing Bank (as defined below), the Successor Global Coordinator (as defined below) and the other parties hereto.  Capitalized terms defined in the Credit Agreement have the same meanings when used herein unless otherwise defined herein. 
RECITALS
WHEREAS, the Existing Agent serves as Administrative Agent and Global Coordinator under (a) the Credit Agreement dated as of July 30, 2010, as amended by that First Amendment to Credit Agreement dated as of August 31, 2010, that Second Amendment to Credit Agreement dated as of November 5, 2010, that Third Amendment to Credit Agreement dated as of January 20, 2011 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”), among Solana Resources Limited (the “Borrower”), the Existing Agent and the other financial institutions party thereto, and Gran Tierra Energy Inc., as Parent Guarantor, and (b) the other Loan Documents (as defined in the Credit Agreement);
WHEREAS, the Existing Agent desires to resign as Administrative Agent and Global Coordinator under the Credit Agreement, the other Loan Documents (as defined in the Credit Agreement) and any other documents referred to in the Credit Agreement as to which the Existing Agent is acting as an administrative agent and/or global coordinator thereunder (collectively, as amended, restated, supplemented or otherwise modified, the “Loan Documents”); 
WHEREAS, the Majority Lenders and the Borrower, by entering into this Agreement, are consenting to the appointment of Wells Fargo Bank, National Association (“Wells Fargo”) as successor Administrative Agent (in such capacity, the “Successor Agent”) and successor  Global Coordinator (in such capacity, the “Successor Global Coordinator”) under the Credit Agreement and the other Loan Documents and each of the Successor Agent and Successor Global Coordinator, by entering into this Agreement, accepts such appointment;
WHEREAS, BNP serves as an Issuing Bank (the “Existing Issuing Bank”) under the Credit Agreement  and desires to resign as an Issuing Bank thereunder; and
WHEREAS, the Borrower, the Successor Agent, the Successor Global Coordinator and the Majority Lenders, by entering into this Agreement, are consenting to the appointment of Wells Fargo as a successor Issuing Bank (in such capacity, the “Successor Issuing Bank”) under the Credit Agreement and the Successor Issuing Bank, by entering into this Agreement, accepts such appointment.      
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto hereby agree as follows:

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Section 1.  Resignation, Consent and Appointment.  

(a)     As of the Effective Date (i) the Existing Agent hereby resigns as the Administrative Agent as provided under the Credit Agreement and shall have no further obligations in such capacity under the Credit Agreement and the other Loan Documents, except to the extent of any obligation expressly stated in the Credit Agreement or other Loan Documents as surviving any such resignation; (ii) the Existing Agent hereby resigns as the Global Coordinator as provided under the Credit Agreement and shall have no further obligations in such capacity under the Credit Agreement and the other Loan Documents, except to the extent of any obligation expressly stated in the Credit Agreement or other Loan Documents as surviving any such resignation; (iii) the Majority Lenders appoint Wells Fargo as successor Administrative Agent under the Credit Agreement and the other Loan Documents, and the Borrower hereby consents to such appointment; (iv) the Majority Lenders appoint Wells Fargo as successor Global Coordinator under the Credit Agreement and the other Loan Documents, and the Borrower hereby consents to such appointment; (v) Wells Fargo hereby accepts its appointment as Successor Agent under the Credit Agreement and the other Loan Documents; (vi) Wells Fargo hereby accepts its appointment as Successor Global Coordinator under the Credit Agreement and the other Loan Documents and (vii) the parties hereto authorize each of the Existing Agent, the Successor Agent and the Successor Global Coordinator to prepare, enter into, execute, record and/or file any and all notices, certificates, instruments, Uniform Commercial Code financing statements, Personal Property Security Act financing statements and/or other documents or agreements (including, without limitation, filings in respect of any collateral, and assignments, amendments or supplements to any UCC financing statements, Personal Property Security Act financing statements, mortgages, deeds of trust, security agreements, pledge agreements, intellectual property security agreements, certificates of title, stock powers, account control agreements, intercreditor agreements, or other Loan Documents), as the Existing Agent, the Successor Agent or the Successor Global Coordinator deems reasonably necessary or desirable to effect or evidence (of public record or otherwise) the transactions herein contemplated, including but not limited to the resignation of the Existing Agent and the appointment of the Successor Agent and the Successor Global Coordinator and any amendments to the Credit Agreement and Loan Documents set forth herein, and to maintain the validity, perfection, priority, of, or assign to the Successor Agent, any and all liens and security interests in respect of any and all collateral, and each of the Borrower, the Existing Agent, the Successor Agent and the Successor Global Coordinator hereby agrees to execute and deliver (and the Borrower agrees to cause each applicable Guarantor and/or other guarantor or grantor of collateral to execute and deliver) any documentation reasonably necessary or reasonably requested by the Existing Agent, the Successor Agent or Successor Global Coordinator to evidence such resignation and appointment or such amendments or to maintain the validity, perfection or priority of, or assign to the Successor Agent, any such liens or security interests, or to maintain the rights, powers and privileges afforded to the Administrative Agent or Global Coordinator under any of the Loan Documents.
(b)    As of the Effective Date (i) BNP hereby resigns as an Issuing Bank as provided under the Credit Agreement and shall have no further obligations in such capacity under the Credit Agreement and the other Loan Documents, except (A) to the extent of any obligation expressly stated in the Credit Agreement or other Loan Documents as surviving any such resignation and (B) with respect to any Letter of Credit issued by it that is outstanding on the Effective Date (as set forth on Schedule 1 hereto, collectively, the “Residual Letters of Credit”), which until such Residual Letter of Credit is replaced, terminated or otherwise expired shall remain the obligation of the Existing Issuing Bank in accordance with the terms of the Credit Agreement; (ii) the Borrower, the Successor Agent and the Majority Lenders 

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consent to the appointment of Wells Fargo as a successor Issuing Bank under the Credit Agreement; and (iii) Wells Fargo hereby accepts its appointment as Successor Issuing Bank under the Credit Agreement.
(c)     The parties hereto hereby confirm that the Successor Agent succeeds to the rights and obligations of the Administrative Agent under the Credit Agreement and the other Loan Documents and becomes vested with all of the rights, powers, privileges and duties of the Administrative Agent under the Credit Agreement and the other Loan Documents, and the Existing Agent is discharged from all of its duties and obligations as the Administrative Agent under the Credit Agreement and the other Loan Documents (except to the extent of any obligation expressly stated in the Credit Agreement or other Loan Document as surviving any such resignation), in each case as of the Effective Date.  
(d)     The parties hereto hereby confirm that the Successor Global Coordinator succeeds to the rights and obligations of the Global Coordinator under the Credit Agreement and the other Loan Documents and becomes vested with all of the rights, powers, privileges and duties of the Global Coordinator under the Credit Agreement and the other Loan Documents, and the Existing Agent is discharged from all of its duties and obligations as the Global Coordinator under the Credit Agreement and the other Loan Documents (except to the extent of any obligation expressly stated in the Credit Agreement or other Loan Document as surviving any such resignation), in each case as of the Effective Date.  
(e)    The parties hereto hereby confirm that the Successor Issuing Bank succeeds to the rights and obligations of the Existing Issuing Bank under the Credit Agreement and becomes vested with all of the rights, powers, privileges and duties of the Existing Issuing Bank under the Credit Agreement, and the Existing Issuing Bank is discharged from all of its duties and obligations as an Issuing Bank under the Credit Agreement and the other Loan Documents (except (i) to the extent of any obligation expressly stated in the Credit Agreement or other Loan Document as surviving any such resignation and (ii) with respect to any Residual Letter of Credit, which until such Residual Letter of Credit is replaced, terminated or otherwise expired shall remain the obligation of the Existing Issuing Bank in accordance with the terms of the Credit Agreement), in each case as of the Effective Date.
(f)    The parties hereto hereby confirm that, as of the Effective Date, all of the protective provisions, indemnities, and expense obligations under the Credit Agreement and the other Loan Documents continue in effect for the benefit of the Existing Agent, its sub-agents and their respective affiliates, officers, directors, trustees, employees, advisors, agents and controlling Persons in respect of any actions taken or omitted to be taken by any of them while the Existing Agent was acting as Administrative Agent or Global Coordinator or thereafter pursuant to or in furtherance of the provisions of this Agreement, and inure to the benefit of the Existing Agent.  The parties hereto agree that the Successor Agent and the Successor Global Coordinator shall have no liability for any actions taken or omitted to be taken by the Existing Agent while it served as the Administrative Agent or Global Coordinator, as the case may be, under the Credit Agreement and the other Loan Documents or for any other event or action related to the Credit Agreement that occurred prior to the effectiveness of this Agreement.  The parties hereto agree that the Existing Agent shall have no liability for any actions taken or omitted to be taken by the Successor Agent as the Administrative Agent or the Successor Global Coordinator as Global Coordinator under the Credit Agreement and the other Loan Documents.  
(g)    The parties hereto hereby confirm that, as of the Effective Date, all of the protective provisions, indemnities, and expense obligations under the Credit Agreement and the other Loan Documents continue in effect for the benefit of the Existing Issuing Bank, its sub-agents and their 

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respective affiliates, officers, directors, trustees, employees, advisors, agents and controlling Persons in respect of any actions taken or omitted to be taken by any of them while the Existing Issuing Bank was acting as an Issuing Bank (including following the Effective Date until such time as no Residual Letters of Credit remain issued and outstanding) and inure to the benefit of the Existing Issuing Bank. The parties hereto agree that the Successor Issuing Bank shall have no liability for any actions taken or omitted to be taken by the Existing Issuing Bank while the Existing Issuing Bank served as an Issuing Bank under the Credit Agreement and the other Loan Documents or for any other event or action related to the Credit Agreement that occurred prior to the effectiveness of this Agreement.  The parties hereto agree that the Existing Issuing Bank shall have no liability for any actions taken or omitted to be taken by the Successor Issuing Bank as an Issuing Bank under the Credit Agreement and the other Loan Documents.
(h)     The Existing Agent hereby assigns to the Successor Agent, effective on and after the Effective Date, any powers of attorney, liens, or  security interests and all other rights and interests granted to the Existing Agent, for the ratable benefit of the Lenders and any other secured parties on whose behalf it may be acting under any security documents included within the Loan Documents (collectively, the “Secured Parties”), under the Credit Agreement and other Loan Documents, and the Successor Agent hereby accepts the benefit of all such powers of attorney, liens and security interests and other rights and interests, for its benefit and for the ratable benefit of the Secured Parties.
(i)    On and after the Effective Date, all possessory collateral held by the Existing Agent for the benefit of the Secured Parties shall be deemed to be held by the Existing Agent as agent and bailee for the Successor Agent for the benefit and on behalf of the Successor Agent and the Secured Parties until such time as such possessory collateral has been delivered to the Successor Agent.  Without limiting the generality of the foregoing, any reference to the Existing Agent in any publicly filed document, to the extent such filing relates to the liens and security interests in any collateral assigned hereby and until such filing is modified to reflect the interests of the Successor Agent, shall, with respect to such liens and security interests, constitute a reference to the Existing Agent as collateral representative of the Successor Agent (provided that the parties hereto agree that the Existing Agent’s role as such collateral representative shall impose no further duties, obligations or liabilities on the Existing Agent, including, without limitation, any duty to take any type of direction regarding any action to be taken against such collateral, whether such direction comes from the Successor Agent, the Secured Parties or otherwise, and the Existing Agent shall have the full benefit of all of the protective provisions of Article XI and Section 12.03 of the Credit Agreement, while serving in such capacity).  The Existing Agent agrees to deliver all possessory collateral to the Successor Agent on or promptly following the Effective Date, and the Successor Agent agrees to take possession thereof upon such tender by the Existing Agent.   
Section 2.  Amendment to Credit Agreement.  
Each of the parties hereto agree that Section 1.02 of the Credit Agreement is hereby amended by replacing the reference to “BNP Paribas” in the definition of (i) “Arranger” with a reference to “Wells Fargo Securities, LLC” and (ii) “Prime Rate” with a reference to “Wells Fargo Bank, National Association.” 
Section 3.  Waiver of Notices.  
The Borrower and the Majority Lenders hereby waive any notice, timing or other requirement of the Credit Agreement or the other Loan Documents (including, without limitation, pursuant to Section 11.06 of the Credit Agreement) related to the resignation of the Existing Agent (in its capacity as 

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Administrative Agent and Global Coordinator) and/or the Existing Issuing Bank or the appointment or designation of the Successor Agent, the Successor Global Coordinator and/or the Successor Issuing Bank.
Section 4.  Representations and Warranties.
Each party hereto hereby represents and warrants on and as of the Effective Date that it is legally authorized to enter into and has duly executed and delivered this Agreement.
Section 5.  Notices.  Commencing as of the Effective Date, notices to the Successor Agent, the Successor Global Coordinator  and the Successor Issuing Bank in respect of the Credit Agreement or any other Loan Document shall be directed as follows (and any notice provisions of the Credit Agreement and the other Loan Documents are hereby amended to reflect such notice information):
Wells Fargo Bank, N.A.
Attn:  Yvette McQueen
1525 West W.T. Harris Boulevard
MAC D1109-019
Charlotte, NC  28262
Fax: 704 590 2782
Phone:  704 590 2706
Yvette.mcqueen@wellsfargo.com

Section 6.  Miscellaneous.  
6.01.  Return of Payments.  In the event that, after the Effective Date, the Existing Agent receives any principal, interest or other amount owing to any Lender or the Successor Agent under the Credit Agreement or any other Loan Document, or receives any instrument, agreement, report, financial statement, insurance policy, notice or other document in its capacity as Existing Agent, the Existing Agent agrees to promptly forward the same to the Successor Agent and to hold the same in trust for the Successor Agent until so forwarded.  The parties hereto agree that any provision of any of the Loan Documents directing the Borrower to make payment to the Existing Agent shall be hereby amended to direct the Borrower to make payment to the account designated by the Successor Agent to the Borrower from time to time.
6.02.  Agency Fees.
(a)  The Existing Agent agrees to pay to the Successor Agent, such Successor Agent’s ratable share of all agency fees actually paid to the Existing Agent in advance under or in connection with the Credit Agreement, determined based on the portion of the period for which such fees were actually paid in advance from the Effective Date to the end of such period.
(b)  The Borrower agrees to pay to the Successor Agent, from and after the next due date therefor, the same agency fees that were payable to the Existing Agent under or in connection with the Credit Agreement.
6.03   Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties hereto.

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6.04.  Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which taken together shall be one and the same instrument.  Delivery of this Agreement by facsimile or email transmission or other electronic means shall be effective as delivery of a manually executed counterpart hereof.
6.05.  Headings.  The paragraph headings used in this Agreement are for convenience only and shall not affect the interpretation of any of the provisions hereof.
6.06.  Interpretation.  This Agreement is a Loan Document for all purposes under the Credit Agreement.
6.07.  APPLICABLE LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.
[Signature page follows]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and made effective as of the date first written above.

BNP PARIBAS, 
as Existing Agent, Existing Issuing Bank and as the existing Lender
By:    /s/ Mylene Dao
Name:    Mylene Dao
Title:    SF Credit Manager

By:    /s/ PJ De Filippis
Name:    PJ De Filippis
Title:    Managing Director

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and made effective as of the date first written above.

WELLS FARGO BANK, NATIONAL ASSOCIATION
as Successor Agent, Successor Global Coordinator and Successor Issuing Bank 
By:    /s/ Ronald A Mahle
Name: Ronald A Mahle
Title:  Managing Director

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Accepted and Agreed as of the Effective Date:

SOLANA RESOURCES LIMITED:
By:    /s/ Heather Campbell
Name: Heather Campbell
Title:  Assistant Secretary

GRAN TIERRA ENERGY INC.

By:    /s/ James Rozon
Name:  James Rozon
Title: Acting Chief Financial Officer

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Schedule 1
Residual Letters of Credit

None
 

10GTE - 2012.6.30 - EX 10.5

Exhibit 10.5
    
FIFTH AMENDMENT
TO
CREDIT AGREEMENT
dated as of
May 18, 2012
among

SOLANA RESOURCES LIMITED,
as Borrower,

GRAN TIERRA ENERGY INC.,

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent and Global Coordinator,

and
The Lenders Party Hereto
    

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FIFTH AMENDMENT TO CREDIT AGREEMENT

THIS FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Fifth Amendment”) dated as of May 18, 2012, is among SOLANA RESOURCES LIMITED, a corporation duly formed and existing under the laws of the Province of Alberta, Canada (the “Borrower”); GRAN TIERRA ENERGY INC., a corporation formed and existing under the laws of the State of Nevada (the “Parent”); WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (in such capacity, together with its successors in such capacity, the “Administrative Agent”) for the lenders party to the Credit Agreement referred to below (collectively, the “Lenders”) and as global coordinator; and the undersigned Lenders.
R E C I T A L S
A.    The Borrower, the Parent, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of July 30, 2010, as amended by that certain First Amendment to Credit Agreement dated as of August 31, 2010, that certain Second Amendment to Credit Agreement dated as of November 5, 2010, that certain Third Amendment to Credit Agreement dated as of January 20, 2011 and that certain Fourth Amendment to Credit Agreement dated as of February 14, 2011 among the Borrower, the Parent, the Administrative Agent and the Lenders party thereto (the “Credit Agreement”), pursuant to which the Lenders have made certain extensions of credit available to the Borrower.
B.    The Borrower has requested and the Lenders have agreed to amend certain provisions of the Credit Agreement.
C.    NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement.  Unless otherwise indicated, all references to Sections in this Fifth Amendment refer to Sections of the Credit Agreement.
Section 2.    Amendments to Credit Agreement.
2.1    Amendment to Section 1.02.  The definition of “Material Subsidiary” is hereby amended and restated in its entirety as follows:
“Material Subsidiary” means (a) Solana Petroleum Exploration, (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) from and after the date on which the amount of the Borrowing Base first exceeds $20,000,000 (even if the amount of the Borrowing Base subsequently falls to or below $20,000,000), any Subsidiary that at any time owns or has an interest in Oil and Gas Properties that have produced Hydrocarbons at any time since such date (even if such Subsidiary subsequently ceases to own or have an interest in such Oil and Gas Properties or such production subsequently ceases); 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 or (iii) the Colombian Branch of Petrolifera Petroleum (Colombia) Ltd.

2.2    Amendment to Section 9.05(g).  Section 9.05(g) is hereby amended and restated in its entirety to read as follows:

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(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 any Unrestricted Subsidiary; provided that in the case of clause (ii) above: (A) Investments made by Credit Parties to Unrestricted Subsidiaries from and after the date on which the amount of the Borrowing Base first exceeds $20,000,000 (even if the amount of the Borrowing Base subsequently falls to or below $20,000,000) shall not exceed $200,000,000 in the aggregate at any time outstanding, (B) both before and after giving effect to any such Investment, no Default shall exist, and (C) after giving effect to any such Investment, the Borrowing Base Utilization Percentage shall not exceed ninety percent (90%).
Section 3.    Conditions Precedent.  This Fifth Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement) (the “Fifth Amendment Effective Date”):
3.1    The Administrative Agent shall have received from the Lenders, the Borrower, the Parent and the Subsidiary Guarantors, counterparts (in such number as may be requested by the Administrative Agent) of this Fifth Amendment signed on behalf of such Persons.
3.2    The Administrative Agent shall have received executed counterparts of a Supplement and Assumption Agreement, in each case, in form and substance reasonably satisfactory to the Administrative Agent, from the parties thereto with respect to Gran Tierra Energy Brasil Ltda. (“GTEB”) becoming a Guarantor and with respect to the pledge of the Equity Interests issued by GTEB.

3.3    No Default shall have occurred and be continuing, after giving effect to the terms of this Fifth Amendment.
Section 4.    Redetermination of Borrowing Base.  For the period from and including the Fifth Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be $50,000,000. For the avoidance of any doubt, this Borrowing Base Redetermination shall constitute the April 1, 2012 Scheduled Redetermination and the next Scheduled Redetermination shall be the October 1, 2012 Scheduled Redetermination. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 8.13 or Section 9.11(d).

Section 5.    Miscellaneous.
5.1    Post Closing Collateral Matters.  Notwithstanding the provisions of Section 8.14 to the contrary, the Borrower shall have forty-five (45) days after the Fifth Amendment Effective Date to comply with the requirements of Section 8.14(b) and (c) with respect to granting and perfecting Liens on the Equity Interests in GTEB and on the Oil and Gas Properties and other Properties of GTEB (as more particularly described in Section 8.14).
5.2    Confirmation.  The provisions of the Credit Agreement, as amended by this Fifth Amendment, shall remain in full force and effect following the effectiveness of this Fifth Amendment.
5.3    Ratification and Affirmation; Representations and Warranties.  The Borrower and the Parent each hereby: (a) acknowledges the terms of this Fifth Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby, after giving effect to the amendments contained herein; (c) agrees that from and after the Fifth Amendment Effective Date each reference to the Credit Agreement in the Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Fifth Amendment; and (d) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Fifth 

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Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects, unless such representations and warranties are stated to relate to a specific earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects as of such earlier date and (ii) no Default has occurred and is continuing.
5.4    Loan Document.  This Fifth Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto.
5.5    Counterparts.  This Fifth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Fifth Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.
5.6    NO ORAL AGREEMENT.  THIS FIFTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.
5.7    GOVERNING LAW.  THIS FIFTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
[SIGNATURES BEGIN NEXT PAGE]

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

BORROWER:    SOLANA RESOURCES LIMITED
By:  /s/ Dana Coffield
Name:  Dana Coffield
Title:  President and Chief Executive Officer

    

PARENT:    GRAN TIERRA ENERGY INC.
By:  /s/ Dana Coffield
Name:  Dana Coffield
Title:  President and Chief Executive Officer

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ADMINISTRATIVE AGENT:    WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent and a Lender

By:  /s/ Juan Carlos Sandoval
Name:  Juan Carlos Sandoval    
Title:  Director

    

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RATIFICATION AND AFFIRMATION

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

Executed as a DEED by:
SOLANA PETROLEUM EXPLORATION
(COLUMBIA) LIMITED

    
By:  /s/ Julio Moreira
Name:  Julio Moreira
Title:  Director

GRAN TIERRA EXCHANGECO INC.

    
By:  /s/ Dana Coffield
Name:  Dana Coffield
Title:  President and Chief Executive Officer        

Executed as a DEED by:
GRAN TIERRA ENERGY INTERNATIONAL 
HOLDINGS LTD. 

    
By:  /s/ Julio Moreira
Name:  Julio Moreira
Title:  Director

GRAN TIERRA ENERGY CAYMAN 
ISLANDS INC.

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By:  /s/ Julio Moreira
Name:  Julio Moreira
Title:  Director

ARGOSY ENERGY, LLC
    

By:  /s/ Julio Moreira
Name:  Julio Moreira
Title:  Manager

GRAN TIERRA ENERGY COLOMBIA, LTD.
By: Argosy Energy, LLC, the general partner of
      Gran Tierra Energy Colombia, Ltd.
    

By:  /s/ Julio Moreira
Name:  Julio Moreira
Title:  Manager

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