CANCELLATION OF THE PLEDGE OVER COMMERCIAL ESTABLISHMENT
Exhibit
10.7
CANCELLATION
OF THE PLEDGE OVER COMMERCIAL ESTABLISHMENT
Xxxxxxxx
Xxxxxxxx and Xxxxxxxx Xxxxxxxxxxxx of legal age, domiciled in New York
City, acting on behalf of PNB PARIBAS, (hereinafter the “PLEDGEE”) a company
duly incorporated under the laws of France, in our capacity as Managing
Directors of the PLEDGEE,
WHEREAS:
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4)
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WHEREAS
a Credit Agreement dated as of December 20, 2007, (the “Credit Agreement”)
was executed among the PLEDGEE (as creditor together with other banks),
SOLANA RESOURCES LIMITED a company duly incorporated under the laws of
Canada, as guarantor (“Original Guarantor”) and SOLANA PETROLEUM
EXPLORATION COLOMBIA LIMITED (the “PLEDGOR”), a company duly incorporated
under the laws of Cayman Island, with a branch duly established in
Colombia.
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5)
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WHEREAS
as security of the obligations under the Credit Agreement, an OPEN PLEDGE
OVER COMMERCIAL ESTABLISHMENT dated as of December 20, 2007, related of
the Colombian branch of the PLEDGOR, was granted by the PLEDGOR in favor
of the PLEDGEE (the “Pledge
Agreement”).
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6)
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WHEREAS
neither the PLEDGOR nor the Original Guarantor owe any amount to the
PLEDGEE under the Credit Agreement.
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Now
therefore, I hereby state that:
First: According to
the Eight Clause of the Pledge Agreement, and taking into account that neither
the PLEDGOR nor the Original Guarantor have pending obligations under the Credit
Agreement, the PLEDGEE herby cancels the guaranty over the commercial
establishment of the PLEGOR which is duly registered under number 00901181 of
October 26, 1998 of the mercantile registry of the Bogotá Chamber of
Commerce.
Second: As a
consequence of the cancellation of the pledge, the PLEDGEE hereby grants
authorization to the PLEDGOR to register this document of cancellation before
the Bogotá Chamber of Commerce, and to carry out any proceeding that could be
needed to the efective cancellation of the pledge.
In
witness hereof, this document is executed on August 21, 2009 before a Public
Notary of New York City.
By
PNP PARIBAS
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/s/ Xxxxxxxx Xxxxxxxx
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/s/ Xxxxxxxx Xxxxxxxxxxxx
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Name:
Xxxxxxxx Xxxxxxxx
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Name:
Xxxxxxxx Xxxxxxxxxxxx
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Managing
Director
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Managing
Director
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