Document:

exh_101.htm

EXHIBIT 10.1

 

AMENDMENT NO. 4 TO CREDIT AGREEMENT

 

This Amendment No. 4 to Credit Agreement, dated as of April 24, 2013, (this “Amendment”), is entered into by GLOBAL GEOPHYSICAL SERVICES, INC., a Delaware corporation (the “Borrower”), the lenders party to the Credit Agreement described below, and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), Swing Line Lender and L/C Issuer.

 

INTRODUCTION

 

Reference is made to the Credit Agreement dated as of April 30, 2010 (as modified from time to time, the “Credit Agreement”), among the Borrower, the lenders from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and the Administrative Agent.

 

Barclays Bank PLC (“Barclays”) has a Commitment under the Credit Agreement of $17,500,000 which is scheduled to terminate on the Maturity Date.  Barclays intends to assign to Bank of America, N.A. (“BofA”), and BofA intends to assume, $12,500,000 of that Commitment (such amount, the “Assigned Amount”), subject to the execution of this Amendment.

 

The Borrower has requested, and BofA has agreed, to extend the expiration of the Assigned Amount on the terms and conditions set forth herein.

 

In connection with the foregoing, the Lenders and the Administrative Agent have agreed on the terms and conditions set forth herein, to make certain amendments to the Credit Agreement.

 

THEREFORE, in connection with the foregoing and for other good and valuable consideration, the Borrower, the Lenders, and the Administrative Agent hereby agree as follows:

 

Section 1. Definitions; References.  Unless otherwise defined in this Amendment, each term used in this Amendment that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.

 

Section 2. Amendment of Credit Agreement.

 

(a) Section 1.01 of the Credit Agreement is hereby amended by inserting the following definitions in appropriate alphabetical order:

 

“Fourth Amendment” means Amendment No. 4 to Credit Agreement dated as of April 24, 2013, among the Borrower, the Lenders party thereto, the Administrative Agent, the Swing Line Lender and the L/C Issuer.

 

“Fourth Amendment Effective Date” means April 24, 2013.

 

“Interim Extended Commitment” means any Commitment which terminates on the Interim Extended Maturity Date (or earlier termination of the Extended Availability Period).

 

  

  

  

“Interim Extended Maturity Date” means September 30, 2013; provided, however, that if such date is not a Business Day, the Interim Extended Maturity Date shall be the next preceding Business Day.

 

“Interim Extending Lender” means, at any time, any Lender to the extent it has an Interim Extended Commitment at such time.  Schedule 2.01 to the Fourth Amendment sets forth the Interim Extending Lenders as of the Fourth Amendment Effective Date, under the heading “Extending Lenders”.

 

(b) Section 1.01 of the Credit Agreement is hereby further amended by:

 

(i) deleting the definition of “Applicable Percentage” in its entirety and replacing it with the following:

 

“Applicable Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender's Commitment at such time, subject to adjustment as provided in Section 2.16.  If the commitment of each Lender to make Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated pursuant to Section 8.02, or if the Commitments have expired, then the Applicable Percentage of each Lender in respect of the Aggregate Commitments shall be determined based on the Applicable Percentage of such Lender in respect of the Aggregate Commitments most recently in effect, giving effect to any subsequent assignments; provided, that after the Commitment of any Non-Extending Lender or Interim Extending Lender shall have expired or terminated (other than pursuant to Section 8.02 hereof) and all Obligations owed to such Non-Extending Lender or Interim Extending Lender, as applicable, have been paid in full, or shall have been reduced in accordance with Section 2.06 (i) the Applicable Percentage of such Non-Extending Lender or Interim Extending Lender, as applicable, for purposes of Section 10.04(c) hereof shall be its Applicable Percentage immediately prior to such date, and (ii) the Applicable Percentages of the Extending Lenders (and any unfunded risk participations based thereon) shall automatically be appropriately adjusted for all other purposes to reflect the termination or reduction, as applicable of the Commitments of the Non-Extending Lenders or Interim Extending Lenders, as applicable.  The Applicable Percentage of each Lender as of the Fourth Amendment Effective Date is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

 

(ii) deleting the definition of “Extended Availability Period” in its entirety and replacing it with the following:

 

“Extended Availability Period” means, (i) in respect of the portion of the Aggregate Commitments comprised of Interim Extended Commitments, the period from and including the Closing Date to the earliest of (A) the Interim Extended Maturity Date, (B) the date of termination of the Commitments pursuant to Section 2.06, and (C) the date of termination of the commitment of each Lender to make Revolving Credit Loans and of the obligation of the L/C Issuers to make L/C Credit Extensions pursuant to Section 8.02 and (ii) in respect of the portion of the Aggregate Commitments comprised of Extended Commitments, the period from and including the Closing Date to the earliest of (A) the Extended Maturity Date, (B) the date of termination of the Commitments pursuant to Section 2.06, and (C) the date of termination of the commitment of each Lender to make Revolving Credit Loans and of the obligation of the L/C Issuers to make L/C Credit Extensions pursuant to Section 8.02.

 

  

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(iii) deleting the definition of “Extending Lender” in its entirety and replacing it with the following:

 

“Extending Lender” means, at any time, any Lender to the extent it has an Extended Commitment at such time.  Schedule 2.01 to the Fourth Amendment sets forth the Extending Lenders as of the Fourth Amendment Effective Date, under the heading “Extending Lenders”.

 

(iv) deleting the reference to “Maturity Date” in the definition of “Disqualified Stock” and replacing it with a reference to “Extended Maturity Date”;

 

(v) deleting the definition of “Interest Payment Date” in its entirety and replacing it with the following:

 

“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date, the Interim Extended Maturity Date or the Extended Maturity Date, as applicable; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan or Swing Line Loan, the last Business Day of each March, June, September and December and the Maturity Date, Interim Extended Maturity Date or Extended Maturity Date, as applicable.

 

(vi) replacing clause (c) of the definition of “Interest Period” in its entirety with the following:

 

(c)           no Interest Period shall extend beyond, initially, the Maturity Date, and thereafter, the Interim Extended Maturity Date or the Extended Maturity Date, as applicable.

 

(vii) deleting the definition of “Non-Extending Lender” in its entirety and replacing it with the following:

 

“Non-Extending Lender” means, at any time, any Lender to the extent it has a Non-Extended Commitment at such time.  Schedule 2.01 to the Fourth Amendment sets forth the Non-Extending Lenders as of the Fourth Amendment Effective Date, under the heading “Non-Extending Lenders”.

 

  

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(c) Section 2.01 of the Credit Agreement is hereby amended by deleting such Section in its entirety and replacing it with the following:

 

2.01 The Loans.  Subject to the terms and conditions set forth herein, each Lender severally agrees to make loans (each such loan, a “Revolving Credit Loan”) to the Borrower from time to time, on any Business Day during the Availability Period, in the case of each Non-Extending Lender, or Extended Availability Period, in the case of each Interim Extending Lender or Extending Lender, as applicable, in an aggregate amount not to exceed at any time outstanding the amount of such Lender's Commitment; provided, however, that after giving effect to any Revolving Credit Borrowing, (i) the Total Outstandings shall not exceed the Aggregate Commitments, and (ii) the aggregate Outstanding Amount of the Revolving Credit Loans of any Lender, plus such Lender's Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender's Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender's Commitment.  Within the limits of each Lender's Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01.  Revolving Credit Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.

 

(d) Section 2.07(a) of the Credit Agreement is hereby amended by deleting such clause (a) in its entirety and replacing it with the following:

 

(a) Revolving Credit Loans.  The Borrower shall repay to (i) the Non-Extending Lenders on the Maturity Date the aggregate principal amount of all Revolving Credit Loans made by the Non-Extending Lenders outstanding on such date, (ii) the Interim Extending Lenders on the Interim Extended Maturity Date the aggregate principal amount of all Revolving Credit Loans made by the Interim Extending Lenders outstanding on such date and (iii) the Extending Lenders on the Extended Maturity Date the aggregate principal amount of all Revolving Credit Loans made by the Extending Lenders outstanding on such date.

 

(e) The Credit Agreement is hereby amended by deleting the reference to “Maturity Date” in Section 6.01(c) and replacing it with a reference to “Extended Maturity Date”.

 

(f) The Credit Agreement is hereby amended by deleting the reference to “Maturity Date” in Section 7.02(i) and replacing it with a reference to “Extended Maturity Date”.

 

(g) The Credit Agreement is hereby amended by replacing Schedule 2.01 in its entirety with Schedule 2.01 attached hereto.

 

Section 3. Extension of Assigned Amount.  The extension of the expiration of the Assigned Amount is hereby effective immediately upon the effective date of the assignment thereof, extended to the Interim Maturity Date.

 

Section 4. Lender Credit Decision.  Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on the financial statements referred to in Section 6.01 of the Credit Agreement and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Amendment and to agree to the various matters set forth herein.  Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement.

 

  

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Section 5. Representations and Warranties.  The Borrower represents and warrants that (a) the execution, delivery, and performance of this Amendment by each Loan Party are within the corporate or equivalent power and authority of such Loan Party and have been duly authorized by all necessary corporate or other organizational action; (b) this Amendment, and the Credit Agreement as amended hereby, constitute legal, valid, and binding obligations of each Loan Party, enforceable against each Loan Party in accordance with their terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws of general applicability affecting the enforcement of creditors' rights and the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law); (c) the representations and warranties of the Borrower and each other Loan Party contained in each Loan Document are true and correct in all material respects as of the date of this Amendment, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; (d) no Default or Event of Default exists under the Loan Documents; and (e) the Liens under the Collateral Documents are valid and subsisting.

 

Section 6. Effect on Credit Documents.  Except as amended herein, the Credit Agreement and all other Loan Documents remain in full force and effect as originally executed.  Nothing herein shall act as a waiver of any of the Administrative Agent's or any Lender's rights under the Loan Documents as amended, including the waiver of any default or event of default, however denominated.  The Borrower acknowledges and agrees that this Amendment shall in no manner impair or affect the validity or enforceability of the Credit Agreement.  This Amendment is a Loan Document for the purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of representations, warranties, and covenants under this Amendment may be a default or event of default under the other Loan Documents.

 

Section 7. Effectiveness.  This Amendment shall become effective, and the Credit Agreement shall be amended as provided for herein, upon the satisfaction on or prior to April 24, 2013, of the following conditions:

 

(a) the Administrative Agent (or its counsel) shall have received (i) counterparts hereof duly executed and delivered by a duly authorized officer of the Borrower, each Guarantor, and by the Lenders whose consent is required to effect the amendments contemplated hereby;

 

(b) the Administrative Agent (or its counsel) shall have received each of the items listed on the Closing Documents List attached hereto as Annex I, each in form and substance reasonably acceptable to the Administrative Agent and, where applicable, duly executed and delivered by a duly authorized officer of each applicable Loan Party; and

 

  

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(c) the Administrative Agent shall have received, or shall concurrently receive for the account of the applicable Person, payment of all fees and expenses payable in connection with this Amendment.

 

Section 8. Reaffirmation of Guaranty.  By its signature hereto, each Guarantor represents and warrants that such Guarantor has no defense to the enforcement of the Guaranty, and that according to its terms the Guaranty will continue in full force and effect to guaranty the Borrower's obligations under the Credit Agreement and the other amounts described in the Guaranty following the execution of this Amendment.

 

Section 9. Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

Section 10. Miscellaneous.  The miscellaneous provisions set forth in Article X of the Credit Agreement apply to this Amendment.  This Amendment may be signed in any number of counterparts, each of which shall be an original, and may be executed and delivered electronically and by telecopier.

 

Section 11. ENTIRE AGREEMENT.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

[signature pages follow]

 

  

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EXECUTED as of the first date above written.

 

GLOBAL GEOPHYSICAL SERVICES, INC.

 

By: /s/ P. Mathew Verghese

Name: P. Mathew Verghese

Title: Sr. VP & CFO

 

 

Signature Page to Amendment No. 4 to Credit Agreement

  

  

AUTOSEIS DEVELOPMENT COMPANY

 

By: /s/ P. Mathew Verghese

Name: P. Mathew Verghese

Title: Sr. VP & CFO

 

AUTOSEIS, INC.

 

By: /s/ P. Mathew Verghese

Name: P. Mathew Verghese

Title: Sr. VP & CFO

 

GGS INTERNATIONAL HOLDINGS, INC.

 

By: /s/ P. Mathew Verghese

Name: P. Mathew Verghese

Title: Sr. VP & CFO

 

GLOBAL EURASIA, LLC

 

By: /s/ P. Mathew Verghese

Name: P. Mathew Verghese

Title: Sr. VP & CFO

 

GLOBAL MICROSEISMIC SERVICES, INC.

 

By: /s/ P. Mathew Verghese

Name: P. Mathew Verghese

Title: Sr. VP & CFO

 

PAISANO LEASE CO., INC.

 

By: /s/ P. Mathew Verghese

Name: P. Mathew Verghese

Title: Sr. VP & CFO

 

 

Signature Page to Amendment No. 4 to Credit Agreement

  

  

BANK OF AMERICA, N.A., as Administrative Agent

 

 

By: /s/ Darleen R. Parmelle

Name: Darleen R. Parmelle

Title: Assistant Vice President

 

 

Signature Page to Amendment No. 4 to Credit Agreement

  

  

BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender

 

 

By: /s/ Julie Castano

Name: Julie Castano

Title: SVP

 

Signature Page to Amendment No. 4 to Credit Agreement

  

  

BARCLAYS BANK PLC

 

By: /s/ May Huang

Name: May Huang

Title: AVP

 

 

 

Signature Page to Amendment No. 4 to Credit Agreement

  

  

CITIBANK, N.A.

 

By: /s/ Scott Gildea

Name: Scott Gildea

Title: Senior Vice President

 

 

Signature Page to Amendment No. 4 to Credit Agreement

  

  

SCHEDULE 2.01

COMMITMENTS

AND APPLICABLE PERCENTAGES

 

	
Extending 

Lender

	
Non-Extending 

Lender

	
Interim 

Extending 

Lender

	
Non-Extended 

Commitment

	
Interim Extended 

Commitment

	
Extended 

Commitment

	
All 

Commitments

	
Pro Rata 

Share – 

Non-Extended 

Commitment

	
Pro Rata 

Share – 

Extended 

Commitment

	
Pro Rata 

Share –

 Interim Extended

Commitment

	
Pro Rata 

Share- 

All Commitments

	
Bank of America, N.A.

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

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

	
$25,000,000

	
$25,000,000.00

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

	
37.037037037%

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

	
29.411764706%

	  	  	
Bank of America, N.A.

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

	
$12,500,000

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

	
$12,500,000.00

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

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

	
100.000000000%

	
14.705882353%

	  	
Barclays Bank PLC

	  	
$5,000,000

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

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

	
$5,000,000.00

	
100.000000000%

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

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

	
5.882352941%

	
Credit Suisse

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

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

	
$17,500,000

	
$17,500,000.00

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

	
25.925925926%

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

	
20.588235294%

	
Citibank, N.A.

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

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

	
$25,000,000

	
$25,000,000.00

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

	
37.037037037%

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

	
29.411764706%

	
Total

	  	  	
$5,000,000

	
$12,500,000

	
$67,500,000

	
$85,000,000.00

	
100.000000000%

	
100.000000000%

	
100.000000000%

	
100.000000000%

Schedule 2.01 to Amendment No. 4 to Credit Agreement

  

  

  ANNEX I

CLOSING DOCUMENT LIST

 

Amendment No. 4

to

Credit Agreement

Dated April 24, 2013, among 

 

Global Geophysical Services, Inc., as Borrower, 

the Guarantors,

the Lenders, and

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

 

	
  

	
Borrower

	
=

	
Global Geophysical Services, Inc.

	
  

	
Agent

	
=

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

	
  

	
Guarantors

	
=

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

	
  

	
B&G

	
=

	
Bracewell & Giuliani LLP, Agent's counsel

	
#

	
Document

	
Responsible Party

	
1. 

	
Amendment No. 4 to Credit Agreement

 

Schedule 2.01 – Commitments and Applicable    Percentages

Annex I – Closing Documents List

	
B&G

	
2. 

	
Amendment No. 4 to U.S. First Preferred Fleet Mortgage, attaching a copy of Amendment No. 4 to the Credit Agreement

	
B&G

	
3. 

	
Assignment and Assumption Agreement between Barclays Bank PLC and Bank of America, N.A.

	
B&G

	
4. 

	
Secretary’s Certificate of Borrower:

     a.     Certifying that the Certificate of Incorporation andBylaws of the Borrower have not been amendedsince the Third Amendment and are in full force andeffect

     b.     Resolutions

     c.     Certifying that the signature and Incumbency ofofficers remain in full force and effect since theThird Amendment

	
Borrower

 

Annex I to Amendment No. 4 to Credit Agreement

  

  

	
#

	
Document

	
Document

	
5. 

	
Secretary’s Certificate of each Guarantor:

     a.     Certifying that the Certificate of Incorporation andBylaws of such Guarantor have not been amendedsince the Third Amendment and are in full force andeffect

     b.     Resolutions

     c.     Certifying that the signature and Incumbency ofofficers remain in full force and effect since theThird Amendment

	
Guarantors

	
6. 

	
Certificate of a Responsible Officer of Borrower, certifying the following:

 

(a) that, before and after giving effect to the Amendment, the representations and warranties contained in Article V of the Credit Agreement and the other Loan Documents are true and correct on and as of the Amendment’s effective date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date; and

 

(b) that, before and after giving effect to the Amendment, no Default exists.

 

	
Borrower

 

 

 

 

 

 

Annex I to Amendment No. 4 to Credit Agreementexh_102.htm

EXHIBIT 10.2

 

AMENDMENT NO. 4 TO FIRST PREFERRED FLEET MORTGAGE

 

This Amendment No. 4 to FIRST PREFERRED FLEET MORTGAGE dated as of April 24, 2013 and effective as of April 24, 2013, (this “Agreement”) is between GLOBAL GEOPHYSICAL SERVICES, INC., a Delaware corporation (the “Shipowner”), and BANK OF AMERICA, N.A., a national banking association, as administrative agent, as mortgagee (in such capacity, the “Mortgagee”).

 

INTRODUCTION

 

A. The Shipowner and the Mortgagee are parties to the First Preferred Fleet Mortgage dated as of April 30, 2010 (as the same may be amended, amended and restated, or otherwise modified from time to time, the “Mortgage”) bearing against the whole of the United States flag vessels (as more specifically described on Schedule I), together with all of the boilers, engines, generators, drilling machinery and equipment, pumps and pumping equipment, machinery, masts, spars, sails, boats, anchors, cables, chains, rigging, tackle, outfit, apparel, furniture, fittings, equipment, spares, fuel, stores and all other appurtenances thereunto appertaining or belonging, and also any and all additions, improvements and replacements hereafter made in or to such vessels, or any part thereof, or in or to their equipment and appurtenances aforesaid (collectively, the “Vessels”).  The Mortgage was duly filed with the United States Coast Guard, National Vessel Documentation Center, on May 6, 2010 at 10:23 a.m. and recorded as Batch No. 743520, Document ID No. 11973333.

 

B. The Shipowner is a party to the Credit Agreement dated as of April 30, 2010 (as the same may be amended, amended and restated, or otherwise modified from time to time, the “Credit Agreement”) among the Shipowner, as borrower, Bank of America, N.A., as Administrative Agent, Swing Line Lender, and L/C Issuer, Credit Suisse, as Syndication Agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, successor-by-merger to Banc of America Securities LLC, as Sole Lead Arranger and Sole Book Manager, and the other lenders party thereto (the “Lenders”), pursuant to which the Lenders have agreed from time to time to extend credit and/or issue letters of credit for the benefit of the Shipowner in an aggregate amount up to Eighty-Five Million United States Dollars (US$85,000,000.00) which amount is currently the principal amount of the Mortgage.  The Credit Agreement provided for certain increases of such amount.

 

C. The Mortgage was granted by the Shipowner in favor of the Mortgagee to secure the obligations of the Shipowner under the Credit Agreement and the other Loan Documents, and the payment of all other sums of money (whether for principal, premium, if any, interest, fees, expenses, indemnities or otherwise) from time to time payable by the Shipowner under the Mortgage and the other Loan Documents to which it is a party, and to secure performance and observance of all other Obligations (as defined in the Mortgage).

 

D. On even date herewith, the Shipowner, the Mortgagee, and the Lenders have entered into that certain Amendment No. 4 to Credit Agreement of even date herewith (the “Fourth Amendment”) in order to extend the maturity date of some of the Obligations and to otherwise supplement and amend the Credit Agreement in certain respects as set forth therein, a true and correct copy of which Fourth Amendment is attached hereto and incorporated herein as Exhibit “A”.

 

  

 

  

E. The Shipowner and the Mortgagee desire to amend the Mortgage to confirm that the obligations, liabilities and indebtedness of the Shipowner to the Mortgagee arising under the Credit Agreement, as amended through the Fourth Amendment, and under all Loan Documents related thereto, are obligations the payment and performance of which are secured by the lien of the Mortgage.

 

THEREFORE, the Shipowner and the Mortgagee hereby agree as follows:

 

Section 1. Definitions; References.  Unless otherwise defined in this Agreement, terms used in this Agreement which are defined in the Mortgage shall have the meanings assigned to such terms in the Mortgage.

 

Section 2. Amendments of Mortgage. The Mortgage is hereby amended as follows:

 

(a)           To confirm that the “Obligations” which are or may become secured by the Mortgage expressly include, without limitation, all obligations, liabilities and indebtedness of the Shipowner under the Credit Agreement, as amended through the Fourth Amendment, under all Loan Documents related to the Credit Agreement, as amended, including the Mortgage, and under any extensions or renewals of, amendments to, or replacements for any of the foregoing.

 

(b)           To confirm that the term “Credit Agreement” wherever such term appears on page one and in Sections 1 through 3.11 of the Mortgage, means the Credit Agreement, as amended through the Fourth Amendment.

 

(c)           To confirm that the term “Mortgage”, as used in the Mortgage, means the Mortgage, as amended by this Agreement.

 

(d)           The Mortgage, including all of the covenants and agreements on the part of the Shipowner which are set forth therein or are incorporated therein by reference, and all of the rights, privileges, powers and immunities of the Mortgagee that are provided for in the Mortgage, are in all respects confirmed, affirmed, reaffirmed and continued.

 

Section 3. Representations and Warranties.  The Shipowner represents and warrants that: (a) the execution, delivery, and performance of this Agreement are within the corporate power and authority of the Shipowner and have been duly authorized by all necessary corporate or other organizational action; (b) this Agreement constitutes legal, valid, and binding obligations of the Shipowner, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws of general applicability affecting the enforcement of creditors’ rights and the application of  general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law); (c) the representations and warranties of the Shipowner contained in each Loan Document are true and correct in all material respects as of the date of this Agreement, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they call be true and correct in all material respects as of such earlier date; (d) no Default or Event of Default exists under the Loan Documents; and (e) the Liens under the Mortgage and the other Collateral Documents (as defined in the Credit Agreement) are valid and subsisting.

 

  

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Section 4. Effect on Credit Documents.  Except as amended herein, the Mortgage and all other Credit Documents remain in full force and effect as originally executed. Nothing herein shall act as a waiver of any of the Mortgagee’s or any Lender’s rights under the Loan Documents as amended, including the waiver of any Default or Event of Default, however denominated. The Shipowner acknowledges and agrees that this Agreement shall in no manner impair or affect the validity or enforceability of the Mortgage.  This Agreement is a Loan Document for the purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of representations, warranties, and covenants under this Agreement may be a Default or Event of Default under other Loan Documents.

 

Section 5. Effectiveness.  This Agreement shall become effective and the Mortgage shall be amended as provided for herein when each of the parties hereto shall have executed and delivered this Agreement. This Agreement may be executed in multiple counterparts which together shall constitute one and the same agreement.

 

 

[The rest of this page has been left intentionally blank.]

 

  

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IN WITNESS WHEREOF, the Shipowner has executed this Mortgage on the 24th day of April, 2013, and is effective as of the date and year first above written.

 

SHIPOWNER:

 

GLOBAL GEOPHYSICAL SERVICES, INC., a Delaware corporation

By: /s/ P. Mathew Verghese

Name: P. Mathew Verghese

Title: Sr. VP & CFO

	
STATE OF TEXAS 

	
)

	
 

	

) ss. :

	
COUNTY OF FORT BEND

	
)

 

On this 24th day of April, 2013, before me personally appeared P. Mathew Verghese, to me known, who being by me duly sworn, did depose and say that s/he resides at -------------------; that s/he is an authorized individual of GLOBAL GEOPHYSICAL SERVICES, INC., the company described in and which executed the foregoing instrument; and that s/he signed her/his name thereto by order of the Board of Directors of said company and that said instrument is the act and deed of said company.

/s/ Marcela L. Landau

Notary Public

NOTARY PUBLIC STAMP:

Marcela Larsen Landau

Notary Public State of Texas

My Commission Expires

July 11, 2016

 

Signature Page to Amendment No. 4 to First Preferred Fleet Mortgage

U.S.A.

  

  

MORTGAGEE:

 

BANK OF AMERICA, N.A., a National Banking Association, as Administrative Agent

By:/s/ Darleen R. Parmelle

Name:Darleen R. Parmelle

Title:Assistant Vice President

 

 

	
STATE OF NORTH CAROLINA

	
)

	
 

	

) ss. :

	
COUNTY OF MECKLENBURG

	
)

 

On this 23 day of April, 2013, before me personally appeared Darleen R. Parmelle, to me known, who being by me duly sworn, did depose and say that s/he resides at 101 S. Tryon  Street, Charlotte, NC 28255; that s/he is an authorized individual of BANK OF AMERICA, N.A., the company described in and which executed the foregoing instrument; and that s/he signed her/his name thereto by order of the Board of Directors of said company and that said instrument is the act and deed of said company.

 

/s/ Debra Hill

Notary Public

 

 

 

NOTARY PUBLIC STAMP:

Debra Hill

Notary Public

Mecklenburg Co., North Carolina

My Commission Expires Nov. 12, 2016

 

Signature Page to Amendment No. 4 to First Preferred Fleet Mortgage

U.S.A.

  

  

SCHEDULE I

TO

FIRST PREFERRED FLEET MORTGAGE

DESCRIPTION OF THE VESSELS

 

 

	
Vessel Name

	
Official Number

	
Global Mirage

	
1060662

	
Global Quest

	
1050795

	
Global Vision

	
1058458

	
James H. Scott

	
1172960

	
Global Longhorn

	
1208913

	
Lori B

	
1111303

	
Kiwi I

	
1231575

	
Kiwi II

	
1231576

	
Kiwi III

	
1231577

 

 

 

 

 

Schedule I to Amendment No. 4 to First Preferred Fleet Mortgage

U.S.A.

  

  

EXHIBIT A

TO

FIRST PREFERRED FLEET MORTGAGE

[Copy of Amendment No. 4 to Credit Agreement with certain exhibits]

 

 

 

 

Exhibit A to Amendment No. 4 to First Preferred Fleet Mortgage

U.S.A.

  

  

ADDRESS FOR SHIPOWNER AND MORTGAGEE

 

SHIPOWNER:

 

Global Geophysical Services, Inc.

13927 South Gessner Road

Missouri City, Texas 77489

Attention:  P. Mathew Verghese

Facsimile: (713) 808-7821

 

MORTGAGEE:

 

Bank of America, N.A.

Agency Management - East

101 South Tryon Street, 15th Floor

NC1-002-15-36

Charlotte, NC 28255

Attention:  Darleen R. Parmelee

Facsimile: (704) 409-0645

 

 

Attachment to Amendment No. 4 to First Preferred Fleet Mortgage

U.S.A.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00216-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00216-of-00352.parquet"}]]