Exhibit 10.12

AMENDMENT NO. 1 TO CREDIT AGREEMENT

This Amendment No. 1 to Credit Agreement, dated as of June 9, 2011, (this "
Amendment "), is entered into by GLOBAL GEOPHYSICAL SERVICES, INC. , a Delaware
corporation (the " Borrower "), the lenders party to the Credit Agreement
described below, and BANK OF AMERICA, N.A. , as Administrative Agent (in such
capacity, the " Administrative Agent "), Swing Line Lender and L/C Issuer.
 
INTRODUCTION
 
Reference is made to the Credit Agreement dated as of April 30, 2010 (as
modified from time to time, the " Credit Agreement "), among the Borrower, the
lenders from time to time party thereto (collectively, the " Lenders " and
individually, a " Lender "), and the Administrative Agent.
 
Pursuant to Section 2.14 of the Credit Agreement, the Borrower has the right to
request, subject to the terms and conditions thereof, an increase in the
Aggregate Commitments.
 
The Borrower has given notice to the Administrative Agent pursuant to Section
2.14 of the Credit Agreement of its request to increase the Aggregate
Commitments, and the Lenders have severally agreed to increase their respective
Commitments on the terms and conditions set forth herein.
 
In connection with the foregoing, the Lenders and the Administrative Agent have
agreed on the terms and conditions set forth herein, to make certain amendments
to the Credit Agreement.
 
THEREFORE , in connection with the foregoing and for other good and valuable
consideration, the Borrower, the Lenders, and the Administrative Agent hereby
agree as follows:
 
Section 1.                       Definitions; References .  Unless otherwise
defined in this Amendment, each term used in this Amendment that is defined in
the Credit Agreement has the meaning assigned to such term in the Credit
Agreement.
 
Section 2.                       Amendment of Credit Agreement .
 
(a)           The Credit Agreement is hereby amended by replacing Schedule 2.01
in its entirety with Schedule 2.01 attached hereto.
 
(b)           The Credit Agreement is hereby amended by replacing Exhibit A in
its entirety with Exhibit A attached hereto.
 
(c)           The Credit Agreement is hereby amended by replacing Exhibit B in
its entirety with Exhibit B attached hereto.
 
Section 3.                       Increase of Commitments .  Pursuant to Section
2.14 of the Credit Agreement:
 
(a)           The Commitment of Bank of America, N.A. is hereby increased from
$13,333,334 to $17,500,000;
 
 
 

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(b)           The Commitment of Barclays Bank PLC is hereby increased from
$13,333,333 to $17,500,000;
 
(c)           The Commitment of Credit Suisse is hereby increased from
$13,333,333 to $17,500,000;
 
(d)           The Commitment of Citibank, N.A. is hereby increased from
$10,000,000 to $17,500,000.
 
Section 4.                       Lender Credit Decision .  Each Lender
acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on the financial statements
referred to in Section 6.01 of the Credit Agreement and such other documents and
information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Amendment and to agree to the various matters set
forth herein.  Each Lender also acknowledges that it will, independently and
without reliance upon the Administrative Agent 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 Credit Agreement.
 
Section 5.                       Representations and Warranties .  The Borrower
represents and warrants that (a) the execution, delivery, and performance of
this Amendment by each Loan Party are within the corporate or equivalent power
and authority of such Loan Party and have been duly authorized by all necessary
corporate or other organizational action, (b) this Amendment, and the Credit
Agreement as amended hereby, constitute legal, valid, and binding obligations of
each Loan Party, enforceable against each Loan Party in accordance with their
terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws of general applicability
affecting the enforcement of creditors' rights and the application of general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or law); (c) the representations and warranties of the
Borrower and each other Loan Party contained in each Loan Document are true and
correct in all material respects as of the date of this Amendment, except to the
extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct in all material respects as
of such earlier date; (d) no Default or Event of Default exists under the Loan
Documents; and (e) the Liens under the Collateral Documents are valid and
subsisting.
 
Section 6.                       Effect on Credit Documents .
 
(a)           Except as amended herein, the Credit Agreement and all other Loan
Documents remain in full force and effect as originally executed.  Nothing
herein shall act as a waiver of any of the Administrative Agent's or any
Lender's rights under the Loan Documents as amended, including the waiver of any
default or event of default, however denominated.  The Borrower acknowledges and
agrees that this Amendment shall in no manner impair or affect the validity or
enforceability of the Credit Agreement.  This Amendment is a Loan Document for
the purposes of the provisions of the other Loan Documents.  Without limiting
the foregoing, any breach of representations, warranties, and covenants under
this Amendment may be a default or event of default under the other Loan
Documents.
 
 
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(b)           The Borrower shall prepay any Loans outstanding on the date of
this Amendment (and pay any additional amounts required pursuant to Section 3.05
of the Credit Agreement) to the extent necessary to keep the outstanding Loans
ratable with any revised Applicable Percentages arising from any nonratable
increase in the Commitments under this Amendment.
 
Section 7.                       Effectiveness .  This Amendment shall become
effective, and the Credit Agreement shall be amended as provided for herein,
upon the satisfaction on or prior to June 9, 2011, of the following conditions:
 
(a)           the Administrative Agent (or its counsel) shall have received (i)
counterparts hereof duly executed and delivered by a duly authorized officer of
the Borrower, each Guarantor, and by the Lenders whose consent is required to
effect the amendments contemplated hereby;
 
(b)           the Administrative Agent (or its counsel) shall have received each
of the items listed on the Closing Documents List attached hereto as Annex I ,
each in form and substance reasonably acceptable to the Administrative Agent
and, where applicable, duly executed and delivered by a duly authorized officer
of each applicable Loan Party; and
 
(c)           the Administrative Agent shall have received, or shall
concurrently receive (i) for the account of each Lender, by 1:00 p.m. (Central)
on June 9, 2011, an amendment fee equal to 50 basis points on the amount by
which such Lender's Commitment is increased under this Amendment, and (ii) for
the account of the applicable Person, payment of all other fees payable in
connection with this Amendment.
 
Section 8.                       Reaffirmation of Guaranty .  By its signature
hereto, each Guarantor represents and warrants that such Guarantor has no
defense to the enforcement of the Guaranty, and that according to its terms the
Guaranty will continue in full force and effect to guaranty the Borrower's
obligations under the Credit Agreement and the other amounts described in the
Guaranty following the execution of this Amendment.
 
Section 9.                       Governing Law .  THIS AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
 
Section 10.                       Miscellaneous .  The miscellaneous provisions
set forth in Article X of the Credit Agreement apply to this Amendment.  This
Amendment may be signed in any number of counterparts, each of which shall be an
original, and may be executed and delivered electronically and by telecopier.
 
Section 11.                       ENTIRE AGREEMENT .   THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT
BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES.
 
[signature pages follow]
 
 
 
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EXECUTED as of the first date above written.
 

 
GLOBAL GEOPHYSICAL SERVICES, INC.
 
By: /s/ P. Mathew Verghese
Name: P. Mathew Verghese
Title: Senior VP and CFO
 

 

Signature Page to Amendment No. 1 to Credit Agreement

 
 
 

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AUTOSEIS DEVELOPMENT COMPANY
 
 
AUTOSEIS, INC.

 
GGS INTERNATIONAL HOLDINGS, INC.

 
GLOBAL EURASIA, LLC

 
GLOBAL MICROSEISMIC SERVICES, INC.

 
PAISANO LEASE CO., INC.

 
All the above by theirs:
 
By: /s/ P. Mathew Verghese
Name: P. Mathew Verghese
Title: Senior VP and CFO
 
 
 
 
 
Signature Page to Amendment No. 1 to Credit Agreement
 
 
 

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BANK OF AMERICA, N.A. , as Administrative Agent
 
By: /s/ Michelle D. Diggs
Name: Michelle D. Diggs
Title: Agency Management Officer
 
 
 

Signature Page to Amendment No. 1 to Credit Agreement
 
 
 

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BANK OF AMERICA, N.A. , as a Lender, L/C Issuer and Swing Line Lender
 
By:  /s/ Julie Castano
Name: Julie Castano
Title: Vice President
 
 
 

Signature Page to Amendment No. 1 to Credit Agreement
 
 
 

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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Syndication Agent and a Lender
 

By:   /s/ Judith E. Smith
Name: Judith E. Smith
Title: Managing Director

By:   /s/ Sanja Gazahi
Name: Sanja Gazahi
Title: Associate

Signature Page to Amendment No. 1 to Credit Agreement
 
 
 
 

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BARCLAYS BANK PLC

By:   /s/ Michael Mozer
Name: Michael Mozer
Title: Vice President

Signature Page to Amendment No. 1 to Credit Agreement
 
 
 

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CITIBANK, N.A.

By:   /s/ Arthur B. Pryde
Name: Arthur B. Pryde
Title: Vice President
 
 
 

Signature Page to Amendment No. 1 to Credit Agreement
 
 
 

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SCHEDULE 2.01

COMMITMENTS
AND APPLICABLE PERCENTAGES
 

Lender
Commitment
Pro Rata Share
Bank of America, N.A.
$17,500,000
25.000000%
     
Barclays Bank PLC
$17,500,000
25.000000%
     
Credit Suisse
$17,500,000
25.000000%
     
Citibank, N.A.
$17,500,000
25.000000%
     
Total
$70,000,000
100.000000000%

 

 

Schedule 2.01 to Credit Agreement
 
 
 

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EXHIBIT A
 
FORM OF REVOLVING CREDIT LOAN NOTICE
 
Date:  ___________, _____
 
To:           Bank of America, N.A., as Administrative Agent
 
Ladies and Gentlemen:
 
Reference is made to that certain Credit Agreement, dated as of April 30, 2010
(as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the " Agreement ;" the terms defined therein being used
herein as therein defined), among Global Geophysical Services, Inc., a Delaware
corporation (the " Borrower "), the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line
Lender.
 
The undersigned hereby requests (select one):
 
 [ ]  A Borrowing of Revolving Credit Loans
 
[ ]  A conversion or continuation of Revolving Credit Loans
 
 1.           On                                                                
(a Business Day).
 
 2.           In the amount of $  
                                                             
 
 3.           Comprised of  
                                                                      
 [Type of Loan requested]
 
 4.           For Eurodollar Rate Loans:  with an Interest Period of  
                      months.
 
The Revolving Credit Borrowing requested herein complies with the proviso to the
first sentence of Section 2.01 of the Agreement.
 
The Borrower hereby represents and warrants that, after giving effect to the
requested Borrowing, the Total Outstandings   will not exceed the sum of (a) the
greater of (i) $50,000,000 and (ii) 15% of Total Assets (as defined in the
Senior Notes Indenture) and (b) any additional amount of secured indebtedness
permitted under the Senior Notes Indenture.
 
The Borrower hereby represents and warrants that the conditions specified in
Sections 4.02(a) and (b) shall be satisfied on and as of the date of the
Applicable Credit Extension.
 
[signature pages follow]
 
 
 
 
Form of Revolving Credit Loan Notice
 
 
A-1

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GLOBAL GEOPHYSICAL SERVICES, INC.
 
By:  __________________________________
Name:  ________________________________
Title:  _________________________________
 
 
 
 
 
 

Form of Revolving Credit Loan Notice
 
 
A-2

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EXHIBIT B
 
FORM OF SWING LINE LOAN NOTICE
 
Date:  ___________, _____
 
To:           Bank of America, N.A., as Swing Line Lender
Bank of America, N.A., as Administrative Agent
 
Ladies and Gentlemen:
 
Reference is made to that certain Credit Agreement, dated as of April 30, 2010
(as amended, restated, extended, supplemented or otherwise modified in writing
from time to time, the " Agreement ;" the terms defined therein being used
herein as therein defined), among Global Geophysical Services, Inc., a Delaware
corporation (the " Borrower "), the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line
Lender.
 
The undersigned hereby requests a Swing Line Loan:
 
 1.           On                                                                
(a Business Day).
 
 2.           In the amount of $  
                                                              .
 
The Swing Line Borrowing requested herein complies with the requirements of the
provisos to the first sentence of Section 2.04(a) of the Agreement.
 
The Borrower hereby represents and warrants that the conditions specified in
Sections 4.02(a) and (b) shall be satisfied on and as of the date of the
Applicable Credit Extension.
 
The Borrower hereby represents and warrants that, after giving effect to the
requested Borrowing, the Total Outstandings   will not exceed the sum of (a) the
greater of (i) $50,000,000 and (ii) 15% of Total Assets (as defined in the
Senior Notes Indenture) and (b) any additional amount of secured indebtedness
permitted under the Senior Notes Indenture.
 

 
GLOBAL GEOPHYSICAL SERVICES, INC.
 
By:  __________________________________
Name:  ________________________________
Title:  _________________________________

 
Form of Swing Line Loan Notice