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Exhibit 4.3    
    

EXECUTION
COPY 

WARRANT AGREEMENT  

        This WARRANT AGREEMENT (this "Agreement") dated as of May 18, 2006, is entered into by and among Global
Geophysical Services, Inc., a Delaware corporation (the "Company"), and Orpheus Holdings LLC (the
"Purchaser"). All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Term Loan Agreement (as hereinafter
defined). 

WITNESSETH:  

        WHEREAS, pursuant to a Term Loan Agreement (the "Term Loan Agreement") dated as of May 18, 2006, by and
among the Company, the Lenders party thereto (the "Lenders") and the Purchaser, as agent for such Lenders, the Company proposes to issue to the
Purchaser Class B warrants, as hereinafter described (the "Warrants") to purchase an aggregate of 39,000 shares (subject to adjustment) of
Class B common stock, $.01 par value per share of the Company; 

        NOW,
THEREFORE, in consideration of the premises and of the terms and conditions herein contained, the parties hereto mutually agree as follows: 

        Section 1.    Defined Terms.    All terms used without other definition herein are intended to have the
meanings given to them in the Term Loan Agreement. The following capitalized terms when used in this Agreement shall have the following meanings: 

        "Agreement"
shall have the meaning set forth in the first paragraph of this Agreement. 

        "Closing
Price" for any Security that is regularly traded on any market on each business day means: (a) if such Security is listed or admitted to trading on any national stock
exchange, the closing price on such day on the principal exchange on which such Security is traded, or if no sale takes place on such day, the average of the closing bid and asked prices on such day
or (b) if such Security is not then listed or admitted to trading on any national stock exchange, the last reported sale price on such day, or if there is no such last reported sale price on
such day, the average of the closing bid and the asked prices on such day, as reported by a reputable national quotation source designated by the Company or the principal broker making a market in
such Security. If there are no such prices on a business day, then the Closing Price shall not be determinable for such business day. 

        "Common
Stock" shall mean the Company's Class A Common Stock, $.01 par value per share and the Class B Common Stock, $.01 par value per share. 

        "Convertible
Securities" shall have the meaning set forth in Section 8(e). 

        "Current
Market Price" means, if the Common Stock is traded on a national stock exchange, the Nasdaq National Market or the over-the-counter market, the average
of the Closing Price over the ten trading days immediately preceding the date of valuation at which the Common Stock has traded. 

        "Exercise
Price" shall mean $42.50 per share, as adjusted in accordance with the terms of this Agreement. 

        "Expiration
Date" shall have the meaning set forth in Section 6. 

        "Holders"
shall have the meaning set forth in Section 4. 

        "Independent
Financial Expert" shall mean an investment banking firm selected by the Board of Directors of the Company (a) that does not (and whose directors, officers, employees
and Affiliates do not) have a direct or indirect financial interest in the Company or any of its Affiliates, (b) that has not been, and, at the time it is called upon to serve as an Independent
Financial Expert under this Agreement is not (and none of whose directors, officers, employees or Affiliates is) a promoter, director or officer of the Company, (c) that has not been retained
by the Company or any of its Affiliates for any purpose, other than to perform an equity valuation, within the preceding 12 months, 

 

and
(d) that, in the good faith judgment of the board of directors of the Company, is otherwise qualified to serve as an independent financial advisor. 

        "Initial
Public Offering" means the Company's first Public Offering. 

        "Public
Offering" means any underwritten public offering, initiated by resolution of the board of directors of the Company, of the Common Stock pursuant to an effective registration
statement filed under the Securities Act. 

        "Reorganizations"
shall have the meaning set forth in Section 8(i). 

        "Securities
Act" means the Securities Act of 1933, as amended. 

        "Specified
Value" per share of Common Stock or of any other security (herein collectively referred to as a "Security") at any date shall
be: (a) if the Security is not regularly traded in any market, the value of the Security determined in good faith by the board of directors of the Company and certified in a board resolution,
which determination shall be final and binding upon the Holders; provided that if any of the Holders of 10% or more of the Warrants disagree with such valuation by the board of directors and provide
notice of such disagreement to the Company requesting an independent valuation, then the Company shall select an Independent Financial Expert who shall determine the value of such Security and whose
customary compensation shall be provided by the Holders requesting such independent valuation; (b) if the Security is regularly traded in any market, the average of the Closing Prices for each
business day during the period commencing 10 business days before such date and ending on the date one day prior to such date or, if the Security has been regularly traded for less than 30 consecutive
business days before such date, then the average of the Closing Prices for all of the business days before such date for which Closing Prices are available; provided that, if the Closing Price is not
determinable for at least 15 business days in such period, the Specified Value of the Security shall be determined as if the Security was not regularly traded; or (c) if the Security is
registered under the Exchange Act and is being sold in a firm commitment Public Offering, the public offering price of such Security set forth on the cover page of the prospectus relating to such
Public Offering. 

        "Transfer
Agent" shall have the meaning set forth in Section 10. 

        "Warrant
Certificates" shall have the meaning set forth in Section 2. 

        "Warrant
Number" shall mean the number of shares of Common Stock issuable upon the exercise of each Warrant, subject to adjustment as provided in Section 8, which number shall
initially be one. 

        "Warrant
Register" shall mean the register maintained at the office of the Company pursuant to Section 4 in which the names of the Holders of Warrants shall be registered. 

        "Warrants"
has the meaning set forth in the preamble to this Agreement. 

        "Warrant
Shares" means the shares of Common Stock and other securities issuable upon exercise of the Warrants. 

        Section 2.    Warrant Certificates.    The Company will issue and deliver a certificate or certificates
evidencing the Warrants (the "Warrant Certificates") pursuant to this Agreement. Such Warrant Certificates shall be substantially in the form set forth
as Exhibit "A" attached hereto. The Warrant Certificates shall be dated the date of issuance by the Company. 

        Section 3.    Execution of Warrant Certificates.    The Warrant Certificates shall be signed in original or by
facsimile on behalf of the Company by its Chairman of the Board, Chief Executive Officer, President or a Vice President, and may be imprinted or otherwise reproduced on the Warrant Certificates and,
for such purpose, the Company may adopt and use the facsimile signature of any person who shall have been Chairman of the Board, Chief Executive Officer, President or a Vice President, notwithstanding
the fact that at the time the Warrant Certificates shall be delivered or 

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disposed
of he shall have ceased to hold such office. Each Warrant Certificate shall also be signed on behalf of the Company by an original or facsimile signature of its Secretary or an Assistant
Secretary. 

        Section 4.    Registration.    The Company shall number and register the Warrant Certificates in the Warrant
Register maintained for such purpose as they are issued. The Company may deem and treat the registered holder(s) from time to time of the Warrant Certificates (the
"Holders") as the absolute owner(s) thereof (notwithstanding any notation of ownership or other writing thereon made by anyone) for all purposes and
shall not be affected by any notice to the contrary. 

        Section 5.    Restrictions on Transfer; Registration of Transfers.    

        (a)   Prior
to any sale, assignment or other transfer (a "transfer") or proposed transfer of the Warrants, unless such transfer
is made pursuant to an effective registration statement under the Securities Act, the transferring Holder will, if requested by the Company, deliver to the Company an opinion of counsel, reasonably
satisfactory in form and substance to the Company, to the effect that the Warrants may be sold or otherwise transferred without registration under the Securities Act; provided, however, that with
respect to transfers by Holders to their Affiliates, no such opinion shall be required. Upon original issuance thereof, and until such time as the same shall have been registered under the Securities
Act or sold pursuant to Rule 144 promulgated thereunder (or any similar rule or regulation), each Warrant Certificate shall bear the legend included on the first page of Exhibit A,
unless in the opinion of such counsel, such legend is no longer required by the Securities Act. 

        (b)   The
Company shall, upon compliance with the terms of Section 5(a), register the transfer of any outstanding Warrant Certificates in the Warrant Register to be
maintained by the Company upon surrender of such Warrant Certificates at the office of the Company maintained for such purpose pursuant to Section 16, accompanied by (i) a written
instrument or instruments of transfer in form reasonably satisfactory to the Company, duly executed by the registered Holder or Holders thereof or by the duly appointed legal representative thereof or
by a duly authorized attorney and (ii) payment of funds sufficient to pay any stock transfer taxes payable upon the making of such transfer. Upon any such registration of transfer, the Company
shall execute and deliver a new Warrant Certificate to the transferee Holder(s) and in the denominations specified in such instrument of assignment and the surrendered Warrant Certificate shall be
canceled and disposed of by the Company. Subject to the terms of Section 6, a Warrant, if properly assigned, may be exercised by a new Holder without a new Warrant first having been issued. 

        (c)   If
and when any outstanding Warrant Certificate is assigned in blank, the Company may (but shall not be obliged to) treat the bearer of such certificate as the absolute
owner of such Warrant for all purposes and the Company shall not be affected by any notice to the contrary. 

        (d)   Subject
to compliance with this Section 5, any outstanding Warrant Certificates may be divided or combined with other Warrants upon presentation at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which the new Warrants are to be issued, signed by the Holder of the surrendered Warrant Certificates or
its agent or attorney. 

        Section 6.    Warrants; Exercise of Warrants.    

        (a)   Subject
to the terms of this Agreement, each Holder shall have the right, which may be exercised commencing on the date of issuance of the Warrants and until
5:00 p.m., New York time, on the date that is the second anniversary of the Company's Initial Public Offering (the "Expiration Date"), to receive
from the Company the number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares (and such other consideration), free from all Liens, which the Holder may at the time be
entitled to receive on exercise of such Warrants and payment of the Exercise Price then in effect for such Warrant Shares. Each Warrant not exercised prior to 5:00 p.m., New York time, on the
Expiration Date shall become void and all rights thereunder and all rights in respect thereof 

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under
this Agreement shall cease as of such time. No adjustments as to dividends will be made upon exercise of the Warrants, except as otherwise expressly provided herein. 

        (b)   Each
Warrant shall be exercisable, at the election of the Holder thereof, either in full or from time to time in part, during normal business hours on any business day
prior to the Expiration Date. A Warrant may be exercised upon surrender to the Company at its office designated for such purpose (as provided for in Section 16) of the Warrant Certificate or
Certificates to be exercised with the form of election to purchase attached thereto duly filled in and signed and upon payment to the Company of the Exercise Price for the number of Warrant Shares in
respect of which such Warrants are then exercised. Payment of the aggregate Exercise Price shall be made in cash or by certified or official bank check payable to the order of the Company. 

        (c)   Subject
to the provisions of Section 6, upon such surrender of Warrant Certificates, and payment of the Exercise Price, the Company shall issue and cause to be
delivered, as promptly as practicable, to or upon the written order of the Holder and in such name or names as such Holder may designate a certificate or certificates for the number of full Warrant
Shares issuable upon the exercise of such Warrants (and such other consideration as may be deliverable upon exercise of such Warrants) together with cash for fractional Warrant Shares as provided in
Section 11. The certificate or certificates for such Warrant Shares shall be deemed to have been issued and the person so named therein shall be deemed to have become a holder of record of such
Warrant Shares as of the close of business on the date of the surrender of such Warrants, and payment of the Exercise Price, irrespective of the date of delivery of such certificate or certificates
for Warrant Shares. In the event that a Warrant Certificate is exercised in respect of fewer than all of the Warrant Shares issuable on such exercise at any time prior to the Expiration Date, a new
Warrant Certificate evidencing the remaining Warrant or Warrants will be issued and delivered pursuant to the provisions of this Section 6 and Section 4. All Warrant Certificates
surrendered upon exercise of Warrants shall be canceled and disposed of by the Company. The Company shall keep copies of this Agreement and any notices given or received hereunder available for
inspection by the Holders during normal business hours at its office. 

        (d)   In
addition to and without limiting the rights of the Holder under the terms hereof, at a Holder's option, a Warrant Certificate may be exercised by being converted in
whole or in part at any time or from time to time prior to the Expiration Date for a number of shares of Common Stock having an aggregate Specified Value on the date of such exercise equal to the
difference between (i) the Specified Value of the number of Warrant Shares in respect of which such Warrant Certificate is then exercised and (ii) the aggregate Exercise Price for such
shares in effect at such time. The following equation illustrates how many Warrant Shares would then be issued upon exercise pursuant to this Section 6(d): 

X =
[N × (CMV - PSP)] ÷ CMV 

        where:

	CMV	 	=	 	Current Market Value per Warrant Share at date of exercise.
	PSP	 	=	 	Per share Exercise Price at date of exercise.
	N	 	=	 	Number of Warrant Shares in respect of which the Warrant Certificate is being exercised by conversion.
	X	 	=	 	Number of Warrant Shares issued upon exercise by conversion.

Upon
any such exercise, the number of Warrant Shares purchasable upon exercise of such Warrant Certificate shall be reduced by the number of Warrant Shares so converted and, if a balance of
purchasable Warrant Shares remain after such exercise, the Company shall execute and deliver to the Holder thereof a new Warrant Certificate for such balance of Warrant Shares. No payment of any cash
or other consideration to the Company shall be required from the Holder of a Warrant in connection with any exercise thereof by conversion pursuant to this Section 6(d). Such conversion shall
be effective 

4

 

upon
the date of receipt by the Company of the original Warrant surrendered for cancellation and a written request from the Holder thereof that the conversion pursuant to this Section 6(d) be
made, or at such later date as may be specified in such request. No fractional shares arising out of the above formula for determining the number of Warrant Shares issuable in such conversion shall be
issued, and the Company shall in lieu thereof make payment to the Holder of cash in the amount of such fraction multiplied by the Specified Value of a Warrant Share on the date of the conversion. 

        Section 7.    Payment of Taxes.    The Company will pay all documentary stamp taxes and other governmental
charges (excluding all federal or state income, franchise, property or similar taxes) in connection with the issuance or delivery of the Warrants hereunder, as well as all such taxes attributable to
the initial issuance or delivery of Warrant Shares upon the exercise of Warrants and payment of the Exercise Price. The Company shall not, however, be required to pay any tax that may be payable in
respect of any subsequent transfer of the Warrants or any transfer involved in the issuance and delivery of Warrant Shares in a name other than that in which the Warrants to which such issuance
relates were registered, and, if any such tax would otherwise be payable by the Company, no such issuance or delivery shall be made unless and until the person requesting such issuance has paid to the
Company the amount of any such tax, or it is established to the reasonable satisfaction of the Company that any such tax has been paid. 

        Section 8.    Adjustment of Warrant Number.    The Warrant Number is subject to adjustment from time to time
upon the occurrence of the events enumerated in, or as otherwise provided in, this Section 8. Anything contained in this Section 8 notwithstanding, any adjustment made pursuant to any
provision of this Section 8 shall be made without duplication of an adjustment otherwise required by and made pursuant to another provision of this Section 8 on account of the same facts
or events. 

        (a)    Adjustment for Change in Capital Stock.    If the Company: 

          (i)  pays
a dividend or makes a distribution on its Common Stock in shares of its Common Stock; 

         (ii)  subdivides
or reclassifies its outstanding shares of Common Stock into a greater number of shares; 

        (iii)  combines
or reclassifies its outstanding shares of Common Stock into a smaller number of shares; 

        (iv)  makes
a distribution on Common Stock in shares of its capital stock other than Common Stock; or 

         (v)  issues
by reclassification of its Common Stock any shares of its capital stock (other than reclassifications arising solely as a result of a change in the par value or
no par value of the Common Stock); 

then
the Warrant Number in effect immediately prior to such action shall be proportionately adjusted so that the Holder of any Warrant thereafter exercised may receive the aggregate number and kind of
shares of capital stock of the Company which it would have owned immediately following such action if such Warrant had been exercised immediately prior to such action. The adjustment shall become
effective immediately after the time of payment or distribution, as appropriate, in the case of a dividend or distribution and immediately after the effective date in the case of a subdivision,
combination or reclassification. 

        Such
adjustment shall be made successively whenever any event listed above shall occur. If the occurrence of any event listed above results in an adjustment under subsection (b)
or (c) of this Section 8, no further adjustment shall be made under this subsection (a). The Company shall not issue shares of Common Stock as a dividend or distribution on any class of
capital stock other than Common 

5

 

Stock,
unless the Holders also receive such dividend or distribution on a ratable basis or the appropriate adjustment to the Warrant Number is made under this Section 8. 

        (b)    Adjustment for Rights Issue.    If the Company distributes (and receives no consideration therefor) any rights,
options or warrants (whether or not immediately exercisable) to holders of any class of its Common Stock entitling them to purchase shares of Common Stock at a price per share less than the Specified
Value per share on the record date relating to such distribution, the Warrant Number shall be adjusted in accordance with the following formula: 

W'
= W × {(O + N) ÷ [O + [(N × P) ÷ M]]} 

        where:

	W'	 	=	 	the adjusted Warrant Number.
	W	 	=	 	the Warrant Number immediately prior to the record date for any such distribution.
	O	 	=	 	the number of shares of Common Stock outstanding on the record date for any such distribution.
	N	 	=	 	the number of additional shares of Common Stock issuable upon exercise of such rights, options or warrants.
	P	 	=	 	the exercise price per share of such rights, options or warrants.
	M	 	=	 	the Specified Value per share of Common Stock on the record date for any such distribution.

        The
adjustment shall be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the record date for the determination of
stockholders entitled to receive the rights, options or warrants. If at the end of the period during which such rights, options or warrants are exercisable, not all rights, options or warrants shall
have been exercised, the adjusted Warrant Number shall be immediately readjusted to what it would have been if "N" in the above formula had been the number of shares actually issued; provided,
however, to the extent that any Warrants have been exercised prior to any such readjustment, the number of Warrant Shares that have been delivered or the number of Warrant Shares to be delivered
pursuant to such exercise shall not be subject to any readjustment. 

        (c)    Adjustment for Other Distributions.    If the Company distributes to all holders of any class of its Common
Stock (i) any evidences of indebtedness of the Company or any of its subsidiaries, (ii) any assets of the Company or any of its subsidiaries, or (iii) any rights, options or
warrants to acquire any of the foregoing or to acquire any other Securities of the Company, the Warrant Number shall be adjusted in accordance with the following formula: 

W'
= W × [M ÷ (M—F)] 

        where:

	W'	 	=	 	the adjusted Warrant Number.
	W	 	=	 	the Warrant Number immediately prior to the record date mentioned below.
	M	 	=	 	the Specified Value per share of Common Stock on the record date mentioned below.
	F	 	=	 	the Specified Value on the record date mentioned below with respect to any other Securities or the fair market value on the record date mentioned below with respect to any indebtedness, assets, rights, options or warrants
distributable to the holder of one share of Common Stock.

        The
adjustment shall be made successively whenever any such distribution is made and shall become effective immediately after the record date for the determination of stockholders
entitled to receive the distribution. If an adjustment is made pursuant to this subsection (c) as a result of the 

6

 

issuance
of rights, options or warrants and at the end of the period during which any such rights, options or warrants are exercisable, not all such rights, options or warrants shall have been
exercised, the adjusted Warrant Number shall be immediately readjusted as if "F" in the above formula was the fair market value on the record date of the indebtedness or assets actually distributed
upon exercise of such rights, options or warrants divided by the number of shares of Common Stock outstanding on the record date; provided, however, to the extent that any Warrants have been exercised
prior to any such readjustment, the number of Warrant Shares that have been delivered or the number of Warrant Shares to be delivered pursuant to such exercise shall not be subject to any
readjustment. In any case in which this Section 8(c) shall require that an adjustment in the Warrant Number be made effective immediately after the record date for a specified event, the
Company may elect to defer until the exercise of such rights, options or warrants issuing to the Holder of any Warrant exercised after such record date the number of Warrant Shares, if any, issuable
upon such exercise over and above the number of Warrant Shares, if any, issuable upon such exercise on the basis of the Warrant Number in effect prior to such adjustment; provided, however, that the
Company shall deliver to such Holder a due bill or other appropriate instrument evidencing such Holder's right to receive such additional Warrant Shares upon the exercise of such rights, options or
warrants. 

        This
subsection does not apply to any transaction described in subsection (a) of this Section 8 or to rights, options or warrants referred to in subsection (b) or
(d) of this Section 8. 

        Such
fair market value shall be determined in good faith by the by the board of directors of the Company, whose determination shall be described in a duly adopted resolution certified by
the Company's Secretary or Assistant Secretary, which determination shall be final and binding upon the Holders. 

        (d)    Adjustment for Common Stock Issue.    If the Company issues shares of Common Stock (including treasury shares)
for a consideration per share less than the Specified Value per share on the date the Company fixes the offering price of such additional shares, the Warrant Number shall be adjusted in accordance
with the following formula: 

W'
= W × {A ÷ [O + (P ÷ M)]} 

        where: 

	W'	 	=	 	the adjusted Warrant Number.
	W	 	=	 	the Warrant Number immediately prior to any such issuance.
	O	 	=	 	the number of shares of Common Stock outstanding immediately prior to the issuance of such additional shares of Common Stock.
	P	 	=	 	the aggregate consideration received for the issuance of such additional shares of Common Stock.
	M	 	=	 	the Specified Value per share of Common Stock on the date of issuance of such additional shares.
	A	 	=	 	the number of shares of Common Stock outstanding immediately after the issuance of such additional shares of Common Stock.

        The
adjustment shall be made successively whenever any such issuance is made, and shall become effective immediately after such issuance. 

        This
subsection (d) does not apply to any of the transactions described in subsection (a) of this Section 8 or the issuances described below: 

          (i)  The
issuance of Common Stock upon the conversion, exercise or exchange of any Convertible Securities (as defined below), including the Warrants, outstanding on the date
hereof or for which an adjustment has been made pursuant to this Section 8; or 

7

 

         (ii)  (A) The
grant of rights to purchase shares of Common Stock and the issuance of such shares of Common Stock upon exercise of such rights, to directors, members of
management or employees of the Company and its subsidiaries pursuant to management incentive plans, employee incentive plans, stock
option and stock purchase plans or agreements adopted by the board of directors of the Company and (B) following the acquisition by the Company of any of the rights or shares referred to in
clause (A) the reissuance of any such acquired rights and the issuance of shares of Common Stock upon exercise thereof and (C) the grant of any rights under a phantom stock plan, stock
appreciation rights plan or other deferred compensation plan to officers, directors or employees of the Company and its subsidiaries adopted by the Board of Directors of the Company. 

        (e)    Adjustment for Convertible Securities Issue.    If the Company issues any options, warrants or other securities
convertible into or exchangeable or exercisable for Common Stock ("Convertible Securities") (other than securities issued in transactions described in
subsection (b) or (c) of this Section 8) for a consideration per share of Common Stock deliverable upon conversion, exchange or exercise of such securities less than the Specified Value
per share on the date of issuance of such securities, the Warrant Number shall be adjusted in accordance with the following formula: 

W'
= W × {(O + D) ÷ [O + (P ÷ M)]} 

        where: 

	W'	 	=	 	the adjusted Warrant Number.
	W	 	=	 	the Warrant Number immediately prior to any such issuance.
	O	 	=	 	the number of shares of Common Stock outstanding immediately prior to the issuance of such securities.
	P	 	=	 	the sum of the aggregate consideration received for the issuance of such securities and the aggregate minimum consideration receivable by the Company for issuance of Common Stock upon conversion or in exchange for, or
upon exercise of, such securities.
	M	 	=	 	the Specified Value per share of Common Stock on the date of issuance of such securities.
	D	 	=	 	the maximum number of shares of Common Stock deliverable upon conversion or in exchange for or upon exercise of such securities at the initial conversion, exchange or exercise rate.

        The
adjustment shall be made successively whenever any such issuance is made, and shall become effective immediately after such issuance. 

        If
all of the Common Stock deliverable upon conversion, exchange or exercise of such securities has not been issued when the conversion, exchange or exercise rights of such securities
have expired or been terminated, then the adjusted Warrant Number shall promptly be readjusted to the adjusted Warrant Number which would then be in effect had the adjustment upon the issuance of such
securities been made on the basis of the actual number of shares of Common Stock issued upon conversion, exchange or exercise of such securities. If the aggregate minimum consideration receivable by
the Company for issuance of Common Stock upon conversion or in exchange for, or upon exercise of, such securities shall be increased or decreased by virtue of provisions therein contained or upon the
arrival of a specified date or the happening of a specified event, then the Warrant Number shall promptly be readjusted to the Warrant Number which would then be in effect had the adjustment upon the
issuance of such securities been made on the basis of such increased or decreased minimum consideration. To the extent that any Warrants have been exercised prior to any such readjustment, the number
of Warrant Shares that have been delivered or the number of Warrant Shares to be delivered pursuant to such exercise shall not be subject to any readjustment. In any case in which this
Section 8(e) shall require that an adjustment in the Warrant Number be made effective immediately after any such 

8

 

issuance,
the Company may elect to defer until the conversion, exchange or exercise of such securities issuing to the Holder of any Warrant exercised after such record date the number of Warrant
Shares, if any, issuable upon such exercise over and above the number of Warrant Shares, if any, issuable upon such exercise on the basis of the Warrant Number in effect prior to such adjustment;
provided, however, that the Company shall deliver to such Holder a due bill or other appropriate instrument evidencing such Holder's right to receive such additional Warrant Shares upon the
conversion, exchange or exercise of such securities. 

        This
subsection (e) does not apply to the issuance of the Warrants or to any of the transactions described in paragraph (b) of this Section 8 or excluded from the
provisions of paragraph (d) of this Section 8. 

        (f)    Consideration Received.    For purposes of any computation respecting consideration received pursuant to
subsections (d) and (e) of this Section 8, the following shall apply: 

          (i)  in
the case of the issuance of shares of Common Stock for cash, the consideration shall be the amount of such cash (without any deduction being made for any
commissions, discounts or other expenses incurred by the Company for any underwriting of the issue or otherwise in connection therewith); 

         (ii)  in
the case of the issuance of shares of Common Stock for a consideration in whole or in part other than cash, the consideration other than cash shall be deemed to be
the fair market value thereof (irrespective of the accounting treatment thereof) as determined in good faith by the board of directors of the Company; and 

        (iii)  in
the case of the issuance of options, warrants or other securities convertible into or exchangeable or exercisable for shares of Common Stock, the aggregate
consideration received therefor shall be deemed to be the consideration received by the Company for the issuance of such securities plus the additional minimum consideration, if any, to be received by
the Company upon the conversion, exchange or exercise thereof (the consideration in each case to be determined in the same manner as provided in clauses (i) and (ii) of this subsection). 

        (g)    When De Minimis Adjustment May Be Deferred.    No adjustment in the Warrant Number need be made unless the
adjustment would require an increase or decrease of at least 1% in the Warrant Number. Any adjustment that is not made shall be carried forward and taken into account in any subsequent adjustment,
provided that no such adjustment shall be deferred beyond the date on which a Warrant is exercised. All calculations under this Section 8 shall be made to the nearest 1/100th of a share. 

        (h)    Excluded Issuances.    Anything herein to the contrary notwithstanding, the Company shall not be required to
make any adjustment to the Warrant Number in the case of the following issuances or deemed issuances of Common Stock from and after the date hereof: (i) issuances upon the exercise or
conversion of any Convertible Securities granted, issued and outstanding on or prior to the date hereof; (ii) issuances upon the grant or exercise of any stock or options which have been or may
hereafter be granted or exercised under any employee benefit plan, stock option plan or restricted stock plan of the Company, so long as such agreement, arrangement or plan was or is approved by a
majority of the independent members of the Board of Directors of the Company or a majority of the members of a committee of independent directors established for such purpose; (iii) issuances
of securities as consideration for a merger or consolidation with, or purchase of assets from, a non-Affiliated third party or in connection with any strategic partnership or joint venture
with a non-Affiliated third party; and (iv) shares of Common Stock issued (or issuable upon exercise, exchange or conversion of rights, options or warrants outstanding from time to
time) which the Holders of a majority of the Warrants elect to treat as an excluded issuance hereunder. 

9

 

        (i)    No Multiple Adjustments.    If an adjustment is made upon the establishment of a record date for a distribution
subject to subsection (a), (b) or (c) of this Section 8 and such distribution is subsequently canceled, the Warrant Number then in effect shall be readjusted, effective as of the date
when the board of directors of the Company determines to cancel such distribution, to that which would have been in effect if such record date had not been fixed. To the extent the Warrants become
convertible
into cash, no adjustment need be made thereafter as to the amount of cash into which such Warrants are exercisable. Interest will not accrue on the cash. 

        (j)    Reorganizations.    In case of any capital reorganization or reclassification of the Capital Stock of the
Company (other than in the cases referred to in Sections 8(a), (b), (c), (d) or (e) of this Section 8 other than a change in par value without a change in the number of shares), the
consolidation or merger of the Company with or into another Person (other than a merger or consolidation in which the Company is the continuing corporation and which does not result in any
reclassification of the outstanding shares of Common Stock into shares of other stock or other securities or property of any other Person), or the sale of the property of the Company as an entirety or
substantially as an entirety (collectively, such actions being hereinafter referred to as "Reorganizations"), there shall thereafter be deliverable upon
exercise of any Warrant (in lieu of the number of shares of stock or other securities or property to which a holder of the number of shares of Common Stock theretofore deliverable) the kind and number
of shares of stock or other securities or property to which a holder of the number of shares of Common Stock that would otherwise have been deliverable upon the exercise of such Warrant would have
been entitled upon such Reorganization if such Warrant had been exercised in full immediately prior to such Reorganization. In case of any Reorganization, appropriate adjustment, as determined in good
faith by the Board of Directors of the Company, whose determination shall be described in a duly adopted resolution certified by the Company's Secretary or Assistant Secretary, shall be made in the
application of the provisions herein set forth with respect to the rights and interests of Holders so that the provisions set forth herein shall thereafter be applicable, as nearly as possible, in
relation to any shares or other property thereafter deliverable upon exercise of Warrants. 

        The
Company shall not effect any such Reorganization unless prior to or simultaneously with the consummation thereof the successor Person (if other than the Company) or the Person
purchasing or leasing such assets or other appropriate Person shall expressly assume, by a supplemental Warrant Agreement or other acknowledgment satisfactory to the Holders executed and delivered to
the Holders, the obligation to deliver to each such Holder such shares of stock or other securities or property as, in accordance with the foregoing provisions, such Holder may be entitled to
purchase, and all other obligations and liabilities under this Agreement. 

        (k)    Form of Warrants.    Irrespective of any adjustments in the number or kind of shares purchasable upon the
exercise of the Warrants, Warrants theretofore or thereafter issued may continue to express the same price and number and kind of shares as are stated in the Warrants initially issuable pursuant to
this Agreement. 

        (l)    Other Dilutive Events.    In case any event shall occur as to which the provisions of this Section 8 are
not strictly applicable, but the failure to make any adjustment would not fairly protect the purchase rights represented by the Warrants in accordance with the essential intent and principles of this
Section 8, then, in each such case, the Company shall make a good faith adjustment to the Exercise Price and the Warrant Number in accordance with the intent of this Section 8 and, upon
the written request of the holders of a majority of the Warrants, shall appoint an Independent Financial Expert, which shall give their opinion upon the adjustment, if any, on a basis consistent with
the essential intent and principles established in this Section 8, necessary to preserve, without dilution, the purchase rights represented by these Warrants. Upon receipt of such opinion, the
Company shall promptly mail a copy thereof to the Holder of each Warrant and shall make the adjustments described therein. 

10

 

        (m)    Miscellaneous.    In case at any time or from time to time the Company shall take any action in respect of its
Common Stock, other than any action described in this Section 8, then the number of shares of Common Stock for which this Warrant is exercisable shall be adjusted in such manner as may be
equitable in the circumstances. For purpose of this Section 8 the term "shares of Common Stock" shall mean (i) shares of any class of stock designated as common stock of the Company as
of the date of this Agreement, (ii) shares of any other class of stock resulting from successive changes or reclassification of such shares consisting solely of changes in par value, or from
par value to no par value, or from no par value to par value and (iii) shares of common stock of the Company or options, warrants or rights to purchase common stock of the Company or evidences
of indebtedness, shares of stock or securities convertible into or exchangeable for shares of common stock of the Company outstanding on the date hereof and shares of common stock of the Company
issued upon exercise, conversion or exchange of such securities. In the event that at any time, as a result of an adjustment made pursuant to this Section 8, the Holders of Warrants shall
become entitled to purchase any securities of the Company other than, or in addition to, shares of Common Stock, thereafter the number or amount of such other securities so purchasable upon exercise
of each Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Warrant Shares contained in
subsections (a) through (k) of this Section 8, inclusive, and the provisions of Sections 4, 5, 6 and 10 hereof with respect to the Warrant Shares or the Common Stock shall apply
on like terms to any such other securities. 

        Section 9.    Notices to Holders.    Upon any adjustment pursuant to Section 8 hereof, the Company shall
thereafter (a) cause to be filed with the Company a certificate signed by the principal financial officer of the Company setting forth the Warrant Number after such adjustment and setting forth
in reasonable detail the method of calculation and the facts upon which such calculations are based, and (b) cause to be given to each of the Holders at its address appearing on the Warrant
Register written notice of such adjustments. Where appropriate, such notice may be given in advance and included as a part of the notice required to be mailed under the other provisions of this
Section 9. 

        In
case: 

          (i)  the
Company shall authorize the issuance to all holders of shares of Common Stock of rights, options or warrants to subscribe for or purchase shares of Common Stock or
of any other subscription rights or warrants; 

         (ii)  the
Company shall authorize the distribution to all holders of shares of Common Stock of assets, including cash, evidences of its indebtedness, or other securities; 

        (iii)  of
any consolidation or merger to which the Company is a party and for which approval of any stockholders of the Company is required, or of the conveyance or transfer
all or substantially all of the properties and assets of the Company, or of any reclassification or change of Common Stock issuable upon exercise of the Warrants (other than a change in par value, or
from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), or a tender offer or exchange offer for shares of Common Stock; or 

        (iv)  of
the voluntary or involuntary dissolution, liquidation or winding up of the Company; 

then
the Company shall cause to be given to each of the Holders at its address appearing on the Warrant Register, at least 15 days prior to the applicable record date hereinafter specified, or
the date of the event in the case of events for which there is no record date, in accordance with the provisions of Section 13, a written notice stating (A) the date as of which the
holders of record of shares of Common Stock to be entitled to receive any such rights, options, warrants or distribution are to be determined, or (B) the initial expiration date set forth in
any tender offer or exchange offer for shares of Common Stock, or (C) the date on which any such consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up is expected
to become effective or consummated, and the date as 

11

 

of
which it is expected that holders of record of shares of Common Stock shall be entitled to exchange such shares for securities or other property, if any, deliverable upon such reclassification,
consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up. The failure to give the notice required by this Section 9 or any defect therein shall not affect the
legality or validity of any distribution, right, option, warrant, consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up, or the vote upon any action. 

        Section 10.    Reservation of Warrant Shares.    The Company shall at all times reserve and keep available,
free from preemptive rights (except as otherwise provided herein), out of the aggregate of its authorized but unissued Common Stock or its authorized and issued Common Stock held in its treasury, for
the purpose of enabling it to satisfy any obligation to issue Warrant Shares upon exercise of Warrants, the maximum number of shares of Common Stock which may then be deliverable upon the exercise of
all outstanding Warrants. 

        The
Company or, if appointed, the transfer agent for the Common Stock and each transfer agent for any shares of the Company's capital stock issuable upon the exercise of any of the
Warrants (collectively, the "Transfer Agent") will be irrevocably authorized and directed at all times to reserve such number of authorized shares as
shall be required for such purpose. The Company shall keep a copy of this Agreement on file with any such Transfer Agent. The Company will supply any such Transfer Agent with duly executed
certificates for such purposes and will provide or otherwise make available all other consideration that may be deliverable upon exercise of the Warrants. The Company will furnish any such Transfer
Agent a copy of all notices of adjustments and certificates related thereto, transmitted to each Holder pursuant to Section 9. 

        Before
taking any action which would cause an adjustment pursuant to Section 8 to reduce the Exercise Price below the then par value (if any) of the Warrant Shares, the Company
shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue duly authorized, fully paid and nonassessable Warrant
Shares at the Exercise Price as so adjusted. 

        The
Company covenants that all Warrant Shares and other capital stock issued upon exercise of Warrants will, upon payment of the Exercise Price therefor and issue thereof, be validly
authorized and issued, fully paid, nonassessable, free of preemptive rights and free, subject to Section 7, from all Liens but such Warrant Shares shall be subject to the terms and conditions
of the Stockholders' Agreement. 

        Section 11.    Fractional Interests.    The Company shall not be required to issue fractional Warrant Shares on
the exercise of Warrants. If more than one Warrant shall be presented for exercise in full at the same time by the same holder, the number of full Warrant Shares which shall be issuable upon the
exercise thereof shall be computed on the basis of the aggregate number of Warrant Shares purchasable on exercise of the Warrants so presented. If any fraction of a Warrant Share would, except for the
provisions of this Section 11, be issuable on the exercise of any Warrants (or specified portion thereof), the Company shall pay an amount in cash equal to the Specified Value of the Warrant
Share so issuable multiplied by such fraction. 

        Section 12.    Mutilated or Missing Warrant Certificates.    If a mutilated Warrant Certificate is surrendered
to the Company, or if the Holder of a Warrant Certificate claims and submits an affidavit or other evidence satisfactory to the Company to the effect that the Warrant Certificate has been lost,
destroyed or wrongfully taken, the Company shall issue a replacement Warrant Certificate. If required by the Company such Holder must provide an indemnity bond, or other form of indemnity, sufficient
in the judgment of the Company to protect the Company from any loss which it may suffer if a Warrant Certificate is replaced. If any institutional Holder (or nominee thereof) is the owner of any such
lost, stolen or destroyed Warrant Certificate, then the affidavit of an authorized officer of such owner, setting forth the fact of loss, theft or destruction and of its ownership of the Warrant
Certificate at the time of such loss, theft or destruction shall be accepted as satisfactory evidence thereof and no further 

12

 

indemnity
shall be required as a condition to the execution and delivery of a new Warrant Certificate other than the unsecured written agreement of such owner to indemnify the Company or, at the
option of such institutional Holder, an indemnity bond in the amount of the Specified Value of the Warrant Shares for which such Warrant Certificate was exercisable. 

        Section 13.    Taking of Record; Stock and Warrant Transfer Books.    In the case of all dividends or other
distributions by the Company to the Holders of its Common Stock with respect to which any provision of Section 8 refers to the taking of a record of such Holders, the Company will in each such
case take such a record and will take such record as of the close of business on a business day. The Company will not at any time, except (a) upon dissolution, liquidation or winding up, or
(b) for purposes of declaring and paying a dividend or matters related to voting by stockholders of the Company, close its stock transfer books or the Warrant Register so as to result in
preventing or delaying the exercise or transfer of any Warrant. 

        Section 14.    Limitation of Liability.    No provision hereof in the absence of affirmative action by the
Holder of a Warrant to purchase shares of Common Stock, and no mere enumeration herein of the rights or privileges of a Holder, shall give rise to any liability of such Holder for the Exercise Price
or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

        Section 15.    Rights of the Holder.    Nothing contained in this Agreement or in any Warrant Certificate shall
be construed as conferring upon the Holders, prior to the exercise of such Warrants, any rights as a stockholder. 

        Section 16.    Office of the Company.    As long as any of the Warrants remains outstanding, the Company shall
maintain an office where the Warrants may be presented for exercise, transfer, division or combination as provided for herein. Such office shall be located at Global Geophysical Services, Inc.,
3535 Briarpark Dr., Suite 200, Houston, TX 77042, unless and until the Company shall designate and maintain some other office for such purposes and give written notice thereof to
the Holders of all outstanding Warrants. 

        Section 17.    Representations and Warranties.    (a) The Company hereby represents and warrants to the
Purchaser as follows: 

          (i)  The
Company is a corporation duly incorporated, validly existing and in good standing under the laws of the state of Delaware, and has all requisite corporate power and
authority to carry on its business. 

         (ii)  The
Company has taken all corporate actions necessary to authorize it (A) to execute, deliver and perform all of its obligations under this Agreement,
(B) to issue and perform all of its obligations under the Warrants, and (C) to consummate the transactions contemplated hereby. This Agreement is a legally valid and binding obligation
of the Company, enforceable against it in accordance with its terms. 

        (iii)  The
total authorized capital stock of the Company consists of 1,000,000 shares of Class A Common Stock, $.01 par value per share, of which there are 390,200
shares issued and outstanding, 3,400,000 shares of Class B Common Stock, $.01 par value per share, of which there are 535,971 shares issued and outstanding, and 4,000,000 shares of Preferred
Stock, $.01 par value per share, all of which have been designated as Series A Convertible Preferred Stock, of which there are 1,551,716 shares issued and outstanding. All of the issued and
outstanding shares of capital stock of the Company have been duly authorized and validly issued, are fully paid and nonassessable and were not issued in violation of, and are not subject to any
preemptive or similar rights. The Warrant Shares issuable upon exercise of the Warrants have been duly and validly reserved for issuance, and upon issuance in accordance with the terms of this
Agreement, shall be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer, other than 

13

 

applicable
federal and state securities laws, and will be issued in compliance with all applicable federal and state securities laws. 

        (iv)  Except
for this Agreement, and rights of first refusal granted in the Subscription Agreements between the Company and Aslan Capital Master Fund, Treaty Oak
Ironwood Ltd., Treaty Oak Master Fund, LP, Treaty Oak Acorn Fund, LP and Wayzata Opportunities Fund LLC, there are no outstanding (A) securities convertible into or exchangeable for any
capital stock of the Company, (B) options, warrants or other rights to purchase or subscribe to capital stock of the Company or securities convertible into or exchangeable for capital stock of
the Company, (C) contracts, commitments, agreements, understandings, arrangements, calls or claims of any kind relating to the issuance of any capital stock of the Company, any such convertible
or exchangeable securities or any such options, warrants or rights or (D) voting trusts, agreements, contracts, commitments, understandings or arrangements with respect to the voting of any of
the capital stock of the Company. Except for this Agreement, the Company has not entered into any agreement to issue, purchase or sell any of its capital stock. 

         (v)  Neither
the execution, delivery or performance of this Agreement, by the Company nor the compliance with its obligations hereunder, nor the consummation of the
transactions contemplated hereby, nor the issuance, sale or delivery of the Warrants will: (A) violate any provision of the organizational documents of the Company; (B) violate any law
to which the Company may be subject; (C) permit or cause the acceleration of the maturity of any indebtedness or other obligation of the Company; or (D) violate, or be in conflict with,
or constitute a default under, or permit the termination of, or require the consent of any Person under, or result in the creation or imposition of any Lien (other than Permitted Liens) upon any
property of the Company under, any mortgage, indenture, loan agreement, note, debenture, agreement for borrowed money or any other agreement to which the Company is a party or by which the Company may
be bound. 

        (vi)  Assuming
the truth and correctness of the representations and warranties of Purchaser set forth in subsection (b) below, the sale of the Warrants and Warrant
Shares hereunder is exempt from registration under the Securities Act. In the case of each offer or sale of the Warrants and Warrant Shares, no form of general solicitation or general advertising was
used by the Company or its representatives, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast
over television or radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. 

       (vii)  The
Company agrees that neither it, nor anyone acting on its behalf, will offer or sell any other Securities if such offer or sale might bring the issuance and sale of
the Warrants or Warrant Shares to Purchaser hereunder within the provisions of Section 5 of the Securities Act, or otherwise approach or negotiate with respect thereto, with anyone if the sale
of the Warrants and Warrant Shares and any such Securities could be integrated as a single offering for the purposes of the Securities Act, including without limitation Regulation D thereunder. 

        (b)   Purchaser
represents and warrants to the Company that: 

          (i)  Purchaser
is acquiring the Warrant Shares to be purchased by it for investment purposes only, for its own account, and not as nominee or agent for any other Person, and
not with a view to, or for resale in connection with, any distribution thereof within the meaning of the Securities Act. 

         (ii)  Purchaser
is an "accredited investor" within the meaning of Rule 501 of Regulation D as promulgated under the Securities Act. Purchaser was not organized
for the specific purpose of acquiring the Warrant Shares. 

14

 

        (iii)  Purchaser
has sufficient knowledge and experience in investing in companies similar to the Company so as to be able to evaluate the risks and merits of its investment
in the Company, and Purchaser is able financially to bear the risks thereof. 

        (iv)  Purchaser
has had the opportunity to ask questions of management of the Company and has had those questions satisfactorily answered and has performed adequate due
diligence on the Company and the business and operations of the Company. 

         (v)  Purchaser
has taken all actions necessary to authorize it (a) to execute, deliver and perform all of its obligations under this Agreement and (b) to
consummate the transactions contemplated hereby and thereby. 

        Section 18.    Notices to the Company and Holders.    All notices and other communications provided for or
permitted hereunder shall be in writing and shall be made by hand-delivery, first-class mail, facsimile or overnight air courier guaranteeing next day delivery addressed to the Company at
its principal office located at Global Geophysical Services, Inc., 3535 Briarpark Dr., Suite 200, Houston, TX 77042, (facsimile no.: (713) 979-1529) and
to each of the Holders at its address appearing on the Warrant Register. All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five business days after being deposited in the mail, postage prepaid, if mailed (so long as a fax copy is sent and receipt acknowledged within two business days after mailing); when
receipt acknowledged, if faxed; and the next business day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. The parties and Holders may change the
addresses to which notices are to be given by giving five days' prior written notice of such change in accordance herewith. 

        Section 19.    Amendments; Waivers.    This Agreement may be amended, modified or supplemented, and waivers of
or consents to departures from the provisions hereof may only be given, in accordance with the terms of the Term Loan Agreement; provided that, except as expressly provided herein, this Agreement may
not be amended, without the consent of each Holder whose rights would be affected by such amendment, to change (i) any price at which the Warrant may be exercised, (ii) the period during
which the Warrant may be exercised, (iii) the number or type of securities to be issued upon the exercise thereof or (iv) the provisions of this Section 19. 

        Section 20.    Governing Law; Submission to Jurisdiction.    This Agreement and all issues hereunder shall be
governed by and construed in accordance with the internal laws of the State of New York (without reference to principles of conflicts of law). 

        Section 21.    Entire Agreement.    This Agreement, together with the Term Loan Agreement constitute the entire
agreement and understanding of the parties hereto and respective of the subject matter contained herein, and there are no restrictions, promises, representations, warranties, covenants, or
undertakings with respect to the subject matter hereof, other than expressly set forth or referred to
herein or therein. This Agreement and the Term Loan Agreement supersede all prior agreements and understandings between the parties hereto with respect to the subject matter hereof. 

        Section 22.    Miscellaneous.    

        (a)   This
Agreement shall be binding upon and shall inure to the benefit of the parties, and their respective successors and assigns. 

        (b)   Section
headings are inserted for convenience only and do not form a part of this Agreement. 

        (c)   This
Agreement shall terminate if all Warrants have been exercised pursuant to this Agreement. 

15

 

        (d)   Nothing
in this Agreement shall be construed to give to any person or corporation other than the Company and the Holders any legal or equitable right, remedy or claim
under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company and the Holders. 

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

16

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written. 

	 	 	GLOBAL GEOPHYSICAL SERVICES, INC.
	

 	
 	

By:	
 	

    
 Craig Lindberg,

Senior Vice President and

Chief Financial Officer

[WARRANT
AGREEMENT SIGNATURE PAGE] 

17

 

	 	 	ORPHEUS HOLDINGS LLC
	

 	
 	

By:	
 	

    
 Name:

Title:    

[WARRANT
AGREEMENT SIGNATURE PAGE] 

18

   
EXHIBIT A 

FORM OF WARRANT CERTIFICATE  

        THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"). THE SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE OR OTHERWISE DISTRIBUTED EXCEPT IN CONJUNCTION WITH AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE
SECURITIES ACT, OR IN COMPLIANCE WITH RULE 144 OR PURSUANT TO ANOTHER EXEMPTION THEREFROM. 

	No. 1	 	39,000 Class B Warrants

CLASS B WARRANT CERTIFICATE

GLOBAL GEOPHYSICAL SERVICES, INC.  

        This Warrant Certificate certifies that Orpheus Holdings LLC, or registered assigns, is the registered holder of the number of Class B Warrants (the
"Warrants") set forth above to purchase Class B Common Stock, $.01 value (the "Common Stock"), of
Global Geophysical Services, Inc., a Delaware corporation (the "Company"). Each Warrant entitles the holder upon exercise to receive from the
Company one fully paid and nonassessable share of Class B Common Stock (a "Warrant Share"), at the initial exercise price per share (the
"Exercise Price") of $42.50, payable in lawful money of the United States of America, upon surrender of this Warrant Certificate, and payment of the
Exercise Price at the office of
the Company designated for such purpose, but only subject to the conditions set forth herein and in the Warrant Agreement referred to hereinafter. The number of Warrant Shares issuable upon exercise
of the Warrants are subject to adjustment upon the occurrence of certain events, as set forth in the Warrant Agreement. Each Warrant is exercisable at any time prior to 5:00 p.m., New York
time, on the date that is the second anniversary of the Company's Initial Public Offering. 

        The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants, and are issued or to be issued pursuant to a Warrant Agreement dated as of
May 18, 2006 (the "Warrant Agreement"), duly executed and delivered by the Company, which Warrant Agreement is hereby incorporated by reference
in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Company and the holders (the
words "holders" or "holder" meaning the registered holders or registered holder) of the Warrants. A copy
of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company. Capitalized terms used and not defined herein shall have the meaning ascribed thereto in the Warrant
Agreement. 

        The
holder hereof may exercise the Warrants evidenced hereby under and pursuant to the terms and conditions of the Warrant Agreement by surrendering this Warrant Certificate, with the
form of election to purchase set forth hereon (and by this reference made a part hereof) properly completed and executed, and, to the extent the Warrants are not being exchanged pursuant to the
Warrant exchange provisions of Section 6 of the Warrant Agreement, together with payment of the Exercise Price in cash or by certified or bank check at the office of the Company designated for
such purpose. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued
by the Company to the holder hereof or its registered assignee a new Warrant Certificate evidencing the number of Warrants not exercised. 

        The
Warrant Agreement provides that upon the occurrence of certain events, the number of Warrant Shares issuable upon exercise of a Warrant set forth on the face hereof may, subject to
certain conditions, be adjusted. 

A-1

 

        The
holder hereof will have certain registration rights and other rights and obligations with respect to the Warrant Shares as provided in the Registration Rights Agreement dated as of
May 18, 2006, by and among the Company and the persons party thereto. Copies of the Registration Rights Agreement may be obtained by the holder hereof upon written request to the Company. 

        Warrant
Certificates, when surrendered at the office of the Company by the registered holder thereof in person or by legal representative or attorney duly authorized in writing, may be
exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any
service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 

        Subject
to the terms and conditions of the Warrant Agreement, upon due presentation for registration of transfer of this Warrant Certificate at the office of the Company a new Warrant
Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to
the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

        The
Company may deem and treat the registered holder(s) thereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon
made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and the Company shall not be affected by any notice to the contrary.
Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company. 

        IN
WITNESS WHEREOF, the Company has caused this Warrant Certificate to be signed by its Chairman of the Board, Chief Executive Officer, President or Vice President and by its Secretary
or Assistant Secretary. 

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	GLOBAL GEOPHYSICAL SERVICES, INC.
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	
 Craig Lindberg,

Senior Vice President and

Chief Financial Officer
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	
 Craig Murrin

General Counsel and Secretary

A-2

 
FORM OF ELECTION TO PURCHASE
  (To Be Executed Upon Exercise of Warrant) 

        The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to: 

        (Check
Applicable Box) 

	o
	receive                        shares
of Common Stock and herewith tenders payment for such shares to the order of Global Geophysical
Services, Inc. in the amount of $                        in accordance with the terms hereof.

	o
	exchange
Warrants to purchase                        shares of Common Stock as payment for such number of shares of Common Stock as
determined in
accordance with the Warrant exchange procedures of Section 6 of the Warrant Agreement. 

        The undersigned requests that a certificate for such shares be registered in the name
of                        , whose address
is                        and that such shares be
delivered to                        , whose address
is                        . 

        If
said number of shares is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance
of such shares be registered in the name of                        , whose address
is                        , and that such Warrant Certificate be delivered
to                        , whose address
is                        .
 

	 	 	Signature(s):
	 	 	 
	 	 	 
	 	 	

	 	 	 
	 	 	 
	 	 	

NOTE:
The above signature(s) must correspond with the name written upon the face of this Warrant Certificate in every particular, without alteration or enlargement or any change whatever. If this
Warrant is held of record by two or more joint owners, all such owners must sign. 

Date:

A-3

 
FORM OF ASSIGNMENT
  (To Be Signed Only Upon Assignment of Warrant Certificate) 

        FOR
VALUE RECEIVED,                        hereby sells, assigns and transfers
unto                        whose address
is                        and whose social security number or other identifying number
is                        , the within Warrant Certificate, together with all right, title and interest therein and to the
Warrants represented thereby, and does hereby irrevocably constitute and appoint
                        , attorney, to transfer said Warrant Certificate on the books of the within-named corporation, with full
power of substitution in the premises. 

	 	 	Signature(s):
	 	 	 
	 	 	 
	 	 	

	 	 	 
	 	 	 
	 	 	

NOTE:
The above signature(s) must correspond with the name written upon the face of this Warrant Certificate in every particular, without alteration or enlargement or any change whatever. If this
Warrant is held of record by two or more joint owners, all such owners must sign. 

Date:

A-4

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Exhibit 10.21    
    

LOAN AGREEMENT  

        THIS LOAN AGREEMENT, dated as of August 22, 2006 (this "Agreement"), is between GLOBAL GEOPHYSICAL SERVICES, INC., a Delaware corporation
("Borrower"), and AMEGY BANK NATIONAL ASSOCIATION, a national banking association ("Lender"). 

RECITALS:  

        Borrower has requested that Lender extend credit to Borrower in the form of a revolving line of credit in the amount of $7,500,000.00. Lender is willing to make
such extensions of credit to Borrower upon the terms and conditions hereinafter set forth. 

        Borrower
and Lender entered into that certain Business Loan Agreement (Asset Based) dated April 25, 2005, pursuant to which Lender extended to Borrower a revolving credit facility
in the amount of $1,250,000.00, as amended by Amendment to Loan Agreement dated January 31, 2006 (the "Prior Loan Agreement"). This Agreement is in restatement and replacement of the Prior Loan
Agreement, and the liens and security interests created by the Loan Documents (as defined below) are in renewal and extension of the liens and security interests created by the documents executed in
connection with the Prior Loan Agreement. 

        NOW
THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 

 
 

ARTICLE I.    
    
    Definitions    
    

        Section 1.1.    Definitions.    As used in this Agreement, the following terms have the following meanings: 

        "Advance" means an advance of funds by Lender to Borrower pursuant to Article II. 

        "Advance Request Form" means a certificate, in substantially the form of Exhibit "C", properly completed and signed by Borrower
requesting an Advance. 

        "Affiliate" means, with respect to any Person, any other Person which, directly or indirectly, controls or is controlled by or is under
common control with such Person, including, (a) any Person which beneficially owns or holds ten percent (10%) or more of any class of voting stock of such Person or ten percent (10%) or more of
the equity interest in such Person, (b) any Person of which such Person beneficially owns or holds ten percent (10%) or more of any class of voting shares or in which such Person beneficially
owns or holds ten percent (10%) or more of the equity interests in such Person, and (c) any officer or director of such Person. 

        "Arbitration Agreement" means the Arbitration Agreement executed by Borrower in substantially the form of Exhibit "F", as the same
may be amended, supplemented or modified. 

        "Authorized Representative" means any officer or employee of Borrower who has been designated in writing by Borrower to Lender to be an
Authorized Representative. 

        "Borrowing Base" means, at any particular time, an amount equal to seventy-five percent (75%) of Eligible Accounts. 

        "Borrowing Base Certificate" means a certificate in the form of Exhibit "D", fully completed and executed by Borrower. 

        "Business Day" means any day on which commercial banks are not authorized or required to close in Houston, Texas. 

 

        "Capitalized Lease Obligations" means, for Borrower and its Subsidiaries, on a consolidated basis, the obligations of Borrower and its
Subsidiaries to pay rent or other amounts under a lease of (or other agreement conveying the right to use) real and/or personal property, which obligations, in accordance with GAAP, are required to be
classified and accounted for as a capital lease on a balance sheet of any such Person. 

        "Closing Date" means the date on which this Agreement has been executed and delivered by the parties hereto and the conditions set forth
in Section 5.1 have been satisfied. 

        "Collateral" has the meaning specified in Section 4.1. 

        "Commitment" means the obligation of Lender to make Advances and issue Letters of Credit hereunder in an aggregate principal amount at any
time outstanding up to but not exceeding $7,500,000.00. 

        "Current Maturities of Long Term Debt" means for Borrower and its Subsidiaries, on a consolidated basis, the principal amount due and
payable during the next succeeding twelve month period on Debt of Borrower and its Subsidiaries for borrowed money which has a final maturity more than twelve months from the date of calculation. 

        "Debt" means for any Person (a) all indebtedness, whether or not represented by bonds, debentures, notes, securities or other
evidences of indebtedness, for the repayment of money borrowed, including, with respect to Borrower, the indebtedness evidenced by the Note, the Letter of Credit Liabilities and all other indebtedness
of Borrower to Lender, (b) Rate Management Transaction Obligations, (c) all indebtedness representing deferred payment of the purchase price of property or assets, (d) all
indebtedness under any lease which, in conformity with GAAP, is required to be capitalized for balance sheet purposes, (e) all indebtedness under guaranties, endorsements, assumptions or other
contingent
obligations, in respect of, or to purchase or otherwise acquire, indebtedness of others, (f) all indebtedness secured by a Lien existing on property owned, subject to such Lien, whether or not
the indebtedness secured thereby shall have been assumed by the owner thereof, and (g) any obligation to redeem or repurchase any of such Person's capital stock, partnership or membership
interests or other ownership interests as applicable. 

        "Debt Service Coverage Ratio" means for Borrower and its Subsidiaries, on a consolidated basis, as of any date (a) EBITDA for the
period ended as of such date, divided by the sum of (b) Current Maturities of Long Term Debt as of such date, plus (c) Interest Expense for the period ended as of such date, plus
(d) Capitalized Lease Obligations for the period ended as of such date. 

        "Default Rate" means the lesser of (a) the sum of the Prime Rate in effect from day to day plus five percent (5.0%) or
(b) the Maximum Rate. 

        "Distribution" means (a) any distribution, dividend or any other payment or distribution (excluding dividends payable in stock)
made by Borrower on account of its capital stock, (b) any redemption, purchase, retirement or other acquisition by Borrower of any of its capital stock, including any purchase of treasury stock
or other treasury obligations, or (c) the establishment of any fund for any such distribution, dividend, payment or acquisition. 

        "EBITDA" means for Borrower and its Subsidiaries, on a consolidated basis for any period, the sum of (a) Net Income for such
period, plus (b) without duplication and to the extent deducted in determining such Net Income (i) depreciation and amortization for such period, plus (ii) Interest Expense for
such period, plus (iii) Income Tax Expense for such period, plus (iv) non-cash charges for such period. 

2

 

        "Eligible Accounts" means the aggregate of all accounts receivable of Borrower that contain selling terms and conditions reasonably
acceptable to Lender and satisfy the following conditions: (a) are not owed by an account debtor, the creditworthiness or financial condition of whom Lender in its sole discretion, deems
unsatisfactory; (b) have been outstanding less than ninety (90) days past the original date of invoice; (c) have arisen in the ordinary course of business from services performed
by Borrower to or for the account debtor or the sale by Borrower of goods in which Borrower had sole ownership where such goods have been shipped or delivered to the account debtor;
(d) represent complete bona fide transactions which require no further act under any circumstances on the part of Borrower to make such accounts receivable payable by the account debtor;
(e) the goods the sale of which gave rise to such accounts receivable were shipped or delivered to the account debtor on an absolute sale basis and not on consignment, a sale or return basis, a
guaranteed sale basis, a bill and hold basis, or on the basis of any similar understanding; (f) do not constitute pre-billings or other unearned income; (g) do not arise in
connection with contracts which are bonded or insured; (h) the goods the sale of which gave rise to such accounts receivable were not, at the time of sale thereof, subject to any Lien, except
the security interest in favor of Lender created by the Loan Documents and the Guggenheim Lien; (i) are not subject to any provisions prohibiting assignment or requiring notice of or consent to
such assignment; (j) are subject to a perfected, first priority security interest in favor of Lender and are not subject to any other Lien, except the Guggenheim Lien; (k) are not
subject to setoff, counterclaim, defense, allowance, dispute or adjustment other than normal discounts for prompt payment, and the goods of sale which gave rise to such accounts receivable have not
been returned, rejected, repossessed, lost or damaged; (l) the account debtor is not insolvent or the subject of any bankruptcy or insolvency proceeding and has not made an assignment for the
benefit of creditors, suspended normal business operations, dissolved, liquidated, terminated its existence, ceased to pay its debts as they become due, or suffered a receiver or trustee to be
appointed for any of its assets or affairs; (m) are not evidenced by chattel paper or any instrument of any kind; (n) are owed by a Person or Persons that are citizens of or organized
under the laws of the United States or any State and are not owed by any Person organized under the laws of a jurisdiction located outside of the United States of America ("Foreign Persons"),
provided, that accounts receivable owed by Foreign Persons may constitute Eligible Accounts if (i) payment of such accounts receivable is insured by a foreign risk insurance policy acceptable
to Lender and the proceeds of such policy have been assigned to Lender by an instrument satisfactory to Lender, (ii) payment of such accounts receivable is covered by a letter of credit in form
and substance satisfactory to Lender, issued by a financial institution satisfactory to Lender, and the proceeds of such letter of credit have been assigned to Lender by an instrument satisfactory to
Lender or (iii) Lender specifically approves such accounts receivable as Eligible Accounts; (o) if any accounts receivable are owed by the United States of America or any department,
agency or instrumentality thereof, the Federal Assignment of Claims Act shall have been complied with; and (p) are not owed by an Affiliate, employee or agent of Borrower. No account receivable
owed by an account debtor to Borrower shall be included as an Eligible Account if more than twenty-five percent (25%) of the balances then outstanding on accounts receivable owed by such
account debtor and its Affiliates to Borrower have remained unpaid for more than eighty-nine (89) days from the dates of their original invoices. The amount of any Eligible Accounts
owed by an account debtor to Borrower shall be reduced by the amount of all "contra accounts" and other obligations owed by Borrower to such account debtor. In the event that at any time the accounts
receivable from any account debtor and its Affiliates to Borrower exceed twenty-five percent (25%) of the accounts receivable of Borrower, the accounts receivable from such account debtor
and its Affiliates shall not constitute Eligible Accounts to the extent to which such accounts receivable exceed twenty-five percent (25%) of the accounts receivable of Borrower. 

3

 

        "Environmental Laws" means any and all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or
binding agreements issued, promulgated or entered into by any federal, state, county, municipal or other governmental unit, relating in any way to the environment, preservation or reclamation of
natural resources, the management, release or threatened release of Hazardous Substance or to health and safety matters. 

        "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations and published
interpretations thereof. 

        "Event of Default" has the meaning specified in Section 10.1. 

        "Field Audits" means audits, verifications and inspections of the accounts receivable and inventory of Borrower and its Subsidiaries,
conducted by an independent third Person selected by Lender. 

        "GAAP" means generally accepted accounting principles in the United States of America consistently applied. 

        "Guggenheim" means (a) Guggenheim Corporate Funding, LLC, and its successors and assigns, or any other Affiliate thereof, and
(b) the lenders from time to time parties to the Guggenheim Credit Agreement. 

        "Guggenheim Credit Agreement" means that certain Term Loan Agreement dated as of May 18, 2006 among Borrower, the lenders from time
to time parties thereto, and Guggenheim Corporate Funding, LLC, as administrative agent for such lenders. 

        "Guggenheim Lien" means the subordinate security interest in the accounts receivable of Borrower in favor of Guggenheim which is subject
to the provisions of the Intercreditor Agreement and other Liens granted pursuant to the Guggenheim Credit Agreement. 

        "Hazardous Substance" means any substance, product, waste, pollutant, material, chemical, contaminant, constituent or other material which
is or becomes listed, regulated or addressed under any Environmental Law. 

        "Income Tax Expense" means for Borrower and its Subsidiaries, on a consolidated basis for any period, all state and federal income taxes
paid or due to be paid during such period. 

        "Intercreditor Agreement" means the Intercreditor Agreement among Borrower, Guggenheim and Lender in substantially the form of Exhibit
"G", as the same may be amended, supplemented or modified. 

        "Interest Expense" means for Borrower and its Subsidiaries, on a consolidated basis, for any period, the sum of all interest expense paid
or required by its terms to be paid during such period, as determined in accordance with GAAP. 

        "Letter of Credit" means any letter of credit issued by Lender for the account of Borrower pursuant to Article II. 

        "Letter of Credit Application" means Lender's standard form of Letter of Credit Application and Agreement as the same may be amended or
supplemented. 

        "Letter of Credit Liabilities" means, at any time, the aggregate face amounts of all outstanding Letters of Credit. 

        "Lien" means any lien, mortgage, security interest, tax lien, financing statement, pledge, charge, hypothecation, assignment, preference,
priority or other encumbrance of any kind or nature whatsoever (including, without limitation, any conditional sale or title retention agreement), whether arising by contract, operation of law or
otherwise. 

4

 

        "Loan Documents" means this Agreement and all promissory notes, security agreements, deeds of trust, assignments, letters of credit,
guaranties, and other instruments, documents and agreements executed and delivered pursuant to or in connection with this Agreement, as such instruments, documents and agreements may be amended,
modified, renewed, extended or supplemented. 

        "Lockbox" means the post office box designated in any agreement executed by Borrower and Lender with respect to lockbox services, which
may be comprised of Lender's Corporate Treasury Management Services Agreement and the Lockbox Service Exhibit thereto, as the same may be amended, supplemented or modified. 

        "Material Adverse Effect" means a material adverse effect on (a) the business, operations, property or condition (financial or
otherwise) of Borrower and its Subsidiaries, taken as a whole, (b) the ability of Borrower to pay the Obligations or the ability of Borrower to perform its obligations under this Agreement or
any of the other Loan Documents or (c) the validity or enforceability of this Agreement or any of the other Loan Documents, or the rights or remedies of Lender hereunder or thereunder. 

        "Maximum Rate" means the maximum rate of nonusurious interest permitted from day to day by applicable law, including Chapter 303 of
the Texas Finance Code (the "Code") (and as the same may be incorporated by reference in other Texas statutes). To the extent that Chapter 303 of the Code is relevant to Lender for the purposes
of determining the Maximum Rate, Lender may elect to determine such applicable legal rate pursuant to the "weekly ceiling," from time to time in effect, as referred to and defined in
Chapter 303 of the Code; subject, however, to the limitations on such applicable ceiling referred to and defined in the Code, and further subject to any right Lender may have subsequently,
under applicable law, to change the method of determining the Maximum Rate. 

        "Net Income" means, for Borrower and its Subsidiaries for any period, the consolidated net income (or loss) of Borrower and its
Subsidiaries for such period, determined in accordance with GAAP. 

        "No Default Certificate" means a certificate in the form of Exhibit "E", fully completed and executed by Borrower. 

        "Note" means the promissory note executed by Borrower payable to the order of Lender, in substantially the form of Exhibit "A", as
the same may be renewed, extended or modified and all promissory notes executed in renewal, extension, modification or substitution thereof. 

        "Obligated Party" means any Person who is or becomes a party to any agreement pursuant to which such Person guarantees or secures payment
and performance of the Obligations or any part thereof. 

        "Obligations" means all obligations, indebtedness and liabilities of Borrower to Lender, now existing or hereafter arising, including,
without limitation, the obligations, indebtedness and liabilities of Borrower under this Agreement and the other Loan Documents (including, without limitation, all of Borrower's contingent
reimbursement obligations in respect of Letters of Credit), and all interest accruing thereon and all attorneys' fees and other expenses incurred in the enforcement or collection thereof. 

        "Organizational Documents" means, for any Person, (a) the articles of incorporation and bylaws of such Person if such Person is a
corporation, (b) the articles of organization and regulations of such Person if such Person is a limited liability company, (c) the limited partnership agreement of such Person if such
Person is a limited partnership, or (d) the documents under 

5

 

which
such Person was created and is governed if such person is not a corporation, limited liability company or limited partnership. 

        "Payment Account" means the depository account of Borrower designated in the Lockbox Agreement as the account into which proceeds of the
Lockbox collections and all other receipts of Borrower's accounts receivable are to be deposited. 

        "Person" means any individual, corporation, limited liability company, partnership, joint venture, company, trust, governmental authority
or other entity. 

        "Prime Rate" means, at any time, the rate of interest per annum then most recently published in The Wall Street Journal (or any successor
publication if The Wall Street Journal is no longer published) in the "Money Rates" section (or such successor section) as the "Prime Rate." If a range of prime interest rates per annum is so
published, "Prime Rate" shall mean the highest rate per annum in such published range. If the definition of "Prime Rate" is no longer published in The Wall Street Journal (or any successor
publication), "Prime Rate" shall mean, at any time, the rate of interest per annum then most recently established by Lender as its prime rate. 

        "Rate Management Transaction" means any transaction (including an agreement with respect thereto) now existing or hereafter entered into
between Borrower and Lender which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction,
currency option or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign
currencies, commodity prices, equity prices or other financial measures. 

        "Rate Management Transaction Obligations" means any and all obligations and indebtedness, contingent or otherwise, whether now existing or
hereafter arising, of Borrower to Lender arising under or in connection with any Rate Management Transaction. 

        "Ratio of Total Liabilities to Tangible Net Worth" means, as of any date, (a) (i) Total Liabilities minus (ii) Subordinated
Debt divided by (b) (i) Tangible Net Worth plus (ii) Subordinated Debt. 

        "Regulatory Change" means, with respect to Lender, any change after the date of this Agreement in United States federal, state or foreign
laws or regulations (including Regulation D of the Board of Governors of the Federal Reserve System), or the adoption or making after such date of any interpretations, directives or requests
applying to a class of banks including Lender of or under any United States federal, state or foreign laws or regulations (whether or not having the force of law) by any court or governmental or
monetary authority charged with the interpretation or administration thereof. 

        "Security Agreement" means the Security Agreement executed by Borrower in favor of Lender in substantially the form of Exhibit "B", as the
same may be amended, supplemented or modified. 

        "Subordinated Debt" means Debt of Borrower to any Person, the payment of which has been subordinated to the payment of the Obligations in
a manner satisfactory to Lender and by a document satisfactory to Lender. 

        "Subsidiary" means any Person of which or in which Borrower or its Subsidiaries own or control, directly or indirectly, fifty percent
(50%) or more of (a) the combined voting power of all classes having general voting power under ordinary circumstances to elect a majority of the directors, managers or equivalent body of such
Person, if it is a corporation, (b) the capital interest or profits interest of such Person, if it is a partnership, limited liability company, joint venture or 

6

 

similar
entity, or (c) the beneficial interest of such Person, if it is a trust, association or other unincorporated association or organization. 

        "Tangible Net Worth" means, as of any date, all amounts which, in conformity with GAAP, would be included as stockholders' equity on a
consolidated balance sheet of Borrower and its Subsidiaries; provided, however, there shall be excluded therefrom (a) any amount at which shares of capital stock of Borrower appear as an asset
on Borrower's or any Subsidiary's balance sheet, (b) goodwill, including any amounts, however designated, that represent the excess of the purchase price paid for assets, stock or other
ownership interests over the value assigned thereto, (c) patents, trademarks, trade names and copyrights, (d) deferred expenses, (e) loans and advances to any stockholder,
partner, member, owner, director, officer manager or employee of Borrower or any Subsidiary or any Affiliate, including any such loans and advances evidenced by promissory notes, and (f) all
other assets which are properly classified as intangible assets. 

        "Termination Date" means 11:00 a.m., Houston, Texas time on August 21, 2007, or such earlier date on which the Commitment
terminates as provided in this Agreement. 

        "Total Liabilities" means, as of any date, all amounts which, in accordance with GAAP, would be classified as liabilities on a
consolidated balance sheet of Borrower and its Subsidiaries. 

        "Unmatured Event of Default" means the occurrence of an event or the existence of a condition which, with the giving of notice or the
passage of time would constitute an Event of Default. 

        Section 1.2.    Other Definitional Provisions.    All definitions contained in this Agreement are equally
applicable to the singular and plural forms of the terms defined. The words "hereof", "herein" and "hereunder" and words of similar import referring to this Agreement refer to this Agreement as a
whole and not to any particular provision of this Agreement. Unless otherwise specified, all Article and Section references pertain to this Agreement. All accounting terms not specifically defined
herein shall be construed in accordance with GAAP. Terms used herein that are defined in the Uniform Commercial Code as adopted by the State of Texas, unless otherwise defined herein, shall have the
meanings specified in the Uniform Commercial Code as adopted by the State of Texas. In the event that, at any time, Borrower has no Subsidiaries, all references to the Subsidiaries of Borrower and the
consolidation of certain financial information shall be deemed to be inapplicable until such time as Borrower has a Subsidiary. 

 
 

ARTICLE II.    
    
    Advances and Letters of Credit    
    

        Section 2.1.    Advances.    Subject to the terms and conditions of this Agreement, Lender agrees to make one
or more Advances to Borrower from time to time from the date hereof to and including the Termination Date in an aggregate principal amount at any time outstanding up to but not exceeding the
Commitment; provided that the aggregate amount of all Advances at any time outstanding shall not exceed the lesser of (a) the Commitment minus the Letter of Credit Liabilities or (b) the
Borrowing Base minus the outstanding Letter of Credit Liabilities. Lender shall have no obligation to make any Advance if an Event of Default or an Unmatured Event of Default has occurred and is
continuing. Subject to the foregoing limitations, and the other terms and provisions of this Agreement, Borrower may borrow, repay and reborrow hereunder. 

        Section 2.2.    The Note.    The obligation of Borrower to repay the Advances shall be evidenced by the Note
executed by Borrower, payable to the order of Lender, in the principal amount of the Commitment. 

7

  

        Section 2.3.    Repayment of Advances.    Borrower shall repay the unpaid principal amount of all Advances on
the earlier of (a) the Termination Date or (b) such other dates on which the Advances are or may be required to be paid pursuant to this Agreement. 

        Section 2.4.    Interest.    The unpaid principal amount of the Advances shall bear interest prior to maturity
at a varying rate per annum equal from day to day to the lesser of (a) the Maximum Rate or (b) the Prime Rate in effect from day to day minus one-half percent (.50%) and each
change in the rate of interest charged on the Advances shall become effective, without notice to Borrower, on the effective date of each change in the Prime Rate or the Maximum Rate, as the case may
be; provided, however, if at any time the rate of interest specified in clause (b) preceding shall exceed the Maximum Rate, thereby causing the interest on the Advances to be limited to the
Maximum Rate, then any subsequent reduction in the Prime Rate shall not reduce the rate of interest on the Advances below the Maximum Rate until the aggregate amount of interest actually accrued on
the Advances equals the amount of interest which would have accrued on the Advances if the interest rate specified in clause (b) preceding had at all times been in effect. Accrued and unpaid
interest on the Advances shall be payable on the first (1st) day of each month commencing on October 1, 2006, and on the Termination Date. If an Event of Default has occurred and is continuing,
all principal of the Advances shall bear interest at the Default Rate. 

        Section 2.5.    Requests for Advances.    Borrower shall give Lender notice of each requested Advance by
delivery to Lender of an Advance Request Form executed by an Authorized Representative, properly completed and containing the information required therein. Prior to making any Advance, Lender may
require that Borrower deliver a Borrowing Base Certificate dated a recent date acceptable to Lender evidencing that the amount of the outstanding Advances plus the requested Advance plus the Letter of
Credit Liabilities is less than the lesser of (a) the Commitment or (b) the Borrowing Base. Assuming that each Advance Request Form is in proper form, if Lender receives an Advance
Request Form prior to 1:00 p.m. on any Business Day, Lender will make the requested Advance on the same Business Day, and if Lender receives an Advance Request Form after 1:00 p.m.,
Lender will make the requested Advance on the next Business Day. 

        Section 2.6.    Use of Proceeds.    The proceeds of Advances shall be used for working capital purposes and for
the issuance of Letters of Credit. 

        Section 2.7.    Mandatory Prepayment.    If at any time the outstanding principal amount of the Advances plus
the Letter of Credit Liabilities exceeds the Borrowing Base, Borrower shall immediately prepay the outstanding Advances by the amount of the excess plus accrued and unpaid interest on the amount so
prepaid or, if no (or insufficient) Advances are outstanding, Borrower shall immediately pledge to
Lender cash or cash equivalent investments in an amount equal to the excess as security for the Letter of Credit Liabilities. 

        Section 2.8.    Unused Commitment Fee; Reduction or Termination of Commitment.    Borrower agrees to pay to
Lender a commitment fee on the average daily unused portion of the Commitment, from and including the Closing Date to and including the Termination Date, at the rate of one-fourth percent
(.25%) per annum based on a 360 day year and the actual number of days elapsed, payable quarterly, in arrears and on the Termination Date. For the purpose of calculating the commitment fee
hereunder, the Commitment shall be deemed utilized by the amount of all outstanding Advances and Letter of Credit Liabilities. Borrower shall have the right at any time to terminate in whole or from
time to time to irrevocably reduce in part the Commitment upon at least three (3) Business Days prior notice to Lender specifying the effective date thereof, whether a termination or reduction
is being made, and the amount of any partial reduction; provided, however, the Commitment shall never be reduced below an amount equal to the Letter of Credit Liabilities. Simultaneously with giving
such notice, Borrower shall prepay the amount by which the unpaid principal amount of the Advances plus the Letter of Credit Liabilities exceeds the Commitment (after giving effect to such notice)
plus accrued and unpaid interest 

8

 

on
the principal amount so prepaid. The Commitment may not be reinstated after it has been terminated or reduced. 

        Section 2.9.    Letters of Credit.    Subject to the terms and conditions of this Agreement, Lender agrees to
issue one or more Letters of Credit for the account of Borrower from time to time from the date hereof to and including the Termination Date; provided, however, that the Letter of Credit Liabilities
shall not at any time exceed the lesser of (a) the Commitment minus the outstanding Advances or (b) the Borrowing Base minus the outstanding Advances. Each Letter of Credit
(a) shall have an expiration date which shall not be more than one (1) year from the date of issuance of such Letter of Credit, and which may, at the sole discretion of Lender, extend
beyond the Termination Date, (b) shall be payable in United States dollars, (c) shall support a transaction that is entered into in the ordinary course of Borrower's business, and
(d) shall otherwise be satisfactory in form and substance to Lender. No Letter of Credit shall require any payment by Lender to the beneficiary thereunder pursuant to a drawing prior to the
third Business Day following presentment of a draft and any related documents to Lender. Lender shall have no obligation to issue any Letter of Credit if an Event of Default or Unmatured Event of
Default has occurred and is continuing. 

        Section 2.10.    Procedure for Issuing Letters of Credit.    Each Letter of Credit shall be issued upon receipt
by Lender of written notice from an Authorized Representative requesting the issuance of such Letter of Credit, which notice shall be received by Lender at least three (3) Business Days prior
to the requested date of issuance of such Letter of Credit. Such notice shall be accompanied by a Letter of Credit Application as then in effect and such other documents and instruments as Lender may
require. Such notice and application (both front and back sides) may be sent by fax, provided that Borrower holds Lender harmless with respect to actions taken by Lender based upon notices and
applications sent by fax. Each request for a Letter of Credit shall constitute a representation by Borrower to Lender as to each of the matters set forth in the Borrowing Base Certificate, including
representations that (a) the
sum of (i) the outstanding Advances plus (ii) the Letter of Credit Liabilities plus (iii) the face amount of the requested Letter of Credit does not exceed the lesser of the
Borrowing Base or the Commitment and (b) no Event of Default or Unmatured Event of Default exists. Prior to Issuing any Letter of Credit, Lender may request a Borrowing Base Certificate from
Borrower dated of a recent date acceptable to Lender evidencing that the statements contained in the preceding sentence are correct. 

        Section 2.11.    Payments Constitute Advances.    Each payment by Lender pursuant to a drawing under a Letter
of Credit shall constitute and be deemed an Advance by Lender to Borrower under the Note and this Agreement as of the day and time such payment is made by Lender and in the amount of such payment. 

        Section 2.12.    Letter of Credit Fees.    Borrower shall pay to Lender a letter of credit fee payable on the
date each Letter of Credit is issued in an amount equal to the greater of (a) one percent (1.0%) per annum of the stated amount of such Letter of Credit for the period during which such Letter
of Credit will remain outstanding, based on a 360 day year and the actual number of days elapsed and (b) $350.00 in the case of a standby Letter of Credit or $200.00 in the case of a
commercial Letter of Credit. In addition, Borrower shall pay to Lender (a) at the time of issuance of any Letter of Credit, all out-of-pocket costs incurred by Lender in
connection with the issuance of such Letter of Credit (b) upon the payment of any Letter of Credit, all applicable payment fees and (c) upon the amendment (including the extension) of
any Letter of Credit, all applicable amendment fees. 

        Section 2.13.    Obligations Absolute.    The obligations of Borrower under this Agreement and the other Loan
Documents, including without limitation the obligation of Borrower to reimburse Lender for payment of drawings under any Letter of Credit, shall be absolute, unconditional and irrevocable, and shall
be performed strictly in accordance with the terms of this Agreement and the other Loan Documents under all circumstances, including (a) any lack of validity or enforceability of any Letter of 

9

 

Credit
or any other Loan Document, (b) the existence of any claim, set-off, counterclaim, defense or other rights which Borrower, any Obligated Party or any other Person may have at
any time against any beneficiary of any Letter of Credit, Lender or any other Person, whether in connection with this Agreement or any other Loan Document or any unrelated transaction, (c) if
any statement, draft or other document presented under any Letter of Credit proves to be forged, fraudulent, invalid or insufficient in any respect or any statement therein is untrue or inaccurate in
any respect whatsoever, (d) payment by Lender under any Letter of Credit against presentation of a draft or other document which does not comply with the terms of such Letter of Credit in a
manner which is not material, (e) any amendment or waiver of, or any consent to departure from, any Loan Document or (f) any other circumstance or happening whatsoever, whether or not
similar to any of the foregoing. 

        Section 2.14.    Limitation of Liability.    Borrower assumes all risks of the acts or omissions of any
beneficiary of any Letter of Credit with respect to its use of such Letter of Credit. Neither Lender or any of its officers, employees or directors shall have any responsibility or liability to
Borrower or any other
Person for (a) the failure of any draft to bear any reference or adequate reference to any Letter of Credit, or the failure of any documents to accompany any draft at negotiation, or the
failure of any Person to surrender or to take up any Letter of Credit or to send documents apart from drafts as required by the terms of any Letter of Credit, or the failure of any Person to note the
amount of any instrument on any Letter of Credit, each of which requirements, if contained in any Letter of Credit itself, it is agreed may be waived by Lender, (b) errors, omissions,
interruptions or delays in transmission or delivery of any messages, (c) the validity, sufficiency or genuineness of any draft or other document, or any endorsement thereon, even if any such
draft, document or endorsement should in fact prove to be in any and all respects invalid, insufficient, fraudulent or forged or any statement therein is untrue or inaccurate in any respect,
(d) payment by Lender to the beneficiary of any Letter of Credit against presentation of any draft or other document that does not comply with the terms of the Letter of Credit in a respect
which is not material or (e) any other circumstance whatsoever in making or failing to make any payment under a Letter of Credit. Lender may accept documents that appear on their face to be in
order, without responsibility for further investigation, regardless of any notice or information to the contrary. Notwithstanding the foregoing, Lender shall be liable to Borrower to the extent of any
direct, but not consequential, damages suffered by Borrower which Borrower proves in a final nonappealable judgment were caused by (i) Lender's willful misconduct or gross negligence in
determining whether documents presented under any Letter of Credit complied with the terms thereof or (ii) Lender's willful failure to pay under any Letter of Credit after presentation to it of
documents strictly complying with the terms and conditions of such Letter of Credit. 

        Section 2.15.    Provisions Regarding Electronic Issuance of Letters of Credit.    Lender may adopt procedures
pursuant to which Borrower may request the issuance of Letters of Credit by electronic means and Lender may issue Letters of Credit based on such electronic requests. Such procedures may include the
entering by Borrower into the Letter of Credit Applications electronically. All the procedures, actions and documents referred to in the two preceding sentences are referred to as "Electronic
Applications". Borrower holds Lender harmless with respect to actions taken by Lender based upon Electronic Applications. Borrower further agrees to be bound by all the terms and provisions contained
in the Letter of Credit Applications, including, without limitation, the terms and provisions of the Letter of Credit Applications contained on the reverse side of the paper copies thereof, including
the release and indemnification provisions contained therein. 

        Section 2.16.    Cash Deposit Prior to Termination Date.    If Letters of Credit are to be outstanding after
the Termination Date, not later than five (5) Business Days prior to the Termination Date, Borrower will deposit with Lender cash or pledge to Lender (in an manner satisfactory to Lender) cash
equivalent investments or other collateral acceptable to Lender, or a combination thereof, in an 

10

 

amount
equal to the sum of the face amounts of the Letters of Credit which will remain outstanding after the Termination Date. 

 
 

ARTICLE III.    
    
    Payments    
    

        Section 3.1.    Method of Payment.    All payments of principal, interest and other amounts to be made by
Borrower under this Agreement, the Note or any other Loan Documents shall be made to Lender at its designated office, without setoff, deduction or counterclaim in immediately available funds. Whenever
any payment under this Agreement, the Note or any other Loan Document shall be stated to be due on a day that is not a Business Day, such payment may be made on the next Business Day, and interest
shall continue to accrue during such extension. 

        Section 3.2.    Voluntary Prepayment.    Borrower may prepay the Note in whole at any time or from time to time
in part without premium or penalty but with accrued interest to the date of prepayment on the amount so prepaid. 

        Section 3.3.    Computation of Interest.    Interest on the indebtedness evidenced by the Note shall be
computed on the basis of a year of 360 days and the actual number of days elapsed (including the first day but excluding the last day) unless such calculation would result in a usurious rate,
in which case interest shall be calculated on the basis of a year of 365 or 366 days, as the case may be. 

        Section 3.4.    Capital Adequacy.    If after the date hereof, Lender shall have determined that the adoption
of any applicable law, rule or regulation regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank
or comparable agency charged with the interpretation or administration thereof, or compliance by Lender (or its parent) with any request or directive regarding capital adequacy (whether or not having
the force of law) of any such authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on Lender's (or its parent's) capital as a consequence of its
obligations hereunder or the transactions contemplated hereby to a level below that which Lender (or its parent) could have achieved but for such adoption, change or compliance (taking into
consideration Lender's policies with respect to capital adequacy) by an amount deemed by Lender to be material, then from time to time, within ten (10) Business Days after demand by Lender,
Borrower shall pay to Lender such additional amount or amounts as will compensate Lender (or its parent) for such reduction. A certificate of Lender claiming compensation under this Section and
setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive, provided that the determination thereof is made on a reasonable basis. In determining such amount or
amounts, Lender may use any reasonable averaging and attribution methods. 

        Section 3.5.    Additional Costs in Respect of Letters of Credit.    If as a result of any Regulatory Change
there shall be imposed, modified or deemed applicable any tax, reserve, special deposit or similar requirement against or with respect to or measured by reference to Letters of Credit issued or to be
issued hereunder or Lender's commitment to issue Letters of Credit hereunder, and the result shall be to increase the cost to Lender of issuing or maintaining any Letter of Credit or its commitment to
issue Letters of Credit hereunder or reduce any amount receivable by Lender hereunder in respect of any Letter of Credit (which increase in cost or reduction in amount receivable, shall be the result
of Lender's reasonable allocation of the aggregate of such increases or reductions resulting from such event), then, upon demand by Lender, Borrower agrees to pay to Lender from time to time as
specified by Lender, such additional amounts as shall be sufficient to compensate Lender for such increased costs or reductions in amount. A statement as to such increased costs or reductions in
amount incurred by Lender, submitted by Lender to Borrower, shall be conclusive as to the amount thereof, provided that the determination thereof is made on a reasonable basis. 

11

 

 
 

ARTICLE IV.    
    
    Collateral    
    

        Section 4.1.    Collateral.    To secure full and complete payment and performance of the Obligations, Borrower
shall execute and deliver or cause to be executed and delivered the documents described below covering the property and collateral described therein and in this Section 4.1 (which, together
with any other property and collateral which may now or hereafter secure the Obligations or any part thereof, is sometimes herein called the "Collateral"): 

        (a)   Borrower
shall grant to Lender a first priority security interest in (i) all of its accounts, accounts receivable and all cash arising therefrom,
(ii) deposit accounts number 3354784, 51577557, 951897373 and 951577557 at Lender and all amounts on deposit therein, and (iii) all products and proceeds thereof, in each case whether
now owned or hereafter acquired, pursuant to the Security Agreement. 

        (b)   Borrower
shall execute and cause to be executed such further documents and instruments as Lender, in its sole discretion, deems necessary or desirable to evidence and
perfect its liens and security interests in the Collateral. Borrower authorizes, directs and permits Lender to file Uniform Commercial Code financing statements with respect to the Collateral in such
jurisdictions as Lender may desire. 

        Section 4.2.    Setoff.    Upon the occurrence of an Event of Default, Lender shall have the right to set off
and apply against the Obligations in such a manner as Lender may determine, at any time and without notice to Borrower, any and all deposits (general or special, time or demand, provisional or final)
or other sums at any time credited by or owing from Lender to Borrower whether or not the Obligations are then due; provided, however, this right shall not apply to IRA or Keogh accounts, trust
accounts or any other account for which setoff would be prohibited by law ("Excluded Accounts"). As further security for the Obligations, Borrower hereby grants to Lender a security interest in all
money, instruments and other property of Borrower now or hereafter held by Lender, other than Excluded Accounts. In addition to Lender's right of setoff and as further security for the Obligations,
Borrower hereby grants to Lender a security interest in all deposits (general or special, time or demand, provisional or final) and other accounts of Borrower now or hereafter on deposit with or held
by Lender and all other sums at any time credited by or owing from Lender to Borrower, other than Excluded Accounts. The rights and remedies of Lender hereunder are in addition to other rights and
remedies (including, without limitation, to the rights of setoff) which Lender may have. 

 
 

ARTICLE V.    
    
    Conditions Precedent    
    

        Section 5.1.    Initial Extension of Credit.    The obligation of Lender to make the initial Advance or issue
the initial Letter of Credit is subject to the condition precedent that prior thereto Lender shall have received all of the documents set forth below in form and substance satisfactory to Lender. 

        (a)    Certificate—Borrower.    A certificate of the Secretary or another officer of Borrower acceptable
to Lender certifying (i) resolutions of the board of directors of Borrower which authorize the execution, delivery and performance by Borrower of this Agreement and the other Loan Documents to
which Borrower is or is to be a party and (ii) the names of the officers of Borrower authorized to sign this Agreement and each of the other Loan Documents to which Borrower is or is to be a
party together with specimen signatures of such officers. 

        (b)    Organizational Documents—Borrower.    The articles of incorporation and the bylaws of Borrower
certified by the Secretary or another officer of Borrower acceptable to Lender. 

12

  

        (c)    Governmental Certificates—Borrower.    Certificates issued by the appropriate government officials
of the state of incorporation of Borrower as to the existence and good standing of Borrower. 

        (d)    Assumed Name Certificate—Borrower.    A copy of an Assumed Name Certificate for Borrower doing
business as GGS Seismic, Inc. recorded with the proper governmental authority. 

        (e)    Note.    The Note executed by Borrower. 

        (f)    Security Agreement.    The Security Agreement executed by Borrower. 

        (g)    Financing Statements.    Uniform Commercial Code financing statements showing Borrower as debtor. 

        (h)    Intercreditor Agreement.    The Intercreditor Agreement executed by Borrower and Guggenheim. 

        (i)    Lender Consent.    Evidence that the lenders who are parties to the Guggenheim Credit Agreement have
(i) authorized Guggenheim Corporate Funding, LLC to enter into the Intercreditor Agreement, and (ii) agreed to be bound by the Intercreditor Agreement. 

        (j)    Arbitration Agreement.    The Arbitration Agreement executed by Borrower. 

        (k)    Insurance Policies.    Copies of all insurance policies required by Section 7.5, together with loss
payable endorsements in favor of Lender with respect to all insurance policies covering Collateral. 

        (l)    UCC Search.    A Uniform Commercial Code search showing all financing statements and other documents or
instruments on file against Borrower with the office of the Secretary of State of Delaware. 

        (m)    Attorneys' Fees and Expenses.    Evidence that the costs and expenses (including reasonable attorneys' fees)
referred to in Section 11.1, to the extent incurred, have been paid in full by Borrower. 

        (n)    Additional Documentation.    Such additional approvals, opinions or documents as Lender may reasonably request. 

        Section 5.2.    All Extensions of Credit.    The obligation of Lender to make any Advance or issue any Letter
of Credit (including the initial Advance and the initial Letter of Credit) is subject to receipt by Lender of the items required by Section 2.5 or 2.10, as applicable, and such additional
approvals or documents as Lender may reasonably request. 

 
 

ARTICLE VI.    
    
    Representations and Warranties    
    

        To induce Lender to enter into this Agreement, Borrower represents and warrants to Lender that: 

        Section 6.1.    Existence.    Borrower and each Subsidiary (a) are duly organized, validly existing and
in good standing under the laws of their respective jurisdictions of organization, (b) have all requisite power and authority to own their assets and carry on their business as now being or as
proposed to be conducted and (c) are qualified to do business in all jurisdictions necessary and where failure to so qualify would have a Material Adverse Effect. Borrower has the power and
authority to execute, deliver and perform its obligations under this Agreement and the other Loan Documents to which it is or may become a party. 

        Section 6.2.    Financial Statements.    Borrower has delivered to Lender audited consolidated financial
statements of Borrower and its Subsidiaries as at and for the fiscal year ended December 31, 

13

 

2005,
and unaudited consolidated financial statements of Borrower and its Subsidiaries for the three (3) month period ended March 31, 2006. Such financial statements have been prepared
in accordance with GAAP, and fairly and accurately present, in all material respects on a consolidated basis, the financial condition of Borrower and its Subsidiaries as of the respective dates
indicated therein and the results of operations for the respective periods indicated therein. Neither Borrower nor any of its Subsidiaries has any material contingent liabilities, liabilities for
taxes, material forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments not reflected in such financial statements. There has been no Material
Adverse Effect since the effective date of the most recent financial statements referred to in this Section. 

        Section 6.3.    Requisite Action; No Breach.    The execution, delivery and performance by Borrower of this
Agreement and the other Loan Documents to which Borrower is or may become a party have been duly authorized by all requisite action on the part of Borrower and do not and will not violate or conflict
with the Organizational Documents of Borrower or any law, rule or regulation or any order, writ, injunction or decree of any court, governmental authority or arbitrator, and do not and will not
conflict with, result in a breach of, or constitute a default under, or result in the imposition of any Lien (except as permitted by this Agreement) upon any of the revenues or assets of Borrower or
any Subsidiary pursuant to the provisions of any indenture, mortgage, deed of trust, security agreement, franchise, permit, license or other instrument or agreement by which Borrower or any Subsidiary
or any of their respective properties is bound. 

        Section 6.4.    Operation of Business.    Borrower and each Subsidiary possess all licenses, permits,
franchises, patents, copyrights, trademarks and trade names, or rights thereto, to conduct their respective businesses substantially as now conducted and as presently proposed to be conducted. 

        Section 6.5.    Litigation and Judgments.    There is no action, suit, investigation or proceeding before or by
any court, governmental authority or arbitrator pending, or to the knowledge of Borrower, threatened against or affecting Borrower or any Subsidiary, that could, if adversely determined, have a
Material Adverse Effect. There are no outstanding judgments against Borrower or any Subsidiary. 

        Section 6.6.    Rights in Properties; Liens.    Borrower and each Subsidiary have good and marketable title to
or valid leasehold interests in their respective properties and assets, real and personal, including the properties, assets and leasehold interests reflected in the financial statements described in
Section 6.2, and none of the properties, assets or leasehold interests of Borrower or any Subsidiary is subject to any Lien, except as permitted by this Agreement. 

        Section 6.7.    Enforceability.    This Agreement constitutes, and the other Loan Documents to which Borrower
is a party, when delivered, shall constitute the legal, valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms, except as enforceability
thereof may be limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditor's rights. 

        Section 6.8.    Approvals.    No authorization, approval or consent of, and no filing or registration with, any
court, governmental authority or third party is or will be necessary for the execution, delivery or performance by Borrower of this Agreement and the other Loan Documents to which Borrower is or may
become a party or the validity or enforceability thereof. 

        Section 6.9.    Debt.    Borrower and its Subsidiaries have no Debt except Debt to Lender and other Debt
permitted pursuant to Section 8.1. 

        Section 6.10.    Use of Proceeds; Margin Securities.    Neither Borrower nor any Subsidiary is engaged
principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T, U or X of
the Board of Governors of the Federal Reserve System), and no part of the proceeds of any extension of credit 

14

 

under
this Agreement will be used to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying margin stock. 

        Section 6.11.    ERISA.    Borrower and each Subsidiary have complied with all applicable minimum funding
requirements and all other applicable and material requirements of ERISA, and there are no existing conditions that would give rise to liability thereunder. No Reportable Event (as defined in
Section 4043 of ERISA) has occurred in connection with any employee benefit plan that might constitute grounds for the termination thereof by the Pension Benefit Guaranty Corporation or for the
appointment by the appropriate United States District Court of a trustee to administer such plan. 

        Section 6.12.    Taxes.    Borrower and each Subsidiary have filed all tax returns (federal, state and local)
required to be filed, including all income, franchise, employment, property and sales taxes, and have paid all of their liabilities for taxes, assessments, governmental charges and other levies that
are due and payable, and Borrower knows of no pending investigation of Borrower or any Subsidiary by any taxing authority or of any pending but unassessed tax liability of Borrower or any Subsidiary. 

        Section 6.13.    Disclosure.    There is no fact known to Borrower which has a Material Adverse Effect or which
might in the future have a Material Adverse Effect that has not been disclosed in writing to Lender. 

        Section 6.14.    Subsidiaries.    Borrower has no Subsidiaries other than Global Geophysical
Services, Ltd. (Cayman Is.), Global Geophysical Services (Isle of Man) Limited, Global Geophysical Services Nigeria Limited, and Global Geophysical Services S.A.C. (Peru). 

        Section 6.15.    Compliance with Laws.    Neither Borrower nor any Subsidiary is in violation in any material
respect of any law, rule, regulation, order or decree of any court, governmental authority or arbitrator. 

        Section 6.16.    Compliance with Agreements.    Neither Borrower nor any Subsidiary is in violation in any
material respect of any document, agreement, contract or instrument to which it is a party or by which it or its properties are bound. 

        Section 6.17.    Environmental Matters.    Borrower and each Subsidiary, and their respective properties, are
in compliance with all applicable Environmental Laws and neither Borrower nor any Subsidiary is subject to any liability or obligation for remedial action thereunder. There is no pending or threatened
investigation or inquiry by any governmental authority of Borrower or any Subsidiary or any of their respective properties pertaining to any Hazardous Substance. Except in the ordinary course of
business and in compliance with all Environmental Laws, there are no Hazardous Substances located on or under any of the properties of Borrower or any Subsidiary. Except in the ordinary course of
business and in compliance with all Environmental Laws, neither Borrower nor any Subsidiary has caused or permitted any Hazardous Substance to be disposed of on or under or released from any of its
properties. Borrower and each Subsidiary have obtained all permits, licenses and authorizations which are required under and by all Environmental Laws. 

        Section 6.18.    Solvency.    Borrower and its Subsidiaries, on an individual and a consolidated basis, are not
insolvent, Borrower's and its Subsidiaries' assets, on an individual and a consolidated basis, exceed their liabilities, and Borrower will not be rendered insolvent by the execution and performance of
this Agreement and the Loan Documents. 

        Section 6.19.    Investment Company Act.    Neither Borrower nor any Subsidiary is an "investment company"
within the meaning of the Investment Company Act of 1940, as amended. 

15

 

 
 

ARTICLE VII.    
    
    Affirmative Covenants    
    

        Borrower covenants and agrees that, as long as the Obligations or any part thereof are outstanding or Lender has any Commitment hereunder, Borrower will perform
and observe the covenants set forth below, unless Lender shall otherwise consent in writing. 

        Section 7.1.    Reporting Requirements.    Borrower will deliver to Lender: 

        (a)    Annual Financial Statements—Borrower.    As soon as available, and in any event within one hundred
twenty (120) days after the end of each fiscal year of Borrower, beginning with the fiscal year ending December 31, 2006, a copy of the annual audited financial statements of Borrower
and its Subsidiaries for such fiscal year containing, on a consolidated basis, balance sheets, statements of income, statements of stockholders' equity and statements of cash flows as at the end of
such fiscal year and for the 12-month period then ended, in each case setting forth in comparative form the figures for the preceding fiscal year, all in reasonable detail, prepared in
accordance with GAAP, and audited and certified without qualification by independent certified public accountants of recognized standing acceptable to Lender. 

        (b)    Monthly Financial Statements—Borrower.    As soon as available, and in any event within thirty
(30) days after the end of each month, a copy of the financial statements of Borrower and its Subsidiaries as of the end of such month and for the portion of the fiscal year then ended,
containing, on a consolidated basis, balance sheets, statements of income and statements of cash flows, in each case setting forth in comparative form the figures for the corresponding period of the
preceding fiscal year, all in reasonable detail and certified by an officer of Borrower acceptable to Lender to have been prepared in accordance with GAAP and to fairly and accurately present the
financial condition and results of operations of Borrower and its Subsidiaries, on a consolidated basis, at the date and for the periods indicated therein. 

        (c)    No Default Certificate.    (i) As soon as available, and in any event within thirty (30) days
after the end of each month, a No Default Certificate as of the last day of such month and (ii) together with the financial statements delivered pursuant to Section 7.1(a), a No Default
Certificate as of the last day of the fiscal year covered by such financial statements, in each case executed by an officer of Borrower acceptable to Lender and containing detailed calculations of the
covenants contained in Article IX. 

        (d)    Borrowing Base Certificate.    As soon as available, and in any event within thirty (30) days after the
end of each month, a Borrowing Base Certificate as of the last day of such month certified by an officer of Borrower acceptable to Lender. 

        (e)    Monthly Accounts Receivable Reports.    As soon as available, and in any event within thirty (30) days
after the end of each month, aged accounts receivable reports for Borrower as of the last day of such month certified by an officer of Borrower acceptable to Lender. 

        (f)    Monthly Backlog Reports.    As soon as available, and in any event within thirty (30) days after the end
of each month, a backlog report for Borrower as of the last day of such month certified by an officer of Borrower acceptable to Lender. 

        (g)    Monthly Insurance Premium Reporting.    As soon as available, and in any event within thirty (30) days
after the end of each month, an insurance premium report as of the last day of such month, certified by an officer of Borrower acceptable to Lender. 

        (h)    Tax Returns.    Within fifteen (15) days following the filing thereof, copies of each federal income tax
return filed by Borrower. 

16

 

        (i)    Notice of Litigation.    Promptly after the commencement thereof, notice of all actions, suits and proceedings
before any court or governmental department, commission, board, agency or instrumentality, domestic or foreign, affecting Borrower or any Subsidiary which could have a Material Adverse Effect. 

        (j)    Judgments.    Within five (5) days of the rendering thereof, notice of any judgment against Borrower or
any Subsidiary in an amount which is greater than $25,000.00. 

        (k)    Notice of Default.    As soon as possible and in any event within five (5) days after the occurrence of
each Event of Default and Unmatured Event of Default, a written notice setting forth the details of such Event of Default or Unmatured Event of Default and the action which Borrower has taken and
proposes to take with respect thereto. 

        (l)    Notice of Material Adverse Effect.    As soon as possible, and in any event within five (5) days after
Borrower becomes aware thereof, notice of the occurrence of any event or the existence of any condition which could have a Material Adverse Effect. 

        (m)    General Information.    Promptly, such other information concerning Borrower or any Subsidiary as Lender may
from time to time reasonably request. 

        Section 7.2.    Maintenance of Existence; Conduct of Business.    Borrower will preserve and maintain, and will
cause each Subsidiary to preserve and maintain, its corporate existence and all of its leases, privileges, licenses, permits, franchises, qualifications and rights that are necessary or desirable in
the ordinary conduct of its business. 

        Section 7.3.    Maintenance of Properties.    Borrower will maintain, and will cause each Subsidiary to
maintain, its assets and properties in good condition and repair. 

        Section 7.4.    Taxes and Claims.    Borrower will pay or discharge, and will cause each Subsidiary to pay or
discharge, at or before maturity or before becoming delinquent (a) all taxes, levies, assessments and governmental charges imposed on it or its income or profits or any of its property and
(b) all lawful claims for labor, material and supplies, which, if unpaid, might become a Lien upon any of its property; provided, however, that neither Borrower nor any Subsidiary shall be
required to pay or discharge any claim, tax, levy, assessment or governmental charge with respect to which no Lien has been filed of record, which is being contested in good faith by appropriate
proceedings diligently pursued and for which adequate reserves have been established. 

        Section 7.5.    Insurance.    Borrower will maintain fire and other risk, public liability insurance, and such
other insurance as Lender may reasonably require with respect to Borrower's properties and operations, in forms, amounts and coverages reasonably acceptable to Lender and by insurance companies
authorized to transact business in Texas. BORROWER MAY FURNISH THE INSURANCE REQUIRED BY THIS AGREEMENT WHETHER THROUGH EXISTING POLICIES OWNED OR CONTROLLED BY BORROWER OR THROUGH EQUIVALENT COVERAGE
FROM ANY INSURANCE COMPANY AUTHORIZED TO TRANSACT BUSINESS IN TEXAS. Borrower, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form
satisfactory to Lender, including stipulations that coverage will not be cancelled or diminished without at least ten (10) days prior written notice to Lender. Each insurance policy also shall
include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person. In connection with all policies
covering assets in which Lender holds or is offered a security interest for the Note, Borrower will provide Lender with such lender's loss payable or other endorsements as Lender may require. 

17

  

        Section 7.6.    Inspection; Field Audits.    At any reasonable time and from time to time, Borrower will
permit, and will cause each Subsidiary to permit, representatives of Lender: 

        (a)   To
examine and make copies of the books and records of, and visit and inspect the properties or assets of Borrower and any Subsidiary and to discuss the business,
operations and financial condition of any such Persons with their respective officers and employees and with their independent certified public accountants; and 

        (b)   To
conduct Field Audits; provided, however, that (i) Lender intends to conduct at least two Field Audits during each fiscal year of Borrower, and (ii) the
cost of all Field Audits shall be paid by Borrower. 

        Section 7.7.    Keeping Books and Records.    Borrower will maintain, and will cause each Subsidiary to
maintain, proper books of record and account in which full, true and correct entries in conformity with GAAP shall be made of all dealings and transactions in relation to its business and activities. 

        Section 7.8.    Compliance with Laws.    Borrower will comply, and will cause each Subsidiary to comply, in all
material respects with all applicable laws, rules, regulations and orders of any court, governmental authority or arbitrator. 

        Section 7.9.    Compliance with Agreements.    Borrower will comply, and will cause each Subsidiary to comply,
in all material respects with all agreements, contracts and instruments binding on it or affecting its properties or business. 

        Section 7.10.    Further Assurances.    Borrower will execute and deliver, and will cause each Subsidiary to
execute and deliver, such further instruments as may be requested by Lender to carry out the provisions and purposes of this Agreement and the other Loan Documents and to preserve and perfect the
Liens of Lender in the Collateral. 

        Section 7.11.    ERISA.    Borrower will comply, and will cause each Subsidiary to comply, with all minimum
funding requirements, and all other material requirements, of ERISA, if applicable, so as not to give rise to any liability thereunder. 

        Section 7.12.    Continuity of Operations.    Borrower will continue to conduct, and will cause each Subsidiary
to continue to conduct, its primary businesses as conducted as of the Closing Date and to continue its operations in such businesses. 

        Section 7.13.    Primary Depository Institution.    Borrower will, and will cause each Subsidiary to, use
Lender as its primary depository institution and use certain of the treasury management services offered by Lender. 

        Section 7.14.    Lockbox.    (a) Borrower will cause all of the proceeds from the accounts receivable of
Borrower to be remitted by check to the Lockbox or by wire transfer to the Payment Account. If no Event of Default exists, all collected funds (as determined by Lender in accordance with its customary
practices with respect to similar accounts) with respect to acceptable checks received in the Lockbox shall be deposited by Lender into the Payment Account. If no Event of Default exists, Borrower
shall have full right of access to, and withdrawal from the Payment Account. If an Event of Default exists, all funds with respect to checks received in the Lockbox and all amounts received in the
Payment Account shall be paid, delivered or transferred to Lender and deposited by Lender in a segregated noninterest bearing collateral account (the "Collateral Account"). If an Event of Default
exists, Borrower shall have no right to access or effect withdrawals from the Payment Account or the Collateral Account, and the Payment Account and the Collateral Account shall be maintained in the
name of and subject to the sole and exclusive dominion and control of Lender. Lender may at any time, and from time to time, apply funds on deposit in the Collateral Account to the Obligations in such
order as Lender may determine. 

18

 

        (b)   Borrower
hereby pledges and assigns to Lender, and grants to Lender a security interest in, the Collateral Account and in all cash, instruments, securities and funds on
deposit therein, all interest and cash or other property received in connection therewith or in exchange therefor, and all proceeds of all of the above, now or hereafter existing, as additional
collateral security for the Obligations. In addition to Lender's common law rights of setoff, Borrower hereby grants to Lender, if an Event of Default exists, the right to offset all or a portion of
the funds in the Collateral Account. 

 
 

ARTICLE VIII.    
    
    Negative Covenants    
    

        Borrower covenants and agrees that, as long as the Obligations or any part thereof are outstanding or Lender has any Commitment hereunder, Borrower will perform
and observe the covenants set forth below, unless Lender shall otherwise consent in writing. 

        Section 8.1.    Limitation on Liens.    Borrower will not incur, create, assume or permit to exist, and will
not permit any Subsidiary to incur, create, assume or permit to exist, any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except (a) Liens in favor
of Lender, (b) purchase money Liens, (c) encumbrances consisting of minor easements, zoning restrictions or other restrictions on the use of real property that do not (individually or in
the aggregate) materially affect the value of the assets encumbered thereby or materially impair the ability of Borrower or any Subsidiary to use such assets in its business, and none of which is
violated in any material aspect by existing or proposed structures or land use, (d) Liens for taxes, assessments or other governmental charges which are not delinquent or which are being
contested in good faith, for which adequate reserves have been established and with respect to which no Lien has been filed of record, (e) Liens of mechanics, materialmen, warehousemen,
carriers or other similar statutory Liens securing obligations that are not yet due and are incurred in the ordinary course of business, (f) the Guggenheim Lien, and (g) those liens and
security interests which in the aggregate constitute an immaterial and insignificant monetary amount with respect to the net value of Borrower's assets. 

        Section 8.2.    Mergers, Acquisitions, Dissolutions and Disposition of Assets.    Borrower will not, and will
not permit any Subsidiary to, (a) become a party to a merger, consolidation, partnership or joint venture or purchase or otherwise acquire all or a substantial part of the assets of any Person
or any shares or other evidence of beneficial ownership of any Person, (b) dissolve, liquidate or cease operation, (c) amend its Organizational Documents, (d) sell, lease, assign,
transfer or otherwise dispose of any assets out of the ordinary course of business, (e) create any new Subsidiary or (f) enter into any agreement to do any of the foregoing. 

        Section 8.3.    Restricted Payments.    Borrower will not declare or pay any Distribution, provided, that
Borrower may purchase or retire Borrower's outstanding stock pursuant to an existing contractual obligation of Borrower or with respect to shares owned by a director, officer or employee of Borrower
who has died or who has terminated his/her relationship with Borrower. 

        Section 8.4.    Loans and Advances.    Borrower will not make, and will not permit any Subsidiary to make, any
advance, loan or extension of credit to any Person, including any employee, officer or director of Borrower or any Subsidiary. 

        Section 8.5.    Investments.    Borrower will not make, and will not permit any Subsidiary to make, any capital
contribution to or investment in, or purchase, or permit Corporate Guarantor or any Subsidiary to purchase, any stock, bonds, notes, debentures, or other securities of any Person, except
(a) readily marketable direct obligations of the United States of America, (b) fully insured certificates of deposit with maturities of one year or less from the date of acquisition of
Lender or any commercial bank operating in the United States having capital and surplus in excess of $100,000,000.00, (c) commercial paper of a domestic issuer if at the time of purchase such
paper is rated in one of the 

19

 

two
highest rating categories of Standard and Poor's Corporation or Moody's Investors Service, Inc., and (d) investments made through Lender or its Affiliates and approved by Lender. 

        Section 8.6.    Compliance with Environmental Laws.    Borrower will not, and will not permit any Subsidiary
to, (a) use (or permit any tenant to use) any of their respective properties or assets for the handling, processing, storage, transportation or disposal of any Hazardous Substance, except in
the ordinary course of business and in compliance with all Environmental Laws, (b) generate any Hazardous Substance, (c) conduct any activity which is likely to cause a release or
threatened release of any Hazardous Substance, or (d) otherwise conduct any activity or use any of their respective properties or assets in any manner that is likely to violate any
Environmental Law. 

        Section 8.7.    Accounting.    Borrower will not make, and will not permit any Subsidiary to make, any change
in accounting treatment or reporting practices, except as required by GAAP. 

        Section 8.8.    Change of Business.    Borrower will not enter into, or permit any Subsidiary to enter into,
any type of business which is materially different from the business in which Borrower or such Subsidiary is presently engaged. 

        Section 8.9.    Transactions With Affiliates.    Borrower will not enter into, or permit to exist, and will not
permit any Subsidiary to enter into or permit to exist, any transaction, arrangement or contract (including any lease or other rental agreement) with any of its Affiliates which is on terms which are
less favorable than are obtainable from any Person who is not an Affiliate of Borrower or such Subsidiary. 

 
 

ARTICLE IX.    
    
    Financial Covenants    
    

        Borrower covenants and agrees that, as long as the Obligations or any part thereof are outstanding or Lender has any Commitment hereunder, Borrower will observe
and perform the financial covenants set forth below, unless Lender shall otherwise consent in writing. 

        Section 9.1.    Tangible Net Worth.    Borrower will at all times maintain the sum of the Tangible Net Worth
plus Subordinated Debt in an amount not less than $25,000,000.00. The sum of Tangible Net Worth plus Subordinated Debt shall be calculated and tested monthly as of the last day of each month. 

        Section 9.2.    Ratio of Total Liabilities to Tangible Net Worth.    Borrower will at all times maintain a
Ratio of Total Liabilities to Tangible Net Worth of not greater than 3.75 to 1.00. The Ratio of Total Liabilities to Tangible Net Worth shall be calculated and tested monthly as of the last day of
each month. 

        Section 9.3.    Debt Service Coverage Ratio.    Borrower will at all times maintain a Debt Service Coverage
Ratio of not less than 1.50 to 1.00. The Debt Service Coverage Ratio will be calculated and tested quarterly as of the last day of each fiscal quarter, commencing with the fiscal quarter ending
September 30, 2006 on a cumulative basis for the four quarters ended as of such date (a "rolling twelve months" basis); provided, however, that for the first three quarters of the year 2006
(i.e. through the quarter ending September 30, 2006), the Debt Service Coverage Ratio shall be calculated on an annualized basis. 

 
 

ARTICLE X.    
    
    Default    
    

        Section 10.1.    Events of Default.    Each of the following shall be deemed an "Event of Default": 

        (a)   Borrower
shall fail to pay when due the Obligations or any part thereof. 

20

 

        (b)   Any
representation or warranty made or deemed made by Borrower or any Obligated Party (or any of their respective officers) in any Loan Document or in any certificate,
report, notice or financial statement furnished at any time in connection with this Agreement shall be false, misleading or erroneous in any material respect when made or deemed to have been made. 

        (c)   Borrower
or any Obligated Party shall fail to perform, observe or comply with any covenant, agreement or term contained in this Agreement or any other Loan Document. 

        (d)   Borrower,
any Subsidiary, or any Obligated Party shall commence a voluntary proceeding seeking liquidation, reorganization or other relief with respect to itself or its
debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or a
substantial part of its property or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it
or shall make a general assignment for the benefit of creditors or shall generally fail to pay its debts as they become due or shall take any corporate action to authorize any of the foregoing. 

        (e)   An
involuntary proceeding shall be commenced against Borrower, any Subsidiary or any Obligated Party seeking liquidation, reorganization or other relief with respect to
it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official for
it or a substantial part of its property, and such involuntary proceeding shall remain undismissed and unstayed for a period of forty-five (45) days. 

        (f)    Borrower,
any Subsidiary or any Obligated Party shall fail to discharge within a period of thirty (30) days after the commencement thereof any attachment,
sequestration or similar proceeding or proceedings involving an aggregate amount in excess of $25,000.00 against any of its assets or properties. 

        (g)   Borrower,
any Subsidiary or any Obligated Party shall fail to satisfy and discharge promptly any judgement or judgements against it for the payment of money in an
aggregate amount in excess of $25,000.00. 

        (h)   Borrower,
any Subsidiary or any Obligated Party shall fail to pay when due any principal of or interest on any Debt (other than the Obligations), or the maturity of any
such Debt shall have been accelerated, or any such Debt shall have been required to be prepaid prior to the stated maturity thereof, or any event shall have occurred that permits (or, with the giving
of notice or lapse of time or both, would permit) any holder or holders of such Debt or any Person acting on behalf of such holder or holders to accelerate the maturity thereof or require any such
prepayment. 

        (i)    This
Agreement or any other Loan Document shall cease to be in full force and effect or shall be declared null and void or the validity or enforceability thereof shall
be contested or challenged by Borrower, any Subsidiary, any Obligated Party or any of their respective owners, or Borrower or any Obligated Party shall deny that it has any further liability or
obligation under any of the Loan Documents, or any Lien or security interest created by the Loan Documents shall for any reason cease to be a valid, first priority perfected security interest in and
Lien upon any of the Collateral purported to be covered thereby. 

        (j)    A
Material Adverse Effect shall have occurred. 

        (k)   The
ownership of more than forty-nine percent (49%) of the outstanding voting stock of Borrower shall change, on a cumulative basis, during the term of this
Agreement. 

        (l)    Borrower
shall fail to comply with the provisions of Section 2.7 of this Agreement. 

21

 

        (m)  The
occurrence or existence of any default, Event of Default or other similar condition or event (however described) with respect to any Rate Management Transaction or
Borrower shall fail to pay or perform any Rate Management Transaction Obligation. 

        Section 10.2.    Remedies Upon Default.    If any Event of Default shall occur, Lender may do any one or more
of the following: (a) declare the outstanding principal of and accrued and unpaid interest on the Note and the Obligations or any part thereof to be immediately due and payable, and the same
shall thereupon become immediately due and payable, without notice, demand, presentment, notice of dishonor, notice of acceleration, notice of intent to accelerate, notice of intent to demand, protest
or other formalities of any kind, all of which are hereby expressly waived by Borrower, (b) terminate the Commitment without notice to Borrower, (c) foreclose or otherwise enforce any
Lien granted to Lender to secure payment and performance of the Obligations and (d) exercise any and all rights and remedies afforded by the laws of the State of Texas or any other jurisdiction
by any of the Loan Documents, by equity or otherwise; provided, however, that upon the occurrence of an Event of Default under Section 10.1(d) or Section 10.1(e), the Commitment shall
automatically terminate, and the outstanding
principal of and accrued and unpaid interest on the Note and the other Obligations shall become immediately due and payable without notice, demand, presentment, notice of dishonor, notice of
acceleration, notice of intent to accelerate, notice of intent to demand, protest or other formalities of any kind, all of which are hereby expressly waived by Borrower. 

        Section 10.3.    Cash Collateral.    If any Event of Default shall occur, Borrower shall, if requested by
Lender, immediately deposit with and pledge to Lender, cash or cash equivalent investments in an amount equal to the Letter of Credit Liabilities as security for the Obligations. 

        Section 10.4.    Performance by Lender.    If Borrower shall fail to perform any covenant, duty or agreement
contained in any of the Loan Documents, Lender may perform or attempt to perform such covenant, duty or agreement on behalf of Borrower. In such event, Borrower shall, at the request of Lender,
promptly pay any amount expended by Lender in such performance or attempted performance to Lender, together with interest thereon at the Default Rate from the date of such expenditure until paid.
Notwithstanding the foregoing, it is expressly agreed that Lender shall not have any liability or responsibility for the performance of any obligation of Borrower under this Agreement or any other
Loan Document. 

 
 

ARTICLE XI.    
    
    Miscellaneous    
    

        Section 11.1.    Expenses of Lender.    Borrower hereby agrees to pay Lender on demand (a) all
reasonable costs and expenses incurred by Lender in connection with the preparation, negotiation and execution of this Agreement and the other Loan Documents and any and all amendments, modifications,
renewals, extensions and supplements thereof and thereto, including, without limitation, the fees and expenses of Lender's legal counsel, (b) all reasonable costs and expenses incurred by
Lender in connection with the enforcement of this Agreement or any other Loan Document, including, without limitation, the fees and expenses of Lender's legal counsel and (c) all other
reasonable costs and expenses incurred by Lender in connection with this Agreement or any other Loan Document, including, without limitation, all costs, expenses, taxes, assessments, filing fees and
other charges levied by any governmental authority or otherwise payable in respect of this Agreement or any other Loan Document or in obtaining any insurance policy, audit or appraisal in respect of
the Collateral. 

22

  

        SECTION 11.2.    INDEMNIFICATION.    BORROWER
HEREBY INDEMNIFIES LENDER AND EACH AFFILIATE THEREOF AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, ATTORNEYS AND AGENTS FROM, AND HOLDS EACH OF THEM HARMLESS AGAINST, ANY AND ALL LOSSES,
LIABILITIES, CLAIMS, DAMAGES, PENALTIES, JUDGMENTS, DISBURSEMENTS, COSTS AND EXPENSES (INCLUDING ATTORNEYS' FEES) (COLLECTIVELY, "CLAIMS") TO WHICH ANY OF THEM MAY BECOME SUBJECT WHICH DIRECTLY OR
INDIRECTLY ARISE FROM OR RELATE TO (A) THE NEGOTIATION, EXECUTION, DELIVERY, PERFORMANCE, ADMINISTRATION OR ENFORCEMENT OF ANY OF THE LOAN DOCUMENTS, (B) ANY OF THE TRANSACTIONS
CONTEMPLATED BY THE LOAN DOCUMENTS, (C) ANY BREACH BY BORROWER OF ANY REPRESENTATION, WARRANTY, COVENANT OR OTHER AGREEMENT CONTAINED IN ANY OF THE LOAN DOCUMENTS, (D) THE PRESENCE,
RELEASE, THREATENED RELEASE, DISPOSAL, REMOVAL OR CLEANUP OF ANY HAZARDOUS SUBSTANCE LOCATED ON, ABOUT, WITHIN OR AFFECTING ANY OF THE PROPERTIES OR ASSETS OF BORROWER OR ANY SUBSIDIARY,
(E) ANY ACT OR OMISSION OF LENDER BASED UPON ANY FAX OR ELECTRONIC TRANSMISSION OR (F) ANY MATTER RELATED TO ANY LETTER OF CREDIT, INCLUDING, WITH RESPECT TO ALL
OF THE ABOVE, ANY CLAIM WHICH ARISES AS A RESULT OF THE NEGLIGENCE OF LENDER; PROVIDED, HOWEVER, THAT BORROWER'S INDEMNIFICATION OBLIGATIONS UNDER THIS SECTION 11.2
SHALL NOT APPLY TO THE EXTENT THAT THE CLAIMS ARISE AS A RESULT OF THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF ANY INDEMNIFIED PERSON.

        Section 11.3.    Limitation of Liability.    Neither Lender nor any Affiliate, officer, director, employee,
attorney or agent of Lender shall have any liability with respect to, and Borrower hereby waives, releases and agrees not to sue any of them upon, any claim for any special, indirect, incidental or
consequential damages suffered or incurred by Borrower in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions
contemplated by this Agreement or any of the other Loan Documents. Borrower hereby waives, releases and agrees not to sue Lender or any of Lender's Affiliates, officers, directors, employees,
attorneys or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the
transactions contemplated by this Agreement or any of the other Loan Documents. 

        Section 11.4.    No Waiver; Cumulative Remedies.    No failure on the part of Lender to exercise and no delay
in exercising, and no course of dealing with respect to, any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided for in this Agreement
and the other Loan Documents are cumulative and not exclusive of any rights and remedies provided by law. 

        Section 11.5.    Successors and Assigns.    This Agreement is binding upon and shall inure to the benefit of
Lender and Borrower and their respective successors and assigns, except that Borrower may not assign or transfer any of its rights or obligations under this Agreement without prior written consent of
Lender. 

        Section 11.6.    Survival.    All representations and warranties made in this Agreement or any other Loan
Document or in any document, statement or certificate furnished in connection with this Agreement shall survive the execution and delivery of this Agreement and the other Loan Documents, and no
investigation by Lender or any closing shall affect the representations and warranties or the right of Lender to rely upon them. Without prejudice to the survival of any other obligation of Borrower
hereunder, the obligations of Borrower under Sections 11.1 and 11.2 shall survive repayment of the Note and termination of the Commitment and the Letters of Credit. 

23

 

        Section 11.7.    Amendment.    The provisions of this Agreement may be amended or waived only by an instrument
in writing signed by the parties hereto. 

        Section 11.8.    Maximum Interest Rate.    No provision of this Agreement or of any other Loan Documents shall
require the payment or the collection of interest in excess of the Maximum Rate. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any
other Loan Documents or otherwise in connection with this loan transaction, the provisions of this Section shall govern and prevail and neither Borrower nor the sureties, guarantors, successors or
assigns of Borrower shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance or detention of sums loaned pursuant hereto. In the event Lender
ever receives, collects or applies as interest any such sum, such amount which would be in excess of the maximum amount permitted by applicable law shall be applied as a payment and reduction of the
principal of the indebtedness evidenced by the Note; and, if the principal of the Note has been paid in full, any remaining excess shall forthwith be paid to Borrower. In determining whether or not
the interest paid or payable exceeds the Maximum Rate, Borrower and Lender shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an
expense, fee or premium rather than as interest, (b) exclude voluntary prepayments and the effects thereof and (c) amortize, prorate, allocate and spread in equal or unequal parts the
total amount of interest throughout the entire contemplated term of the indebtedness evidenced by the Note so that interest for the entire term does not exceed the Maximum Rate. 

        Section 11.9.    Notices.    (a) All notices and other communications provided for in this Agreement and
the other Loan Documents shall be in writing and may (subject to paragraph (b) below) be telecopied (faxed), mailed by certified mail return receipt requested, or delivered by hand or overnight
courier service to the intended recipient at the addresses specified below or at such other address as shall be designated by any party listed below in a notice to the other parties listed below given
in accordance with this Section. 

	If to Borrower:	 	Global Geophysical Services, Inc.

3535 Briarpark Drive, Suite 200

Houston, Texas77042

Attention: Richard Degner

Telephone No.: 713-972-9200

Fax No.: 713-972-1008
	

If to Lender:	
 	

Amegy Bank National Association

323 North Sam Houston Parkway East

Houston, Texas 77060

Attention: Greg Novak

Telephone No.: 713-232-5204

Fax No.: 713-571-5155

Except
as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given when transmitted by telecopy (fax), subject to confirmation of receipt, when delivered
if by hand or overnight courier service or, in the case of a mailed notice, when duly deposited in the mails, in each case given or addressed as aforesaid; provided, however, that notices to Lender
pursuant to Article II shall not be effective until received by Lender. 

        (b)   Lender
or Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved
by it; provided that approval of such procedures may be limited to particular notices or communications. Unless Lender otherwise prescribes, (i) notices and other communications sent to an
e-mail address shall be deemed received upon the sender's receipt of an acknowledgment from the intended recipient (such as by the 

24

 

"return
receipt requested" function, as available, return e-mail or other written acknowledgment), provided, that if such notice or other communication is not sent during the normal
business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient. 

        Section 11.10.    Applicable Law; Venue; Service of Process.    This Agreement shall be governed by and
construed in accordance with the laws of the State of Texas and the applicable laws of the United States of America. This Agreement has been entered into in Harris County, Texas and it shall be
performable for all purposes in Harris County, Texas. Except as provided in the Arbitration Agreement, any action or proceeding against Borrower under or in connection with any of the Loan Documents
may be brought in any state or federal court in Harris County, Texas, and Borrower and Lender hereby irrevocably submit to the exclusive jurisdiction of such courts and waive any objection they may
now or hereafter have as to the venue of any such action or proceeding brought in any such court or that any such court is an inconvenient forum. Borrower agrees that service of process upon it may be
made by certified or registered mail, return receipt requested, at its office specified in this Agreement. Nothing herein or in any of the other Loan Documents shall affect the right of Lender to
serve process in any other manner permitted by law. 

        Section 11.11.    Counterparts.    This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 

        Section 11.12.    Severability.    Any provision of this Agreement held by a court of competent jurisdiction to
be invalid or unenforceable shall not impair or invalidate the remainder of this Agreement and the effect thereof shall be confined to the provision held to be invalid or illegal. 

        Section 11.13.    Headings.    The headings, captions and arrangements used in this Agreement are for
convenience only and shall not affect the interpretation of this Agreement. 

        Section 11.14.    Non-Application of Chapter 346 of Texas Finance Code.    The provisions of
Chapter 346 of the Texas Finance Code are specifically declared by the parties hereto not to be applicable to this Agreement or any of the other Loan Documents or to the transactions contemplated
hereby. 

        Section 11.15.    Consent to Participations.    Lender shall have the right at any time and from time to time
to sell or transfer one or more participation interests in the Note and the indebtedness evidenced thereby to one or more purchasers ("Purchasers"), whether related or unrelated to Lender. Lender may
provide to any one or more Purchasers or potential Purchasers any information, financial statements, data or knowledge Lender may have about Borrower or about any other matter relating to the
Obligations, and Borrower waives any rights to privacy it may have with respect to such matters. Borrower further waives any and all notices of sale of participation interests and notices of
repurchases of participation interests. Borrower agrees that the owners of any participation interests will be considered as the absolute owners of their interests in the Obligations and will have all
the rights granted under the participation agreements or other agreements governing the sale of their participation interests. Borrower waives all rights of offset or counterclaim that it may now or
later have against Lender or against any Purchaser and agrees that either Lender or any Purchaser may enforce Borrower's obligations under the Loan Documents irrespective of the failure or insolvency
of any owner of any interest in the Obligations. Borrower further agrees that any Purchaser may enforce its interests irrespective of any claims or defenses that Borrower may have against Lender. 

        Section 11.16.    USA Patriot Act.    Lender hereby notifies Borrower that pursuant to the requirements of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "Act"), it is required to obtain, verify and record information that
identifies Borrower, which information includes the name and address of Borrower and other information that will allow Lender to identify Borrower in accordance with the Act. 

25

 

        Section 11.17.    Document Imaging.    Borrower understands and agrees that (a) Lender's document
retention policy involves the imaging of executed loan documents and the destruction of the paper originals, and (b) Borrower waives any right that it may have to claim that the imaged copies
of the Loan Documents are not originals. 

        Section 11.18.    ENTIRE
AGREEMENT.    THIS AGREEMENT, THE NOTE(S) AND THE OTHER LOAN DOCUMENTS REFERRED TO HEREIN EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES
HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE
SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL
AGREEMENTS AMONG THE PARTIES HERETO.

        IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written. 

	 	 	BORROWER:
	

 	
 	

GLOBAL GEOPHYSICAL SERVICES, INC.
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	 	 	Richard Degner

President
	

 	
 	
LENDER:
	

 	
 	

AMEGY BANK NATIONAL ASSOCIATION
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	 	 	Gregory Novak

Senior Vice President

26

 
 
 

LIST OF EXHIBITS    
    

	Exhibits
 
	 	Documents

	A	 	Note
	

B	
 	

Security Agreement
	

C	
 	

Advance Request Form
	

D	
 	

Borrowing Base Certificate
	

E	
 	

No Default Certificate
	

F	
 	

Arbitration Agreement
	

G	
 	

Intercreditor Agreement

27

QuickLinks

Exhibit 10.21

ARTICLE I. Definitions

ARTICLE II. Advances and Letters of Credit

ARTICLE III. Payments

ARTICLE IV. Collateral

ARTICLE V. Conditions Precedent

ARTICLE VI. Representations and Warranties

ARTICLE VII. Affirmative Covenants

ARTICLE VIII. Negative Covenants

ARTICLE IX. Financial Covenants

ARTICLE X. Default

ARTICLE XI. Miscellaneous

LIST OF EXHIBITS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]