Exhibit 10.2

Execution Version

AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT

AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT (this “Amendment”) dated as of
December 11, 2019, by and between CANTOR FITZGERALD SECURITIES, as agent (in
such capacity, with its successors and assigns, and as defined in the
Intercreditor Agreement, the “ABL Agent”), DELAWARE TRUST COMPANY, as
administrative agent and collateral agent (in such capacities with its
successors and assigns, and as defined in the Intercreditor Agreement, the “Term
Agent”), WILMINGTON SAVINGS FUND SOCIETY, FSB, as trustee and collateral trustee
(in such capacities, with its successors and assigns, and as defined in the
Intercreditor Agreement, the “Convertible Noteholder Trustee”), and the ABL
Lenders, Term Lenders, and holders of Convertible Notes party hereto.

WITNESSETH:

WHEREAS, the ABL Agent, the Term Agent, and the Convertible Noteholder Trustee
entered into that certain Intercreditor Agreement, dated as of September 26,
2018 (the “Intercreditor Agreement”; capitalized terms used but not defined
herein shall have the meanings ascribed to such terms in the Intercreditor
Agreement), and each Loan Party acknowledged and consented to such Intercreditor
Agreement; and

WHEREAS, the ABL Agent, the Term Agent, and the Convertible Noteholder Trustee
have agreed to amend the Intercreditor Agreement as provided herein, each at the
direction of the Required Lenders or Required Holders, as applicable, under and
as defined in the respective Loan Documents;

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein
contained, the parties hereto agree as follows:

Section 1. Amendment to Intercreditor Agreement. The definition of “ABL
Obligations Cap” in Section 1.2 of the Intercreditor Agreement is hereby amended
by deleting the number $30,000,000 therefrom and inserting in lieu thereof the
number $40,000,000.

Section 2. Miscellaneous.

2.1 Continuing Effect. Expect as specifically provided herein, the Intercreditor
Agreement shall remain in full force and effect in accordance with its terms and
is hereby ratified and confirmed in all respects. This Amendment shall form a
part of the Intercreditor Agreement for all purposes.

2.2 No Waiver. This Amendment is limited as specified and the execution,
delivery and effectiveness of this Amendment shall not operate as a
modification, acceptance or waiver of any provision of the Intercreditor
Agreement, except as specifically set forth herein.

2.3 Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK, EXCEPT AS OTHERWISE REQUIRED BY
MANDATORY PROVISIONS OF LAW AND EXCEPT TO THE EXTENT THAT REMEDIES PROVIDED BY
THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK ARE GOVERNED BY
THE LAWS OF SUCH JURISDICTION.

2.4 Captions. Captions and section headings appearing herein are included solely
for convenience of reference and are not intended to affect the interpretation
of any provision of this Amendment.

 

1

--------------------------------------------------------------------------------

2.5 Counterparts. This Amendment may be executed by one or more of the parties
to this Amendment on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of an executed counterpart to this Amendment by facsimile
transmission or by electronic mail in pdf format shall be as effective as
delivery of a manually executed counterpart hereof.

2.6 Consent of the Required Holders.

(a) Each of the ABL Lenders party hereto (which collectively constitute the
Required Lenders, as defined in the ABL Credit Agreement) hereby (i) authorizes
and directs the ABL Agent to execute and deliver this Amendment, and
(ii) acknowledges and agrees that (x) the foregoing directed action constitutes
a direction from the Required Lenders under Section 17 of the ABL Credit
Agreement, (y) Sections 11.3, 17.3, 17.5, and 19.9 of the ABL Credit Agreement
and all other rights, protections, privileges, immunities, exculpations, and
indemnities afforded to the ABL Agent under the Loan Documents (as defined in
the ABL Credit Agreement) shall apply to any and all actions taken or not taken
by the ABL Agent in accordance with such direction, and (z) the ABL Agent may
conclusively rely upon (and shall be fully protected in relying upon) the
Register (as defined in the ABL Credit Agreement) in determining such ABL
Lender’s ownership of the Advances (as defined in the ABL Credit Agreement) and
unused Commitments (as defined in the ABL Credit Agreement) on and as of the
date hereof. Each undersigned ABL Lender hereby severally represents and
warrants to the ABL Agent that, on and as of the date hereof, it is duly
authorized to enter into this Amendment.

(b) Each of the Term Lenders party hereto (which collectively constitute the
Required Lenders, as defined in the Term Credit Agreement) hereby (i) authorizes
and directs the Term Agent to execute and deliver this Amendment, and
(ii) acknowledges and agrees that (x) the foregoing directed action constitutes
a direction from the Required Lenders under Section 17 of the Term Credit
Agreement, (y) Sections 11.3, 17.3, 17.5, and 19.9 of the Term Credit Agreement
and all other rights, protections, privileges, immunities, exculpations, and
indemnities afforded to the Term Agent under the Loan Documents (as defined in
the Term Credit Agreement) shall apply to any and all actions taken or not taken
by the Term Agent in accordance with such direction, and (z) the Term Agent may
conclusively rely upon (and shall be fully protected in relying upon) the
Register (as defined in the Term Credit Agreement) in determining such Term
Lender’s ownership of the Advances (as defined in the Term Credit Agreement) and
unused Commitments (as defined in the Term Credit Agreement) on and as of the
date hereof. Each undersigned Term Lender hereby severally represents and
warrants to the Term Agent that, on and as of the date hereof, it is duly
authorized to enter into this Amendment. Each of the Term Lenders party hereto
further acknowledges and consents to (i) Amendment No. 5 to Third Amended and
Restated Credit and Security Agreement, dated on or about the date hereof (the
“Fifth Amendment”), the form of which is attached as Exhibit A hereto and
(ii) the Series F Warrant Agreement (as defined in the Fifth Amendment) and the
issuance of the Fifth Amendment Warrants (as defined in the Fifth Amendment) and
Holdings’ shares of common stock pursuant thereto.

(c) Pursuant to Section 13.02 of the Convertible Note Indenture, by its
signature below, each of the undersigned holders of the Convertible Notes, which
collectively constitute the Required Holders (as defined in the Convertible Note
Indenture), hereby consent, effective as of the date hereof, to the entry into
this Amendment by the Convertible Noteholder Trustee and to the amendment to the
Intercreditor Agreement set forth in Section 1 of this

 

2

--------------------------------------------------------------------------------

Amendment. Each undersigned holder of the Convertible Notes further acknowledges
and consents to (i) Amendment No. 5 to Third Amended and Restated Credit and
Security Agreement, dated on or about the date hereof (the “Fifth Amendment”),
the form of which is attached as Exhibit A hereto and (ii) the Series F Warrant
Agreement (as defined in the Fifth Amendment) and the issuance of the Fifth
Amendment Warrants (as defined in the Fifth Amendment) and Holdings’ shares of
common stock pursuant thereto.

2.7 Rights of Agents. The ABL Agent, the Term Agent, and Convertible Noteholder
Trustee shall have all of the rights, protections, privileges, immunities,
exculpations, and indemnities as set forth in the ABL Credit Agreement, Term
Credit Agreement, and Convertible Note Indenture respectively, as if set forth
herein.

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

 

3

--------------------------------------------------------------------------------

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

 

CANTOR FITZGERALD SECURITIES, as ABL Agent

By:

 

         

Name:

 

Title:

 

    

DELAWARE TRUST COMPANY, as Term Agent

By:

 

/s/ Benjamin Hancock

Name:

 

Benjamin Hancock

Title:

 

Assistant Vice President

WILMINGTON SAVINGS FUND SOCIETY, FSB, as Convertible Noteholder Trustee

By:

 

 

Name:

 

Title:

 

 

 

Agreed to and acknowledged by:

SAEXPLORATION HOLDINGS, INC.

By:

 

/s/ Michael J. Faust

Name:

 

Michael J. Faust

Title:

 

Chief Executive Officer

 

SAEXPLORATION, INC.

By:

 

/s/ Michael J. Faust

Name:

 

Michael J. Faust

Title:

 

Interim Chief Executive Officer

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]

--------------------------------------------------------------------------------

SAEXPLORATION SUB, INC.

By:

 

/s/ Michael J. Faust

Name:

 

Michael J. Faust

Title:

 

Interim Chief Executive Officer

SAEXPLORATION SEISMIC SERVICES (US), LLC

By:

 

/s/ Michael J. Faust

Name:

 

Michael J. Faust

Title:

 

Interim Chief Executive Officer

 

NES, LLC.

By:

 

/s/ Michael J. Faust

Name:

 

Michael J. Faust

Title:

 

Interim Chief Executive Officer

SAEXPLORATION ACQUISITIONS (US), LLC

By:

 

/s/ Michael J. Faust

Name:

 

Michael J. Faust

Title:

 

Interim Chief Executive Officer

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]

--------------------------------------------------------------------------------

ABL AGENT:

Cantor Fitzgerald Securities

By:

 

/s/ James Buccola

Name:

 

James Buccola

Title:

 

Head of Fixed Income

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]

--------------------------------------------------------------------------------

TRUSTEE AND NOTEHOLDER COLLATERAL AGENT:

Wilmington Savings Fund Society, FSB

By:

 

/s/ Geoffrey J. Lewis

Name:

 

Geoffrey J. Lewis

Title:

 

Vice President

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]

--------------------------------------------------------------------------------

ABL LENDERS AND NOTEHOLDERS:

HIGHBRIDGE MSF INTERNATIONAL LTD.

By: Highbridge Capital Management, LLC, as Trading Manager and not in its
individual capacity

By:

 

/s/ Jason Hempel

 

Name: Jason Hempel

 

Title: Managing Director

HIGHBRIDGE TACTICAL CREDIT MASTER FUND, L.P.

By: Highbridge Capital Management, LLC, as Trading Manager and not in its
individual capacity

By:

 

/s/ Jason Hempel

 

Name: Jason Hempel

 

Title: Managing Director

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]

--------------------------------------------------------------------------------

ABL LENDERS AND NOTEHOLDERS:

WHITEBOX ASYMMETRIC PARTNERS, L.P.

By:

 

/s/ Mark Strefling

 

Name: Mark Strefling

 

Title: Partner & CEO

WHITEBOX MULTI-STRATEGY PARTNERS, L.P.

By: Whitebox Advisors LLC its investment manager

By:

 

/s/ Mark Strefling

 

Name: Mark Strefling

 

Title: Partner & CEO

WHITEBOX CREDIT PARTNERS, L.P.

By: Whitebox Advisors LLC its investment manager

By:

 

/s/ Mark Strefling

 

Name: Mark Strefling

 

Title: Partner & CEO

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]

--------------------------------------------------------------------------------

TERM LENDER: WBOX 2015-7 LTD.

By:

 

/s/ Mark Strefling

 

Name: Mark Strefling

 

Title: Partner & CEO

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]

--------------------------------------------------------------------------------

ABL AND TERM LENDERS AND NOTEHOLDERS:       

BLUE MOUNTAIN CREDIT ALTERNATIVES MASTER FUND L.P.

 

By:

 

/s/ David O’Mara

   

Name: David O’Mara

   

Title: Deputy General Counsel

  BLUEMOUNTAIN KICKING HORSE FUND L.P.  

By:

 

/s/ David O’Mara

   

Name: David O’Mara

   

Title: Deputy General Counsel

 

BLUEMOUNTAIN MONTENVERS MASTER FUND SCA SICAV-SIF

 

By:

 

/s/ David O’Mara

   

Name: David O’Mara

   

Title: Deputy General Counsel

  BLUEMOUNTAIN GUADALUPE PEAK FUND L.P.  

By:

 

/s/ David O’Mara

   

Name: David O’Mara

   

Title: Deputy General Counsel

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]

--------------------------------------------------------------------------------

BLUEMOUNTAIN SUMMIT TRADING L.P.

By:

 

/s/ David O’Mara

 

Name: David O’Mara

 

Title: Deputy General Counsel

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]

--------------------------------------------------------------------------------

ABL AND TERM LENDER AND NOTEHOLDER:        JOHN PECORA  

By:

 

/s/ John Pecora

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]

--------------------------------------------------------------------------------

ABL AND TERM LENDER AND NOTEHOLDER: AMZAK CAPITAL MANAGEMENT, LLC  

By:

 

/s/ Samuel Barker

 

Name: Samuel Barker

    

 

Title: Senior Fixed Income Analyst

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]

--------------------------------------------------------------------------------

ABL LENDER AND NOTEHOLDER: DUPONT PENSION TRUST  

By:

 

/s/ Kris Kowal

    

 

Name: Kris Kowal

 

Title: Managing Director

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]

--------------------------------------------------------------------------------

ABL LENDER AND NOTEHOLDER:        JEFF HASTINGS  

By:

 

/s/ Jeff Hastings

 

[SIGNATURE PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT]