Document:

Exhibit
10.1

 

	
  

  	
   

  	
  GE Capital

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Commercial
  Equipment Financing

  
	
   

  	
   

  	
  General
  Electric Capital Corporation

  
	
   

  	
   

  	
  16479 Dallas
  Parkway, Suite 300, Addison, TX 75001

  
	
   

  	
   

  	
  972 713-2500

  

 

October 28, 2004

 

Mr. Wayne Whitener

TGC Industries, Inc.

1304 Summit Ave. Ste. 2

Plano, TX 75074

 

GE Capital Financing Transaction - Account # 4158983-001

 

Dear Mr. Whitener:

 

Thank you for allowing GE Capital to finance your recent equipment
acquisition. Enclosed in this package are copies of the executed documents for
this transaction.

 

GE Capital is here to serve you. If you need assistance regarding your
account, please feel free to contact our Customer Service Department at (800)
362-0135.

 

Providing quality service is our commitment to you. To help us learn
how to improve the service we provide to you, you may be contacted to
participate in a customer satisfaction survey. We encourage your participation
in this survey and thank you in advance for your input. If you have additional
financing needs, please contact David Swan (972) 713-2531.

 

Once again, we wish to express our sincere appreciation for allowing GE
Capital this opportunity to assist you with your financing needs. We look
forward to servicing you again soon.

 

	
  Very truly yours,

  
	
   

  
	
  General Electric Capital Corporation

  Commercial Equipment Financing

  
	
   

  
	
  /s/ Sharon Ersch

  	
   

  
	
  Sharon Ersch

  
	
  Credit Assistant

  

 

 

A GE Capital Services Company

 

 

 

PROMISSORY
NOTE

10/26/04

(Date)

 

FOR VALUE RECEIVED, TGC Industries, Inc. a corporation located at the
address stated below (“Maker”) promises, jointly and severally if more than
one, to pay to the order of General Electric Capital Corporation or any
subsequent holder hereof (each, a “Payee”) at its office located at 16479
Dallas Parkway #300, Addison, TX 75001-2512 or at such other place as Payee or
the holder hereof may designate, the principal sum of Two million three hundred
eighty-six thousand six hundred forty-nine and no/100 Dollars ($2,386,649.00),
with interest on the unpaid principal balance, from the date hereof through and
including the dates of payment, at a fixed per annum simple interest rate of
Six and 85/100 percent (6.85%).

 

Subject to the other provisions hereof, the principal on this Note is
payable in lawful money of the United States in Thirty-six (36) consecutive monthly
installments as follows:

 

	
  Periodic

  	
   

  	
   

  	
   

  
	
  Installment

  	
   

  	
  Amount

  	
   

  
	
  35

  	
  @

  	
  $

  	
  66,295.81

  	
   

  
					

 

each (“Periodic Installment”) and a final installment which shall be in the
amount of the total outstanding unpaid principal. The first Periodic Installment
shall be due and payable on December l, 2004 and the following Periodic Installments
and the final installment shall be due and payable on the same day of each succeeding
period (each, a “Payment Date”). In addition to the payments of principal
provided above, accrued interest shall be payable on the Payment Date.

 

All payments shall be applied first to interest and then to principal.
Each payment may, at the option of the Payee, be calculated and applied on an
assumption that such payment would be made on its due date. The acceptance by
Payee of any payment which is less than payment in full of all amounts due and
owing at such time shall not constitute a waiver of Payee’s right to receive
payment in full at such time or at any prior or subsequent time. Interest shall
be calculated on the basis of a 365 day year (366 day leap year).

 

The Maker hereby expressly authorizes the Payee to insert the date
value is actually given in the blank space on the face hereof and on all
related documents pertaining hereto.

 

This Note may be secured by a security agreement, chattel mortgage, pledge agreement or like instrument (each of which is
hereinafter called a “Security Agreement”).

 

Time is of the essence hereof. If any installment or any other sum due
under this Note or any Security Agreement is not received within ten (I0) days
after its due date, the Maker agrees to pay, in addition to the amount of each
such installment or other sum, a late payment charge of five percent (5%) of
the amount of said installment or other sum, but not exceeding any lawful
maximum. If (i) Maker fails to make payment of any amount due hereunder within
ten (10) days after the same becomes due and payable; or (ii) Maker is in
default under, or fails to perform under any term or condition contained in any
Security Agreement, then the entire principal sum remaining unpaid, together
with all accrued interest thereon and any other sum payable under this Note or
any Security Agreement, at the election of Payee, shall immediately become due
and payable, with interest thereon at the lesser of eighteen percent (18%) per
annum or the highest rate not prohibited by applicable law from the date of
such accelerated maturity until paid (both before and after any judgment).

 

The Maker may prepay in full, but not in part, its entire indebtedness
hereunder upon payment of the entire indebtedness plus an additional sum as a
premium equal to the following percentages of the original principal balance
for the indicated period:

Prior to the first annual anniversary date of this Note: Three percent
(3%)

Thereafter and prior to the second annual anniversary date of this
Note: Two percent (2%)

Thereafter and prior to the third annual anniversary date of this Note:
One percent (1%)

and zero percent (0%) thereafter, plus all other sums due hereunder or under
any Security Agreement.

 

It is the intention of the parties hereto to comply with the applicable
usury laws; accordingly, it is agreed that, notwithstanding any provision to
the contrary in this Note or any Security Agreement, in no event shall this
Note or any Security Agreement require the payment or permit the collection of
interest in excess of the maximum amount permitted by applicable law. If any
such excess interest is contracted for, charged or received under this Note or
any Security Agreement, or if all of the principal balance shall be prepaid, so
that under any of such circumstances the amount of interest contracted for,
charged or received under this Note or any Security Agreement on the principal
balance shall exceed the maximum amount of interest permitted by applicable
law, then in such event (a) the provisions of this paragraph shall govern and
control, (b) neither Maker nor any other person or entity now or hereafter
liable for the payment hereof shall be obligated to pay the amount of such
interest to the extent that it is in excess of the maximum amount of interest
permitted by applicable law, (c) any such excess which may have been collected
shall be either applied as a credit against the then unpaid principal balance
or refunded to Maker, at the option of the Payee, and (d) the effective rate of
interest shall be automatically reduced to the maximum lawful contract rate
allowed under applicable law as now or hereafter construed by the courts having
jurisdiction thereof. It is further agreed that without limitation of the
foregoing, all calculations of the rate of interest contracted for, charged or
received under this Note or any Security Agreement which are made for the
purpose of determining whether such rate exceeds the maximum lawful contract
rate, shall be made, to the extent permitted by applicable law, by amortizing,
prorating, allocating and spreading in equal parts during the period of the
full stated term of the indebtedness evidenced hereby, all interest at any time
contracted for, charged or received from Maker or otherwise by Payee in
connection with such indebtedness; provided, however, that if any applicable
state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a
greater interest per annum rate than is presently allowed, the Maker agrees
that, on the effective date of such amendment or preemption, as the case may
be, the lawful maximum hereunder shall be increased to the maximum interest per
annum rate allowed by the amended state law or the law of the United States of
America.

 

 

The Maker and all sureties, endorsers, guarantors or any others (each
such person, other than the Maker, an “Obligor”) who may at any time become
liable for the payment hereof jointly and severally consent hereby to any and
all extensions of time, renewals, waivers or modifications of, and all
substitutions or releases of, security or of any party primarily or secondarily
liable on this Note or any Security Agreement or any term and provision of
either, which may be made, granted or consented to by Payee, and agree that
suit may be brought and maintained against any one or more of them, at the
election of Payee without joinder of any others as a party thereto, and that
Payee shall not be required first to foreclose, proceed against, or exhaust any
security hereof in order to enforce payment of this Note. The Maker and each
Obligor hereby waives presentment, demand for payment, notice of nonpayment,
protest, notice of protest, notice of dishonor, and all other notices in
connection herewith, as well as filing of suit (if permitted by law) and
diligence in collecting this Note or enforcing any of the security hereof, and
agrees to pay (if permitted by law) all expenses incurred in collection,
including Payee’s actual attorneys’ fees. Maker and each Obligor agrees that
fees not in excess of twenty percent (20%) of the amount then due shall be
deemed reasonable.

 

THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY,
THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE
RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS,
AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE
SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES
THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS,
TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER
ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR
TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED
TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

 

This Note and any Security Agreement constitute the entire agreement of
the Maker and Payee with respect to the subject matter hereof and supercedes
all prior understandings, agreements and representations, express or implied.

 

No variation or modification of this Note, or any waiver of any of its
provisions or conditions, shall be valid unless in writing and signed by an
authorized representative of Maker and Payee. Any such waiver, consent,
modification or change shall be effective only in the specific instance and for
the specific purpose given.

 

Any provision in this Note or any Security Agreement which is in
conflict with any statute, law or applicable rule shall be deemed omitted,
modified or altered to conform thereto.

 

	
   

  	
   

  	
  TGC Industries, Inc.

  
	
   

  	
   

  	
   

  
	
  /s/ David Swan

  	
   

  	
   

  	
  By:

  	
  /s/ Wayne Whitener

  	
   

  
	
  (Witness)

  	
   

  	
   

  
	
  David Swan

  	
   

  	
   

  	
  Name:

  	
   Wayne Whitener

  	
   

  
	
  (Print name)

  	
   

  	
   

  
	
  16479 Dallas Pkwy, Addison, TX

  	
   

  	
   

  	
  Title:

  	
     President/CEO

  	
   

  
	
  (Address)

  	
   

  	
   

  
	
   

  	
   

  	
  Federal Tax ID #:

  	
  742095844

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address: 1304 Summit Ave Suite 2, Plano, Collin County, TX 75074

  
										

 

 

 

COLLATERAL SCHEDULE NO. 001

 

THIS COLLATERAL SCHEDULE NO. 001 is annexed to and made a part of that
certain Master Security Agreement dated as of 10/22/04 between General Electric
Capital Corporation, together with its successors and assigns, if any, as
Secured Party and TGC Industries, Inc. as Debtor and describes collateral in
which Debtor has granted Secured Party a security interest in connection with
the Indebtedness (as defined in the Security Agreement) including without
limitation that certain Promissory Note dated 10/26/04 in the original
principal amount of $2,386,649.00.

 

	
  Quantity

  	
   

  	
  Manufacturer

  	
   

  	
  Serial Number

  	
   

  	
  Year/Model and Type of Equipment

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1

  	
   

  	
  ARAM Aries

  	
   

  	
  SP376

  	
   

  	
  Seismic Processor Module
  w/ fast download capability. More fully described on Schedule B attached

  
	
  4

  	
   

  	
  ARAM Ariies

  	
   

  	
   

  	
   

  	
  PC - Quad Line Interface
  Cards. More fully described on Schedule B attached

  
	
  1

  	
   

  	
  ARAM Ariies

  	
   

  	
   

  	
   

  	
  Impulse Source Software.
  More fully described on Schedule B attached

  
	
  1

  	
   

  	
  ARAM Aires

  	
   

  	
   

  	
   

  	
  Vibroseis Option. More
  fully described on Schedule B attached

  
	
  2

  	
   

  	
  Misc Test Equipment

  	
   

  	
   

  	
   

  	
  Additional Flat Panel
  Display Units w/ Mounting Hardware. More fully described on Schedule B
  attached

  
	
  1

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Standard installation kit.
  More fully described on Schedule B attached

  
	
  1

  	
   

  	
  Mist Test Equipment

  	
   

  	
  TD276

  	
   

  	
  Dual 3490 tape drive w/ mounting
  hardware. More fully described on Schedule B attached

  
	
  1

  	
   

  	
  Misc Test Equipment

  	
   

  	
  20235

  	
   

  	
  iSYS-VI 2 thermal plotter
  w/ mounting hardware

  
	
  350

  	
   

  	
  AMAR Aries

  	
   

  	
   

  	
   

  	
  Remote Acquisition Module
  (Rams). More fully described on Schedule B attached

  
	
  18

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Line Tap Unit (A-LTUs).
  More fully described on Schedule B attached

  
	
  480

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Lead Acid Battery Pack.
  More fully described on Schedule B attached

  
	
  16

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Lead Acid Battery Charger.
  More fully described on Schedule B attached

  
	
  700

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Seismic Land-Lt Cable 300M

  
	
  1400

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Land Cable Back to Backs
  integrated. More fully described on Schedule B attached

  
	
  36

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Seismic Multiport Baseline
  Cable 280M. More fully described on Schedule B attached

  
	
  72

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Land Baseline Cable Back
  to Backs Integrated. More fully described on Schedule B attached

  
	
  4

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Multiport Baseline
  Splitter Cable. More fully described on Schedule B attached

  
	
  4

  	
   

  	
  Misc Test Equipment

  	
   

  	
   

  	
   

  	
  Hand held test unit w/ meter
  and matching Geophone Adapter. More fully described on Schedule B attached

  
	
  4

  	
   

  	
  Misc Test Equipment

  	
   

  	
   

  	
   

  	
  Power Head w/ 9-volt
  Battery

  
	
  1

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Battery Discharge Station.
  More fully described on Schedule B attached

  
	
  1

  	
   

  	
  International

  	
   

  	
  1HTLDTVN8EHA55043

  	
   

  	
  1984

  	
  Truck

  

 

Equipment immediately listed above is located at: 1304 Summit Ave,
Suite 2, Plano, Collin County, TX 75074

 

 

	
  SECURED PARTY:

  	
   

  	
  DEBTOR:

  
	
   

  	
   

  	
   

  
	
  General Electric Capital Corporation

  	
   

  	
  TGC Industries, Inc.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Chris Jones

  	
   

  	
   

  	
  By:

  	
  /s/ Wayne Whitener

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  CHRIS JONES

  	
   

  	
   

  	
  Name:

  	
  Wayne Whitener

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  SENIOR RISK ANALYST

  	
   

  	
   

  	
  Title:

  	
  President/CEO

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  10-26-2004

  	
   

  	
   

  	
  Date:

  	
  10/22/04

  	
   

  
											

 

 

SCHEDULE B

TO
COLLATERAL SCHEDULE NO. 001

Naming General Electric Capital
Corporation as Secured Party

and TGC Industries, Inc. as Debtor

 

	
  Device

  	
   

  	
  Serial Number

  	
   

  	
  Qty

  	
   

  
	
  ARIES Central System

  	
   

  	
  ACS091

  	
   

  	
  1

  	
   

  
	
  Seismic Processing Module

  	
   

  	
  SP376-

  	
   

  	
  1

  	
   

  
	
  Tape Drive Module

  	
   

  	
  TD276-

  	
   

  	
  1

  	
   

  
	
  Power Supply Module

  	
   

  	
  PS087

  	
   

  	
  1

  	
   

  
	
  Aries Remote Acquisition Module

  	
   

  	
  see attached List

  	
   

  	
  350

  	
   

  
	
  ARIES Line Tap Units

  	
   

  	
  see attached List

  	
   

  	
  18

  	
   

  
	
  ARIES Lead Acid Battery Packs

  	
   

  	
  Not Available at this time

  	
   

  	
  480

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  154

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  96

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  139

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  114

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  73

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  88

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  63

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  85

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  149

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  140

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  142

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  146

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  14B

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  152

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  146

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Lead Acid Battery Chargers

  	
   

  	
  91

  	
   

  	
   

  	
  1

  	
   

  
	
  ARIES Seismic Lead-Lt Cable 300m

  	
   

  	
  see attached List

  	
   

  	
  700

  	
   

  
	
  ARIES Multiport Baseline Cables 280m

  	
   

  	
  see attached List

  	
   

  	
  36

  	
   

  
	
  Aries Multiport Baseline Splitter Cables

  	
   

  	
  7609-025

  	
   

  	
   

  	
  1

  	
   

  
	
  Aries Multiport Baseline Splitter Cables

  	
   

  	
  7609-019

  	
   

  	
   

  	
  1

  	
   

  
	
  Aries Multiport Baseline Splitter Cables

  	
   

  	
  7609-020

  	
   

  	
   

  	
  1

  	
   

  
	
  Aries Multiport Baseline Splitter Cables

  	
   

  	
  5408-004

  	
   

  	
   

  	
  1

  	
   

  
	
  HandHeld Test Unit

  	
   

  	
  91

  	
   

  	
   

  	
  1

  	
   

  
	
  HandHeld Test Unit

  	
   

  	
  97

  	
   

  	
   

  	
  1

  	
   

  
	
  HandHeld Test Unit

  	
   

  	
  92

  	
   

  	
   

  	
  1

  	
   

  
	
  HandHeld Test Unit

  	
   

  	
  79

  	
   

  	
   

  	
  1

  	
   

  
	
  Power Head

  	
   

  	
  N/A

  	
   

  	
   

  	
  4

  	
   

  
	
  Battery Discharge Station

  	
   

  	
  69

  	
   

  	
   

  	
  1

  	
   

  
	
  V12 Plotter

  	
   

  	
  20235

  	
   

  	
   

  	
  1

  	
   

  

 

 

	
  Initial

  	
  /s/ CWJ

  	
  /

  	
   WAW

  	
   

  
	
   

  	
  GECC

  	
   

  	
  TGC Industries, Inc.

  

 

1

 

Remote Acquisition Module

 

	
  RAMS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  16552

  	
   

  	
  18182

  	
   

  	
  18858

  	
   

  	
  19844

  	
   

  	
  20059

  	
   

  	
  20214

  	
   

  	
  20346

  	
   

  	
  20499

  	
   

  	
  20799

  	
   

  
	
  17097

  	
   

  	
  18184

  	
   

  	
  18704

  	
   

  	
  19847

  	
   

  	
  20083

  	
   

  	
  20217

  	
   

  	
  20347

  	
   

  	
  20501

  	
   

  	
  20800

  	
   

  
	
  17113

  	
   

  	
  18186

  	
   

  	
  18723

  	
   

  	
  19855

  	
   

  	
  20064

  	
   

  	
  20219

  	
   

  	
  20348

  	
   

  	
  20503

  	
   

  	
  20808

  	
   

  
	
  17154

  	
   

  	
  18195

  	
   

  	
  18747

  	
   

  	
  19857

  	
   

  	
  20085

  	
   

  	
  20227

  	
   

  	
  20354

  	
   

  	
  20504

  	
   

  	
  20809

  	
   

  
	
  17348

  	
   

  	
  18205

  	
   

  	
  18778

  	
   

  	
  19863

  	
   

  	
  20071

  	
   

  	
  20231

  	
   

  	
  20362

  	
   

  	
  20506

  	
   

  	
  20818

  	
   

  
	
  17398

  	
   

  	
  18220

  	
   

  	
  18786

  	
   

  	
  19864

  	
   

  	
  20081

  	
   

  	
  20234

  	
   

  	
  20363

  	
   

  	
  20508

  	
   

  	
  20825

  	
   

  
	
  17442

  	
   

  	
  18228

  	
   

  	
  18830

  	
   

  	
  19865

  	
   

  	
  20082

  	
   

  	
  20235

  	
   

  	
  20365

  	
   

  	
  20512

  	
   

  	
  20828

  	
   

  
	
  17446

  	
   

  	
  18230

  	
   

  	
  18850

  	
   

  	
  19868

  	
   

  	
  20087

  	
   

  	
  20241

  	
   

  	
  20367

  	
   

  	
  20519

  	
   

  	
  20833

  	
   

  
	
  17571

  	
   

  	
  18231

  	
   

  	
  18854

  	
   

  	
  19881

  	
   

  	
  20088

  	
   

  	
  20245

  	
   

  	
  20373

  	
   

  	
  20521

  	
   

  	
  20834

  	
   

  
	
  17630

  	
   

  	
  18234

  	
   

  	
  18855

  	
   

  	
  19885

  	
   

  	
  20089

  	
   

  	
  20252

  	
   

  	
  20378

  	
   

  	
  20522

  	
   

  	
  20858

  	
   

  
	
  17632

  	
   

  	
  18242

  	
   

  	
  18864

  	
   

  	
  19890

  	
   

  	
  20090

  	
   

  	
  20261

  	
   

  	
  20386

  	
   

  	
  20523

  	
   

  	
  20857

  	
   

  
	
  17634

  	
   

  	
  18269

  	
   

  	
  18865

  	
   

  	
  19893

  	
   

  	
  20092

  	
   

  	
  20266

  	
   

  	
  20391

  	
   

  	
  20524

  	
   

  	
  20866

  	
   

  
	
  17649

  	
   

  	
  18287

  	
   

  	
  18866

  	
   

  	
  19897

  	
   

  	
  20093

  	
   

  	
  20277

  	
   

  	
  20393

  	
   

  	
  20527

  	
   

  	
  20871

  	
   

  
	
  17691

  	
   

  	
  18289

  	
   

  	
  18888

  	
   

  	
  19899

  	
   

  	
  20094

  	
   

  	
  20283

  	
   

  	
  20396

  	
   

  	
  20529

  	
   

  	
  20886

  	
   

  
	
  17703

  	
   

  	
  18292

  	
   

  	
  18880

  	
   

  	
  19928

  	
   

  	
  20097

  	
   

  	
  20284

  	
   

  	
  20398

  	
   

  	
  20532

  	
   

  	
  20888

  	
   

  
	
  17704

  	
   

  	
  18314

  	
   

  	
  19012

  	
   

  	
  19934

  	
   

  	
  20099

  	
   

  	
  20288

  	
   

  	
  20401

  	
   

  	
  20535

  	
   

  	
  20890

  	
   

  
	
  17728

  	
   

  	
  18321

  	
   

  	
  19028

  	
   

  	
  19946

  	
   

  	
  20122

  	
   

  	
  20290

  	
   

  	
  20409

  	
   

  	
  20544

  	
   

  	
  20892

  	
   

  
	
  17752

  	
   

  	
  18324

  	
   

  	
  19073

  	
   

  	
  19947

  	
   

  	
  20130

  	
   

  	
  20291

  	
   

  	
  20410

  	
   

  	
  20547

  	
   

  	
  20894

  	
   

  
	
  17769

  	
   

  	
  18326

  	
   

  	
  19084

  	
   

  	
  19950

  	
   

  	
  20143

  	
   

  	
  20292

  	
   

  	
  20421

  	
   

  	
  20551

  	
   

  	
  20917

  	
   

  
	
  17773

  	
   

  	
  18336

  	
   

  	
  19086

  	
   

  	
  19959

  	
   

  	
  20144

  	
   

  	
  20294

  	
   

  	
  20422

  	
   

  	
  20556

  	
   

  	
  20926

  	
   

  
	
  17831

  	
   

  	
  18348

  	
   

  	
  19262

  	
   

  	
  19963

  	
   

  	
  20145

  	
   

  	
  20297

  	
   

  	
  20423

  	
   

  	
  20577

  	
   

  	
  20939

  	
   

  
	
  17846

  	
   

  	
  18350

  	
   

  	
  19287

  	
   

  	
  19968

  	
   

  	
  20146

  	
   

  	
  20298

  	
   

  	
  20425

  	
   

  	
  20601

  	
   

  	
  20946

  	
   

  
	
  17849

  	
   

  	
  18367

  	
   

  	
  19354

  	
   

  	
  19974

  	
   

  	
  20151

  	
   

  	
  20303

  	
   

  	
  20434

  	
   

  	
  20612

  	
   

  	
  20999

  	
   

  
	
  17863

  	
   

  	
  18384

  	
   

  	
  19373

  	
   

  	
  19979

  	
   

  	
  20152

  	
   

  	
  20305

  	
   

  	
  20440

  	
   

  	
  20618

  	
   

  	
  21110

  	
   

  
	
  17888

  	
   

  	
  18396

  	
   

  	
  19377

  	
   

  	
  19986

  	
   

  	
  20153

  	
   

  	
  20306

  	
   

  	
  20442

  	
   

  	
  20648

  	
   

  	
  21210

  	
   

  
	
  17892

  	
   

  	
  18401

  	
   

  	
  19446

  	
   

  	
  19988

  	
   

  	
  20154

  	
   

  	
  20307

  	
   

  	
  20444

  	
   

  	
  20688

  	
   

  	
  21216

  	
   

  
	
  17944

  	
   

  	
  18404

  	
   

  	
  19460

  	
   

  	
  19989

  	
   

  	
  20155

  	
   

  	
  20308

  	
   

  	
  20445

  	
   

  	
  20695

  	
   

  	
  21219

  	
   

  
	
  17956

  	
   

  	
  18405

  	
   

  	
  19501

  	
   

  	
  19993

  	
   

  	
  20157

  	
   

  	
  20309

  	
   

  	
  20449

  	
   

  	
  20707

  	
   

  	
  21220

  	
   

  
	
  17968

  	
   

  	
  18408

  	
   

  	
  19522

  	
   

  	
  19998

  	
   

  	
  20159

  	
   

  	
  20313

  	
   

  	
  20453

  	
   

  	
  20720

  	
   

  	
  21237

  	
   

  
	
  17987

  	
   

  	
  18412

  	
   

  	
  19576

  	
   

  	
  20008

  	
   

  	
  20160

  	
   

  	
  20314

  	
   

  	
  20459

  	
   

  	
  20725

  	
   

  	
  21249

  	
   

  
	
  18003

  	
   

  	
  18426

  	
   

  	
  19602

  	
   

  	
  20012

  	
   

  	
  20163

  	
   

  	
  20315

  	
   

  	
  20461

  	
   

  	
  20745

  	
   

  	
   

  	
   

  
	
  18009

  	
   

  	
  18427

  	
   

  	
  19610

  	
   

  	
  20026

  	
   

  	
  20166

  	
   

  	
  20316

  	
   

  	
  20462

  	
   

  	
  20751

  	
   

  	
   

  	
   

  
	
  18021

  	
   

  	
  18441

  	
   

  	
  19612

  	
   

  	
  20027

  	
   

  	
  20167

  	
   

  	
  20317

  	
   

  	
  20463

  	
   

  	
  20760

  	
   

  	
   

  	
   

  
	
  18087

  	
   

  	
  18443

  	
   

  	
  19619

  	
   

  	
  20029

  	
   

  	
  20171

  	
   

  	
  20318

  	
   

  	
  20465

  	
   

  	
  20764

  	
   

  	
   

  	
   

  
	
  18108

  	
   

  	
  18453

  	
   

  	
  19622

  	
   

  	
  20031

  	
   

  	
  20184

  	
   

  	
  20321

  	
   

  	
  20475

  	
   

  	
  20765

  	
   

  	
   

  	
   

  
	
  18140

  	
   

  	
  18457

  	
   

  	
  19666

  	
   

  	
  20033

  	
   

  	
  20185

  	
   

  	
  20335

  	
   

  	
  20479

  	
   

  	
  20775

  	
   

  	
   

  	
   

  
	
  18145

  	
   

  	
  18478

  	
   

  	
  19722

  	
   

  	
  20034

  	
   

  	
  20191

  	
   

  	
  20341

  	
   

  	
  20487

  	
   

  	
  20785

  	
   

  	
   

  	
   

  
	
  18180

  	
   

  	
  18488

  	
   

  	
  19752

  	
   

  	
  20039

  	
   

  	
  20192

  	
   

  	
  20342

  	
   

  	
  20488

  	
   

  	
  20786

  	
   

  	
   

  	
   

  
	
  18164

  	
   

  	
  18507

  	
   

  	
  19780

  	
   

  	
  20048

  	
   

  	
  20207

  	
   

  	
  20343

  	
   

  	
  20491

  	
   

  	
  20787

  	
   

  	
   

  	
   

  
	
  18174

  	
   

  	
  18855

  	
   

  	
  19841

  	
   

  	
  20057

  	
   

  	
  20213

  	
   

  	
  20345

  	
   

  	
  20494

  	
   

  	
  20797

  	
   

  	
   

  	
   

  

 

	
  Initial

  	
  /s/ CWJ

  	
  /

  	
   WAW

  	
   

  
	
   

  	
  GECC

  	
   

  	
  TGC Industries, Inc.

  

 

2

 

Line
Tap Units

 

	
  TAPS

  
	
   

  
	
  12631

  
	
  12660

  
	
  12664

  
	
  12672

  
	
  12674

  
	
  12677

  
	
  12681

  
	
  12688

  
	
  12718

  
	
  12720

  
	
  12722

  
	
  12793

  
	
  12726

  
	
  12727

  
	
  12729

  
	
  12732

  
	
  12734

  
	
  12735

  

 

ARIES
Seismic Lead-Lt Cable 300m

 

BOX:   1865

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-273

  	
   

  	
  51637-181

  	
   

  	
  51637-199

  	
   

  	
  51637-218

  	
   

  	
  51637-253

  	
   

  	
  51637-291

  
	
  5520-073

  	
   

  	
  5520-101

  	
   

  	
  8520-137

  	
   

  	
  5520-150

  	
   

  	
  5520-203

  	
   

  	
  5520-287

  
	
  5520-292

  	
   

  	
  5520-334

  	
   

  	
  5520-400

  	
   

  	
  5520-411

  	
   

  	
  5520-464

  	
   

  	
  6424-014

  
	
  6424-040

  	
   

  	
  6424-104

  	
   

  	
  6424-188

  	
   

  	
  6424-203

  	
   

  	
  6424-513

  	
   

  	
  6424-564

  
	
  8090-043

  	
   

  	
  8098-063

  	
   

  	
  8098-156

  	
   

  	
  8098-180

  	
   

  	
  8098-193

  	
   

  	
  8122-050

  
	
  8122-083

  	
   

  	
  8122-087

  	
   

  	
  8224-017

  	
   

  	
  8224-042

  	
   

  	
  8280-002

  	
   

  	
   

  

 

Quantity:   35

 

	
  Initial

  	
  /s/ CWJ

  	
  /

  	
   WAW

  	
   

  
	
   

  	
  GECC

  	
   

  	
  TGC Industries, Inc.

  

 

3

 

BOX:     1872

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-174

  	
   

  	
  5159-062

  	
   

  	
  5159-078

  	
   

  	
  51637-076

  	
   

  	
  51637-248

  	
   

  	
  5520-029

  
	
  5520-036

  	
   

  	
  5520-081

  	
   

  	
  5520-123

  	
   

  	
  5520-129

  	
   

  	
  5520-216

  	
   

  	
  5520-222

  
	
  5520-344

  	
   

  	
  5520-364

  	
   

  	
  5520-379

  	
   

  	
  5520-396

  	
   

  	
  5520-450

  	
   

  	
  5520-482

  
	
  6424-106

  	
   

  	
  6424-134

  	
   

  	
  6424-301

  	
   

  	
  6424-394

  	
   

  	
  6424-554

  	
   

  	
  6424-585

  
	
  8090-015

  	
   

  	
  8090-070

  	
   

  	
  8098-099

  	
   

  	
  8098-118

  	
   

  	
  8098-175

  	
   

  	
  8122-089

  
	
  8224-014

  	
   

  	
  8224-047

  	
   

  	
  8224-067

  	
   

  	
  8224-096

  	
   

  	
  8224-116

  	
   

  	
   

  

 

Quantity: 35

 

BOX:     1873

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-054

  	
   

  	
  3146-204

  	
   

  	
  3146-212

  	
   

  	
  5159-051

  	
   

  	
  5159-075

  	
   

  	
  51637-090

  
	
  51637-202

  	
   

  	
  5520-056

  	
   

  	
  5520-059

  	
   

  	
  5520-213

  	
   

  	
  5520-225

  	
   

  	
  5520-277

  
	
  5520-281

  	
   

  	
  5520-313

  	
   

  	
  5520-347

  	
   

  	
  5520-423

  	
   

  	
  6424-036

  	
   

  	
  6424-062

  
	
  6424-070

  	
   

  	
  6424-152

  	
   

  	
  6424-280

  	
   

  	
  6424-379

  	
   

  	
  6424-389

  	
   

  	
  6424-397

  
	
  6424-427

  	
   

  	
  6424-457

  	
   

  	
  6424-559

  	
   

  	
  6424-597

  	
   

  	
  8098-022

  	
   

  	
  8098-045

  
	
  8098-056

  	
   

  	
  8098-154

  	
   

  	
  8224-036

  	
   

  	
  8224-123

  	
   

  	
  8224-128

  	
   

  	
   

  

 

Quantity:  35

 

	
  Initial

  	
  /s/ CWJ

  	
  /

  	
   WAW

  	
   

  
	
   

  	
  GECC

  	
   

  	
  TGC Industries, Inc.

  

 

4

 

BOX:     1874

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-034

  	
   

  	
  3146-192

  	
   

  	
  3146-267

  	
   

  	
  3146-272

  	
   

  	
  3146-280

  	
   

  	
  5159-060

  
	
  51637-216

  	
   

  	
  51637-246

  	
   

  	
  5520-021

  	
   

  	
  5520-033

  	
   

  	
  5520-105

  	
   

  	
  5520-164

  
	
  5520-170

  	
   

  	
  5520-335

  	
   

  	
  5520-338

  	
   

  	
  5520-368

  	
   

  	
  5520-391

  	
   

  	
  5520-395

  
	
  5520-485

  	
   

  	
  5520-491

  	
   

  	
  6424-035

  	
   

  	
  6424-150

  	
   

  	
  6424-170

  	
   

  	
  6424-369

  
	
  6424-377

  	
   

  	
  6424-399

  	
   

  	
  6424-511

  	
   

  	
  8098-027

  	
   

  	
  8098-092

  	
   

  	
  8098-128

  
	
  8098-146

  	
   

  	
  8098-166

  	
   

  	
  8122-048

  	
   

  	
  8224-093

  	
   

  	
  8280-004

  	
   

  	
   

  

 

Quantity:  35

 

BOX:     1875

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-073

  	
   

  	
  3146-224

  	
   

  	
  5159-016

  	
   

  	
  51637-234

  	
   

  	
  51637-276

  	
   

  	
  5520-022

  
	
  5520-083

  	
   

  	
  5520-144

  	
   

  	
  5520-211

  	
   

  	
  5520-311

  	
   

  	
  5520-328

  	
   

  	
  5520-366

  
	
  5520-490

  	
   

  	
  6424-047

  	
   

  	
  6424-060

  	
   

  	
  6424-146

  	
   

  	
  6424-167

  	
   

  	
  6424-242

  
	
  6424-274

  	
   

  	
  6424-382

  	
   

  	
  6424-424

  	
   

  	
  6424-530

  	
   

  	
  6424-586

  	
   

  	
  8090-007

  
	
  8090-091

  	
   

  	
  8090-096

  	
   

  	
  8098-081

  	
   

  	
  8098-094

  	
   

  	
  8122-011

  	
   

  	
  8122-078

  
	
  8224-005

  	
   

  	
  8224-069

  	
   

  	
  8224-136

  	
   

  	
  8224-138

  	
   

  	
  8280-025

  	
   

  	
   

  

 

Quantity:  35

 

BOX:     1876

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-010

  	
   

  	
  3146-032

  	
   

  	
  3146-129

  	
   

  	
  3146-180

  	
   

  	
  3146-181

  	
   

  	
  3146-221

  
	
  3146-276

  	
   

  	
  51637-110

  	
   

  	
  51637-236

  	
   

  	
  5520-050

  	
   

  	
  5520-194

  	
   

  	
  5520-267

  
	
  5520-304

  	
   

  	
  5520-337

  	
   

  	
  5520-361

  	
   

  	
  5520-378

  	
   

  	
  5520-451

  	
   

  	
  6424-156

  
	
  6424-196

  	
   

  	
  6424-210

  	
   

  	
  6424-225

  	
   

  	
  6424-241

  	
   

  	
  6424-248

  	
   

  	
  6424-269

  
	
  6424-484

  	
   

  	
  6424-510

  	
   

  	
  6424-528

  	
   

  	
  6424-551

  	
   

  	
  8090-008

  	
   

  	
  8090-011

  
	
  8090-018

  	
   

  	
  8090-108

  	
   

  	
  8098-122

  	
   

  	
  8098-137

  	
   

  	
  8224-028

  	
   

  	
   

  

 

Quantity:  35

 

	
  Initial

  	
  /s/ CWJ

  	
  /

  	
   WAW

  	
   

  
	
   

  	
  GECC

  	
   

  	
  TGC Industries, Inc.

  

 

5

 

BOX:     1877

 

4 T/O CABLESFOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-001

  	
   

  	
  3146-013

  	
   

  	
  3146-121

  	
   

  	
  3146-184

  	
   

  	
  3146-244

  	
   

  	
  3146-259

  
	
  3146-289

  	
   

  	
  5159-017

  	
   

  	
  51637-008

  	
   

  	
  51637-180

  	
   

  	
  51637-240

  	
   

  	
  51637-252

  
	
  5520-001

  	
   

  	
  5520-035

  	
   

  	
  5520-280

  	
   

  	
  5520-405

  	
   

  	
  6424-064

  	
   

  	
  6424-137

  
	
  6424-166

  	
   

  	
  6424-307

  	
   

  	
  6424-331

  	
   

  	
  6424-493

  	
   

  	
  8090-012

  	
   

  	
  8090-029

  
	
  8090-109

  	
   

  	
  8090-125

  	
   

  	
  8098-031

  	
   

  	
  8098-147

  	
   

  	
  8098-149

  	
   

  	
  8122-091

  
	
  8224-026

  	
   

  	
  8224-076

  	
   

  	
  8224-105

  	
   

  	
  8224-135

  	
   

  	
  8280-009

  	
   

  	
   

  

 

Quantity:  35

 

BOX:     1878

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-079

  	
   

  	
  3146-091

  	
   

  	
  3146-165

  	
   

  	
  3146-296

  	
   

  	
  51637-244

  	
   

  	
  51637-255

  
	
  51637-280

  	
   

  	
  5520-006

  	
   

  	
  5520-037

  	
   

  	
  5520-125

  	
   

  	
  5520-160

  	
   

  	
  5520-178

  
	
  5520-353

  	
   

  	
  5520-354

  	
   

  	
  5520-376

  	
   

  	
  5520-406

  	
   

  	
  5520-416

  	
   

  	
  5520-456

  
	
  6424-092

  	
   

  	
  6424-354

  	
   

  	
  6424-406

  	
   

  	
  6424-441

  	
   

  	
  6424-442

  	
   

  	
  6424-481

  
	
  6424-487

  	
   

  	
  6424-577

  	
   

  	
  8098-034

  	
   

  	
  8098-069

  	
   

  	
  8098-142

  	
   

  	
  8098-160

  
	
  8098-164

  	
   

  	
  8098-170

  	
   

  	
  8098-194

  	
   

  	
  8098-197

  	
   

  	
  8122-027

  	
   

  	
   

  

 

Quantity:  35

 

BOX:     1879

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-033

  	
   

  	
  3146-169

  	
   

  	
  3146-297

  	
   

  	
  5159-034

  	
   

  	
  5159-068

  	
   

  	
  51637-070

  
	
  51637-209

  	
   

  	
  51637-231

  	
   

  	
  5520-066

  	
   

  	
  5520-099

  	
   

  	
  5520-122

  	
   

  	
  5520-233

  
	
  5520-288

  	
   

  	
  5520-326

  	
   

  	
  5520-341

  	
   

  	
  5520-433

  	
   

  	
  5520-476

  	
   

  	
  5520-480

  
	
  6424-003

  	
   

  	
  6424-013

  	
   

  	
  6424-078

  	
   

  	
  6424-162

  	
   

  	
  6424-263

  	
   

  	
  6424-324

  
	
  6424-367

  	
   

  	
  6424-415

  	
   

  	
  8090-072

  	
   

  	
  8098-003

  	
   

  	
  8098-017

  	
   

  	
  8098-060

  
	
  8122-017

  	
   

  	
  8122-067

  	
   

  	
  8122-090

  	
   

  	
  8224-003

  	
   

  	
  8224-078

  	
   

  	
   

  

 

Quantity:  35

 

	
  Initial

  	
  /s/ CWJ

  	
  /

  	
   WAW

  	
   

  
	
   

  	
  GECC

  	
   

  	
  TGC Industries, Inc.

  

 

6

 

BOX: 1880

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-058

  	
   

  	
  3146-247

  	
   

  	
  3146-292

  	
   

  	
  5159-057

  	
   

  	
  5159-070

  	
   

  	
  5159-077

  
	
  51637-074

  	
   

  	
  51637-079

  	
   

  	
  51637-201

  	
   

  	
  51637-242

  	
   

  	
  51637-271

  	
   

  	
  51637-279

  
	
  5520-007

  	
   

  	
  5520-082

  	
   

  	
  5520-121

  	
   

  	
  5520-184

  	
   

  	
  5520-370

  	
   

  	
  5520-389

  
	
  6424-289

  	
   

  	
  6424-346

  	
   

  	
  6424-380

  	
   

  	
  6424-407

  	
   

  	
  6424-449

  	
   

  	
  6424-486

  
	
  6424-538

  	
   

  	
  8090-004

  	
   

  	
  8090-044

  	
   

  	
  8098-010

  	
   

  	
  8098-163

  	
   

  	
  8098-188

  
	
  8224-039

  	
   

  	
  8224-084

  	
   

  	
  8224-092

  	
   

  	
  8224-141

  	
   

  	
  8280-001

  	
   

  	
   

  

 

Quantity:  35

 

BOX:     1881

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-004

  	
   

  	
  3146-100

  	
   

  	
  3146-125

  	
   

  	
  3146-138

  	
   

  	
  3146-173

  	
   

  	
  5159-012

  
	
  5159-029

  	
   

  	
  51637-282

  	
   

  	
  5520-002

  	
   

  	
  5520-005

  	
   

  	
  5520-159

  	
   

  	
  5520-243

  
	
  5520-382

  	
   

  	
  5520-385

  	
   

  	
  5520-465

  	
   

  	
  5520-468

  	
   

  	
  6424-010

  	
   

  	
  6424-100

  
	
  6424-118

  	
   

  	
  6424-202

  	
   

  	
  6424-213

  	
   

  	
  6424-276

  	
   

  	
  6424-279

  	
   

  	
  6424-314

  
	
  6424.431

  	
   

  	
  6424-460

  	
   

  	
  6424-462

  	
   

  	
  6424-506

  	
   

  	
  8098-051

  	
   

  	
  8098-093

  
	
  8122-045

  	
   

  	
  8224-031

  	
   

  	
  8224-074

  	
   

  	
  8224-094

  	
   

  	
  8224-104

  	
   

  	
   

  

 

Quantity:  35

 

BOX:     1882

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-080

  	
   

  	
  3146-116

  	
   

  	
  3146-161

  	
   

  	
  3146-227

  	
   

  	
  3146-239

  	
   

  	
  3146-240

  
	
  3146-293

  	
   

  	
  51637-064

  	
   

  	
  5520-107

  	
   

  	
  5520-109

  	
   

  	
  5520-146

  	
   

  	
  5520-182

  
	
  5520-192

  	
   

  	
  5520-330

  	
   

  	
  5520-333

  	
   

  	
  5520-424

  	
   

  	
  5520-462

  	
   

  	
  6424-002

  
	
  6424-063

  	
   

  	
  6424-069

  	
   

  	
  6424-311

  	
   

  	
  6424-366

  	
   

  	
  6424-507

  	
   

  	
  8090-024

  
	
  8090-048

  	
   

  	
  8090-117

  	
   

  	
  8098-053

  	
   

  	
  8098-082

  	
   

  	
  8098-133

  	
   

  	
  8098-150

  
	
  8098-172

  	
   

  	
  8098-181

  	
   

  	
  8122-022

  	
   

  	
  8122-075

  	
   

  	
  8122-086

  	
   

  	
   

  

 

Quantity:  35

 

	
  Initial

  	
  /s/ CWJ

  	
  /

  	
   WAW

  	
   

  
	
   

  	
  GECC

  	
   

  	
  TGC Industries, Inc.

  

 

7

 

BOX:     1883

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-011

  	
   

  	
  3146-069

  	
   

  	
  3146-105

  	
   

  	
  3146-168

  	
   

  	
  3146-197

  	
   

  	
  3146-252

  
	
  5159-005

  	
   

  	
  51637-023

  	
   

  	
  51637-187

  	
   

  	
  51637-256

  	
   

  	
  51637-257

  	
   

  	
  51637-296

  
	
  5520-067

  	
   

  	
  5520-157

  	
   

  	
  5520-218

  	
   

  	
  5520-269

  	
   

  	
  5520-351

  	
   

  	
  5520-472

  
	
  6424-075

  	
   

  	
  6424-097

  	
   

  	
  6424-145

  	
   

  	
  6424-158

  	
   

  	
  6424-207

  	
   

  	
  6424-229

  
	
  6424-579

  	
   

  	
  8098-023

  	
   

  	
  8098-042

  	
   

  	
  8098-121

  	
   

  	
  8122-039

  	
   

  	
  8122-043

  
	
  8122-061

  	
   

  	
  8122-099

  	
   

  	
  8224-055

  	
   

  	
  8224-064

  	
   

  	
  8224-117

  	
   

  	
   

  

 

Quantity:  35

 

BOX:     1884

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-057

  	
   

  	
  5159-053

  	
   

  	
  5159-059

  	
   

  	
  51637-003

  	
   

  	
  51637-012

  	
   

  	
  51637-081

  
	
  51637-104

  	
   

  	
  51637-148

  	
   

  	
  51637-195

  	
   

  	
  51637-274

  	
   

  	
  51637-301

  	
   

  	
  5520-128

  
	
  5520-283

  	
   

  	
  5520-284

  	
   

  	
  5520-315

  	
   

  	
  5520-320

  	
   

  	
  5520-331

  	
   

  	
  5520-343

  
	
  5520-345

  	
   

  	
  5520-428

  	
   

  	
  6424-007

  	
   

  	
  6424-009

  	
   

  	
  6424-083

  	
   

  	
  6424-392

  
	
  6424-410

  	
   

  	
  6424-417

  	
   

  	
  6424-455

  	
   

  	
  6424-495

  	
   

  	
  6424-497

  	
   

  	
  6424-505

  
	
  8090-006

  	
   

  	
  8098-030

  	
   

  	
  8098-106

  	
   

  	
  8224-032

  	
   

  	
  8224-095

  	
   

  	
   

  

 

Quantity:
35

 

	
  Initial

  	
  /s/ CWJ

  	
  /

  	
   WAW

  	
   

  
	
   

  	
  GECC

  	
   

  	
  TGC Industries, Inc.

  

 

8

 

BOX:     1886

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-063

  	
   

  	
  3146-072

  	
   

  	
  3146-076

  	
   

  	
  3146-082

  	
   

  	
  3146-115

  	
   

  	
  5159-052

  
	
  5159-058

  	
   

  	
  51637-230

  	
   

  	
  5520-040

  	
   

  	
  5520-106

  	
   

  	
  5520-156

  	
   

  	
  5520-161

  
	
  5520-166

  	
   

  	
  5520-205

  	
   

  	
  5520-259

  	
   

  	
  5520-272

  	
   

  	
  5520-317

  	
   

  	
  5520-355

  
	
  5520-430

  	
   

  	
  6424-042

  	
   

  	
  6424-096

  	
   

  	
  6424-157

  	
   

  	
  6424-164

  	
   

  	
  6424-194

  
	
  6424-319

  	
   

  	
  6424-350

  	
   

  	
  6424-362

  	
   

  	
  6424-372

  	
   

  	
  6424-403

  	
   

  	
  6424-550

  
	
  8090-002

  	
   

  	
  8098-036

  	
   

  	
  8098-183

  	
   

  	
  8122-016

  	
   

  	
  8224-059

  	
   

  	
  8224-083

  
	
  8224-133

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Quantity: 37

 

BOX:     1887

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-099

  	
   

  	
  3146-101

  	
   

  	
  3146-152

  	
   

  	
  3146-242

  	
   

  	
  51637-071

  	
   

  	
  51637-075

  
	
  51637-196

  	
   

  	
  51637-277

  	
   

  	
  5520-020

  	
   

  	
  5520-054

  	
   

  	
  5520-061

  	
   

  	
  5520-097

  
	
  5520-261

  	
   

  	
  5520-309

  	
   

  	
  5520-412

  	
   

  	
  5520-499

  	
   

  	
  6424-030

  	
   

  	
  6424-056

  
	
  6424-184

  	
   

  	
  6424-201

  	
   

  	
  6424-304

  	
   

  	
  6424-445

  	
   

  	
  6424-466

  	
   

  	
  6424-468

  
	
  6424-471

  	
   

  	
  6424-475

  	
   

  	
  8090-050

  	
   

  	
  8090-051

  	
   

  	
  8090-071

  	
   

  	
  8090-095

  
	
  8090-115

  	
   

  	
  8098-186

  	
   

  	
  8122-053

  	
   

  	
  8224-052

  	
   

  	
  8224-113

  	
   

  	
  8224-121

  
	
  8224-130

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Quantity:
37

 

	
  Initial

  	
  /s/ CWJ

  	
  /

  	
   WAW

  	
   

  
	
   

  	
  GECC

  	
   

  	
  TGC Industries, Inc.

  

 

9

 

BOX:     1888

 

4 T/O CABLES FOR TIDELANDS

 

3D ARIES CABLES

 

	
  3146-018

  	
   

  	
  3146-067

  	
   

  	
  3146-154

  	
   

  	
  51637-117

  	
   

  	
  51637-193

  	
   

  	
  51637-207

  
	
  51637-232

  	
   

  	
  5520-062

  	
   

  	
  5520-171

  	
   

  	
  5520-199

  	
   

  	
  5520-209

  	
   

  	
  5520-322

  
	
  5520-327

  	
   

  	
  5520-346

  	
   

  	
  5520-358

  	
   

  	
  5520-386

  	
   

  	
  6424-054

  	
   

  	
  6424-208

  
	
  6424-215

  	
   

  	
  6424-288

  	
   

  	
  6424-368

  	
   

  	
  6424-416

  	
   

  	
  6424-456

  	
   

  	
  6424-562

  
	
  8090-111

  	
   

  	
  8098-002

  	
   

  	
  8098-071

  	
   

  	
  8098-089

  	
   

  	
  8098-126

  	
   

  	
  8098-139

  
	
  8098-157

  	
   

  	
  8098-185

  	
   

  	
  8122-049

  	
   

  	
  8122-063

  	
   

  	
  8224-070

  	
   

  	
  8224-115

  
	
  8224-145

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Quantity: 37

 

BOX:     1896

 

ARIES BASELINE CABLES FOR TIDELANDS

 

ARIES OCTAL CABLES

 

	
  5407-043

  	
   

  	
  5407-057

  	
   

  	
  5407-070

  	
   

  	
  5407-090

  	
   

  	
  5407-094

  	
   

  	
  5407-100

  
	
  5407-108

  	
   

  	
  5407-111

  	
   

  	
  5407-147

  	
   

  	
  6415-11

  	
   

  	
  6415-20

  	
   

  	
  6415-21

  
	
  6415-28

  	
   

  	
  6415-40

  	
   

  	
  6704-009b

  	
   

  	
  6704-014b

  	
   

  	
  6704-024b

  	
   

  	
  6704-026b

  
	
  6704-027b

  	
   

  	
  6704-040b

  	
   

  	
  8123-44b

  	
   

  	
  8123-53b

  	
   

  	
   

  	
   

  	
   

  

 

Quantity:  22

 

BOX:     1897

 

ARIES BASELINE CABLES FOR TIDELANDS

 

ARIES OCTAL CABLES

 

	
  5407-059

  	
   

  	
  5407-079

  	
   

  	
  5407-080

  	
   

  	
  5407-083

  	
   

  	
  5407-087

  	
   

  	
  5407-088

  
	
  5407-109

  	
   

  	
  5407-140

  	
   

  	
  6415-18

  	
   

  	
  6415-39

  	
   

  	
  6704-004b

  	
   

  	
  6704-012b

  
	
  6704-020b

  	
   

  	
  6704-034b

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Quantity:  14

 

	
  Initial

  	
  /s/ CWJ

  	
  /

  	
   WAW

  	
   

  
	
   

  	
  GECC

  	
   

  	
  TGC Industries, Inc.

  

 

10

 

 

ANNEX A

TO

COLLATERAL SCHEDULE NO. 001

TO MASTER
SECURITY AGREEMENT

DATED AS OF
10/22/04

 

CERTIFICATE
OF DELIVERY/INSTALLATION

 

To: General Electric Capital Corporation (together with its successors
and assigns, if any, “Secured Party”)

 

Pursuant to the provisions
of the above Collateral Schedule to the above Master Security Agreement and the
related Promissory Note (collectively, the “Loan”), the undersigned (“Debtor”)
hereby certifies and warrants that (a) all Equipment listed below has been
delivered and installed (if applicable); (b) the Debtor has inspected the
Equipment, and all such testing as it deems necessary has been performed by
Debtor, Supplier or the manufacturer and; (c) Debtor has found all such
Equipment to be satisfactory and meets all applicable specifications and is
fully operational for its intended use.

 

	
  Number

  of Units

  	
   

  	
  Manufacturer

  	
   

  	
  Serial Numbers

  	
   

  	
  Model and Type of Equipment

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1

  	
   

  	
  ARAM Aries

  	
   

  	
  SP376

  	
   

  	
  Seismic Processor Module
  w/fast download capability

  
	
  4

  	
   

  	
  ARAM Ariies

  	
   

  	
   

  	
   

  	
  PC - Quad Line Interface
  Cards

  
	
  1

  	
   

  	
  ARAM Ariies

  	
   

  	
   

  	
   

  	
  Impulse Source Software

  
	
  1

  	
   

  	
  ARAM Aires

  	
   

  	
   

  	
   

  	
  Vibroseis Option.

  
	
  2

  	
   

  	
  Misc Test Equipment

  	
   

  	
   

  	
   

  	
  Additional Flat Panel
  Display Units w/Mounting Hardware

  
	
  1

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Standard Installation Kit

  
	
  1

  	
   

  	
  Misc Test Equipment

  	
   

  	
  TD276

  	
   

  	
  Dual 3490 tape drive w/
  mounting hardware

  
	
  1

  	
   

  	
  Misc Test Equipment

  	
   

  	
  20235

  	
   

  	
  iSYS-V12 thermal plotter
  w/mounting hardware

  
	
  350

  	
   

  	
  AMAR Aries

  	
   

  	
   

  	
   

  	
  Remote Acquisition Module
  (Rams)

  
	
  18

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Line Tap Unit (A-LTUs)

  
	
  480

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Lead Acid Battery Pack

  
	
  16

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Lead Acid Battery Charger

  
	
  700

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Seismic Land-Lt Cable 300M

  
	
  1400

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Land Cable Back to Backs
  intergrated

  
	
  36

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Seismic Multiport Baseline
  Cable 280M

  
	
  72

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Land Baseline Cable Back
  to Backs Intergrated

  
	
  4

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Multiport Baseline
  Splitter Cable.

  
	
  4

  	
   

  	
  Misc Test Equipment

  	
   

  	
   

  	
   

  	
  Hand held test unit
  w/meter and matching Geophone Adapter

  
	
  4

  	
   

  	
  Misc Test Equipment

  	
   

  	
   

  	
   

  	
  Power Head w/9-volt
  Battery

  
	
  1

  	
   

  	
  ARAM Aries

  	
   

  	
   

  	
   

  	
  Battery Discharge Station

  
	
  1

  	
   

  	
  International

  	
   

  	
  1 HTLDTVN8EHA55043

  	
   

  	
  Truck

  

 

Equipment more fully described on Schedule B to Collateral Schedule No.
001

 

Equipment immediately listed above is located at: 1304 Summit Ave,
Suite 2, Plano, Collin County, TX 75074

 

 

	
   

  	
  TGC Industries, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Wayne Whitener

  
	
   

  	
  Name:

  	
  Wayne Whitener

  
	
   

  	
  Title:

  	
  President/CEO

  
	
   

  	
  Date:

  	
  10/22/04

  
					

 

 

	
   

  	
  Date

  	
   

  	
   

  

 

General Electric Capital Corporation

16479 Dallas Parkway #300

Addison, TX 75001-2512

 

Gentlemen:

 

You are hereby irrevocably
authorized and directed to deliver and apply the proceeds of your loan to the
undersigned evidenced by that Note dated 10/26/04 and secured by that Security
Agreement or Chanel Mortgage dated 10/22/04, as follows:

 

	
  GEO-X Systems, Ltd.

  	
   

  	
  $

  	
  2,386,149.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GE capital Corporation Documentation Fee

  	
   

  	
  $

  	
  500.00

  	
   

  

 

This authorization and
direction is given pursuant to the same authority authorizing the
above-mentioned borrowing,

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  TGC Industries, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Wayne Whitener

  
	
   

  	
  Name:

  	
  Wayne Whitener

  
	
   

  	
  Title:

  	
  President/CEOExhibit 10.2

 

 

MASTER SECURITY AGREEMENT

dated as of 10/22/04 (“Agreement”)

 

THIS
AGREEMENT is between
General Electric Capital Corporation (together with its successors and assigns,
if any, “Secured Party’”) and TGC Industries, Inc. (“Debtor”). Secured Party
has an office at 16479 Dallas Parkway #300, Addison, TX 75001-2512. Debtor is a
corporation organized and existing under the laws of the state of Texas (“the
State”). Debtor’s mailing address and chief place of business is 1304 Summit
Ave, Suite 2, Plano, TX 75074.

 

1.             CREATION OF SECURITY INTEREST.

 

Debtor
grants to Secured Party, its successors and assigns, a security interest in and
against all property listed on any collateral schedule now or in the future
annexed to or made a part of this Agreement (“Collateral Schedule”), and in and
against all additions, attachments, accessories and accessions to such
property, all substitutions, replacements or exchanges therefor, and all
insurance and/or other proceeds thereof (all such property is individually and
collectively called the “Collateral”). This security interest is given to
secure the payment and performance of all debts, obligations and liabilities of
any kind whatsoever of Debtor to Secured Party, now existing or arising in the
future, including but not limited to the payment and performance of certain
Promissory Notes from time to time identified on any Collateral Schedule (collectively
“Notes” and each a “Note”), and any renewals, extensions and modifications of
such debts, obligations and liabilities (such Notes, debts, obligations and
liabilities are called the “Indebtedness”).

 

2.             REPRESENTATIONS, WARRANTIES AND
COVENANTS OF DEBTOR.

 

Debtor
represents, warrants and covenants as of the date of this Agreement and as of
the date of each Collateral Schedule that:

 

(a)   Debtor’s exact legal name is as set forth in the preamble of this
Agreement and Debtor is, and will remain, duly organized, existing and in good
standing under the laws of the State set forth in the preamble of this
Agreement, has its chief executive offices at the location specified in the
preamble, and is, and will remain, duly qualified and licensed in every jurisdiction
wherever necessary to carry on its business and operations;

 

(b)   Debtor has adequate power and capacity to enter into, and to perform
its obligations under this Agreement, each Note and any other documents
evidencing, or given in connection with, any of the Indebtedness (all of the
foregoing are called the “Debt Documents”);

 

(c)   This Agreement and the other Debt Documents have been duly authorized,
executed and delivered by Debtor and constitute legal, valid and binding
agreements enforceable in accordance with their terms, except to the extent
that the enforcement of remedies may be limited under applicable bankruptcy and
insolvency laws;

 

(d)   No approval, consent or withholding of objections is required from any
governmental authority or instrumentality with respect to the entry into, or
performance by Debtor of any of the Debt Documents, except any already obtained;

 

(e)   The entry into, and performance by, Debtor of the Debt Documents will
not (i) violate any of the organizational documents of Debtor or any
judgment, order, law or regulation applicable to Debtor, or (ii) result in
any breach of or constitute a default under any contract to which Debtor is a
party, or result in the creation of any lien, claim or encumbrance on any of
Debtor’s property (except for liens in favor of Secured Party) pursuant to any
indenture, mortgage, deed of trust, bank loan, credit agreement, or other
agreement or instrument to which Debtor is a party;

 

(f)    There are no suits or proceedings pending in court or before any
commission, board or other administrative agency against or affecting Debtor
which could, in the aggregate, have a material adverse effect on Debtor, its
business or operations, or its ability to perform its obligations under the
Debt Documents, nor does Debtor have reason to believe that any such suits or
proceedings are threatened;

 

(g)   All financial statements delivered to Secured Party in connection with
the Indebtedness have been prepared in accordance with generally accepted
accounting principles, and since the date of the most recent financial
statement, there has been no material adverse change in Debtors financial
condition;

 

(h)   The Collateral is not, and will not be, used by Debtor for personal,
family or household purposes;

 

(i)    The Collateral is, and will remain, in good condition and repair and
Debtor will not be negligent in its care and use;

 

(j)    Debtor is, and will
remain, the sole and lawful owner, and in possession of, the Collateral, and
has the sole right and lawful authority to grant the security interest
described in this Agreement;

 

(k)   The Collateral is, and will remain, free and clear of all liens, claims
and encumbrances of any kind whatsoever, except for (i) liens in favor of
Secured Party, (ii) liens for taxes not yet due or for taxes being
contested in good faith and which do not involve, in the judgment of Secured
Party, any risk of the sale forfeiture or loss of any of the Collateral, and (iii) inchoate
materialmen’s, mechanic’s, repairmen’s and similar liens arising by operation
of law in the normal course of business for amounts which are not delinquent
(all of such liens are called “Permitted Liens”); and

 

(l)    Debtor is and will remain in full compliance with all laws and
regulations applicable to it including, without limitation, (i) ensuring
that no person who owns a controlling interest in or otherwise controls Debtor
is or shall be (Y) listed on the Specially Designated Nationals and Blocked
Person List maintained by the Office of Foreign Assets Control (“OFAC”),
Department of the Treasury, and/or any other similar lists maintained by OFAC
pursuant to any authorizing statute, Executive Order or regulation or (Z) a
person designated under Section l (b), (c) or (d) of Executive
Order No. 13224 (September 23, 2001), any related enabling
legislation or any other similar Executive Orders, and (ii) compliance
with all applicable Bank Secrecy Act (“BSA”) laws, regulations and government
guidance on BSA compliance and on the prevention and detection of money
laundering violations.

 

 

3.             COLLATERAL.

 

(a)   Until the declaration of any default, Debtor
shall remain in possession of the Collateral; except that Secured Party shall
have the right to possess (i) any chattel paper or instrument that
constitutes a part of the Collateral, and (ii) any other Collateral in
which Secured Party’s security interest may be perfected only by possession.
Secured Party may inspect any of the Collateral during normal business hours
after giving Debtor reasonable prior notice. If Secured Party asks, Debtor will
promptly notify Secured Party in writing of the location of any Collateral.

 

(b)   Debtor shall (i) use the Collateral only
in its trade or business, (ii) maintain all of the Collateral in good
operating order and repair, normal wear and tear excepted, (iii) use and
maintain the Collateral only in compliance with manufacturers recommendations
and all applicable laws, and (iv) keep all of the Collateral free and
clear of all liens, claims and encumbrances (except for Permitted Liens).

 

(c)   Secured Party does not authorize and Debtor
agrees it shall not (i) part with possession of any of the Collateral
(except to Secured Party or for maintenance and repair), (ii) remove any
of the Collateral from the continental United States, or (iii) sell, rent,
lease, mortgage, license, grant a security interest in or otherwise transfer or
encumber (except for Permitted Liens) any of the Collateral.

 

(d)   Debtor shall pay promptly when due all taxes,
license fees, assessments and public and private charges levied or assessed on
any of the Collateral, on its use, or on this Agreement or any of the other
Debt Documents.  At its option, Secured
Party may discharge taxes, liens, security interests or other encumbrances at
any time levied or placed on the Collateral and may pay for the maintenance,
insurance and preservation of the Collateral and effect compliance with the
terms of this Agreement or any of the other Debt Documents. Debtor agrees to
reimburse Secured Party, on demand, all costs and expenses incurred by Secured
Party in connection with such payment or performance and agrees that such
reimbursement obligation shall constitute Indebtedness.

 

(e)   Debtor shall, at all times, keep accurate and
complete records of the Collateral, and Secured Party shall have the right to
inspect and make copies of all of Debtor’s books and records relating to the
Collateral during normal business hours, after giving Debtor reasonable prior
notice.

 

(f)    Debtor agrees and acknowledges that any third
person who may at any time possess all or any portion of the Collateral shall
be deemed to hold, and shall hold, the Collateral as the agent of, and as
pledge holder for, Secured Party, Secured party may at any time give notice to
any third person described in the preceding sentence that such third person is
holding the Collateral as the agent of, and as pledge holder for, the Secured
Party,

 

4.             INSURANCE.

 

(a)   Debtor shall at all times bear the entire
risk of any loss, theft, damage to, or destruction of, any of the Collateral
from any cause whatsoever.

 

(b)   Debtor agrees to keep the Collateral insured
against loss or damage by fire and extended coverage perils, theft, burglary,
and for any or all Collateral which are vehicles, for risk of loss by
collision, and if requested by Secured Party, against such other risks as
Secured Party may reasonably require. The insurance coverage shall be in an
amount no less than the full replacement value of the Collateral, and
deductible amounts, insurers and policies shall be acceptable to Secured
Party.  Debtor shall deliver to Secured
Party policies or certificates of insurance evidencing such coverage.  Each policy shall name Secured party as a
loss payee, shall provide for coverage to Secured Party regardless of the
breach by Debtor of any warranty or representation made therein, shall not be
subject to co-insurance, and shall provide that coverage may not be canceled or
altered by the insurer except upon thirty (30) days prior written notice to
Secured Party.  Debtor appoints Secured
Party as its attorney-in-fact to make proof of loss, claim for insurance and
adjustments with insurers, and to receive payment of and execute or endorse all
documents, checks or drafts in connection with insurance payments. Secured
party shall not act as Debtor’s attorney-in-fact unless Debtor is in default.
Proceeds of insurance shall be applied, at the option of Secured Party, to
repair or replace the Collateral or to reduce any of the Indebtedness.

 

5.             REPORTS.

 

(a)   Debtor shall promptly notify Secured Party of
(i) any change in the name of Debtor, (ii) any change in the state of
its incorporation, organization or registration, (iii) any relocation of
its chief executive offices, (iv) any relocation of any of the Collateral,
(v) any of the Collateral being lost, stolen, missing, destroyed,
materially damaged or worn out, or (vi) any lien, claim or encumbrance
other than Permitted Liens attaching to or being made against any of the Collateral.

 

(b)   Debtor will deliver to Secured Party Debtor’s
complete financial statements, certified by a recognized firm of certified
public accountants, within ninety (90) days of the close of each fiscal year of
Debtor. If Secured Party requests, Debtor will deliver to Secured Party copies
of Debtor’s quarterly financial reports certified by Debtor’s chief financial
officer, within ninety (90) days after the close of each of Debtor’s fiscal
quarter. Debtor will deliver to Secured Party copies of ail Forms 10-K and 10-Q,
if any, within 30 days after the dates on which they are filed with the
Securities and Exchange Commission.

 

6.             FURTHER ASSURANCES.

 

(a)   Debtor shall, upon request of Secured Party,
furnish to Secured Party such further information, execute and deliver to
Secured Party such documents and instruments (including, without limitation,
Uniform Commercial Code financing statements) and shall do such other acts and
things as Secured Party may at any time reasonably request relating to the
perfection or protection of the security interest created by this Agreement or
for the purpose of carrying out the intent of this Agreement. Without limiting the foregoing. Debtor shall cooperate and
do all acts deemed necessary or advisable by Secured Party to continue in Secured
Party a perfected first security interest in the Collateral, and shall obtain
and furnish to Secured party any subordinations, releases, landlord waivers, lessor
waivers, mortgagee waivers, or control agreements, and similar documents as may
be from time to time requested by, and in form and substance satisfactory to,
Secured Party.

 

(b)   Debtor authorizes Secured Party to file a
financing statement and amendments thereto describing the Collateral and
containing any other information required by the applicable Uniform Commercial
Code.  Debtor irrevocably grants to
Secured Party the power to sign Debtor’s name and generally to act on behalf of
Debtor to execute and file applications for title, transfers of title,
financing statements, notices of lien and other documents pertaining to any or
all of the Collateral; this power is coupled with Secured Party’s interest in
the Collateral. Debtor shall, if any certificate of title be required or
permitted by law for any of the Collateral, obtain and promptly deliver to
Secured Party such certificate showing the lien of this Agreement with respect
to the Collateral. Debtor ratifies its prior authorization for Secured party to
file financing statements and amendments thereto describing the Collateral and
containing any other information required by the Uniform Commercial Code if
filed prior to the date hereof.

 

(c)   Debtor shall indemnify and defend the Secured
Party, its successors and assigns, and their respective directors, officers and
employees, from and against all claims, actions and suits (including, without
limitation, related attorneys’ fees) of any kind whatsoever arising, directly
or indirectly, in connection

 

 

with any
of the Collateral.

 

7.             DEFAULT AND REMEDIES.

 

(a)   Debtor shall be in default under this
Agreement and each of the other Debt Documents if:

 

(i)    Debtor breaches its obligation to pay when
due any installment or other amount due or coming due under any of the Debt
Documents;

 

(ii)   Debtor, without the prior written consent of
Secured Party, attempts to or does sell, rent, lease, license, mortgage, grant
a security interest in, or otherwise transfer or encumber (except for Permitted
Liens) any of the Collateral;

 

(iii)  Debtor breaches any of its insurance
obligations under Section 4;

 

(iv)  Debtor breaches any of its other obligations under any of the Debt Documents
and fails to cure that breach within thirty (30) days after written notice from
Secured Party;

 

(v)   Any warranty, representation or statement
made by Debtor in any of the Debt Documents or otherwise in connection with any
of the Indebtedness shall be false or misleading in any material respect;

 

(vi)  Any of the Collateral is subjected to
attachment, execution, levy, seizure or confiscation in any legal proceeding or
otherwise, or if any legal or administrative proceeding is commenced against
Debtor or any of the Collateral, which in the good faith judgment of Secured Party
subjects any of the Collateral to a material risk of attachment, execution,
levy, seizure or confiscation and no bond is posted or protective order
obtained to negate such risk;

 

(vii) Debtor breaches or is in default under any
other agreement between Debtor and Secured Party;

 

(viii) Debtor or any
guarantor or other obligor for any of the Indebtedness (collectively “Guarantor”)
dissolves, terminates its existence, becomes insolvent or ceases to do business
as a going concern;

 

(ix)   If Debtor or any Guarantor is a natural
person, Debtor or any such Guarantor dies or becomes incompetent;

 

(x)    A receiver is appointed for all or of any part
of the property of Debtor or any Guarantor, or Debtor or any Guarantor makes
any assignment for the benefit of creditors;

 

(xi)   Debtor or any Guarantor files a petition
under any bankruptcy, insolvency or similar law, or any such petition is filed
against Debtor or any Guarantor and is not dismissed within forty-five (45)
days;

 

(xii)  Debtor’s improper filing of an amendment or
termination statement relating to a filed financing statement describing the
Collateral;

 

(xiii) Any Guarantor revokes
or attempts to revoke its guaranty of any of the Indebtedness or fails to
observe or perform any covenant, condition or agreement to be performed under
any guaranty or other related document to which it is a party; or

 

(xiv) Debtor defaults under
any other material obligation for (A) borrowed money, (B) the
deferred purchase price of property or (C) payments due under any lease
agreement.

 

(b)   If Debtor is in default, the Secured Party,
at its option, may declare any or all of the Indebtedness to be immediately due
and payable, without demand or notice to Debtor or any Guarantor. The
accelerated obligations and liabilities shall bear interest (both before and
after any judgment) until paid in full at the lower of eighteen percent (18%)
per annum or the maximum rate not prohibited by applicable law.

 

(c)   After default, Secured Party shall have all
of the rights and remedies of a Secured Party under the Uniform Commercial
Code, and under any other applicable law. Without limiting the foregoing,
Secured Party shall have the right to (i) notify any account debtor of
Debtor or any obligor on any instrument which constitutes part of the
Collateral to make payment to the Secured Party, (ii) with or without legal
process, enter any premises where the Collateral may be and take possession of
and remove the Collateral from the premises or store it on the premises, (iii) sell
the Collateral at public or private sale, in whole or in part, and have the
right to bid and purchase at said sale, or (iv) lease or otherwise dispose
of all or part of the Collateral, applying proceeds from such disposition to
the obligations then in default.  If
requested by Secured Party, Debtor shall promptly assemble the Collateral and make
it available to Secured Party at a place to be designated by Secured Party
which is reasonably convenient to both parties. 
Secured Party may also render any or all of the Collateral unusable at
the Debtor’s premises and may dispose of such Collateral on such premises
without liability for rent or costs.  Any
notice that Secured Party is required to give to Debtor under the Uniform
Commercial Code of the time and place of any public sale or the time after
which any private sale or other intended disposition of the Collateral is to be
made shall be deemed to constitute reasonable notice if such notice is given to
the last known address of Debtor at least five (5) days prior to such
action.

 

(d)   Proceeds from any sale or lease or other
disposition shall be applied: first, to all costs of repossession, storage, and
disposition including without limitation attorneys’, appraisers’, and
auctioneers’ fees; second, to discharge the obligations then in default; third,
to discharge any other Indebtedness of Debtor to Secured Party, whether as
obligor, endorser, guarantor, surety or indemnitor; fourth, to expenses
incurred in paying or settling liens and claims against the Collateral; and
lastly, to Debtor, if there exists any surplus. Debtor shall remain fully liable
for any deficiency.

 

(e)   Debtor agrees to pay all reasonable attorneys’
fees and other costs incurred by Secured Party in connection with the
enforcement, assertion, defense or preservation of Secured Party’s rights and
remedies under this Agreement, or if prohibited by law, such lesser sum as may
be permitted. Debtor further agrees that such fees and costs shall constitute
Indebtedness.

 

(f)    Secured Party’s rights and remedies under
this Agreement or otherwise arising are cumulative and may be exercised singularly
or concurrently. Neither the failure nor any delay on the part of the Secured Party
to exercise any right, power or privilege under this Agreement shall operate as
a waiver, nor shall any single or partial exercise of any right, power or
privilege preclude any other or further exercise of that or any other right,
power or privilege. SECURED PARTY SHALL NOT BE DEEMED TO HAVE WAIVED ANY OF ITS
RIGHTS UNDER THIS AGREEMENT OR UNDER ANY OTHER AGREEMENT, INSTRUMENT OR PAPER
SIGNED BY DEBTOR UNLESS SUCH WAIVER IS EXPRESSED IN WRITING AND SIGNED BY
SECURED PARTY. A waiver on any one occasion shall not be construed as a bar to
or waiver of any right or remedy on any future occasion.

 

 

(g)   DEBTOR AND SECURED PARTY UNCONDITIONALLY
WAIVE THEIR RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF THIS AGREEMENT, ANY OF THE OTHER DEBT DOCUMENTS, ANY OF THE
INDEBTEDNESS SECURED HEREBY, ANY DEALINGS BETWEEN DEBTOR AND SECURED PARTY
RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS,
AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN DEBTOR AND SECURED
PARTY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND
ALL DISPUTES THAT MAY BE FILED IN ANY COURT. THIS WAIVER IS IRREVOCABLE.
THIS WAIVER MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING. THE WAIVER
ALSO SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT, ANY OTHER DEBT DOCUMENTS, OR TO ANY OTHER
DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED
TRANSACTION. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL
BY THE COURT.

 

8.             MISCELLANEOUS.

 

(a)   This Agreement, any Note and/or any of the
other Debt Documents may be assigned, in whole or in part, by Secured Party
without notice to Debtor, and Debtor agrees not to assert against any such
assignee, or assignee’s assigns, any defense, set-off, recoupment claim or
counterclaim which Debtor has or may at any time have against Secured Party for
any reason whatsoever.  Debtor agrees
that if Debtor receives written notice of an assignment from Secured Party,
Debtor will pay all amounts payable under any assigned Debt Documents to such
assignee or as instructed by Secured Party. 
Debtor also agrees to confirm in writing receipt of the notice of
assignment as may be reasonably requested by Secured Party or assignee.

 

(b)   All notices to be given in connection with
this Agreement shall be in writing, shall be addressed to the parties at their
respective addresses set forth in this Agreement (unless and until a different
address may be specified in a written notice to the other party), and shall be
deemed given (i) on the date of receipt if delivered in hand or by
facsimile transmission, (ii) on the next business day after being sent by
express mail, and (iii) on the fourth business day after being sent by
regular, registered or certified mail. 
As used herein, the term “business day” shall mean and include any day
other than Saturdays, Sundays, or other days on which commercial banks in New
York, New York are required or authorized to be closed.

 

(c)   Secured Party may correct patent errors and
fill in all blanks in this Agreement or in any Collateral Schedule consistent
with the agreement of the parties.

 

(d)   Time is of the essence of this Agreement.
This Agreement shall be binding, jointly and severally, upon all parties
described as the “Debtor” and their respective heirs, executors,
representatives, successors and assigns, and shall inure to the benefit of
Secured Party, its successors and assigns.

 

(e)   This Agreement and its Collateral Schedules
constitute the entire agreement between the parties with respect to the subject
matter of this Agreement and supersede all prior understandings (whether
written, verbal or implied) with respect to such subject matter. THIS AGREEMENT
AND ITS COLLATERAL SCHEDULES SHALL NOT BE CHANGED OR TERMINATED ORALLY OR BY
COURSE OF CONDUCT, BUT ONLY BY A WRITING SIGNED BY BOTH PARTIES. Section headings
contained in this Agreement have been included for convenience only, and shall
not affect the construction or interpretation of this Agreement.

 

(f)    This Agreement shall continue in full force
and effect until all of the Indebtedness has been indefeasibly paid in full to
Secured Party or its assignee. The surrender, upon payment or otherwise, of any
Note or any of the other documents evidencing any of the Indebtedness shall not
affect the right of Secured Party to retain the Collateral for such other
Indebtedness as may then exist or as it may be reasonably contemplated will
exist in the future. This Agreement shall automatically be reinstated if
Secured Party is ever required to return or restore the payment of all or any
portion of the Indebtedness (all as though such payment had never been made).

 

(g)   THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CONNECTICUT (WITHOUT REGARD
TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH STATE), INCLUDING ALL MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE
COLLATERAL.

 

IN WITNESS WHEREOF, Debtor and Secured Party, intending to be
legally bound hereby, have duly executed this Agreement in one or more counterparts,
each of which shall be deemed to be an original, as of the day and year first aforesaid.

 

	
  SECURED PARTY:

  	
  DEBTOR:

  
	
   

  	
   

  
	
  General Electric Capital Corporation

  	
  TGC Industries, Inc.

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
  /s/ Wayne Whitener

  	
   

  
	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  	
  Wayne Whitener

  	
   

  
	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Title:

  	
  President/CEO

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