Document:

exv10w23

 

Exhibit 10.23

RENEWAL. EXTENSION AND MODIFICATION AGREEMENT

THE STATE OF TEXAS §

COUNTY OF VICTORIA § KNOW ALL MEN BY THESE PRESENTS:

     THAT WHEREAS, Mitcham Industries, Inc., hereinafter referred to as Borrower” (whether one or
more), executed a promissory note to First Victoria National Bank, hereinafter referred to as
“Lender,” in the original principal sum of Twelve Million Five Hundred Thousand Dollars
($12,500,000.00), dated the 27th day of June, 2005, and bearing interest at the prime
rate published in the Wall Street Journal, as therein provided; and

     WHEREAS, said note evidences a Loan described in and governed by the terms of a Loan Agreement
of the same date (the “Loan Agreement”) between Borrower and Lender, which loan is secured by
security interests granted by Borrower to Lender in all assets of Borrower under the terms of the
Loan Agreement and a separate security agreement of the same date between Borrower and Lender (the
“Security Agreement”) and by the assignment of Borrower’s rights under leases of equipment owned or
thereafter acquired by Borrower and leased to other parties (the “Lease and Rental Assignment”);
and

     WHEREAS. Lender is the present owner and holder of said note, which has no present principal
balance and

     WHEREAS, in consideration of the covenants contained herein and in the Loan Agreement, the
Borrower and Lender now wish to enter into the following agreement to modify the terms of the
aforementioned note and extend the maturity thereof, and to confirm, ratify, renew, and carry
forward all of the security interests and collateral securing same:

     NOW, THEREFORE, it is hereby agreed by Borrower and Lender that the above described note shall
be modified and that the principal of said note shall continue to bear interest from date of
advance until paid at the prime rate published in the Wall Street Journal as being the base rate on
corporate loans established by a selected number of the largest banks in the United States, as such
published prime rate is determined daily by Lender. In the event more than one such prime rate is
published by the Wall Street Journal, the highest of such rates shall be used to determine the
interest rate on this note. No representation is made that such prime rate is the lowest or best
rate charged by any bank to its customers. In the event the prime rate published in the Wall Street
Journal should cease to be available for any reason, Lender shall select an index comparable to
such prime rate to determine the rate of interest on this note on the next Adjustment Date.

     Notwithstanding any other provision in this note or any other loan document to the contrary,
Lender shall not charge or collect and Lender does not intend to contract for interest in

 

 

excess of
that permitted by law for loans of this kind by Lender, and to prevent such occurrence, Lender
will, at maturity or an earlier final payment of this note, determine the total amount of interest
that can be lawfully charged or collected by applying the highest lawful rate of interest to the
full periodic balances of principal for the period each is outstanding and unpaid and compare such
amount with the total interest that has accrued under the terms of said note, and, if necessary, to
prevent usury, reduce the total amount of interest payable by Borrower to the lesser amount, If the
amount of interest that has been collected exceeds the lawful amount, Lender shall
either make direct refund of such excess to Borrower or credit it against other sums owed by
Borrower to Lender, whichever Lender deems appropriate. If at any time the rate of interest
provided for in this note shall exceed the highest lawful rate, then any subsequent adjustment in
the rate of interest on this note under the terms hereof will not reduce the rate of interest below
the highest lawful rate until the total amount of interest accrued on this note equals the amount
of interest, which would have accrued if there had been no limitation to the highest lawful rate.
As used herein, the term “highest lawful rate’ means the greatest of the rates of interest from
time to time permitted under applicable law. The interest rate for this Note is computed on a
365/360 basis; that is, by applying the ratio of the annual interest rate over a year of360 days,
multiplied by the outstanding principal balance, multiplied by the actual number of days the
principal balance is outstanding, unless such calculation would result in a usurious rate, in which
case interest shall be calculated on a per diem basis of a year of 365 or 366 days, as the case may
be.

     Borrower and Lender further agree that advances of the principal of said note will continue to
be made to Borrower from time to time from the date hereof until the maturity of said note in
accordance with the terms of the Loan Agreement.

     Borrower and Lender further agree that all interest accruing on the amounts of principal
advanced under said note shall be due in twenty-four (24) consecutive monthly installments in the
amount of the then accrued and unpaid interest on said note. The first of such installments of
interest shall become due on the 1st day of March, 2007 and a like installment of
interest shall be due on the            same day of each succeeding calendar month thereafter until the
1st day of February, 2009, when the final installment shall be due. All of the principal
of said note shall be due on the 1st day of February, 2009 in addition to the
installments of interest described above.

     On the date of this agreement, Borrower will pay to Lender, in addition to any interest or
other sums due Lender under the terms of the Loan Agreement, a commitment fee of $l0,000.00 as
consideration for the extension provided by Lender under the terms of this Agreement.

     As the term “Lender” is used in this agreement, it shall be construed to refer to Lender or to
any current owner of said note, if other than Lender.

     Borrower and Lender agree that, except as modified by this agreement, said note and all of the
security interests and assignments provided in the Loan Agreement, Security Agreement, and Lease
and Rental Assignment shall continue in full force and

 

 

effect as security for the note as hereby
modified and extended and the same are hereby expressly ratified and confirmed by Borrower in all
respects. To the extent that the terms of this agreement are inconsistent with the Loan Agreement,
the Security Agreement, or the Lease and Rental Assignment, this agreement will prevail and
constitute an amendment to the Loan Agreement. This agreement is made for the purposes of renewing,
extending and continuing the unpaid balance owing on said note and the liens securing same and is
not intended to be in extinguishment or in lieu of said note and liens. The loan evidenced by said
note will continue to be subject to and governed by the Loan Agreement and secured by all of the
liens, security interests, and assignments provided in the Loan Agreement, the Security Agreement
and the Lease and Rental Assignment.

EXECUTED this the 1st day of February, 2007.

MITCHAM INDUSTRIES, INC.

	 	 	 	 	 
	By :

	 	/s/ Billy F. Mitcham, Jr.
 

	 	 
	BILLY F. MITCHAM, JR.

Its: President

BORROWER	 	 
	 
	 	 	 	 
	FIRST VICTORIA NATIONAL BANK	 	 
	By:

	 	/s/ R. David Yeates
 

	 	 
	 
	 	 	 	 
	R. DAVID YEATES	 	 
	 
	 	 	 	 
	Its Vice President

LENDERexv10w25

 

EXHIBIT 10.25

AMENDMENT

TO THE MITCHAM INDUSTRIES, INC.

2000 STOCK OPTION PLAN

     3. Stock Subject to the Plan. Subject to the provisions of Section 12of this Plan, the
maximum aggregate number of shares of Stock which may be optioned and sold under the Plan is
1,000,000 shares. The Shares may be authorized, but unissued, or reacquired Stock. If an Option
expires or becomes unexercisable for any reason without having been exercised in full,
theunpurchased Shares which were subject thereto shall, unless the Plan has beenterminated,
become available for future grant under the Plan.exv4w1

 

Exhibit 4.1

     THIS NOTE IS A GLOBAL SECURITY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITORY”) TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

	 	 	 	 	 
	REGISTERED

	 	PRINCIPAL AMOUNT

	No: 1

	 	$500,000,000

CUSIP: 037411AT2

ISIN: US037411AT28

Apache Corporation

5.250% NOTES DUE 2013

     APACHE CORPORATION, a Delaware corporation (the “Company”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of Five Hundred Million Dollars on April
15, 2013 (“Stated Maturity”) and to pay interest thereon from April 16, 2007 or from the most
recent date in respect of which interest has been paid or duly provided for, on April 15 and
October 15 of each year (each, an “Interest Payment Date”), commencing October 15, 2007, and at
Stated Maturity or upon such other date on which the principal of this Note becomes due and
payable, whether by declaration of acceleration, notice of redemption or otherwise, and including
any Redemption Date or Change in Control Purchase Date (each such date, “Maturity”), at the rate of
5.250% per annum, until the principal hereof is paid or duly made available for payment. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will,
as provided in the Indenture referred to below, be paid to the Person in whose name this Note (or
one or more Predecessor Securities) is registered as of the close of business on April 1 or October
1, as the case may be (whether or not a Business Day), next preceding such Interest Payment Date
(each such date, a “Regular Record Date”). Any such interest which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be
payable to the Holder of this Note on such Regular Record Date, and shall be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee,
notice whereof shall be given to the Holder of this Note not less than 10 days prior to such
Special Record Date, or may be paid in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.

     Payment of the principal of, and premium, if any, and interest on, this Note will be made at
the office or agency maintained for that purpose in the Borough of Manhattan, The City of New York,
in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts; provided, however, that payment of interest may be made at
the option of the Company by check mailed to the Person in whose name this Note is registered at
the close of business on the related record date; provided further, that, notwithstanding anything
else contained herein, if this Note is a Global Security and is held in book-entry form through the
facilities of the Depository, payments on this Note will be made to the Depository or its nominee
in accordance with the arrangements then in effect between the Trustee and the Depository.

     Reference is hereby made to the further provisions of this Note set forth on the succeeding
pages hereof, which further provisions shall for all purposes have the same effect as if set forth
herein.

CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated herein, referred to in the
within-mentioned Indenture.

	 	 	 	 	 
	 	The Bank of New York Trust Company, N.A., as Trustee

 	 
	 	 	 	 
	 	By:  	 	 
	 	 	Authorized Officer 	 
	 	 	 	 

 

 

	 	 	 	 	 

Apache Corporation

5.250% NOTES DUE 2013

     This Note is one of a duly authorized issue of Securities of the Company issued under an
Indenture, dated as of February 15, 1996, and supplemented November 5, 1996 (the “Indenture”),
between the Company and The Bank of New York Trust Company, N.A. (as successor-in-interest to
JPMorgan Chase Bank, N.A.) (the “Trustee”, which term includes any successor trustee under the
Indenture), designated as the 5.250% Notes due 2013 (the “Notes”), limited to $500,000,000
aggregate principal amount, subject to the provisions of the Indenture. Reference is made to the
Indenture for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Notes and of the terms upon which the
Notes are, and are to be, authenticated and delivered. All terms used in this Note set forth below
which are not defined herein and which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

     The Indenture provides for the defeasance of the Notes and certain covenants in certain
circumstances.

     This Note is unsecured as to payment of principal and premium, if any, and interest, and ranks
pari passu with all other unsecured unsubordinated indebtedness of the Company.

     Interest payments on this Note will include interest accrued to but excluding the applicable
Interest Payment Date or Maturity hereof, as the case may be. Interest payments for this Note
shall be computed and paid on the basis of a 360-day year of twelve 30-day months.

     In the case where the applicable Interest Payment Date or Maturity with respect hereto, as the
case may be, does not fall on a Business Day, payment of principal, premium, if any, or interest
otherwise payable on such day need not be made on such day, but may be made on the next succeeding
Business Day with the same force and effect as if made on the Interest Payment Date or at Maturity
and, unless the Company defaults on such payment, no interest shall accrue with respect to such
payment for the period from and after the Interest Payment Date or such Maturity, as the case may
be, to the date of payment. “Business Day” means any day other than a Saturday, Sunday or other
day on which banking institutions in The City of New York are authorized or obligated by law,
regulation or executive order to close.

     The Notes will not be subject to any sinking fund and, except as provided in the Indenture or
herein, will not be redeemable or repayable prior to their Stated Maturity.

     The Notes are redeemable as a whole or in part, at the Company’s option at any time, at a
Redemption Price equal to the greater of (i) 100 percent of their principal amount or (ii) the sum
of the present values of the remaining scheduled payments of principal and interest thereon (not
including any portion of such payments of interest accrued to the Redemption Date) discounted to
the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the applicable Treasury Rate plus 12.5 basis points, plus, in each case, accrued
interest to the Redemption Date. The Company will, however, pay the interest installment due on
any Interest Payment Date that occurs on or before a Redemption Date to the Holders as of the close
of business on the Regular Record Date immediately preceding that Interest Payment Date.

     “Treasury Rate” means, with respect to any Redemption Date, (a) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently
published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption
“Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if
no maturity is within three months before or after the Remaining Life, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue will be determined and the
Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis,
rounding to the nearest month); or (b) if such release (or any successor release) is not published
during the week preceding the Calculation Date or does not contain such yields, the rate per annum
equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated
using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date.

     The Treasury Rate will be calculated on the third Business Day next preceding the date fixed
for redemption (the “Calculation Date”).

     “Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent
Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the
Notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes.

2

 

     “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of
five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and
lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

     “Independent Investment Banker” means either Citigroup Global Markets Inc. or UBS Securities
LLC, or their respective successors, as specified by the Company, or, if those firms are unwilling
or unable to select the Comparable Treasury Issue, an independent investment banking institution of
national standing appointed by the Company.

     “Reference Treasury Dealer” means each of (1) Citigroup Global Markets Inc. or UBS Securities
LLC and their respective successors; provided, however, that if either of the foregoing shall cease
to be a primary U.S. government securities dealer in the United States (a “Primary Treasury
Dealer”), the Company will substitute therefor another Primary Treasury Dealer and (2) any three
other Primary Treasury Dealers selected by the Company after consultation with the Independent
Investment Banker.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Independent Investment Banker, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York
City time, on the Calculation Date.

     Holders of Notes to be redeemed will be given notice of redemption, at their addresses as set
forth in the Security Register for the Notes, by first-class mail at least 30 and not more than 60
days prior to the date fixed for redemption, as provided in the Indenture.

     Unless the Company defaults in payment of the Redemption Price, on and after the Redemption
Date interest will cease to accrue on the Notes or portions thereof called for redemption.

     If any Event of Default with respect to the Notes shall occur and be continuing, the principal
of the Notes may be declared due and payable in the manner and with the effect provided in the
Indenture.

     As set forth in, and subject to the provisions of, the Indenture, no Holder of any Note will
have any right to institute any proceeding with respect to the Indenture, the Notes, or for any
remedy thereunder, unless (i) such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Notes, (ii) the Holders of not less than 25%
in principal amount of the Outstanding Notes shall have made written request, and offered
reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with
such request, to the Trustee to institute such proceeding as Trustee, (iii) the Trustee shall have
failed to institute such proceeding within 60 days after receipt of such written notice, request
and offer of indemnity and (iv) the Trustee shall not have received from the Holders of a majority
in principal amount of the Outstanding Notes a direction inconsistent with such request within such
60 day period; provided, however, that such limitations do not apply to a suit instituted by the
Holder hereof for the enforcement of payment of the principal of or premium, if any, and any
interest on this Note on or after the respective due dates expressed herein or to require the
purchase of this Note by the Company upon the occurrence of a Change in Control in accordance with
the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series thereunder to be affected under the Indenture at any time by the Company
and the Trustee with the consent of the Holders of not less than 66-2/3% in aggregate principal
amount of such Securities then Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of not less than a majority in principal amount of the
Securities of each series thereunder at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain restrictive provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and
upon all future Holders of any Note issued upon the registration of transfer hereof or in exchange
for or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

     No reference to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of
and premium, if any, and any interest on this Note at the times, places and rate, and in the coin
or currency, herein prescribed.

     The Notes are issuable only in fully registered form in denominations of $2,000 and integral
multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain
limitations therein set forth, this Note is exchangeable for a like aggregate principal amount of
Notes of this series and of like tenor of any authorized denomination, as requested by the Holder
surrendering the same. As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this

3

 

Note is registrable in the Security Register, upon surrender of this Note for registration of
transfer at the office or agency of the Company in any place where the principal of and any
interest on this Note are payable or at such other offices or agencies as the Company may
designate, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to, the Company and the Security Registrar or any transfer agent duly executed by the
registered owner hereof or his attorney duly authorized in writing, and thereupon one or more new
Notes of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount and Stated Maturity will be issued to the designated transferee or transferees.

     Subject to the terms and conditions of the Indenture, if any Change in Control occurs prior to
the Stated Maturity of the Notes, the Company shall, at the option of the Holders thereof, purchase
all Notes for which a Change in Control Purchase Notice shall have been delivered as provided in
the Indenture and not withdrawn, by a date which shall be 35 Business Days after the occurrence of
such Change in Control, at a Change in Control Purchase Price equal to 100% of the principal amount
thereof plus accrued interest to the Change in Control Purchase Date, which Change in Control
Purchase Price shall be paid in cash.

     Holders have the right to withdraw any Change in Control Purchase Notice by delivering to the
paying agent a written notice of withdrawal in accordance with the provisions of the Indenture.

     If cash sufficient to pay the Change in Control Purchase Price of all Notes or portions
thereof to be purchased on the Change in Control Purchase Date is deposited with the Trustee on the
Change in Control Purchase Date, interest shall cease to accrue on such Notes (or portions thereof)
and on and after the Change in Control Purchase Date the Holders thereof shall have no other rights
as such (other than the right to receive the Change in Control Purchase Price upon surrender of
such Notes).

     Subject to the terms of the Indenture, prior to due presentment of this Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all purposes, whether or not
this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary.

     No service charge shall be made for any registration of transfer or exchange of this Note,
but, subject to certain limitations set forth in the Indenture, the Company may require payment of
a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

     The Indenture and this Note shall be governed by and construed in accordance with the laws of
the State of New York without regard to the conflicts of laws principles thereof.

     This Note shall not be valid or become obligatory for any purpose until the Trustee’s
Certificate of Authentication hereon shall have been executed by the Trustee.

     IN WITNESS WHEREOF, APACHE CORPORATION has caused this instrument to be duly executed under
its corporate seal.

	 	 	 	 	 
	 	APACHE CORPORATION

 	 
	 
	[SEAL] 	By:  	 	 
	 	 	Name:  	Matthew W. Dundrea 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 

Attest:

	 	 	 	 	 
	By:  	
 	 	 
	 	Name:  	Cheri L. Peper 	 	 
	 	Title:  	Corporate Secretary 	 	 

Date: April 16, 2007

4

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

 

Please
insert Social Security or other identifying number of assignee

 

(please print or type name and address of assignee)

the within Security and all rights thereunder and does hereby irrevocably constitute and
appoint the aforesaid assignee attorney to transfer the within Security on the books kept for
registration thereof, with full power of substitution in the premises.

	 	 	 
	Dated:
	 	 
	 

	 	 

In the presence of:

 

 

 

 

NOTICE: The signature to this assignment must correspond with the name as it appears upon the face
of the within Security in every particular, without alteration or enlargement or any change
whatever. When assignment is made by a guardian, trustee, executor or administrator, an officer of
a corporation, or anyone in a representative capacity, proof of his or her authority to act must
accompany the Security. The signature must be guaranteed by an Institution which is a member of
one of the following recognized signature Guarantee Programs: (i) The Securities Transfer Agent
Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The
Stock Exchange Medallion Program (SEMP); or (iv) in such other guarantee program acceptable to the
Trustee.

5

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