EXHIBIT 10.1
 
AMENDMENT NO. 4 TO CREDIT AGREEMENT
 
This Amendment No. 4 to Credit Agreement, dated as of April 24, 2013, (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.
 
Barclays Bank PLC (“Barclays”) has a Commitment under the Credit Agreement of
$17,500,000 which is scheduled to terminate on the Maturity Date.  Barclays
intends to assign to Bank of America, N.A. (“BofA”), and BofA intends to assume,
$12,500,000 of that Commitment (such amount, the “Assigned Amount”), subject to
the execution of this Amendment.
 
The Borrower has requested, and BofA has agreed, to extend the expiration of the
Assigned Amount 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) Section 1.01 of the Credit Agreement is hereby amended by inserting the
following definitions in appropriate alphabetical order:
 
“Fourth Amendment” means Amendment No. 4 to Credit Agreement dated as of April
24, 2013, among the Borrower, the Lenders party thereto, the Administrative
Agent, the Swing Line Lender and the L/C Issuer.
 
“Fourth Amendment Effective Date” means April 24, 2013.
 
“Interim Extended Commitment” means any Commitment which terminates on the
Interim Extended Maturity Date (or earlier termination of the Extended
Availability Period).
 
 
 

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“Interim Extended Maturity Date” means September 30, 2013; provided, however,
that if such date is not a Business Day, the Interim Extended Maturity Date
shall be the next preceding Business Day.
 
“Interim Extending Lender” means, at any time, any Lender to the extent it has
an Interim Extended Commitment at such time.  Schedule 2.01 to the Fourth
Amendment sets forth the Interim Extending Lenders as of the Fourth Amendment
Effective Date, under the heading “Extending Lenders”.
 
(b) Section 1.01 of the Credit Agreement is hereby further amended by:
 
(i) deleting the definition of “Applicable Percentage” in its entirety and
replacing it with the following:
 
“Applicable Percentage” means, with respect to any Lender at any time, the
percentage (carried out to the ninth decimal place) of the Aggregate Commitments
represented by such Lender's Commitment at such time, subject to adjustment as
provided in Section 2.16.  If the commitment of each Lender to make Loans and
the obligation of the L/C Issuers to make L/C Credit Extensions have been
terminated pursuant to Section 8.02, or if the Commitments have expired, then
the Applicable Percentage of each Lender in respect of the Aggregate Commitments
shall be determined based on the Applicable Percentage of such Lender in respect
of the Aggregate Commitments most recently in effect, giving effect to any
subsequent assignments; provided, that after the Commitment of any Non-Extending
Lender or Interim Extending Lender shall have expired or terminated (other than
pursuant to Section 8.02 hereof) and all Obligations owed to such Non-Extending
Lender or Interim Extending Lender, as applicable, have been paid in full, or
shall have been reduced in accordance with Section 2.06 (i) the Applicable
Percentage of such Non-Extending Lender or Interim Extending Lender, as
applicable, for purposes of Section 10.04(c) hereof shall be its Applicable
Percentage immediately prior to such date, and (ii) the Applicable Percentages
of the Extending Lenders (and any unfunded risk participations based thereon)
shall automatically be appropriately adjusted for all other purposes to reflect
the termination or reduction, as applicable of the Commitments of the
Non-Extending Lenders or Interim Extending Lenders, as applicable.  The
Applicable Percentage of each Lender as of the Fourth Amendment Effective Date
is set forth opposite the name of such Lender on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto,
as applicable.
 
(ii) deleting the definition of “Extended Availability Period” in its entirety
and replacing it with the following:
 
“Extended Availability Period” means, (i) in respect of the portion of the
Aggregate Commitments comprised of Interim Extended Commitments, the period from
and including the Closing Date to the earliest of (A) the Interim Extended
Maturity Date, (B) the date of termination of the Commitments pursuant to
Section 2.06, and (C) the date of termination of the commitment of each Lender
to make Revolving Credit Loans and of the obligation of the L/C Issuers to make
L/C Credit Extensions pursuant to Section 8.02 and (ii) in respect of the
portion of the Aggregate Commitments comprised of Extended Commitments, the
period from and including the Closing Date to the earliest of (A) the Extended
Maturity Date, (B) the date of termination of the Commitments pursuant to
Section 2.06, and (C) the date of termination of the commitment of each Lender
to make Revolving Credit Loans and of the obligation of the L/C Issuers to make
L/C Credit Extensions pursuant to Section 8.02.
 
 
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(iii) deleting the definition of “Extending Lender” in its entirety and
replacing it with the following:
 
“Extending Lender” means, at any time, any Lender to the extent it has an
Extended Commitment at such time.  Schedule 2.01 to the Fourth Amendment sets
forth the Extending Lenders as of the Fourth Amendment Effective Date, under the
heading “Extending Lenders”.
 
(iv) deleting the reference to “Maturity Date” in the definition of
“Disqualified Stock” and replacing it with a reference to “Extended Maturity
Date”;
 
(v) deleting the definition of “Interest Payment Date” in its entirety and
replacing it with the following:
 
“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day
of each Interest Period applicable to such Loan and the Maturity Date, the
Interim Extended Maturity Date or the Extended Maturity Date, as applicable;
provided, however, that if any Interest Period for a Eurodollar Rate Loan
exceeds three months, the respective dates that fall every three months after
the beginning of such Interest Period shall also be Interest Payment Dates; and
(b) as to any Base Rate Loan or Swing Line Loan, the last Business Day of each
March, June, September and December and the Maturity Date, Interim Extended
Maturity Date or Extended Maturity Date, as applicable.
 
(vi) replacing clause (c) of the definition of “Interest Period” in its entirety
with the following:
 
(c)           no Interest Period shall extend beyond, initially, the Maturity
Date, and thereafter, the Interim Extended Maturity Date or the Extended
Maturity Date, as applicable.
 
(vii) deleting the definition of “Non-Extending Lender” in its entirety and
replacing it with the following:
 
“Non-Extending Lender” means, at any time, any Lender to the extent it has a
Non-Extended Commitment at such time.  Schedule 2.01 to the Fourth Amendment
sets forth the Non-Extending Lenders as of the Fourth Amendment Effective Date,
under the heading “Non-Extending Lenders”.
 
 
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(c) Section 2.01 of the Credit Agreement is hereby amended by deleting such
Section in its entirety and replacing it with the following:
 
2.01 The Loans.  Subject to the terms and conditions set forth herein, each
Lender severally agrees to make loans (each such loan, a “Revolving Credit
Loan”) to the Borrower from time to time, on any Business Day during the
Availability Period, in the case of each Non-Extending Lender, or Extended
Availability Period, in the case of each Interim Extending Lender or Extending
Lender, as applicable, in an aggregate amount not to exceed at any time
outstanding the amount of such Lender's Commitment; provided, however, that
after giving effect to any Revolving Credit Borrowing, (i) the Total
Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate
Outstanding Amount of the Revolving Credit Loans of any Lender, plus such
Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing
Line Loans shall not exceed such Lender's Commitment.  Within the limits of each
Lender's Commitment, and subject to the other terms and conditions hereof, the
Borrower may borrow under this Section 2.01, prepay under Section 2.05, and
reborrow under this Section 2.01.  Revolving Credit Loans may be Base Rate Loans
or Eurodollar Rate Loans, as further provided herein.
 
(d) Section 2.07(a) of the Credit Agreement is hereby amended by deleting
such clause (a) in its entirety and replacing it with the following:
 
(a) Revolving Credit Loans.  The Borrower shall repay to (i) the Non-Extending
Lenders on the Maturity Date the aggregate principal amount of all Revolving
Credit Loans made by the Non-Extending Lenders outstanding on such date, (ii)
the Interim Extending Lenders on the Interim Extended Maturity Date the
aggregate principal amount of all Revolving Credit Loans made by the Interim
Extending Lenders outstanding on such date and (iii) the Extending Lenders on
the Extended Maturity Date the aggregate principal amount of all Revolving
Credit Loans made by the Extending Lenders outstanding on such date.
 
(e) The Credit Agreement is hereby amended by deleting the reference to
“Maturity Date” in Section 6.01(c) and replacing it with a reference to
“Extended Maturity Date”.
 
(f) The Credit Agreement is hereby amended by deleting the reference to
“Maturity Date” in Section 7.02(i) and replacing it with a reference to
“Extended Maturity Date”.
 
(g) The Credit Agreement is hereby amended by replacing Schedule 2.01 in its
entirety with Schedule 2.01 attached hereto.
 
Section 3. Extension of Assigned Amount.  The extension of the expiration of the
Assigned Amount is hereby effective immediately upon the effective date of the
assignment thereof, extended to the Interim Maturity Date.
 
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.
 
 
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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.  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.
 
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 April 24, 2013, 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
 
 
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(c) the Administrative Agent shall have received, or shall concurrently receive
for the account of the applicable Person, payment of all fees and expenses
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: Sr. VP & CFO
 
 
Signature Page to Amendment No. 4 to Credit Agreement
 

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AUTOSEIS DEVELOPMENT COMPANY
 
By: /s/ P. Mathew Verghese
Name: P. Mathew Verghese
Title: Sr. VP & CFO

 
AUTOSEIS, INC.
 
By: /s/ P. Mathew Verghese
Name: P. Mathew Verghese
Title: Sr. VP & CFO

 
GGS INTERNATIONAL HOLDINGS, INC.
 
By: /s/ P. Mathew Verghese
Name: P. Mathew Verghese
Title: Sr. VP & CFO

 
GLOBAL EURASIA, LLC
 
By: /s/ P. Mathew Verghese
Name: P. Mathew Verghese
Title: Sr. VP & CFO

 
GLOBAL MICROSEISMIC SERVICES, INC.
 
By: /s/ P. Mathew Verghese
Name: P. Mathew Verghese
Title: Sr. VP & CFO

 
PAISANO LEASE CO., INC.
 
By: /s/ P. Mathew Verghese
Name: P. Mathew Verghese
Title: Sr. VP & CFO
 
 
Signature Page to Amendment No. 4 to Credit Agreement
 

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BANK OF AMERICA, N.A., as Administrative Agent
 
 
By: /s/ Darleen R. Parmelle
Name: Darleen R. Parmelle
Title: Assistant Vice President
 
 
Signature Page to Amendment No. 4 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: SVP
 

Signature Page to Amendment No. 4 to Credit Agreement
 

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BARCLAYS BANK PLC

 
By: /s/ May Huang
Name: May Huang
Title: AVP
 
 

 
Signature Page to Amendment No. 4 to Credit Agreement
 

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CITIBANK, N.A.

 
By: /s/ Scott Gildea
Name: Scott Gildea
Title: Senior Vice President
 
 
Signature Page to Amendment No. 4 to Credit Agreement
 

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SCHEDULE 2.01

COMMITMENTS
AND APPLICABLE PERCENTAGES
 
Extending
Lender
Non-Extending
Lender
Interim
Extending
Lender
Non-Extended
Commitment
Interim Extended
Commitment
Extended
Commitment
All
Commitments
Pro Rata
Share –
Non-Extended
Commitment
Pro Rata
Share –
Extended
Commitment
Pro Rata
Share –
 Interim Extended
Commitment
Pro Rata
Share-
All Commitments
Bank of America, N.A.
   
-----------------
----------------
$25,000,000
$25,000,000.00
-----------------
37.037037037%
----------------
29.411764706%
   
Bank of America, N.A.
----------------
$12,500,000
----------------
$12,500,000.00
----------------
----------------
100.000000000%
14.705882353%
 
Barclays Bank PLC
 
$5,000,000
----------------
----------------
$5,000,000.00
100.000000000%
-----------------
----------------
5.882352941%
Credit Suisse
   
-----------------
----------------
$17,500,000
$17,500,000.00
-----------------
25.925925926%
----------------
20.588235294%
Citibank, N.A.
   
-----------------
----------------
$25,000,000
$25,000,000.00
-----------------
37.037037037%
----------------
29.411764706%
Total
   
$5,000,000
$12,500,000
$67,500,000
$85,000,000.00
100.000000000%
100.000000000%
100.000000000%
100.000000000%

Schedule 2.01 to Amendment No. 4 to Credit Agreement
 

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  ANNEX I

CLOSING DOCUMENT LIST
 
Amendment No. 4
to
Credit Agreement
Dated April 24, 2013, among
 
Global Geophysical Services, Inc., as Borrower,
the Guarantors,
the Lenders, and
Bank of America, N.A., as Administrative Agent
 
 
Borrower
=
Global Geophysical Services, Inc.

 
Agent
=
Bank of America, N.A., as Administrative Agent

 
Guarantors
=
Autoseis, Inc., GGS International Holdings, Inc., Global Microseismic Services,
Inc., Global Eurasia, LLC, Paisano Lease Co., Inc., and Autoseis Development
Company

 
B&G
=
Bracewell & Giuliani LLP, Agent's counsel

#
Document
Responsible Party
1. 
Amendment No. 4 to Credit Agreement
 
Schedule 2.01 – Commitments and Applicable    Percentages
Annex I – Closing Documents List
B&G
2. 
Amendment No. 4 to U.S. First Preferred Fleet Mortgage, attaching a copy of
Amendment No. 4 to the Credit Agreement
B&G
3. 
Assignment and Assumption Agreement between Barclays Bank PLC and Bank of
America, N.A.
B&G
4. 
Secretary’s Certificate of Borrower:
     a.     Certifying that the Certificate of Incorporation andBylaws of the
Borrower have not been amendedsince the Third Amendment and are in full force
andeffect
     b.     Resolutions
     c.     Certifying that the signature and Incumbency ofofficers remain in
full force and effect since theThird Amendment
Borrower

 
Annex I to Amendment No. 4 to Credit Agreement
 

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#
Document
Document
5. 
Secretary’s Certificate of each Guarantor:
     a.     Certifying that the Certificate of Incorporation andBylaws of such
Guarantor have not been amendedsince the Third Amendment and are in full force
andeffect
     b.     Resolutions
     c.     Certifying that the signature and Incumbency ofofficers remain in
full force and effect since theThird Amendment
Guarantors
6. 
Certificate of a Responsible Officer of Borrower, certifying the following:
 
(a) that, before and after giving effect to the Amendment, the representations
and warranties contained in Article V of the Credit Agreement and the other Loan
Documents are true and correct on and as of the Amendment’s effective date,
except to the extent that such representations and warranties specifically refer
to an earlier date, in which case they are true and correct as of such earlier
date; and
 
(b) that, before and after giving effect to the Amendment, no Default exists.
 
Borrower

 
 
 
 
 
 
Annex I to Amendment No. 4 to Credit Agreement

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