Document:

EX-10.6

 Exhibit 10.6 

Execution Version 

SECOND SUPPLEMENTAL INDENTURE 

This SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of January 10, 2020 is among SAExploration
Holdings, Inc., a Delaware corporation (the “Issuer” or the “Company”), the Guarantors party hereto (together with the Issuer, the “Company Indenture Parties”), Wilmington Savings Fund Society, FSB,
as Trustee (in such capacity, the “Trustee”), and as Collateral Trustee (in such capacity, the “Collateral Trustee”), and the Holders party hereto. 

WITNESSETH 
 WHEREAS, the
Company, the Guarantors, the Trustee and the Collateral Trustee entered into a Senior Secured Convertible Notes Indenture dated as of September 26, 2018 (as heretofore amended, supplemented or otherwise modified, the
“Indenture”), pursuant to which the Company issued 6.00% Senior Secured Convertible Notes due 2023; 
 WHEREAS, the Company
has requested that the Required Holders (as defined in the Indenture) immediately prior to the Second Supplemental Indenture Effective Date (collectively, “Required Holders”) (i) consent to (A) the sale of the certain assets by
SAE Exploration, Inc. (“SAE-Inc.”) and Alaska Seismic Ventures, LLC (“ASV”) to TGS NOPEC Geophysical Company ASA (“TGS”) pursuant to that certain Asset
Purchase Agreement by and among SAE-Inc., ASV and TGS (such Asset Purchase Agreement, in the form attached to the Officer’s Certificate (as defined below) on the date hereof, the “Aklaq-Kuukpik
APA”; together with the other agreements, instruments and documents executed in connection therewith, collectively, the “Aklaq-Kuukpik Purchase Documents”; such sale in accordance with the Aklaq-Kuukpik APA and the
other Aklaq-Kuukpik Purchase Documents, the “Aklaq-Kuukpik Asset Sale”), (B) the sale of certain assets by SAE-Inc. to TGS pursuant to that certain Asset Purchase Agreement by and between SAE-Inc. and TGS (such Asset Purchase Agreement, in the form attached to the Officer’s Certificate on the date hereof, the “CRD APA”; together with the other agreements, instruments and documents
executed in connection therewith, the “CRD Purchase Documents” and together with the Aklaq-Kuukpik Purchase Documents, the “Purchase Documents”; such sale in accordance with the CRD APA and CRD Purchase Documents, the “CRD
Asset Sale”), (C) the use of up to $355,000 of Alaska Tax Credits to offset the taxes due to the State of Alaska as a result of the sales consummated pursuant to the Purchase Documents and the withdrawal of certain Alaska Tax Credits or
applications for certain Alaska Tax Credits in connection with the consummation of the Aklaq-Kuukpik Asset Sale and CRD Asset Sale (such use and withdrawal of Alaska Tax Credits (and/or applications therefor), collectively, the “Permitted
Use of Alaska Tax Credits”) and (D) the entry into and performance by SAE-Inc. of its obligations under that certain Sellers Side Letter Agreement between
SAE-Inc. and ASV, which includes agreements to take actions regarding certain Alaska Tax Credits and to credit amounts owed to SAE-Inc. by ASV, subject to the terms and
conditions therein (such transactions, collectively, the “Sellers Arrangements”), and (ii) agree to amend the Indenture to allow for the Aklaq-Kuukpik Asset Sale, the CRD Asset Sale, the Permitted Use of Alaska Tax Credits, and the
Sellers Arrangements (collectively, the “Transactions”); and 
 WHEREAS, Required Holders have agreed to consent to the
Transactions and with the consent and at the direction of Required Holders, the Trustee and Collateral Trustee have agreed to enter into this Supplemental Indenture on the terms set forth below. 

NOW, THEREFORE, to comply with the provisions of the Indenture and in consideration of the above premises, the parties covenant and agree as
follows: 
 Section 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings ascribed to them in the
Indenture. 

  
 1 

 Section 2. Relation to Indenture. This Supplemental Indenture is supplemental to the Indenture
and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 

Section 3. Consents. Notwithstanding anything in the Indenture or any of the other Indenture Documents to the contrary, the Trustee and Collateral
Trustee agree (at the direction of Required Holders) to clauses (a) through (d) below, the Company Indenture Parties agree to clauses (a) and (d) of this Section 3 and by delivering its signature hereto, Required Holders agree and
consent to clauses (a) through (d) below, in each case, as follows: 
 a) Consent to Transactions. Required
Holders hereby consent to the consummation of the Transactions provided that (w) the Aklaq-Kuukpik Asset Sale and the CRD Asset Sale are consummated in accordance with the Aklaq-Kuukpik APA, the CRD APA and the other Purchase Documents (as
applicable), (x) the Permitted Use of Alaska Tax Credits shall be limited to the withdrawal of outstanding Alaska tax credit applications or certificates covering the Aklaq survey under State of Alaska statute 43.55.023 or 43.55.025 for not more
than $30,000,000 in the aggregate, and the use of certain Alaska Tax Credits to satisfy tax liabilities generated from the Aklaq-Kuukpik Asset Sale, CRD Asset Sale and/or Sellers Arrangements in an amount which does not exceed $355,000 in the
aggregate, (y) SAE-Inc. receives at least $15,000,000 in the aggregate (“Closing Date Payment”) of consideration from TGS upon the closing of the Aklaq-Kuukpik Asset Sale and CRD Asset
Sale on the Closing Date (as defined in the Aklaq-Kuukpik APA) and is eligible to receive up to $5,000,000 of Earn Outs (as defined in the Aklaq-Kuukpik APA) after the Closing Date (as defined in the Aklaq-Kuukpik APA) (collectively “Earnout
Payments”) pursuant to the Aklaq-Kuukpik APA (the Closing Date Payment and Earnout Payments, collectively, the “Purchase Agreement Payments”) and such Purchase Agreement Payments are promptly deposited into the Collection
Account or another Deposit Account of a Company Indenture Party that is subject to a Control Agreement and not an Excluded Account and (z) the Company shall comply with the procedures for offering to redeem and redeeming the Notes from the Net
Proceeds (constituting Excess Proceeds) from the Aklaq-Kuukpik Asset Sale and the CRD Asset Sale (including without limitation, such Net Proceeds from the Closing Date Payment and Earnout Payments) set forth in Section 19.05(a) of the Indenture
provided that (I) the Net Proceeds (as defined in the ABL Credit Agreement) of the Closing Date Payment shall equal at least $14,500,000, (II) the Net Proceeds (as defined in the ABL Credit Agreement) from each Earnout Payment shall equal one
hundred percent (100%) of such Earnout Payment received by SAE-Inc. and (III) whether or not a Default or an Event of Default is continuing at any time, none of such Net Proceeds constituting Excess
Proceeds from any Purchase Agreement Payment may be reinvested by the Company Indenture Parties in accordance with Section 19.05(a) unless the Net Proceeds from such Purchase Agreement Payment are remaining after, first, offers to prepay
the ABL Loan Obligations in accordance with Section 2.5(c) of the ABL Credit Agreement from the Net Proceeds (as defined in the ABL Credit Agreement) from such Purchase Agreement Payment have been made and the pro rata share of the applicable
Net Proceeds (as defined in the ABL Credit Agreement) applied to the ABL Loan Obligations of the accepting ABL Lenders, second, offers to prepay the Term Loan Obligations have been made in accordance with the Term Documents from the Net
Proceeds (as defined in the Term Documents) from such Purchase Agreement Payment and the applicable Net Proceeds (as defined in the Term Documents) applied to the Term Loan Obligations 

  
 2 

 
of the accepting Term Lenders in accordance with the Term Documents and third, offers to redeem the Notes have been made in accordance with the Indenture Documents from the Net Proceeds
(constituting Excess Proceeds) from such Purchase Agreement Payment and the applicable Net Proceeds applied to the Notes of the accepting Holders in accordance with the Indenture Documents. For the avoidance of doubt no Indebtedness shall be
permitted to be incurred pursuant to clause (p) of the definition of “Permitted Indebtedness” with respect to the Permitted Use of Alaska Tax Credits. To the extent constituting an encumbrance (and not a lien, mortgage or security
interest) on the ROFR Assets (as defined in the Aklaq-Kuukpik APA), the Required Holders agree that the ROFR (as defined in the Aklaq-Kuukpik APA) shall be permitted under Section 5.02 of the Indenture. Issuer agrees to comply with the
procedures for offering to redeem and redeeming Notes from the Net Proceeds of any sale of the ROFR Assets in accordance with Section 19.05(a) of the Indenture provided that (i) whether or not a Default or an Event of Default is continuing
at any time, none of such Net Proceeds from the ROFR Assets may be reinvested by the Company Indenture Parties in accordance with Section 19.05(a) unless and until all prepayments and/or redemptions have been offered and applied in accordance
with, as applicable, the ABL Credit Agreement, the Term Documents and the Indenture Documents and (ii) nothing in this sentence or any other provision of this Supplemental Indenture shall be construed to constitute a consent or an agreement to
consent to the sale of the ROFR Assets (as defined in the Aklaq-Kuukpik APA). 
 b) Amendment of Agreement. Required
Holders hereby agree to the amendments to the Indenture set forth in this Supplemental Indenture. 
 c) Amendment of ABL
Credit Agreement and Term Credit Agreement. Required Holders hereby consent and agree to the amendment to the ABL Credit Agreement and the Term Credit Agreement, in each case, executed on the date hereof (and delivered to the Holders
contemporaneously with the execution of this Supplemental Indenture on the date hereof) (and all amendments set forth therein). 

d) New Event of Default. Failure to comply with any provision set forth in this Supplemental Indenture shall constitute
an immediate Event of Default without notice or grace. 
 Section 4. Partial Releases of Liens. Required Holders hereby direct (i) the
Collateral Trustee, upon the satisfaction of the conditions to effectiveness set forth in Section 7 of this Supplemental Indenture and the consummation of the Aklaq-Kuukpik Asset Sale in accordance with the Aklaq-Kuukpik APA and the applicable
Purchase Documents, to execute and deliver to Company’s counsel the partial release of liens (“Aklaq-Kuukpik Partial Release of Liens”), a form of which is attached hereto as Exhibit A, to release the Liens
granted to or held by the Collateral Trustee upon any Collateral constituting Released Assets (as defined in the Aklaq-Kuukpik Partial Release of Liens) which were sold in accordance with the terms of the Aklaq-Kuukpik APA and the other applicable
Purchase Documents and (ii) the Collateral Trustee, upon the satisfaction of the conditions to effectiveness set forth in Section 7 of this Supplemental Indenture and the consummation of the CRD Asset Sale in accordance with the CRD APA
and the applicable Purchase Documents, to execute and deliver to Company’s counsel the partial release of liens (“CRD Partial Release of Liens”; together with the Aklaq-Kuukpik Partial Release of Liens, the “Partial
Releases of Liens”), a form of which is attached hereto as Exhibit B, to release the Liens granted to or held by the Collateral Trustee upon any Collateral constituting Released Assets (as defined in the CRD Partial Release of Liens)
which were sold in accordance with the terms of the CRD APA and the other applicable Purchase Documents. 

  
 3 

 Section 5. Amendment of Purchase Documents. Each of the Company Indenture Parties hereby
confirms, ratifies, covenants, and agrees the Company Indenture Parties shall not enter into any amendment to the Aklaq-Kuukpik APA, the CRD APA or any of the other Purchase Documents that would adversely affect (i) the Closing Date Payment or
the terms of the Earnout Payment or (ii) the Holders (for the avoidance of doubt, delaying or reducing either of such payments shall be deemed adverse to the Holder). 

Section 6. Amendment of Indenture. Effective as of the Second Supplemental Indenture Effective Date, Required Holders, the Trustee and Collateral
Trustee, the Company, and each of the Guarantors hereby agree that the following defined terms are added to Section 1.01 to the Indenture in the appropriate alphabetical order: 

“SAE-Inc.” means SAExploration, Inc., a Delaware corporation. 

“Second Supplemental Indenture” means that certain Second Supplemental Indenture, dated as of January 10,
2020, among the Company, the Guarantors party thereto, the Holders party thereto, the Trustee and Collateral Trustee. 

“Second Supplemental Indenture Effective Date” shall mean January 10, 2020, subject to the satisfaction
of the conditions to effectiveness set forth in Section 7 of the Second Supplemental Indenture. 
 Section 7. Conditions Precedent to
Effectiveness of this Supplemental Indenture. The effectiveness of this Supplemental Indenture, are subject to the fulfillment, to the satisfaction of, or waiver by the Trustee and Collateral Trustee (at the direction of the Required Holders)
and the Required Holders of each of the following: 
  

	 	a)	 the Trustee and Collateral Trustee shall have received this Supplemental Indenture, duly executed by the
Issuer, the Guarantors, the Trustee, the Collateral Trustee, and Required Holders; 

  

	 	b)	 the Trustee and Collateral Trustee shall have received (i) the Aklaq-Kuukpik APA and the CRD APA, in each
case duly executed and delivered by the parties thereto and (ii) each of the other Purchase Documents, in each case duly executed and delivered by the parties thereto; 

 

	 	c)	 the Trustee and Collateral Trustee shall have received an officer’s certificate from an Authorized Person
of the Company, in form and substance reasonably satisfactory to the Trustee and Collateral Trustee (the “Officer’s Certificate”), (A) confirming the authority of the Collateral Trustee to release the Collateral Trustee’s
Liens from the Collateral constituting Released Assets (as defined in the Aklaq-Kuukpik Partial Release of Liens) pursuant to Aklaq-Kuukpik Partial Release of Liens and the Released Assets (as defined in the CRD Partial Release of Liens) pursuant to
the CRD Partial Release of Liens, (B) affirming that the conditions precedent (g) and (h) in Section 7 of this Supplemental Indenture have been satisfied, and (C) attaching (i) a true, complete and correct and final executed copy
of the Aklaq-Kuukpik APA and (ii) a true, complete and correct and final executed copy of the CRD APA; 

  

	 	d)	 the Trustee and Collateral Trustee shall have received evidence from the Issuer that the execution, delivery
and performance of this Supplemental Indenture by the Issuer and the Guarantors has been duly authorized by all necessary corporate action, including without limitation the approval of the Board of Directors or the Board of Managers of the Issuer
and the Guarantors, as applicable; 

  
 4 

	 	e)	 the Issuer shall have received all consents and amendments under the ABL Credit Agreement and the Term Credit
Agreement necessary to permit the Transactions, each duly executed and delivered by the parties thereto; 

  

	 	f)	 the Forbearance Agreement dated as of September 23, 2019, among the Issuer, the Guarantors party thereto,
and the Forbearing Holders (as defined therein) (as amended, modified, supplemented and in effect immediately prior to the effectiveness of this Supplemental Indenture, the “Forbearance Agreement”) shall be in full force and effect,
and no Termination Event (as defined therein) shall have occurred thereunder (it being agreed that the Trustee and the Holders may assume the Forbearance Agreement is in full force and effect unless it has received written notice to the contrary
from the Supermajority Holders); 

  

	 	g)	 after giving effect to this Amendment, no Default or Event of Default (other than the Existing Defaults (as
defined in the Forbearance Agreement) and the Potential Defaults (as defined in the Forbearance Agreement)) shall have occurred and be continuing on the Second Supplemental Indenture Effective Date, nor shall either result from the execution of the
Purchase Documents and/or the consummation of the Transactions; 

  

	 	h)	 the representations and warranties of the Company, each other Company Indenture Party and their respective
Subsidiaries contained in the Indenture Documents shall be true and correct in all material respects (except as affected or impacted by the Ongoing Material Events (as defined below) and except that such materiality qualifier shall not be applicable
to any representations and warranties that already are qualified or modified by materiality in the text thereof) (i) on and as of the date of the Second Supplemental Indenture Effective Date, as though made on and as of such date (except to the
extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall continue to be true and correct as of such earlier date) and (ii) after giving effect to the Transactions;

  

	 	i)	 [Reserved]; and 

  

	 	j)	 the Company Indenture Parties shall have paid or caused to be paid all costs and expenses of the Trustee and
Collateral Trustee (including reasonable attorney’s fees and expenses of Arnold & Porter Kaye Scholer LLP) and Holders (i) incurred by or on behalf of the Trustee and Collateral Trustee or Holders (including reasonable
attorneys’ fees and expenses of Brown Rudnick LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP) arising under or in connection with the preparation, execution and delivery of this Supplemental Indenture and the Partial Releases of
Liens, and (ii) invoiced and outstanding on the date hereof. 

 For purposes of determining compliance with the
conditions specified in this Supplemental Indenture each Holder party to this Supplemental Indenture shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required hereunder to be consented
to or approved by or acceptable or satisfactory to the Holders by the Second Supplemental Indenture Effective Date unless an officer of the Trustee responsible for the transactions contemplated by this Supplemental Indenture shall have received
written notice from such Holder prior to the Second Supplemental Indenture Effective Date specifying its objection thereto. For purposes of this Supplemental Indenture, “Ongoing Material Events” means (i) all of the Existing
Defaults as defined in the Forbearance Agreement, (ii) all of the Potential Defaults as defined in the Forbearance Agreement, (iii) all activities related to completing the pending full restatement of the audited financial statements of
the Company and its subsidiaries in compliance with GAAP and SEC rules and regulations, and (iv) any activities and matters related to the Existing Defaults and Potential Defaults currently being undertaken or overseen by the Special Committee
of the Company’s Board of Directors. 

  
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 Section 8. Consent of Holders and Confirmation of Compliance with Section 13.02
of the Indenture. Pursuant to Section 13.02 of the Indenture, by its signature below, the Holders party hereto hereby consent, effective as of the date hereof, to the entry into this Supplemental Indenture by the Company, the Guarantors,
the Trustee and the Collateral Trustee and to the amendments to the Indenture set forth in this Supplemental Indenture. The Issuer and the Holders party hereto hereby confirm that all of the actions required to be taken by the Holders and Issuer
pursuant to Section 13.02 of the Indenture have been taken in accordance with the provisions of such Section. The Issuer confirms that entry into this Supplemental Indenture is permitted under the Indenture, and is not prohibited by the terms
of the Intercreditor Agreement and the Junior Documents (as defined in the Intercreditor Agreement). 
 Section 9. Forbearance. The Issuer and
the Guarantors acknowledge the continued existence of the Existing Defaults and Potential Defaults. The Issuer and the Guarantors further acknowledge and agree that the Holders are not in any way agreeing to waive such Existing Defaults or Potential
Defaults as a result of this Supplemental Indenture or the performance by the parties of their respective obligations hereunder. All of the Secured Parties’ rights and remedies under the Indenture, the Forbearance Agreement and the other
Indenture Documents are expressly reserved. 
 Section 10. Representations and Warranties. Each of the Company Indenture Parties hereby
represents and warrants that the execution and delivery of this Supplemental Indenture and the Purchase Documents and, after giving effect to the amendments contained herein, the performance by each of them of their respective obligations under the
Indenture, the Supplemental Indenture and the Purchase Documents, in each case, are within its powers, have been duly authorized, are not in contravention of applicable law or the terms of its operating agreement or other organizational documents
and except as have been previously obtained, do not require the consent or approval of any governmental body, agency or authority, this Supplemental Indenture and the Indenture (as amended hereby) will constitute the valid and binding obligations of
the Company Indenture Parties, as applicable, enforceable in accordance with their terms, except as enforcement thereof may be limited by applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance, ERISA or similar laws
affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement is sought in a proceeding in equity or at law), and the Company has furnished to the Trustee and Collateral Trustee a true,
complete and accurate copy of the Purchase Documents. 
 Section 11. Reference to and Effect on the Indenture. Each of the Company Indenture
Parties hereby reaffirms, confirms, ratifies, covenants, and agrees to be bound by each of its covenants, agreements, and obligations under the Indenture (as amended hereby), and each other Indenture Document previously executed and delivered by it.
Each reference in the Indenture to “this Indenture” or “the Indenture” shall be deemed to refer to the Indenture after giving effect to this Supplemental Indenture. This Supplemental Indenture is an Indenture Document. 

Section 12. The Trustee and Collateral Trustee. Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are
assumed, or shall be construed to be assumed, by the Trustee or the Collateral Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee and the Collateral Trustee subject to all the terms
and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee and the Collateral Trustee with respect hereto. Neither the Trustee nor the
Collateral Trustee shall be responsible for the recitals contained herein, all of which recitals are made by the other parties to this Supplemental Indenture. 

Section 13. Governing Law. This Supplemental Indenture shall be a contract made under and governed by the laws of the State of New York without
giving effect to its principles of conflicts of laws. 

  
 6 

 Section 14. Counterparts. This Supplemental Indenture may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed
counterpart of a signature page to this Supplemental Indenture by telecopier or electronic mail shall be effective as delivery of a manually executed counterpart of this Supplemental Indenture. 

Section 15. Guarantors Consent and Acknowledgement. The Guarantors, for value received, hereby consent to the Company’s execution and
delivery of this Supplemental Indenture, the Collateral Trustee’s execution of the Partial Releases of Liens and the performance by the Company of its agreements and obligations hereunder. This Supplemental Indenture, the Partial Release of
Liens and the performance or consummation of any transaction that may be contemplated under this Supplemental Indenture, shall not limit, restrict, extinguish or otherwise impair the Guarantors’ liabilities and obligations to the Trustee, the
Collateral Trustee and/or Holders under the Indenture Documents (including without limitation the Guaranteed Obligations). Each of the Guarantors acknowledges and agrees that (i) the Subsidiary Guarantee to which such Guarantor is a party
remains in full force and effect and is fully enforceable against such Guarantor in accordance with its terms and (ii) it has no offsets, claims or defenses to or in connection with the Guaranteed Obligations, all of such offsets, claims and/or
defenses are hereby waived. 
 Section 16. Reaffirmation. In each case, except as expressly modified by this Supplemental Indenture and the
Partial Releases of Liens, each of the Company Indenture Parties hereby (i) acknowledges and agrees that all of its pledges, grants of securities interests and Liens and other obligations under the Indenture and the other Indenture Documents to
which it is a party are reaffirmed and remain in full force and effect on a continuous basis, (ii) reaffirms (x) each Lien granted by it to the Collateral Trustee for the benefit of the Secured Parties, and (y) in the case of the
Guarantors, the guarantees (including the Subsidiary Guarantee) made by it pursuant to the Indenture, and (iii) acknowledges and agrees that the grants of security interests and Liens by and the guarantees of the Guarantors contained in the
Indenture and the other Indenture Documents are, and shall remain, in full force and effect on and after the Second Supplemental Indenture Effective Date. Except as specifically modified herein, the Indenture Documents and the Obligations are in all
respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms. 
 Section 17.
Release. The Company and the Company Indenture Parties (collectively, the “Releasing Parties”) hereby release, acquit and forever discharge the Holders and their respective investment advisors and Affiliates, and any of their
and their investment advisors’ and Affiliates’ respective officers, directors, agents, employees, attorneys, consultants, or representatives, or any of the respective predecessors, successors or assigns of any of the foregoing
(collectively, the “Released Parties”) from and against any and all manner of actions, causes of action, suits, debts, controversies, damages, judgments, executions, claims (including, without limitation, crossclaims, counterclaims
and rights of set-off and recoupment) and demands whatsoever, whether known or unknown, whether asserted or unasserted, in contract, tort, law or equity which any Releasing Party may have against any of the
Released Parties by reason of any action, failure to act, matter or thing whatsoever arising from or based on facts occurring on or prior to the date hereof that relate to the Indenture, the other Indenture Documents, this Supplemental Indenture,
the Purchase Documents or the transactions contemplated thereby or hereby (except to the extent arising from the willful misconduct or gross negligence of any Released Parties), including but not limited to any such claim or defense to the extent
that it relates to (a) any covenants, agreements, duties or obligations set forth in the Indenture Documents, (b) any actions or omissions of any of the Released Parties in connection with the initiation or continuing exercise of any right
or remedy contained in the Indenture Documents or at law or in equity with respect to the Indenture Documents, or (c) the Transactions. 

  
 7 

 Section 18. Expenses. 

The Company hereby acknowledges and agrees that its obligations to pay the costs and expenses pursuant to Section 5.1(c) of the Note Purchase Agreement
include, without limitation, all reasonable and documented out-of-pocket fees and disbursements of each of (a) Brown Rudnick LLP in its capacity as counsel to
certain of the Holders, and (b) Paul, Weiss, Rifkind, Wharton & Garrison LLP in its capacity as counsel to certain of the Holders, in each case in connection with or as a result of or related to the execution and delivery, enforcement,
performance, or administration (including any restructuring, forbearance or workout with respect thereto) of the Indenture, this Supplemental Indenture, any of the other Indenture Documents and the transactions related to the Indenture Documents or
the monitoring of compliance by the Company and each Company Indenture Party and each of its Subsidiaries with the terms of the Indenture Documents. 

[Signature Pages Follow] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be
executed and delivered under seal, as of the date first above written. 
  

			
	ISSUER:
	
	SAEXPLORATION HOLDINGS, INC.

 
			
		
	By:	 	/s/ Michael J. Faust

 
			
	Name: Michael J. Faust
	Title: Chief Executive Officer and President

  

			
	GUARANTORS:
	
	SAEXPLORATION, INC.

 
			
		
	By:	 	/s/ Michael J. Faust

 
			
	Name: Michael J. Faust
	Title: Chief Executive Officer and President

  

			
	SAEXPLORATION SUB, INC.

 
			
		
	By:	 	/s/ Michael J. Faust

 
			
	Name: Michael J. Faust
	Title: Chief Executive Officer and President

  

			
	NES, LLC

 
			
		
	By:	 	/s/ Michael J. Faust

 
			
	Name: Michael J. Faust
	Title: Chief Executive Officer and President

  

			
	SAEXPLORATION SEISMIC SERVICES (US), LLC

 
			
		
	By:	 	/s/ Michael J. Faust

 
			
	Name: Michael J. Faust
	Title: Chief Executive Officer and President

 [Signature Page to Second Supplemental Indenture to Senior Secured Convertible Notes] 

 
			
	TRUSTEE AND COLLATERAL TRUSTEE:
	
	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Trustee and Collateral Trustee

 
			
		
	By:	 	/s/ Geoffrey J. Lewis

 
			
	Name: Geoffrey J. Lewis
	Title: Vice President

 [Signature Page to Second Supplemental Indenture to Senior Secured Convertible Notes] 

 
			
	HOLDERS:
	
	WHITEBOX ASYMMETRIC PARTNERS, L.P.

 
			
		
	By:	 	 /s/ Mark Strefling

			
	Name: Mark Strefling
	Title: Partner & CEO

  

			
	WHITEBOX MULTI-STRATEGY PARTNERS, L.P.

 
			
		
	By:	 	 /s/ Mark Strefling

			
	Name: Mark Strefling
	Title: Partner & CEO

  

			
	WHITEBOX CREDIT PARTNERS, L.P.

 
			
		
	By:	 	 /s/ Mark Strefling

			
	Name: Mark Strefling
	Title: Partner & CEO

 [Signature Page to Second Supplemental Indenture to Senior Secured Convertible Notes] 

 
			
	HOLDERS:
	
	HIGHBRIDGE MSF INTERNATIONAL LTD.
	
	By: Highbridge Capital Management, LLC as Trading Manager and not in its individual capacity

 
			
		
	By:	 	 /s/ Jonathan Segal

			
	Name: Jonathan Segal
	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/ Jonathan Segal

			
	Name: Jonathan Segal
	Title: Managing Director

 [Signature Page to Second Supplemental Indenture to Senior Secured Convertible Notes] 

 
			
	HOLDERS:
	
	BLUE MOUNTAIN CREDIT ALTERNATIVES MASTER 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 SUMMIT TRADING 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

 [Signature Page to Second Supplemental Indenture to Senior Secured Convertible Notes] 

 
			
	HOLDER:
	
	AMZAK CAPITAL MANAGEMENT LLC

 
			
		
	By:	 	 /s/ Samuel Barker

			
	Name: Samuel Barker
	Title: Senior Investment Analyst

 [Signature Page to Second Supplemental Indenture to Senior Secured Convertible Notes] 

 
			
	HOLDER:
	
	DUPONT PENSION TRUST

 
			
		
	By:	 	 /s/ Kris Kowal

			
	Name: Kris Kowal
	Title: Managing Director

 [Signature Page to Second Supplemental Indenture to Senior Secured Convertible Notes] 

 
	
	HOLDER:
	
	/s/ John Pecora
	John Pecora

 [Signature Page to Second Supplemental Indenture to Senior Secured Convertible Notes] 

 
	
	HOLDER:
	
	 /s/ Jeff Hastings

	Jeff Hastings

 [Signature Page to Second Supplemental Indenture to Senior Secured Convertible Notes]EX-10.7

 Exhibit 10.7 

AMENDMENT TO WARRANT AGREEMENT 

THIS AMENDMENT TO WARRANT AGREEMENT (the “Amendment”) is made and entered into effective as of January 13, 2020, between
SAExploration Holdings, Inc., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Warrant Agent”). 

Recitals 
 WHEREAS, the
Company and the Warrant Agent are parties to that certain Warrant Agreement dated as of December 11, 2019 (the “Warrant Agreement”), pursuant to which the Company issued Series F Warrants to purchase shares of the
Company’s common stock, par value $0.0001 per share, to certain holders (the “Warrant Holders”); 
 WHEREAS, the
Company desires to enter into this Amendment in order to amend the definition of “Shareholder Approval” contained therein in order to comply with applicable rules and regulations of its principal stock exchange; 

WHEREAS, pursuant to Section 5.03 of the Warrant Agreement, the Warrant Agreement may be modified or amended by the Company and the
Warrant Agent if it is approved by the consent of the Warrant Holders holding more than a majority of the Series F Warrants; and 
 WHEREAS,
the Amendment has been approved by the consent of the Warrant Holders holding at least a majority of the Series F Warrants. 
 NOW,
THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

  

	 	I.	 Amendment to the Registration Rights Agreement: 

1. The definition of “Shareholder Approval” set forth in Section 1.01 of the Warrant Agreement is hereby deleted and
replaced in in its entirety with the following: 
 ““Shareholder Approval” means such approval as may be required by
the applicable rules and regulations of the Nasdaq Stock Market (or any successor entity) from the shareholders of the Company with respect to the transactions contemplated by this Warrant Agreement, including the issuance of Common Shares upon the
exercise of Warrants in excess of 19.99% of the Common Shares issued and outstanding on the Closing Date.” 
  

	 	II.	 General Provisions: 

2. In the case of conflict between this Amendment and the Warrant Agreement, this Amendment shall control. 

 3. Except as expressly provided herein, the Warrant Agreement shall remain in full force and
effect. 
 4. The provisions of Section 7.16 of the Warrant Agreement captioned “Governing Law; Jurisdiction” and of
Section 7.17 the Warrant Agreement captioned “Waiver of Jury Trial” are incorporated herein by reference as though such provisions were fully set forth verbatim herein and shall apply to this First Amendment mutatis mutandis.

 5. This Amendment may be executed in counterpart, each of which shall be deemed to be an original, and both of which together shall
constitute one and the same agreement. 
 [Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the Company and Warrant Agent have caused this Amendment to be signed by
their respective officers hereunto duly authorized, all as of the date first written above. 
  

			
	SAEXPLORATION HOLDINGS, INC.
		
	By:	 	/s/ Michael J. Faust
	Name:	 	Michael J. Faust
	Title:	 	Chief Executive Officer and President

  

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	/s/ Steven Vacante
	Name:	 	Steven Vacante
	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO AMENDMENT TO WARRANT AGREEMENT]

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