Document:

Guaranty Agreement dated November 22, 2004

 Exhibit 10.15 
  
 GUARANTY AGREEMENT 
  
 WHEREAS, the execution of this Guaranty Agreement is a condition to UNION PLANTERS BANK, N.A., a national banking association (“Lender”) making
certain loans to GEOSPACE TECHNOLOGIES, LP, a Texas limited partnership (“Geospace”), OYO INSTRUMENTS, LP, a Texas limited partnership (“Instruments”), GEOSPACE ENGINEERING RESOURCES INTERNATIONAL, LP, a Texas limited partnership
(“Engineering”), CONCORD TECHNOLOGIES, LP, a Texas limited partnership (“Concord”), and OYOG OPERATIONS, LP, a Texas limited partnership (“Operations” and together with Geospace, Instruments, Engineering and Concord,
collectively hereinafter referred to as the “Borrowers”), pursuant to that certain Loan Agreement dated as of November 22, 2004, between Borrowers and Lender (such Loan Agreement as it may hereafter be amended or modified from time to
time, is hereinafter referred to as the “Loan Agreement”); 
  
 NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned, OYOG LIMITED PARTNER, LLC, a Nevada limited liability company (the “Guarantor”), hereby irrevocably and
unconditionally guarantees to Lender the full and prompt payment and performance of the Guaranteed Indebtedness (hereinafter defined). This Guaranty Agreement shall be upon the following terms: 
  
 1. The term “Guaranteed Indebtedness”, as used herein means all of the
“Obligations”, as defined in the Loan Agreement. The term “Guaranteed Indebtedness” shall include any and all post-petition interest and expenses (including attorneys’ fees) whether or not allowed under any bankruptcy,
insolvency, or other similar law. As of the date of this Guaranty Agreement, the Obligations include, but are not limited to the indebtedness evidenced by (a) that certain promissory note in the original principal amount of $15,000,000.00, dated as
of November 22, 2004, executed by Borrowers and payable to the order of Lender, and (b) all renewals, extensions, amendments, increases, decreases or other modifications of any of the foregoing and all promissory notes given in renewal, extension,
amendment, increase, decrease or other modification thereof. 
  
 2. This
instrument shall be an absolute, continuing, irrevocable, and unconditional guaranty of payment and performance, and not a guaranty of collection, and Guarantor shall remain liable on its obligations hereunder until the payment and performance in
full of the Guaranteed Indebtedness. No set-off, counterclaim, recoupment, reduction, or diminution of any obligation, or any defense of any kind or nature (other than actual payment) which any Borrower may have against Lender or any other party, or
which Guarantor may have against any Borrower, Lender, or any other party, shall be available to, or shall be asserted by, Guarantor against Lender or any subsequent holder of the Guaranteed Indebtedness or any part thereof or against payment of the
Guaranteed Indebtedness or any part thereof. 
  
 3. If Guarantor becomes liable
for any indebtedness owing by Borrowers to Lender by endorsement or otherwise, other than under this Guaranty Agreement, such liability shall not be in any manner impaired or affected hereby, and the rights of Lender hereunder shall be cumulative of
any and all other rights that Lender may ever have against Guarantor. The exercise by Lender of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any
other right or remedy. 
  
 4. In the event of default by any Borrower in payment
or performance of the Guaranteed Indebtedness, or any part thereof, when such Guaranteed Indebtedness becomes due, whether by its 

 terms, by acceleration, or otherwise, Guarantor shall promptly pay the amount due thereon to Lender without notice or
demand in lawful currency of the United States of America and it shall not be necessary for Lender, in order to enforce such payment by Guarantor, first to institute suit or exhaust its remedies against any Borrower or others liable on such
Guaranteed Indebtedness, or to enforce any rights against any collateral which shall ever have been given to secure such Guaranteed Indebtedness. Until the Guaranteed Indebtedness is paid in full and a period of ninety (90) days has passed following
such payment, Guarantor waives any and all rights it may now or hereafter have under any agreement or at law or in equity (including, without limitation, any law subrogating the Guarantor to the rights of Lender) to assert any claim against or seek
contribution, indemnification or any other form of reimbursement from any Borrower or any other party liable for payment of any or all of the Guaranteed Indebtedness for any payment made by Guarantor under or in connection with this Guaranty
Agreement or otherwise. 
  
 5. If acceleration of the time for payment of any
amount payable by any Borrower under the Guaranteed Indebtedness is stayed upon the insolvency, bankruptcy, or reorganization of any Borrower, all such amounts otherwise subject to acceleration under the terms of the Guaranteed Indebtedness shall
nonetheless be payable by Guarantor hereunder forthwith on demand by Lender. 
  
 6. Guarantor hereby agrees that its obligations under this Guaranty Agreement shall not be released, discharged, diminished, impaired, reduced, or affected for any reason or by the occurrence of any event, including, without limitation, one
or more of the following events, whether or not with notice to or the consent of Guarantor: (a) the taking or accepting of collateral as security for any or all of the Guaranteed Indebtedness or the release, surrender, exchange, or subordination of
any collateral now or hereafter securing any or all of the Guaranteed Indebtedness; (b) any partial release of the liability of Guarantor hereunder, or the full or partial release of any other guarantor from liability for any or all of the
Guaranteed Indebtedness; (c) any disability of any Borrower, or the dissolution, insolvency, or bankruptcy of any Borrower, Guarantor, or any other party at any time liable for the payment of any or all of the Guaranteed Indebtedness; (d) any
renewal, extension, modification, waiver, amendment, or rearrangement of any or all of the Guaranteed Indebtedness or any instrument, document, or agreement evidencing, securing, or otherwise relating to any or all of the Guaranteed Indebtedness;
(e) any adjustment, indulgence, forbearance, waiver, or compromise that may be granted or given by Lender to any Borrower, Guarantor, or any other party ever liable for any or all of the Guaranteed Indebtedness; (f) any neglect, delay, omission,
failure, or refusal of Lender to take or prosecute any action for the collection of any of the Guaranteed Indebtedness or to foreclose or take or prosecute any action in connection with any instrument, document, or agreement evidencing, securing, or
otherwise relating to any or all of the Guaranteed Indebtedness; (g) the unenforceability or invalidity of any or all of the Guaranteed Indebtedness or of any instrument, document, or agreement evidencing, securing, or otherwise relating to any or
all of the Guaranteed Indebtedness; (h) any payment by Borrower or any other party to Lender is held to constitute a preference under applicable bankruptcy or insolvency law or if for any other reason Lender is required to refund any payment or pay
the amount thereof to someone else; (i) the settlement or compromise of any of the Guaranteed Indebtedness; (j) the non-perfection of any security interest or lien securing any or all of the Guaranteed Indebtedness; (k) any impairment of any
collateral securing any or all of the Guaranteed Indebtedness; (l) the failure of Lender to sell any collateral securing any or all of the Guaranteed Indebtedness in a commercially reasonable manner or as otherwise required by law; (m) any change in
the existence, structure, or ownership of any Borrower; or (n) any other circumstance (other than actual payment) which might otherwise constitute a defense available to, or discharge of, any Borrower or Guarantor. 

 7. Guarantor represents and warrants to Lender as follows: 
  
 1. Guarantor is a limited liability company duly organized, validly existing and in good standing under the laws of the
state of its organization, is qualified to do business in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure to so qualify might reasonably be expected to have a material
adverse effect on its business, financial condition, or operations. 
  
 2. Guarantor has the power, authority and legal right to execute, deliver, and perform its obligations under this Guaranty Agreement and this Guaranty Agreement constitutes the legal, valid, and binding obligation of Guarantor, enforceable
against Guarantor in accordance with its respective terms, except as limited by (i) bankruptcy, insolvency, or other laws of general application relating to the enforcement of creditor’s rights and (ii) by general principles of equity.

  
 3. The execution, delivery, and performance by Guarantor of
this Guaranty Agreement have been duly authorized by all requisite action on the part of Guarantor and do not and will not violate or conflict with the articles of organization or regulations of Guarantor or any law, rule, or regulation or any
order, writ, injunction or decree of any court, governmental authority or agency, or arbitrator and do not and will not conflict with, result in a breach of, or constitute a default under, or result in the imposition of any lien upon any assets of
Guarantor pursuant to the provisions of any indenture, mortgage, deed of trust, security agreement, franchise, permit, license, or other instrument or agreement to which Guarantor or its properties is bound. 
  
 4. No authorization, approval, or consent of, and no filing or registration
with, any court, governmental authority, or third party is necessary for the execution, delivery or performance by Guarantor of this Guaranty Agreement or the validity or enforceability thereof. 
  
 5. The value of the consideration received and to be received by Guarantor
as a result of Borrowers and Lender entering into the Loan Agreement and Guarantor executing and delivering this Guaranty Agreement is reasonably worth at least as much as the liability and obligation of Guarantor hereunder, and such liability and
obligation and the Loan Agreement have benefitted and may reasonably be expected to benefit Guarantor directly or indirectly. 
  
 6. Guarantor represents and warrants to Lender that Guarantor is not insolvent, Guarantor’s assets exceed its liabilities, and Guarantor will not be
rendered insolvent by the execution and performance of this Agreement and the Loan Documents. 
  
 8. Guarantor covenants and agrees that, as long as the Guaranteed Indebtedness or any part thereof is outstanding or Lender has any commitment under the Loan Agreement: 
  
 1. Guarantor will comply with all of the covenants contained in the Loan
Agreement with which Borrowers agree in the Loan Agreement to cause Guarantor to comply as if Guarantor were a party to the Loan Agreement, and all of such covenants are incorporated herein by reference as if set forth herein in full. 
  
 2. Guarantor will furnish promptly to Lender written notice of the
occurrence of any default under this Guaranty Agreement or an Event of Default under the Loan Agreement of which Guarantor has knowledge. 

 3. Guarantor will furnish promptly to Lender such additional information concerning Guarantor as Lender
may reasonably request. 
  
 9. Upon the occurrence of an Event of Default (as
defined in the Loan Agreement) Lender shall have the right to set off and apply against this Guaranty Agreement or the Guaranteed Indebtedness or both, at any time and without notice to Guarantor, any and all deposits (general or special, time or
demand, provisional or final) or other sums at any time credited by or owing from Lender to Guarantor whether or not the Guaranteed Indebtedness is then due and irrespective of whether or not Lender shall have made any demand under this Guaranty
Agreement. In addition to Lender’s right of setoff and as further security for this Guaranty Agreement and the Guaranteed Indebtedness, Guarantor hereby grants Lender a security interest in all deposits (general or special, time or demand,
provisional or final) and all other accounts of Guarantor now or hereafter on deposit with or held by Lender and all other sums at any time credited by or owing from Lender to Guarantor. The rights and remedies of Lender hereunder are in addition to
other rights and remedies (including, without limitation, other rights of setoff) which Lender may have. 
  
 10. Guarantor hereby agrees that the Subordinated Indebtedness (as hereinafter defined) shall be subordinate and junior in right of payment to the prior payment in full of all Guaranteed Indebtedness, and Guarantor
hereby assigns the Subordinated Indebtedness to Lender as security for the Guaranteed Indebtedness. If any sums shall be paid to Guarantor by any Borrower or any other person or entity on account of the Subordinated Indebtedness, such sums shall be
held in trust by Guarantor for the benefit of Lender and shall forthwith be paid to Lender without affecting the liability of Guarantor under this Guaranty Agreement. For purposes of this Guaranty Agreement, the term “Subordinated
Indebtedness” means all indebtedness, liabilities, and obligations of any Borrower to Guarantor, whether such indebtedness, liabilities, and obligations now exist or are hereafter incurred or arise, or whether the obligations of any Borrower
thereon are direct, indirect, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of the person or persons in whose favor such indebtedness, obligations, or liabilities may, at their inception, have been, or
may hereafter be created, or the manner in which they have been or may hereafter be acquired by Guarantor. 
  
 11. No amendment or waiver of any provision of this Guaranty Agreement or consent to any departure by the Guarantor therefrom shall in any event be effective unless the same shall be in writing and signed by Lender.
No failure on the part of Lender to exercise, and no delay in exercising, any right, power, or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power, or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, power, or privilege. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
  
 12. This Guaranty Agreement is for the benefit of Lender and its successors and assigns, and in the event of an assignment of the Guaranteed
Indebtedness, or any part thereof, the rights and benefits hereunder, to the extent applicable to the indebtedness so assigned, may be transferred with such indebtedness. This Guaranty Agreement is binding not only on Guarantor, but on
Guarantor’s successors and assigns. 
  
 13. Guarantor recognizes that Lender
is relying upon this Guaranty Agreement and the undertakings of Guarantor hereunder in making extensions of credit to Borrowers under the Loan Agreement and further recognizes that the execution and delivery of this Guaranty Agreement is a material
inducement to Lender in entering into the Loan Agreement. Guarantor hereby acknowledges that there are no conditions to the full effectiveness of this Guaranty Agreement. 

 14. This Guaranty Agreement is executed and delivered as an incident to a lending transaction negotiated, consummated,
and performable in Harris County, Texas, and shall be governed by and construed in accordance with the laws of the State of Texas. Any action or proceeding against Guarantor under or in connection with this Guaranty Agreement may be brought in any
state or federal court in Harris County, Texas, and Guarantor hereby irrevocably submits to the nonexclusive jurisdiction of such courts, and waives any objection it may now or hereafter have as to the venue of any such action or proceeding brought
in such court. Guarantor agrees that service of process upon it may be made by certified or registered mail, return receipt requested, at its address specified in the Loan Agreement. Nothing herein shall affect the right of Lender to serve process
in any other matter permitted by law or shall limit the right of Lender to bring any action or proceeding against Guarantor or with respect to any of Guarantor’s property in courts in other jurisdictions. Any action or proceeding by Guarantor
against Lender shall be brought only in a court located in Harris County, Texas. 
  
 15. Guarantor shall pay on demand all reasonable attorneys’ fees and all other costs and expenses reasonably incurred by Lender in connection with the preparation, administration, enforcement, or collection of this Guaranty Agreement.

  
 16. Guarantor hereby waives promptness, diligence, notice of any default under
the Guaranteed Indebtedness, demand of payment, notice of acceptance of this Guaranty Agreement, presentment, notice of protest, notice of dishonor, notice of the incurring by any Borrower of additional indebtedness, and all other notices and
demands with respect to the Guaranteed Indebtedness and this Guaranty Agreement. 
  
 17. The Loan Agreement, and all of the terms thereof, are incorporated herein by reference, the same as if stated verbatim herein, and Guarantor agrees that Lender may exercise any and all rights granted to it under the Loan Agreement and
the other Loan Documents (as defined in the Loan Agreement) without affecting the validity or enforceability of this Guaranty Agreement. Any notices given hereunder shall be given in the manner provided by and to the addresses set forth in the Loan
Agreement. 
  
 18. Guarantor hereby represents and warrants to Lender that
Guarantor has adequate means to obtain from Borrowers on a continuing basis information concerning the financial condition and assets of Borrowers and that Guarantor is not relying upon Lender to provide (and Lender shall have no duty to provide)
any such information to Guarantor either now or in the future. 
  
 19. THIS
GUARANTY AGREEMENT REPRESENTS THE FINAL, ENTIRE AGREEMENT OF GUARANTOR AND LENDER WITH RESPECT TO GUARANTOR’S GUARANTY OF THE GUARANTEED INDEBTEDNESS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS,
WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN GUARANTOR AND LENDER. THIS GUARANTY AGREEMENT MAY NOT BE AMENDED EXCEPT IN WRITING BY GUARANTOR AND LENDER. 

 DATED AND EXECUTED as of November 22, 2004. 
  

			
	GUARANTOR:
	
	OYOG LIMITED PARTNER, LLC
		
	By:	 	 /s/ Thomas T. McEntire

	 	 	Thomas T. McEntire
	 	 	ManagerSecurity Agreement dated as of November 22, 2004

 Exhibit 10.16 
  
 SECURITY AGREEMENT 
  
 THIS SECURITY AGREEMENT dated as of November 22, 2004 (this “Agreement”), is by and between CONCORD TECHNOLOGIES, LP, a Texas
limited partnership (the “Debtor”), and UNION PLANTERS BANK, N.A., a national banking association (“Secured Party”). 
  
 R E C I T A L S: 
  
 1. Debtor, Geospace Technologies, LP, a Texas limited partnership (“Geospace”), OYO Instruments, LP, a Texas
limited partnership (“Instruments”), Geospace Engineering Resources International, LP, a Texas limited partnership (“Engineering”), OYOG Operations, LP, a Texas limited partnership (“Operations”), and Secured Party have
entered into that certain Loan Agreement dated as of November 22, 2004 (such Loan Agreement, as the same may be amended or modified from time to time, is referred to herein as the “Loan Agreement”). 
  
 2. Secured Party has conditioned its obligations under the Loan Agreement
upon, among other things, the execution and delivery of this Agreement by Debtor. 
  
 NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
  
 1. ARTICLE

  
 Security Interest 
  
 1.1. Section Security Interest. Debtor hereby grants to Secured
Party a security interest in the following property, whether now owned or existing or hereafter arising or acquired and wherever arising or located (such property being hereinafter sometimes called the “Collateral”): 
  
 (a) all of its accounts, accounts receivable, contract rights and general intangibles (but
excluding patents, trademarks, trade names and other intellectual property), whether now owned or hereafter acquired and all investment property, financial assets, instruments, documents, chattel paper, deposit accounts and funds on deposit with
Secured Party arising therefrom and including, without limitation, all lease receivables and all cash, notes, drafts and acceptances arising therefrom, all returned and repossessed goods arising from or relating to any such accounts, or other
proceeds of any sale, lease or other disposition of inventory, and all proceeds (including insurance proceeds) and products thereof; and 
  
 (b) all of its inventory, whether now owned or hereafter acquired, including, without limitation, all raw materials, goods in process, finished goods and other tangible
personal property held for sale or lease or furnished or to be furnished under contracts for service or used or consumed in 

 Debtor’s trade or business and all additions, accessions, substitutions, attachments and replacements thereto and
all contracts with respect thereto and all documents of title evidencing or representing any part thereof and all products and proceeds (including insurance proceeds) thereof. 
  
 All terms used in this Agreement that are defined in the Uniform Commercial Code as adopted in the state of Texas shall have
the meanings specified in the Uniform Commercial Code as adopted by the State of Texas. 
  
 1.2. Section Obligations. The Collateral shall secure the following obligations, indebtedness, and liabilities (all such obligations, indebtedness, and liabilities being hereinafter sometimes called the
“Obligations”): 
  
 (a) the obligations and indebtedness of Debtor to
Secured Party evidenced by that certain promissory note in the original principal amount of $15,000,000.00 dated November 22, 2004, executed, jointly and severally, by Debtor, Geospace, Instruments, Engineering and Operations and payable to the
order of Secured Party; 
  
 (b) the Obligations as defined in the Loan Agreement;

  
 (c) all costs and expenses, including, without limitation, all attorneys’
fees and legal expenses, incurred by Secured Party to preserve and maintain the Collateral, collect the obligations herein described, and enforce this Agreement; and 
  
 (d) all extensions, renewals, and modifications of any of the foregoing and all promissory notes given in renewal, extension or modification
of any of the foregoing. 
  
 2. ARTICLE 
  
 Representations and Warranties 
  
 To induce Secured Party to enter into this Agreement and the
Loan Agreement, Debtor represents and warrants to Secured Party that: 
  
 2.1. Section Title. Except for the security interest granted herein, Debtor owns, and with respect to Collateral acquired after the date hereof Debtor will own, the Collateral free and clear of any lien, security interest, or other
encumbrance. 
  
 2.2. Section Accounts. Unless Debtor has
given Secured Party written notice to the contrary, whenever the security interest granted hereunder attaches to an account, Debtor shall be deemed to have represented and warranted to Secured Party as to each and all of its accounts that (a) each
account is genuine and is in all respects what it purports to be, (b) each account represents the legal, valid, and binding obligation of the account debtor evidencing indebtedness unpaid and owed by such account debtor arising out of the
performance of labor or services by 

 Debtor or the sale or lease of goods by Debtor, and (c) the amount of each account represented as owing
is the correct amount actually and unconditionally owing except for normal trade discounts and other normal credits (such as allowances for warranty claims) granted in the ordinary course of business. 
  
 2.3. Section Financing Statements. No financing statement,
security agreement, or other lien instrument covering all or any part of the Collateral is on file in any public office, except as may have been filed in favor of Secured Party. 
  
 2.4. Section Jurisdiction of Organization; Legal Name. Debtor is a Texas limited
partnership. Debtor’s legal name set forth in its Certificate of Limited Partnership filed with the Texas Secretary of State, as amended to date is: Concord Technologies, LP. Debtor’s organizational ID is 139644-10. 
  
 2.5. Section Principal Place of Business. The
principal place of business and chief executive office of Debtor, and the office where Debtor keeps its books and records, is located at the address of Debtor listed in the Loan Agreement. 
  
 2.6. Section Location of Collateral. All inventory of
Debtor is located at 7007 Pinemont Drive, Houston, Texas 77040. 
  
 2.7. Section Business Purpose. The Collateral is used, acquired and held exclusively for business purposes and no portion of the Collateral is consumer goods. The Obligations were incurred solely for business purposes and not
as a consumer-goods transaction or a consumer transaction. 
  
 3.
ARTICLE 
  
 Covenants 
  
 Debtor covenants and agrees with Secured Party that until the
Obligations are paid and performed in full: 
  
 3.1. Section
Maintenance. Debtor shall maintain the Collateral in good operating condition and repair and shall not permit any waste or destruction of the Collateral or any part thereof. Debtor shall not use or permit the Collateral to be used in
violation of any law or inconsistently with the terms of any policy of insurance. Debtor shall not use or permit the Collateral to be used in any manner or for any purpose that would impair the value of the Collateral or expose the Collateral to
unusual risk. 
  
 3.2. Section Encumbrances. Except for
Liens (as defined in the Loan Agreement) described in clauses (a), (d), (e) and (f) of Section 8.2 of the Loan Agreement, Debtor shall not create, permit, or suffer to exist, and shall defend the Collateral against any lien, security interest, or
other encumbrance on the Collateral except the security interest of Secured Party hereunder, and shall defend Debtor’s rights in the Collateral and Secured Party’s security interest in the Collateral against the claims of all persons and
entities. 

 3.3. Section Disposition of Collateral. Debtor shall not sell, lease, or otherwise
dispose of the Collateral or any part thereof without the prior written consent of Secured Party, except Debtor may sell inventory in the ordinary course of business. 
  
 3.4. Section Further Assurances. At any time and from time to time, upon the request of Secured Party, and at
the sole expense of Debtor, Debtor shall promptly execute and deliver all such further instruments and documents and take such further action as Secured Party reasonably may deem necessary or desirable to preserve and perfect its security interest
in the Collateral and carry out the provisions and purposes of this Agreement, including, without limitation, the execution (if necessary or applicable) and filing of such financing statements as Secured Party may require. A carbon, photographic, or
other reproduction of this Agreement or of any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement and may be filed as a financing statement. 
  
 3.5. Section Risk of Loss; Insurance. Debtor
shall be responsible for any loss of or damage to the Collateral. Debtor shall maintain insurance on the Collateral as provided in the Loan Agreement. 
  
 3.6. Section Inspection Rights. Upon reasonable prior notice, during Debtor’s normal business hours, Debtor shall permit Secured Party
and its representatives to examine or inspect the Collateral wherever located and to examine, inspect, and copy Debtor’s books and records at any reasonable time and as often as Secured Party may desire. 
  
 3.7. Section Notification. Debtor shall promptly notify Secured Party
of (a) any lien, security interest, encumbrance, or claim made or threatened against the Collateral, and (b) any material change in the Collateral, including, without limitation, any material damage to or loss of the Collateral. 
  
 3.8. Section Partnership Changes. Debtor shall give Secured
Party at least thirty (30) days prior written notice of any change of its name, identity, or partnership structure in any manner that might make any financing statement filed in connection with this Agreement misleading and shall have taken all
action deemed necessary or desirable by Secured Party to cause its security interest in the Collateral to be perfected with the priority required by this Agreement. Debtor shall not change its principal place of business, chief executive office, or
the place where it keeps its books and records unless it shall have given Secured Party thirty (30) days prior written notice thereof and shall have taken all action deemed necessary or desirable by Secured Party to cause its security interest in
the Collateral to be perfected with the priority required by this Agreement. 

 3.9. Section Books and Records; Information. Debtor shall from time to time at the
request of Secured Party deliver to Secured Party such information regarding the Collateral and Debtor as Secured Party may request, including, without limitation, lists and descriptions of the Collateral and evidence of the identity and existence
of the Collateral. 
  
 3.10. Section Location of
Collateral. Other than pursuant to lease and rental agreements, Debtor shall not move any of its inventory from the location described in Section 2.6 without the prior written consent of Secured Party. 
  
 4. ARTICLE 
  
 Rights of Secured Party 
  
 4.1. Section Power of Attorney. Debtor hereby irrevocably constitutes and appoints Secured Party and
any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the name of Debtor or in its own name, upon the occurrence of an Event of Default, to take any and
all action and to execute any and all documents and instruments which Secured Party at any time and from time to time deems necessary or desirable to accomplish the purposes of this Agreement and, without limiting the generality of the foregoing,
Debtor hereby gives Secured Party the power and right on behalf of Debtor and in its own name to do any of the following, without notice to or the consent of Debtor: 
  
 (a) to demand, sue for, collect, or receive in the name of Debtor or in its own name, any money or property at any time payable or
receivable on account of or in exchange for any of the Collateral and, in connection therewith, endorse checks, notes, drafts, acceptances, money orders, documents of title, or any other instruments for the payment of money under the Collateral or
any policy of insurance; 
  
 (b) to pay or discharge taxes, liens, security
interests, or other encumbrances levied or placed on or threatened against the Collateral; 
  
 (c) to send requests for verification to account debtors and other obligors; and 
  
 (d) (i) to direct account debtors and any other parties liable for any payment under any of the Collateral to make payment of any and all monies due and to become due
thereunder directly to Secured Party or as Secured Party shall direct; (ii) to receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in respect of or arising out of any Collateral; (iii)
to sign and endorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, proxies, stock powers, verifications, and notices in connection with accounts and other documents
relating to the Collateral; (iv) to exchange any of the Collateral for other property upon any merger, consolidation, reorganization, recapitalization, or other readjustment of the issuer thereof and, in connection therewith, deposit any of the
Collateral with any 

 committee, depositary, transfer agent, registrar, or other designated agency upon such terms as Secured Party may
determine; (v) to insure, and to make, settle, compromise, or adjust claims under any insurance policy covering any of the Collateral; and (vi) to sell, transfer, pledge, make any agreement with respect to or otherwise deal with any of the
Collateral as fully and completely as though Secured Party were the absolute owner thereof for all purposes, and to do, at Secured Party’s option and Debtor’s expense, at any time, or from time to time, all acts and things which Secured
Party deems necessary to protect, preserve, or realize upon the Collateral and Secured Party’s security interest therein. 
  
 This power of attorney is a power coupled with an interest and shall be irrevocable. Secured Party shall be under no duty to exercise or
withhold the exercise of any of the rights, powers, privileges, and options expressly or implicitly granted to Secured Party in this Agreement, and shall not be liable for any failure to do so or any delay in doing so. Secured Party shall not be
liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual capacity or in its capacity as attorney-in-fact except acts or omissions resulting from its gross negligence or willful misconduct. This
power of attorney is conferred on Secured Party solely to protect, preserve, and realize upon its security interest in the Collateral. Secured Party shall not be responsible for any decline in the value of the Collateral and shall not be required to
take any steps to preserve rights against prior parties or to protect, preserve, or maintain any security interest or lien given to secure the Collateral. 
  
 4.2. Section Performance by Secured Party. If Debtor fails to perform or comply with any of its agreements contained herein,
Secured Party itself may, at its sole discretion, cause or attempt to cause performance or compliance with such agreement and the reasonable expenses of Secured Party, together with interest thereon at the Default Rate (as defined in the Loan
Agreement), shall be payable by Debtor to Secured Party on demand and shall constitute Obligations secured by this Agreement. Notwithstanding the foregoing, it is expressly agreed that Secured Party shall not have any liability or responsibility for
the performance of any obligation of Debtor under this Agreement. 
  
 4.3. Section Assignment by Secured Party. Subject to applicable provisions of the Loan Agreement, Secured Party may from time to time assign or grant participations in the Obligations and any portion thereof or
the Collateral and any portion thereof, and the assignee or Purchaser (as defined in the Loan Agreement) shall be entitled to all of the rights and remedies of Secured Party under this Agreement in relation thereto. 
  
 4.4. Section Financing Statements. Debtor expressly authorizes
Secured Party to file financing statements showing Debtor as debtor covering all or any portion of the Collateral in such filing locations as selected by Secured Party and authorizes, ratifies and confirms any financing statement filed prior to the
date hereof by Secured Party in any jurisdiction showing Debtor as debtor covering all or any portion of the Collateral. 

 5. ARTICLE 
  
 Default 
  
 5.1. Section Events of Default. The term “Event of Default” shall mean an Event of Default as defined in the Loan
Agreement. 
  
 5.2. Section Rights and
Remedies. Upon the occurrence of an Event of Default, Secured Party shall have the following rights and remedies: 
  
 (a) Secured Party may declare the Obligations or any part thereof immediately due and payable, without notice, demand, presentment, notice of dishonor, notice of
acceleration, notice of intent to accelerate, notice of intent to demand, protest, or other formalities of any kind, all of which are hereby expressly waived by Debtor; provided, however, that upon the occurrence of an Event of Default under Section
10.1(d) or Section 10.1(e) of the Loan Agreement, the Obligations shall become immediately due and payable without notice, demand, presentment, notice of dishonor, notice of acceleration, notice of intent to accelerate, notice of intent to demand,
protest, or other formalities of any kind, all of which are hereby expressly waived by Debtor. 
  
 (b) In addition to all other rights and remedies granted to Secured Party in this Agreement and in any other instrument or agreement securing, evidencing, or relating to the Obligations or any part thereof, Secured
Party shall have all of the rights and remedies of a secured party under the Uniform Commercial Code as adopted by the State of Texas. Without limiting the generality of the foregoing, Secured Party may (i) without demand or notice to Debtor,
collect, receive, or take possession of the Collateral or any part thereof and for that purpose Secured Party may enter upon any premises on which the Collateral is located and remove the Collateral therefrom or render it inoperable, and/or (ii)
sell, lease, or otherwise dispose of the Collateral, or any part thereof, in one or more parcels at public or private sale or sales, at Secured Party’s offices or elsewhere, for cash, on credit, or for future delivery. Upon the request of
Secured Party, Debtor shall assemble the Collateral and make it available to Secured Party at any place designated by Secured Party that is reasonably convenient to Debtor and Secured Party. Debtor agrees that Secured Party shall not be obligated to
give more than five (5) Business Days (as defined in the Loan Agreement) written notice of the time and place of any public sale or of the time after which any private sale may take place and that such notice shall constitute reasonable notice of
such matters. Debtor shall be liable for all reasonable expenses of retaking, holding, preparing for sale, or the like, and all reasonable attorneys’ fees, legal expenses, and all other costs and expenses incurred by Secured Party in connection
with the collection of the Obligations and the enforcement of Secured Party’s rights under this Agreement. Subject to mandatory provisions of applicable law, Secured Party may apply the Collateral against the Obligations in such order and
manner as Secured Party may elect in its sole discretion. Debtor shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay the Obligations in full. Debtor waives all rights of
marshalling in respect of the Collateral. 
  
 (c) Secured Party may cause any or
all of the Collateral held by it to be transferred into the name of Secured Party or the name or names of Secured Party’s nominee or nominees. 

 6. ARTICLE 
  
 Miscellaneous 
  
 6.1. Section No Waiver; Cumulative Remedies. No failure on the part of Secured Party to exercise and no delay in exercising,
and no course of dealing with respect to, any right, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power, or privilege under this Agreement preclude any other or
further exercise thereof or the exercise of any other right, power, or privilege. The rights and remedies provided for in this Agreement are cumulative and not exclusive of any rights and remedies provided by law. 
  
 6.2. Section Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of Debtor and Secured Party and their respective heirs, successors, and assigns, except that Debtor may not assign any of its rights or obligations under this Agreement without the prior written consent
of Secured Party. 
  
 6.3. Section Amendment. The
provisions of this Agreement may be amended or waived only by an instrument in writing signed by the parties hereto. 
  
 6.4. Section Notices. All notices and other communications provided for in this Agreement shall be given as provided in the Loan Agreement.

  
 6.5. Section Applicable Law; Venue;
Service of Process. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas and the applicable laws of the United States of America. This Agreement has been entered into in Harris
County, Texas, and it shall be performable for all purposes in Harris County, Texas. The venue of, and provisions regarding service of process in connection with any action or proceeding hereunder shall be determined as provided in the Loan
Agreement. 
  
 6.6. Section Headings. The headings,
captions, and arrangements used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement. 
  
 6.7. Section Survival of Representations and Warranties. All representations and warranties made in this Agreement or
in any certificate delivered pursuant hereto shall survive the execution and delivery of this Agreement, and no investigation by Secured Party shall affect the representations and warranties or the right of Secured Party to rely upon them.

  
 6.8. Section Counterparts. This Agreement may be
executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

 6.9. Section Waiver of Bond. In the event Secured Party seeks to take possession of
any or all of the Collateral by judicial process, Debtor hereby irrevocably waives any bonds and any surety or security relating thereto that may be required by applicable law as an incident to such possession, and waives any demand for possession
prior to the commencement of any such suit or action. 
  
 6.10.
Section Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions of this Agreement, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 6.11. Section ENTIRE AGREEMENT. THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS (AS DEFINED IN THE LOAN AGREEMENT) REPRESENT THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE
SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
  
 IN WITNESS WHEREOF, the parties hereto have duly executed
this Agreement as of the day and year first written above. 
  

			
	DEBTOR:
	
	CONCORD TECHNOLOGIES, LP
		
	By:	 	OYOG, LLC,
	 	 	its general partner
		
	By:	 	 /s/ Thomas T. McEntire

	 	 	Thomas T. McEntire
	 	 	Vice President and
	 	 	Chief Financial Officer

			
	SECURED PARTY:
	
	 UNION PLANTERS BANK,
 N.A.

		
	By:	 	 /s/ Edward K. Bowdon

	 	 	Edward K. Bowdon
	 	 	Senior Vice President

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