Document:

EX-10.5

 Exhibit 10.5 

EXECUTION VERSION 

INTERCREDITOR AGREEMENT 

This INTERCREDITOR AGREEMENT (this “Agreement”), dated as of September 26, 2018, is by and among CANTOR FITZGERALD
SECURITIES, as agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “ABL Agent”), DELAWARE TRUST COMPANY, as administrative agent and collateral agent (in such capacities with its
successors and assigns, and as more specifically defined below, the “Term Agent”) and WILMINGTON SAVINGS FUND SOCIETY, FSB, as trustee and collateral trustee (in such capacities, with its successors and assigns, and as more
specifically defined below, the “Convertible Noteholder Trustee”). 
 WHEREAS, SAExploration, Inc., a Delaware corporation
(the “ABL Borrower”), SAExploration Holdings, Inc., a Delaware corporation (“Holdings”) and certain subsidiaries of Holdings, as Guarantors, the lenders from time to time party thereto (“ABL
Lenders”) and the ABL Agent are parties to that certain Third Amended and Restated Credit and Security Agreement dated as of even date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “ABL
Credit Agreement”), pursuant to which, among other things, the ABL Lenders have agreed to make loans and extend other financial accommodations to the ABL Borrower subject to the terms and conditions therein, which loans and financial
accommodations are guaranteed by the other Loan Parties (as defined below); 
 WHEREAS, Holdings, as borrower, certain subsidiaries of
Holdings (including the ABL Borrower), as Guarantors, the lenders from time to time party thereto (the “Term Lenders”) and the Term Agent are parties to that certain Term Loan and Security Agreement, dated as of June 29, 2016,
(as amended by Amendment No. 1 dated as of October 24, 2016, Amendment No. 2 dated as of September 8, 2017, Amendment No. 3 dated as of February 28, 2018, Amendment No. 4 dated as of July 25, 2018, and
Amendment No. 5 dated as of the date hereof, as further amended, restated, supplemented or otherwise modified from time to time, the “Term Credit Agreement”), pursuant to which, among other things, the Term Lenders made loans
and extended other financial accommodations to Holdings, which loans and financial accommodations are guaranteed by the other Loan Parties (as defined below); 

WHEREAS, Holdings, certain subsidiaries of Holdings (including the ABL Borrower), as guarantors, and the Convertible Noteholder Trustee are
parties to that certain Senior Secured Convertible Notes Indenture dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Convertible Note Indenture”), pursuant to which, among
other things, Holdings issued secured convertible notes in the aggregate original principal amount of $60,000,000 (the “Convertible Notes”), which Convertible Notes are guaranteed by certain Subsidiaries of Holdings; 

WHEREAS, the Loan Parties have granted to the ABL Agent security interests in the ABL Collateral (as defined below) as security for payment
and performance of the ABL Obligations (as defined below); 
 WHEREAS, the Loan Parties have granted to the Term Agent security interests in
the Term Collateral (as defined below) as security for payment and performance of the Term Obligations (as defined below); and 
 WHEREAS,
the Loan Parties have granted to the Convertible Noteholder Trustee security interests in the Convertible Note Collateral (as defined below) as security for payment and performance of the Convertible Note Indenture Obligations (as defined below).

 NOW THEREFORE, in consideration of the foregoing and the mutual covenants contained herein and other good and valuable consideration, the
existence and sufficiency of which is expressly recognized by all of the parties hereto, the parties agree as follows. 

 SECTION 1. Definitions; Rules of Construction. 

1.1 UCC Definitions. The following terms which are defined in the Uniform Commercial Code are used herein as so defined: Accounts,
Chattel Paper, Commercial Tort Claims, Deposit Accounts, Documents, Equipment, General Intangibles, Goods, Instruments, Inventory, Investment Property, Letter of Credit, Letter of Credit Rights, Records and Supporting Obligations. 

1.2 Defined Terms. The following terms, as used herein, have the following meanings: 

“ABL Agent” has the meaning set forth in the introductory paragraph hereof. In the case of any Replacement ABL Agreement, the
ABL Agent shall be the Person identified as such in such agreement. 
 “ABL Agent Cash Collateral” means cash collateral
for letter of credit or Hedging Obligations that is pledged or delivered to ABL Agent for Hedge Obligations and letters of credit issued by ABL Agent securing, in the case of letters of credit, an amount not to exceed 105% of the face amount of cash
collateralized letters of credit issued upon the application of ABL Borrower and, in the case of Hedging Obligations, not to exceed the amount of such Hedging Obligations. 

“ABL Agreement” means the collective reference to (a) the ABL Credit Agreement, and (b) any other credit agreement,
loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to extend, replace, refinance or refund in
whole or in part the indebtedness and other obligations outstanding under the ABL Credit Agreement (regardless of whether such replacement, refunding or refinancing is a “working capital” facility, asset-based facility or otherwise) or any
other agreement or instrument referred to in this clause (b) unless such agreement or instrument expressly provides that it is not intended to be and is not an ABL Agreement hereunder (a “Replacement ABL Agreement”). Any
reference to the ABL Agreement hereunder shall be deemed a reference to any ABL Agreement then extant. 
 “ABL Borrower”
has the meaning set forth in the recitals above. 
 “ABL Collateral” means all Property of each Loan Party, whether now
owned or hereafter acquired, whether arising before or after any Insolvency Proceeding, in which a Lien is obtained, granted or purported to be granted at any time to the ABL Agent, for the benefit of the ABL Secured Parties, as security for any ABL
Obligation. 
 “ABL Credit Agreement” has the meaning set forth in the recitals above. 

“ABL Documents” means the ABL Agreement, each ABL Security Document, each ABL Guarantee and each other ABL Loan Document.

 “ABL Guarantee” means any Guarantee by any Loan Party of any or all of the ABL Obligations. 

“ABL Lenders” has the meaning set forth in the recitals above. In the case of any Replacement ABL Agreement, the ABL Lenders
shall be the Persons identified as such in such agreement. 
 “ABL Lien” means any Lien created by or pursuant to the ABL
Security Documents. 
 “ABL Loan Documents” means the “Loan Documents” as defined in the ABL Agreement. 

  
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 “ABL Obligations” means (a) all principal of and interest (including
any Post-Petition Interest), costs and premium (if any) on all loans and other extensions of credit made pursuant to the ABL Agreement and/or any DIP Financing by some or all of the ABL Secured Parties to the extent permitted hereunder, (b) all
reimbursement obligations (if any) and interest thereon (including any Post-Petition Interest) with respect to any letter of credit or similar instruments issued pursuant to the ABL Agreement, (c) all Guarantee obligations, indemnities, fees,
expenses and other amounts payable from time to time pursuant to the ABL Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding, and (d) all other “Obligations” as defined under any ABL Agreement,
including, without limitation, Banking Services Obligations and Hedging Obligations. To the extent any payment with respect to any ABL Obligation (whether by or on behalf of any Loan Party, as Proceeds of security, enforcement of any right of setoff
or otherwise) is declared to be a fraudulent conveyance, fraudulent transfer or a preference in any respect, set aside or required to be paid to a debtor in possession, any Secured Party, receiver or similar Person, then the obligation or part
thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the ABL Agent and the other Classes of Secured Parties, be deemed to be reinstated and outstanding as if such payment had not
occurred. 
 “ABL Obligations Cap” means the amount of $30,000,000, plus fees, costs, and interest thereon,
plus Hedging Obligations relating to the ABL Obligations not to exceed $5,000,000, plus Indebtedness at any time owing to ABL Agent on account of a DIP Financing in a principal amount not to exceed $5,000,000. 

“ABL Obligations Payment Date” means the first date on which (a) the ABL Obligations (other than those that constitute
Unasserted Contingent Obligations and in the case of any sale of ABL Collateral, any Excess ABL Obligations) have been indefeasibly paid in cash in full (or cash collateralized or defeased in accordance with the terms of the ABL Documents),
(b) all commitments to extend credit under the ABL Documents have been terminated, (c) there are no outstanding letters of credit issued under the ABL Documents (other than such as have been cash collateralized or defeased in accordance
with the terms of the ABL Documents), (d) any other conditions to termination of the ABL Liens set forth in Section 2.10 of the ABL Credit Agreement have been satisfied, and (e) so long as the Junior Obligations Payment Date shall not
have occurred, the ABL Agent has delivered a written notice to the applicable Representative(s) stating that the events described in clauses (a), (b), (c), and (d), have occurred to the satisfaction of the ABL Agent. 

“ABL Retained Interest” has the meaning set forth in Section 7.5(a). 

“ABL Secured Parties” means the ABL Agent and the ABL Lenders. 

“ABL Security Documents” means any and all agreements securing satisfaction of the ABL Obligations, including the ABL Credit
Agreement, those certain Deposit Account Control Agreements, to be entered into by and among the ABL Agent, the Term Agent, the Convertible Noteholder Trustee, the ABL Borrower, and/or certain other Loan Parties or as may be amended and/or amended
and restated to add the Term Agent and Convertible Noteholder Trustee as parties thereto as contemplated by the Loan Documents, that certain Trademark Security Agreement between the ABL Agent and the ABL Borrower, that certain Copyright Security
Agreement, as amended, between the ABL Agent and certain other Loan Parties, that certain First Amended and Restated Preferred Ship Mortgage dated as of the date hereof, executed by SAExploration Seismic Services (US), LLC in favor of the ABL
Agent, and any other ABL Loan Documents under which a security interest is granted to the ABL Agent. 
 “Additional Debt”
has the meaning set forth in Section 10.5(b). 

  
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 “Additional Term Agreement” means any agreement approved for designation as
such by the Representatives in any Additional Indebtedness Joinder and Designation delivered to the Loan Parties after the date hereof, a form of which is attached hereto as Exhibit A. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 

“Banking Services Obligations” means with respect to any Loan Party, any obligations of such Loan Party owed to ABL Agent (or
any of its affiliates) in respect of Cash Management Services. 
 “Bankruptcy Code” means Title 11 of the United States
Code entitled “Bankruptcy”, as now and hereafter in effect, or any successor statute. 
 “Board of Directors”
means: 
 (1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on
behalf of such board; 
 (2) with respect to a partnership, the board of directors of a direct or indirect general partner of the
partnership; 
 (3) with respect to a limited liability company, the direct or indirect managing member or members or any controlling
committee of managing members thereof; and 
 (4) with respect to any other Person, the board or committee of such Person serving a similar
function. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York
City are authorized or required by law to remain closed. 
 “Capital Lease Obligation” means, at the time any determination
is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment
of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 

“Capital Stock” means, (a) in the case of a corporation, capital stock, (b) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) in the equity of such entity, (c) in the case of a partnership or limited liability company, partnership interests (whether general
or limited) or membership interests, and (d) in the case of any other entity, any other interests or participations that confer on a Person that right to receive a share of the profits and losses of, or distributions of assets of, the issuing
entity, but excluding for each of (a) through (d) any debt securities convertible or exchangeable for Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

“Cash Management Services” means any cash management or related services including treasury, depository, return items,
overdraft, controlled disbursement, merchant stored value cards, e-payables services, electronic funds transfer, interstate depository network, automatic clearing house transfer (including the Automated
Clearing House processing of electronic funds transfers through the direct Federal Reserve Fedline system) and other cash management arrangements. 

  
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 “Class”, when used in reference to (a) any Secured Obligations, refers
to whether such Secured Obligations are the ABL Obligations (other than the Excess ABL Obligations), the Term Obligations, the Convertible Note Indenture Obligations and the Excess ABL Obligations, (b) any Representative, refers to whether such
Representative is the ABL Agent (on account of the ABL Obligations (other than the Excess ABL Obligations)), the ABL Agent (on account of the Excess ABL Obligations), the Term Agent (on account of the Term Obligations) or the Convertible Noteholder
Trustee (on account of the Convertible Note Indenture Obligations), (c) any Secured Parties, refers to whether such Secured Parties are the ABL Secured Parties (on account of the ABL Obligations (other than the Excess ABL Obligations)), the ABL
Secured Parties (on account of the Excess ABL Obligations), the Term Secured Parties (on account of the Term Obligations), or the Convertible Note Secured Parties (on account of the Convertible Note Indenture Obligations) and/or (d) any Loan
Documents, refers to whether such Loan Documents are the ABL Documents (on account of the ABL Obligations (other than the Excess ABL Obligations)), the ABL Documents (on account of the Excess ABL Obligations), the Term Documents (on account of the
Term Obligations or the Convertible Note Indenture Documents (on account of the Convertible Note Indenture Obligations). 

“Collateral” means all existing and future assets and property of Holdings, each Domestic Subsidiary of Holdings (including
the ABL Borrower) and each other Subsidiary of Holdings that becomes party to any Loan Documents after the date hereof, with respect to which a Lien is granted as security for any Secured Obligations under each Class of Loan Documents,
including without limitation all now owned or hereafter acquired and/or developed: 
  

	 	(1)	 Accounts (as defined in the UCC), payment intangibles and all other receivables; 

 

	 	(2)	 Equipment (as defined in the UCC) and documents therefor; 

 

	 	(3)	 Investment Property (as defined in the UCC); 

 

	 	(4)	 commodity accounts, deposit accounts, collection accounts and securities accounts (including all cash, cash
equivalents, financial assets, negotiable instruments and other evidence of payment, and other funds on deposit therein or credited thereto); 

  

	 	(5)	 letter of credit rights, supporting obligations and commercial tort claims with respect to any of the foregoing
and letters of credit transferred to the ABL Agent; 

  

	 	(6)	 all contracts, contract rights, Inventory, General Intangibles, documents, Chattel Paper (whether tangible or
electronic) (each as defined in the UCC), drafts and acceptances, payment intangibles and instruments, in each case, in connection with, used in, acquired for, or necessary to the realization on any of the assets identified in clauses
(1) through (5); excluding intercompany notes by or among Holdings and any of its Subsidiaries; 

  

	 	(7)	 all other tangible and intangible property of Holdings, its Domestic Subsidiaries and each of its other
Subsidiaries that becomes a party to the Loan Documents after the date hereof; 

  

	 	(8)	 all books and records relating to the items referred to in items (1) through (7); and

  
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	 	(9)	 receivables due to any from Alaska Seismic Ventures and any tax credit, tax certificate, tax refund or refund
claim assigned or issued to any Loan Party in connection therewith, including any Alaska Tax Credits; and 

  

	 	(10)	 all collateral security and guarantees with respect to any of the foregoing and, subject to the terms of this
Agreement, all proceeds, products, substitutions, replacements, accessions, cash, money, insurance proceeds, instruments, securities, security entitlements, financial assets and deposit accounts received as proceeds of any of the foregoing and any
other “proceeds” of the above as such are set forth in the ABL Credit Agreement; provided that any Collateral, regardless of type, received in exchange for any Collateral pursuant to an Enforcement Action pursuant to the terms of
the ABL Credit Agreement (or the Term Credit Agreement in the event the ABL Credit Agreement has been paid in cash in full) and this Agreement shall be treated as Collateral under this Agreement and the Security Documents. 

“Comparable Security Document” means, in relation to any Senior Collateral subject to any Senior Security Document, that
Junior Security Document that creates a security interest in the same or substantially similar Senior Collateral, granted by the same Loan Party, as applicable. 

“Controlling Senior Representative” means (a) the ABL Agent (on account of the ABL Obligations (other than the Excess
ABL Obligations)) unless (and until) the ABL Obligations Payment Date shall have occurred, (b) thereafter, the Term Agent unless (and until) the Term Obligations Payment Date shall have occurred, (c) thereafter, the Convertible Noteholder
Trustee unless (and until) the Convertible Note Obligations Payment Date shall have occurred, and (d) thereafter, the ABL Agent (on account of the Excess ABL Obligations) unless (and until) the Excess ABL Obligations Payment Date shall have
occurred. 
 “Convertible Notes” has the meaning set forth in the recitals above. 

“Convertible Noteholder Trustee” means has the meaning set forth in the recitals above. 

“Convertible Noteholders” means the holders of the Convertible Notes. 

“Convertible Note Collateral” means all Property of each Loan Party, whether now owned or hereafter acquired, whether arising
before or after any Insolvency Proceeding, in which a Lien is granted or purported to be granted to any Convertible Note Secured Party as security for any Convertible Note Indenture Obligations. 

“Convertible Note Documents” means the Convertible Note Indenture Agreement, each Convertible Note Indenture Security
Document and each Convertible Note Indenture Guarantee. 
 “Convertible Note Indenture” has the meaning set forth in the
recitals above. 
 “Convertible Note Indenture Agreement” means the collective reference to (a) the Convertible Note
Indenture; (b) any agreement under which Convertible Notes are sold or issued pursuant to the terms of the Convertible Note Indenture; and (c) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other
agreement or instrument evidencing or governing the terms of any Indebtedness or other financial accommodation that has been incurred to extend, replace, refinance or refund in whole or in part the Indebtedness and other obligations outstanding
under or issued pursuant to the Convertible Note Indenture or any other agreement or instrument referred to in this clause (c) unless such agreement or instrument expressly provides that it is not intended to be and is not an Convertible

  
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Note Indenture Agreement hereunder (a “Replacement Convertible Note Indenture Agreement”). Any reference to the Convertible Note Indenture Agreement hereunder shall be deemed a
reference to any Convertible Note Indenture Agreement then extant. 
 “Convertible Note Indenture Documents” means the
Convertible Note Indenture Agreement, each Convertible Note Indenture Security Document and each Convertible Note Indenture Guarantee. 

“Convertible Note Indenture Guarantee” means any Guarantee by any Loan Party of any or all of the Convertible Note Indenture
Obligations. 
 “Convertible Note Indenture Lien” means any Lien created by or pursuant to the Convertible Note Indenture
Security Documents. 
 “Convertible Note Indenture Obligations” means (a) all principal of and interest (including any
Post-Petition Interest), costs and premium (if any) on all indebtedness issued under the Convertible Note Indenture Agreement or any DIP Financing provided by some or all of the Convertible Note Secured
Parties to the extent permitted hereunder, (b) all Guarantee obligations, indemnities, fees, expenses and other amounts payable from time to time pursuant to the Convertible Note Indenture Documents, in each case whether or not allowed or
allowable in an Insolvency Proceeding and (c) all other “Obligations” as defined under any Convertible Note Indenture Agreement. To the extent any payment with respect to any Convertible Note Indenture Obligations (whether by or on
behalf of any Loan Party, as Proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance, fraudulent transfer or a preference in any respect, set aside or required to be paid to a debtor in
possession, a Representative, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of such Representative and the respective
Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred. 
 “Convertible Note Indenture
Security Documents” means any and all agreements securing satisfaction of the Convertible Note Indenture Obligations, including, without limitation, that certain Pledge and Security Agreement, dated as of the date hereof by and among
Holdings, the ABL Borrower and the other Loan Parties, as “Grantors” thereunder, and the Convertible Noteholder Trustee, that certain Trademark Security Agreement, dated as of September 26, 2018 by and among the ABL Borrower and the
other Loan Parties, as co-Pledgors and the Convertible Noteholder Trustee, that certain Copyright Security Agreement dated as of September 26, 2018 by and among the Loan Parties party thereto and the
Convertible Noteholder Trustee, and that certain Preferred Ship Mortgage, dated as of the date hereof, executed by SAExploration Seismic Services (US), LLC in favor of the Convertible Noteholder Trustee. 

“Convertible Note Obligations Payment Date” means the first date on which (a) the Convertible Note Indenture Obligations
(other than those that constitute Unasserted Contingent Obligations) have been indefeasibly paid in cash in full (or cash collateralized, discharged or defeased in accordance with the terms of the Convertible Note Documents) or are otherwise
discharged, (b) all commitments to issue additional notes under the Convertible Note Documents have been terminated, and (c) so long as the Senior Obligations Payment Date or the Junior Obligations Payment Date shall not have occurred, the
Convertible Noteholder Trustee has delivered a written notice to the applicable Representative(s) stating that the events described in clauses (a) and (b) have occurred to the satisfaction of the Convertible Note Secured Parties.

 “Convertible Note Secured Parties” shall mean Convertible Noteholder Trustee and the Convertible Noteholders. 

  
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 “DIP Financing” has the meaning set forth in
Section 5.2(a). 
 “Domestic Subsidiary” means any Restricted Subsidiary of Holdings that was
formed under the laws of the United States or any state of the United States or the District of Columbia. 
 “Enforcement
Action” means, with respect to the Secured Obligations, the exercise of any default rights and remedies with respect to any Collateral securing such Secured Obligations or the commencement or prosecution of enforcement of any of such rights
and remedies with respect to Collateral under, as applicable, the Loan Documents, or applicable law, and the exercise of any default rights or remedies of a secured creditor under the Uniform Commercial Code of any applicable jurisdiction or under
the Bankruptcy Code. 
 “Equity Interests” mean, with respect to any Person, any and all shares, interests, rights to
purchase, warrants, options, participations or other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such Person, including, if such Person is a partnership, partnership interests (whether
general or limited), joint venture interests, or if such Person is a limited liability company, membership interests and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or
distributions of Property of, such partnership, whether outstanding on the date hereof or issued on or after the date hereof, but excluding debt securities convertible or exchangeable into such equity. 

“Excess ABL Obligations” means the sum of (a) the portion of the principal amount of the loans outstanding under the ABL
Documents and the undrawn amount of outstanding letters of credit issued thereunder that is in excess of the ABL Obligations Cap, plus (b) the portion of interest and fees that accrues or is charged with respect to that portion of the
principal amount of the loans and letters of credit described in clause (a) of this definition. 
 “Excess ABL Obligations
Payment Date” means the first date on which (a) the Excess ABL Obligations (other than those that constitute Unasserted Contingent Obligations) have been indefeasibly paid in cash in full (or cash collateralized or defeased in accordance
with the terms of the ABL Documents), (b) all commitments to make advances and/or extend credit under the ABL Credit Agreement have been terminated and (c) so long as the Senior Obligations Payment Date shall not have occurred, the ABL Agent
has delivered a written notice to the applicable Representative(s) stating that the events described in clauses (a) and (b) have occurred to the satisfaction of the ABL Agent. 

“Excluded Accounts” means, as to any Loan Party, all Deposit Accounts used solely for (i) payroll and/or accrued
employee benefits, or (ii) employee benefit plans. 
 “Foreign Equity” means Equity Interests in any Foreign
Subsidiary that are owned by any Loan Party. 
 “Foreign Subsidiary” means any Restricted Subsidiary of Holdings that is
not a Domestic Subsidiary. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in any other statements by such other entity as may have
been approved by a significant segment of the accounting profession, which are in effect from time to time. 

  
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 “Governmental Authority” means any federal, state, local or foreign
(whether civil, criminal, military or otherwise) court, central bank or governmental agency, tribunal, authority, instrumentality or regulatory body or any subdivision thereof or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of
business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise). 

“Hedging Obligations” means with respect to any specified Person, the obligations of such Person under: 

(1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreement, and interest rate
collar agreements; 
 (2) other agreements or arrangements designed to manage interest rates or interest rate risk; and 

(3) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices. 

“Holdings” has the meaning set forth in the recitals above. 

“Impairment” has the meaning set forth in Section 2.7. 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and
trade payables), whether or not contingent: 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); 

(3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations; 

(5) representing the balance deferred and unpaid of the purchase price of any property or services due more than one year after such property
is acquired or such services are completed; or 
 (6) representing any Hedging Obligations, 

if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the
specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the
specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any 

  
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other Person. Indebtedness shall be calculated without giving effect to the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such
effects would otherwise increase or decrease an amount of Indebtedness for any purpose under any Loan Documents as a result of accounting for any embedded derivatives created by the terms of such Indebtedness. 

“Insolvency Proceedings” means with respect to any Person, (a) any voluntary or involuntary case or proceeding under the
Bankruptcy Code with respect to such Person, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect
to such Person or with respect to a material portion of its assets; (c) any composition of liabilities or similar arrangement relating to such Person, whether or not under a court’s jurisdiction or supervision; (d) any liquidation,
dissolution, reorganization or winding up of such Person, whether voluntary or involuntary, whether or not under a court’s jurisdiction or supervision, and whether or not involving insolvency or bankruptcy; or (e) any general assignment
for the benefit of creditors or any other marshaling of assets and liabilities of such Person. 
 “Intervening Creditor”
has the meaning set forth in Section 2.7. 
 “Intervening Lien” has the meaning set forth in
Section 2.7. 
 “Joint Venture” means a joint venture, partnership or other similar arrangement,
whether in corporate, partnership or other legal form; provided, in no event shall any corporate Subsidiary of any Person be considered to be a Joint Venture to which such Person is a party. 

“Junior Collateral” means with respect to any Junior Secured Party, any Collateral on which it has a Junior Lien. 

“Junior Documents” means, collectively, with respect to any Junior Obligations, any provision pertaining to such Junior
Obligation in any Loan Document or any other document, instrument or certificate evidencing or delivered in connection with such Junior Obligation. 

“Junior Liens” means (a) with respect to the ABL Liens (other than ABL Liens securing the Excess ABL Obligations), the
Term Liens, the Convertible Note Indenture Liens, and the ABL Liens securing the Excess ABL Obligations, (b) with respect to the Term Liens, the Convertible Note Indenture Liens, and the ABL Liens securing the Excess ABL Obligations, and
(c) with respect to the Convertible Note Indenture Liens, the ABL Liens securing the Excess ABL Obligations. 
 “Junior
Obligations” means (a) with respect to the ABL Obligations (other than the Excess ABL Obligations), the Term Obligations, the Convertible Note Indenture Obligations, and the Excess ABL Obligations, (b) with respect to the Term
Obligations, the Convertible Note Indenture Obligations and the Excess ABL Obligations and (c) with respect to the Convertible Note Indenture Obligations, the Excess ABL Obligations. 

“Junior Obligations Payment Date” means (a) with respect to any ABL Obligations (other than the Excess ABL Obligations),
the latest of the Term Obligations Payment Date, the Convertible Note Obligations Payment Date, and the Excess ABL Obligations Payment Date, (b) with respect to any Term Obligations , the latest of the Convertible Note Obligations Payment Date
and the Excess ABL Obligations Payment Date and (c) with respect to the Convertible Note Indenture Obligations, the Excess ABL Obligations Payment Date. 

  
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 “Junior Representative” means the applicable Representative for the applicable
Junior Secured Parties. 
 “Junior Representative Waiver Event” has the meaning set forth in
Section 3.2(c). 
 “Junior Secured Parties” means (a) with respect to the ABL Secured
Parties (except to the extent of their Excess ABL Obligations), the Term Secured Parties, the Convertible Note Secured Parties, and the ABL Secured Parties (on account of their Excess ABL Obligations), (b) with respect to the Term Secured Parties,
the Convertible Note Secured Parties and all ABL Secured Parties (on account of the Excess ABL Obligations) and (c) with respect to the Convertible Note Secured Parties, the ABL Secured Parties (on account of the Excess ABL Obligations). 

“Junior Security Documents” means with respect to any Junior Secured Party, the Security Documents that secure the Junior
Obligations. 
 “Legal Requirements” means, as to any Person, the Organizational Documents of such Person, and any
governmental treaty, law (including the common law), statute, ordinance, code, rule, regulation, guidelines, license, permit requirement, Order or determination of an arbitrator or a court or other Governmental Authority, and the interpretation or
administration thereof, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not field recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the UCC (or equivalent statutes) of any jurisdiction. 

“Lien Priority” means with respect to any Lien of a Representative in the Collateral, the order of priority of such Lien
specified in Section 2.1. 
 “Loan Documents” shall mean, collectively, the ABL Documents, the
Term Documents and the Convertible Note Indenture Documents. 
 “Loan Party” means Holdings, the ABL Borrower and each
Subsidiary of Holdings that is now or hereafter becomes a party to any Loan Document. All references in this Agreement to any Loan Party shall include such Loan Party as a
debtor-in-possession and any receiver or trustee for such Loan Party in any Insolvency Proceeding. 

“Non-Recourse Debt” means Indebtedness: 

(1) as to which neither Holdings nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any
undertaking, agreement or instrument that would constitute Indebtedness), or (b) is directly or indirectly liable as a guarantor or otherwise; 

(2) no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against an
Unrestricted Subsidiary) would permit upon notice, lapse of time, or both, any holder of any other Indebtedness of Holdings or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the
Indebtedness to be accelerated or payable prior to its Stated Maturity; and 

  
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 (3) as to which the lenders will not have any recourse to the stock or assets of Holdings or
any of its Restricted Subsidiaries (other than Equity Interests of an Unrestricted Subsidiary). 
 “Organizational
Documents” means, with respect to any Person, (a) in the case of any corporation, the certificate of incorporation and by-laws (or similar documents) of such Person, (b) in the case of any
limited liability company, the certificate of formation and operating agreement (or similar documents) of such Person, (c) in the case of any limited partnership, the certificate of formation and limited partnership agreement (or similar
documents) of such Person (and, where applicable, the equity holders or shareholders registry of such Person), (d) in the case of any general partnership, the partnership agreement (or similar document) of such Person, (e) in any other case,
the functional equivalent of the foregoing, and (f) any shareholder, voting trust or similar agreement between or among any holders of Equity Interests of such Person. 

“Person” means and includes natural persons, corporations, limited partnerships, general partnerships, partnerships, limited
liability companies, limited liability partnerships, joint stock companies, Joint Ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and Governmental
Authorities. 
 “Post-Petition Interest” means any interest or entitlement to fees or expenses or other charges that
accrues after the commencement of any Insolvency Proceeding (or would accrue but for the commencement of an Insolvency Proceeding), whether or not allowed or allowable in any such Insolvency Proceeding. 

“Proceeds” means (a) when used with respect to the Collateral, all “proceeds,” as defined in Article 9 of the
Uniform Commercial Code (including, without limitation, insurance proceeds on Collateral but excluding any business interruption insurance), and (b) whatever is recoverable or recovered when any Collateral is sold, exchanged, collected, or
disposed of, whether voluntarily or involuntarily. 
 “Property” means any right, title, or interest in or to property of
assets of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible and including Equity Interests of any other Person owned by the Person in question and whether now in existence or owned or hereafter entered into or
acquired, including all real property, cash, securities, accounts, revenues and contract rights. 
 “Purchase Option
Period” has the meaning set forth in Section 7.1(a). 
 “Recovery” has the meaning set
forth in Section 5.5. 
 “Replacement ABL Agreement” has the meaning set forth in the definition
of “ABL Agreement.” 
 “Replacement Term Agreement” has the meaning set forth in the definition of “Term
Agreement.” 
 “Replacement Convertible Note Indenture Agreement” has the meaning set forth in the definition of
“Convertible Note Indenture Agreement.” 
 “Representative” means each of the ABL Agent, Term Agent and the
Convertible Noteholder Trustee. 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is
not an Unrestricted Subsidiary. 

  
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 “Secured Obligations” means ABL Obligations, the Term Obligations and the
Convertible Note Indenture Obligations. 
 “Secured Parties” means the ABL Secured Parties, the Term Secured Parties and
the Convertible Note Secured Parties. 
 “Security Documents” means, collectively, the ABL Security Documents, the Term
Security Documents and the Convertible Note Indenture Security Documents. 
 “Senior Collateral” means with respect to any
Senior Secured Party, any Collateral on which it has a Senior Lien. 
 “Senior Documents” means, collectively, with respect
to any Senior Obligation, any provision pertaining to such Senior Obligation in any Loan Document or any other document, instrument or certificate evidencing or delivered in connection with such Senior Obligation. 

“Senior Liens” means (a) with respect to the Term Liens, the ABL Liens (other than ABL Liens securing the Excess ABL
Obligations), (b) with respect to the Convertible Note Indenture Liens, the ABL Liens (other than ABL Liens securing the Excess ABL Obligations) and the Term Liens and (c) with respect to the ABL Liens securing the Excess ABL Obligations, the
Convertible Note Indenture Liens, the ABL Liens (other than ABL Liens securing Excess ABL Obligations), and the Term Liens. 

“Senior Obligations” means (a) with respect to the Term Obligations, all ABL Obligations (other than the Excess ABL
Obligations), (b) with respect to the Convertible Note Indenture Obligations, all Term Obligations and all ABL Obligations (other than the Excess ABL Obligations) and (c) with respect to the Excess ABL Obligations, all Convertible Note
Indenture Obligations, all ABL Obligations (other than Excess ABL Obligations) and all Term Obligations. 
 “Senior Obligations
Payment Date” means (a) with respect to any Term Obligations, the ABL Obligations Payment Date, (b) with respect to any Convertible Note Indenture Obligations, the latest of the ABL Obligations Payment Date and the Term
Obligations Payment Date and (c) with respect to any Excess ABL Obligations, the latest of the ABL Obligations Payment Date, the Term Obligations Payment Date, and the Convertible Note Obligations Payment Date. 

“Senior Representative” means the applicable Representative for the applicable Senior Secured Parties. 

“Senior Secured Parties” means (a) with respect to the Term Secured Parties, the ABL Secured Parties (except to the
extent of their Excess ABL Obligations), (b) with respect to the Convertible Note Secured Parties, the ABL Secured Parties (except to the extent of their Excess ABL Obligations) and the Term Secured Parties, and (c) with respect to the ABL
Secured Parties (on account of their Excess ABL Obligations), the Convertible Note Secured Parties, the ABL Secured Parties (except to the extent of their Excess ABL Obligations), and the Term Secured Parties. 

“Senior Security Documents” means with respect to any Senior Secured Party, the Security Documents that secure the Senior
Obligations. 
 “Stated Maturity” means, with respect to any installment of interest or principal of any Indebtedness, the
date on which the payment of interest or principal is scheduled to be paid in the documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the
date originally scheduled for the payment thereof. 

  
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 “Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association, or other business entity of which more than 50% of the total voting power of shares of Equity Interests
entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers, trustees or
similar persons of the corporation, association, or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership or limited liability company of which (a) more than 50% of the capital accounts, distribution rights, total equity and
voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of
membership, general, special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is a controlling general partner or controlling managing member or otherwise controls such entity. 

“Term Agent” has the meaning set forth in the introductory paragraph hereof. In the case of any Replacement Term Agreement,
the Term Agent shall be the Person identified as such in such agreement. 
 “Term Agreement” means the collective reference
to (a) the Term Credit Agreement, (b) any Additional Term Agreement and (c) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of
any indebtedness or other financial accommodation that has been incurred to extend, replace, refinance or refund in whole or in part the indebtedness and other obligations outstanding under the Term Credit Agreement (regardless of whether such
replacement, refunding or refinancing is a “working capital” facility, asset-based facility or otherwise), any Additional Term Agreement or any other agreement or instrument referred to in this clause (c) unless such agreement
or instrument expressly provides that it is not intended to be and is not a Term Agreement hereunder (a “Replacement Term Agreement”) and provided that any such refinancing, extension, replacement or refund is only in regards to
Term Obligations up to the Term Loan Cap then in place. Any reference to the Term Agreement hereunder shall be deemed a reference to any Term Agreement then extant. 

“Term Collateral” means all Property of each Loan Party, whether now owned or hereafter acquired, whether arising before or
after any Insolvency Proceeding, in which a Lien is obtained, granted or purported to be granted at any time to the Term Agent, for the benefit of the Term Secured Parties, as security for any Term Obligation. 

“Term Credit Agreement” has the meaning set forth in the recitals above. 

“Term Documents” means the Term Agreement, each Term Security Document, each Term Guarantee and each other Term Loan
Document. 
 “Term Guarantee” means any Guarantee by any Loan Party of any or all of the Term Obligations. 

“Term Lender” has the meaning set forth in the introductory paragraph hereof. In the case of any Replacement Term Agreement,
the Term Lenders shall be the Persons identified as such in such agreement. 

  
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 “Term Lien” means any Lien created by or pursuant to the Term Security
Documents. 
 “Term Loan Cap” means the principal amount of $29,000,000, plus interest paid in kind added to principal,
plus fees, costs, and interest thereon provided that such amount shall be reduced by the amount of any principal payment made on account of the Term Obligations, whether a option payment, mandatory payment, regularly scheduled payment or
otherwise. 
 “Term Loan Documents” means the “Loan Documents” as defined in the Term Credit Agreement or the
Term Agreement, as applicable. 
 “Term Obligations” means (a) all principal of and interest (including any
Post-Petition Interest), costs and premium (if any) on all loans and other extensions of credit made pursuant to the Term Agreement or any DIP Financing by some or all of the Term Secured Parties to the extent permitted hereunder, and (b) all
Guarantee obligations, indemnities, fees, expenses and other amounts payable from time to time pursuant to the Term Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to
any Term Obligation (whether by or on behalf of any Loan Party, as Proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance, fraudulent transfer or a preference in any respect, set aside or
required to be paid to a debtor in possession, any Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the
Term Agent and the Term Lenders and the other Classes of Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred. 

“Term Obligations Payment Date” means the first date on which (a) the Term Obligations (other than those that constitute
Unasserted Contingent Obligations) have been indefeasibly paid in cash in full, (b) all commitments to extend credit under the Term Documents have been terminated, and (c) so long as the Senior Obligations Payment Date or the Junior
Obligations Payment Date shall not have occurred, the Term Agent has delivered a written notice to the applicable Representative(s) stating that the events described in clauses (a) and (b), have occurred to the satisfaction of the
Term Secured Parties. 
 “Term Secured Parties” means the Term Agent and the Term Lenders. 

“Term Security Documents” means any and all agreements securing satisfaction of the Term Obligations, including the Term
Credit Agreement, those certain Deposit Account Control Agreements, to be entered into by and among the ABL Agent, the Term Agent, the Convertible Noteholder Trustee, and certain Loan Parties or as may be amended and/or amended and restated to add
the Term Agent and Convertible Noteholder Trustee as parties thereto as contemplated by the Loan Documents, that certain Trademark Security Agreement between the Term Agent and Holdings, that certain Copyright Security Agreement, between the Term
Agent and certain other Loan Parties, that certain Preferred Ship Mortgage, executed by SAExploration Seismic Services (US), LLC in favor of the Term Agent, and any other Term Loan Documents pursuant to which a security interest is granted to the
Term Agent. 
 “Triggering Event” means (i) the acceleration of any Senior Obligations with first ranking Lien
Priority under Section 2.1 hereof prior to maturity, (ii) the termination of the related Senior Representative’s commitment (as applicable) to make advances under the related Senior Documents, by written notice,
(iii) the exercise of any Enforcement Action in respect of such Senior Obligations, (iv) any default in any scheduled payment of principal, premium, if any, interest or fees under any related Senior Document that remains uncured or
unwaived for a period of 30 consecutive days, (v) the commencement of an Insolvency Proceeding or (vi) a Junior Representative Waiver Event. 

  
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 “Unasserted Contingent Obligations” means, at any time, Secured Obligations
for taxes, costs, indemnifications, reimbursements, damages and other liabilities (excluding (a) the principal of, and interest and premium (if any) on, and fees and expenses relating to, any Secured Obligation, and (b) with respect to
Secured Obligations, contingent reimbursement obligations in respect of amounts that may be drawn under outstanding letters of credit) in respect of which no assertion of liability (whether oral or written) and no claim or demand for payment
(whether oral or written) has been made (and, in the case of Secured Obligations for indemnification, no notice for indemnification has been issued by the indemnitee) at such time. 

“Uniform Commercial Code” or “UCC” means the Uniform Commercial Code as in effect from time to time in the
applicable jurisdiction. 
 “Unrestricted Subsidiary” means any Subsidiary of Holdings that is designated by the Board of
Directors of Holdings as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary: 

(1) has no Indebtedness other than Non-Recourse Debt; 

(2) except as permitted under the terms of the Term Credit Agreement and the Convertible Note Indenture, is not party to any agreement,
contract, arrangement, or understanding with Holdings or any Restricted Subsidiary of Holdings unless the terms of any such agreement, contract, arrangement, or understanding are no less favorable to Holdings or such Restricted Subsidiary than those
that might be obtained at the time for Persons who are not Affiliates of Holdings; 
 (3) is a Person with respect to which neither Holdings
nor any of its Restricted Subsidiaries has any direct or indirect obligation to (a) subscribe for additional Equity Interests, or (b) maintain or preserve such Person’s financial condition or to cause such Person to achieve any
specified levels of operating results; 
 (4) has not guaranteed or otherwise directly or indirectly provided credit support for any
Indebtedness of Holdings or any of its Restricted Subsidiaries; and 
 (5) neither Holdings nor any of its Restricted Subsidiaries have
guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of such Subsidiary. 
 “Voting
Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

1.3 Rules of Construction. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments,
restatements, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof’ and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless 

  
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otherwise expressly specified herein, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or
supplemented from time to time and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. 
 SECTION 2. Lien Priority. 

2.1 Lien Subordination. Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Junior Lien in
respect of any Collateral or of any Senior Lien in respect of any Collateral and notwithstanding any provision of the UCC, any applicable law (including the Bankruptcy Code), any Loan Document, any alleged or actual defect or deficiency in any of
the foregoing, any failure to attach or (if required under any Loan Document) perfect any Lien created under any Loan Document or any other circumstance whatsoever, each Junior Representative, on behalf of the respective Junior Secured Parties, in
respect of such Collateral hereby agrees that: 
 (a) any Senior Lien in respect of such Collateral, regardless of how or when acquired,
whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be and shall remain senior and prior to any Junior Lien in respect of such Collateral (whether or not such Senior Lien is subordinated to any Lien securing any
other obligation); and 
 (b) any Junior Lien in respect of such Collateral, regardless of how or when acquired, whether by grant,
possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to any Senior Lien in respect of such Collateral. 

For the avoidance of doubt, as between the ABL Secured Parties and the other Secured Parties, the Lien on the Collateral securing the ABL Obligations (other
than Excess ABL Obligations) shall always be senior to the Lien on the Collateral securing the Term Obligations, Convertible Note Indenture Obligations and Excess ABL Obligations and (ii) the Lien on the Collateral securing the Excess ABL
Obligations shall always be junior to the Lien on the Collateral securing the ABL Obligations (other than Excess ABL Obligations), the Term Obligations, and the Convertible Note Obligations. For the avoidance of doubt, (A) as between the Term
Secured Parties and the other Secured Parties, the Lien on the Collateral securing the Term Obligations shall be (i) senior to the Lien on the Collateral securing the Convertible Note Indenture Obligations and the Excess ABL Obligations and
(ii) junior to the Lien on the Collateral securing the ABL Obligations (other than Excess ABL Obligations)and (B) as between the Convertible Note Secured Parties and the other Secured Parties, the Lien on the Collateral securing the
Convertible Note Indenture Obligations shall be (i) junior to the Lien on the Collateral securing the ABL Obligations (other than the Excess ABL Obligations) and the Term Obligations and (ii) senior to the Lien on the Collateral securing
the Excess ABL Obligations. 
 2.2 Prohibition on Contesting Liens. In respect of any Collateral, each Junior Representative, on
behalf of the respective Junior Secured Parties, in respect of such Collateral agrees that it shall not, and hereby waives any right to: 

(a) contest, or support any other Person in contesting, in any proceeding (including any Insolvency Proceeding), the priority, validity or
enforceability of any Senior Lien on such Collateral; or 
 (b) demand, request, plead or otherwise assert or claim the benefit of any
marshaling, appraisal, valuation or similar right which it may have in respect of such Collateral or the Senior Liens on such Collateral, except to the extent that such rights are expressly granted in this Agreement. 

  
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 2.3 Nature of Obligations. Each Junior Representative on behalf of itself and the
respective Junior Secured Parties acknowledges that a portion of the ABL Obligations represents debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and
subsequently re-borrowed, and that the terms of the ABL Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the ABL Obligations may be increased, replaced or
refinanced, subject to the lien priorities set forth herein and the limitations on Indebtedness contained in the Junior Documents, in each event, without notice to or consent by the Junior Secured Parties and without affecting the provisions hereof.
The ABL Agent and the Convertible Noteholder Trustee acknowledge that the terms of the Term Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the Term Obligations may be increased, replaced or
refinanced, subject to the lien priorities set forth herein and the limitations on Indebtedness contained herein and in the ABL Loan Documents and the Convertible Note Indenture Documents in each event, without notice to or consent by the other
Representatives and without affecting the provisions hereof. The ABL Agent and the Term Agent acknowledge that the Convertible Note Indenture Obligations may be replaced or refinanced, without notice to or consent by the other Representatives and
without affecting the provisions hereof. The Lien Priorities provided in Section 2.1 (including the ABL Obligations Cap) and the Term Loan Cap shall not be altered or otherwise affected by any such amendment, modification,
supplement, extension, repayment, re-borrowing, increase, replacement, renewal, restatement or refinancing of any Class of Secured Obligations, or any portion thereof. 

2.4 No New Liens. 
 (a)
Until the Senior Obligations Payment Date, no Junior Secured Party shall acquire or hold any Lien on any assets of any Loan Party securing any Junior Obligation which assets are not also subject to the Lien of the Senior Secured Parties under the
Senior Documents, subject to the Lien Priority set forth herein. If any Junior Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Loan Party securing any Junior Obligation which assets are not also
subject to the Lien of the Senior Secured Parties under the Senior Documents, subject to the Lien Priority set forth herein, then such Junior Representative (or the relevant Junior Secured Party) shall, without the need for any further consent of
any other Junior Secured Party and notwithstanding anything to the contrary in any other Junior Document be deemed to also hold and have held such lien for the benefit of the Senior Representative or Senior Representatives (as applicable) as
security for the Senior Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the Senior Representative or Senior Representatives (as applicable) in writing of the existence of such Lien. 

(b) Until the applicable Junior Obligation Payment Date, the Senior Secured Parties shall not acquire or hold any Lien on any assets of any
Loan Party securing any Senior Obligation which assets are not also subject to the Lien of the respective Junior Representative under the applicable Junior Documents, subject to the Lien Priority set forth herein; provided, however,
the ABL Agent may hold Liens on ABL Agent Cash Collateral notwithstanding such Junior Representative’s lack of a Lien thereon. If a Senior Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Loan
Party securing any Senior Obligation which assets are not also subject to the Lien of each Junior Representative under the applicable Junior Documents, subject to the Lien Priority set forth herein, then such Senior Secured Party shall,
notwithstanding anything to the contrary in any other Senior Document be deemed to also hold and have held such lien for the benefit of such Junior Representative as security for the applicable Junior Obligations (subject to the Lien Priority and
other terms hereof) and shall promptly notify such Junior Representative in writing of the existence of such Lien. 

  
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 2.5 Separate Grants of Security and Separate Classification. Each Secured Party
acknowledges and agrees that (i) the grants of Liens pursuant to the ABL Security Documents, the Term Security Documents and the Convertible Note Indenture Security Documents constitute separate and distinct grants of Liens and
(ii) because of, among other things, their differing rights in the Collateral, the Secured Obligations of each Class are fundamentally different from the Secured Obligations of the other Classes and should be separately classified in any
plan of reorganization proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the Secured Parties in respect of the
Collateral constitute claims in the same class (rather than separate classes of senior and junior secured claims), then the Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were separate classes of
Secured Obligation claims against the Loan Parties with the effect being that, to the extent that the aggregate value of the Senior Collateral is sufficient (for this purpose ignoring all claims held by the Junior Secured Parties), the Senior
Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of Post-Petition Interest
that is available from the pool of Senior Collateral for such Senior Secured Parties, before any distribution is made in respect of the claims held by the Junior Secured Parties, with the Junior Secured Parties hereby acknowledging and agreeing to
turn over to the respective Senior Representative on behalf of the respective Senior Secured Parties amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the
effect of reducing the aggregate recoveries. 
 2.6 Agreements Regarding Actions to Perfect Liens. 

(a) [Reserved.] 
 (b) Each Senior
Representative hereby acknowledges that, to the extent that it holds, or a third party holds on its behalf, physical possession of or “control” (as defined in the Uniform Commercial Code) over Collateral pursuant to the Security Documents,
such possession or control is also for the benefit of each Junior Representative and the respective Junior Secured Parties solely to the extent required to perfect their security interest in such Collateral. Nothing in the preceding sentence shall
be construed to impose any duty on any Senior Representative (or any third party acting on such Person’s behalf) with respect to such Collateral or provide any Junior Representative and the respective Junior Secured Parties with any rights with
respect to such Collateral beyond those specified in this Agreement and each Security Document, as applicable, provided that subsequent to the occurrence of the Senior Obligations Payment Date with respect to any Senior Representative (so
long as the Junior Obligations Payment Date shall not have occurred), such Senior Representative shall (i) deliver to the Controlling Senior Representative, at the Loan Parties’ sole cost and expense, the Collateral in its possession or
control together with any endorsements reasonably requested by the Loan Parties or the Controlling Senior Representative to the extent required by the Senior Documents of the Senior Representative(s) or (ii) direct and deliver such Collateral
as a court of competent jurisdiction otherwise directs. The provisions of this Agreement are intended solely to govern the respective Lien priorities as among the Secured Parties and shall not impose on the Secured Parties any obligations in respect
of the disposition of any Collateral (or any proceeds thereof) that would conflict with prior perfected Liens or any claims thereon in favor of any other Person that is not a Secured Party. 

2.7 Impairments. It is the intention of the parties hereto that the Secured Parties of each Class (and not the Secured Parties of any
other Class) bear the risk of (a) any determination by a court of competent jurisdiction that (i) any Secured Obligations of such Class are unenforceable under applicable law or are subordinated to any other obligations (other than to
any Secured Obligations of any other Class to the extent provided hereunder), (ii) any Secured Obligations of such Class do not have a valid and perfected Lien on any of the Collateral securing any Secured Obligations of the other Classes
or (iii) any 

  
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Person (other than any Representative or any Secured Party) has a Lien on any Collateral that is senior in priority to the Lien on such Collateral securing any Secured Obligations of such Class,
but junior to the Lien on such Collateral securing any Secured Obligations of another Class (any such Lien being referred to as an “Intervening Lien”, and any such Person being referred to as an “Intervening
Creditor”) and (b) the existence of any Collateral securing Secured Obligations of the other Class that does not constitute Collateral with respect to any Secured Obligations of such Class (any condition referred to in clause
(a) or (b) with respect to the Secured Obligations of such Class being referred to as an “Impairment” of such Class); provided that the existence of any limitation on the maximum claim that may be made
against any real property subject to a mortgage that applies to Secured Obligations of any Class shall not be deemed to be an Impairment of Obligations of any other Class. In the event an Impairment exists with respect to the Secured
Obligations of a Class, the results of such Impairment shall be borne solely by the Secured Parties of such Class, and the rights of the Secured Parties of such Class (including the right to receive distributions in respect of the Secured
Obligations of such Class pursuant to the Loan Documents of such Class and in accordance herewith) set forth herein shall be modified to the extent necessary so that the results of such Impairment are borne solely by the Secured Parties of
such Class. In furtherance of the foregoing, in the event the Secured Obligations of a Class shall be subject to an Impairment in the form of an Intervening Lien of any Intervening Creditor, the value of any Collateral or Proceeds that are
allocated to such Intervening Creditor shall be deducted solely from the Collateral or Proceeds to be distributed in respect of the Secured Obligations of such Class. In addition, in the event the Secured Obligations of a Class are modified
pursuant to applicable law (including pursuant to Section 1129 of the Bankruptcy Code or any equivalent provision of, or order granted pursuant to, any other bankruptcy law), any reference to the Secured Obligations of such Class or the
Loan Documents of such Class shall refer to such obligations or such documents as so modified. 
 SECTION 3. Enforcement Rights. 

3.1 Exclusive Enforcement. Subject to a purchase of the Senior Obligations pursuant to Section 7, until the
Senior Obligations Payment Date has occurred, whether or not an Insolvency Proceeding has been commenced by or against any Loan Party, the Senior Secured Parties shall have the exclusive right to take and continue any Enforcement Action (including
the right to credit bid their debt) with respect to the Senior Collateral, without any consultation with or consent of any Junior Secured Party; provided, however, each Senior Secured Party shall use its best efforts to provide the Junior Secured
Parties with copies of any written notice of (i) acceleration, (ii) payment default, or (iii) an Enforcement Action, within five (5) business days of providing such notice to any Loan Party. 

3.2 Junior Representative Standstill and Waivers. Each Junior Representative, on behalf of itself and the respective Junior Secured
Parties, agrees that until the Senior Obligations Payment Date has occurred, or upon the Senior Secured Parties’ advance written consent, but subject to the provisos set forth in Section 5.1 and
Section 7: 
 (a) they will not take or cause to be taken any action, the purpose or effect of which is to make any
Lien on any Senior Collateral that secures any Junior Obligation pari passu with or senior to, or to give any Junior Secured Party any preference or priority relative to, the Liens on the Senior Collateral securing the Senior Obligations; 

(b) they will not contest, oppose, object to, interfere with, hinder or delay, in any manner, whether by judicial proceedings (including the
filing of an Insolvency Proceeding) or otherwise, any foreclosure, sale, lease, exchange, transfer or other disposition of the Senior Collateral by any Senior Secured Party or any other Enforcement Action taken (or any forbearance from taking any
Enforcement Action) in respect of the Senior Collateral by or on behalf of any Senior Secured Party; 

  
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 (c) they have no right to (i) direct either any Senior Representative or any other
Senior Secured Party to exercise any right, remedy or power with respect to the Senior Collateral or pursuant to the Senior Security Documents in respect of the Senior Collateral, or (ii) consent or object to the exercise by any Senior
Representative or any other Senior Secured Party, pursuant to an Enforcement Action, of any right, remedy or power with respect to the Senior Collateral or pursuant to the Senior Security Documents with respect to the Senior Collateral or to the
timing or manner in which any such right is exercised or not exercised (or, to the extent they may have any such right described in this clause (c), whether as a junior lien creditor in respect of the Senior Collateral or otherwise, they hereby
irrevocably waive such right; provided, however, if, pursuant to the terms of this subsection (ii), a Junior Representative is required to waive a contractual right in connection with a disposition of Collateral with an aggregate value in excess of
$1,000,000, outside the ordinary course of business, such waiver shall constitute a Triggering Event if the Junior Representative provides written notification to the applicable Senior Representative(s) of the contractual right subject to such
waiver and its status as a Triggering Event under this subsection and Section 7, and the Controlling Senior Representative nonetheless elects to proceed with the exercise of such right, remedy or power after receipt of such
notice (a “Junior Representative Waiver Event”)); 
 (d) they will not institute any suit or other proceeding or assert in
any suit, Insolvency Proceeding or other proceeding any claim against any Senior Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, and no Senior Secured Party shall be
liable for, any action taken or omitted to be taken by any Senior Secured Party with respect to the Senior Collateral or pursuant to the Senior Documents in respect of the Senior Collateral; 

(e) they will not commence judicial or non-judicial foreclosure proceedings with respect to, seek to
have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce their interest in or realize upon,
the Senior Collateral; and 
 (f) they will not seek, and hereby waive any right, to have the Senior Collateral or any part thereof marshaled
upon any foreclosure or other disposition of the Senior Collateral. 
 3.3 Judgment Creditors. In the event that any Secured Party
becomes a judgment lien creditor in respect of any Collateral as a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subject to the terms of this Agreement for all purposes to the same extent as all other
Liens in favor of such Secured Party with respect to such Collateral are subject to the terms of this Agreement. 
 3.4 Cooperation;
Sharing of Information and Access. 
 (a) Each Junior Representative, on behalf of itself and the related Junior Secured Parties, agrees
that each of them shall take such actions as any Senior Representative shall reasonably request in connection with the exercise by such Senior Representative of its rights set forth herein in respect of the Collateral. 

(b) In the event that a Representative shall, in the exercise of its rights under the related Security Documents or otherwise, receive
possession or control of any books and Records of any Loan Party which contain information identifying or pertaining to the Collateral, such Representative shall promptly notify each other Representative of such fact and, upon reasonable request
from any other Representative and as promptly as practicable thereafter, either make available to such Representative such books and Records for inspection and duplication or provide to such Representative copies thereof. 

  
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 (c) [Reserved]. 

3.5 No Additional Rights For the Loan Parties Hereunder. Except as provided in Section 3.6, if a Secured Party
shall enforce its rights or remedies in violation of the terms of this Agreement, no Loan Party shall be entitled to use such violation as a defense to any action by such Secured Party, nor to assert such violation as a counterclaim or basis for set
off or recoupment against such Secured Party. 
 3.6 Actions Upon Breach. 

(a) If any Secured Party, contrary to this Agreement, commences or participates in any action or proceeding against any Loan Party or the
Collateral, such Loan Party, with the prior written consent of the applicable Representative, may interpose as a defense or dilatory plea the making of this Agreement, and other Secured Parties may intervene and interpose such defense or plea in its
or their name or in the name of such Loan Party. 
 (b) Should a Secured Party, contrary to this Agreement, in any way take, attempt to or
threaten to take any action with respect to the Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement), or fail to take any action required by this Agreement, another Secured Party (in its own name or
in the name of the relevant Loan Party), as applicable, or the relevant Loan Party, may obtain relief against such Secured Party by injunction, specific performance and/or other appropriate equitable relief, it being understood and agreed by each of
the Representatives on behalf of the related Secured Parties that (i) a Secured Party’s damages from its actions may at that time be difficult to ascertain and may be irreparable, and (ii) each Secured Party waives any defense that
the Loan Parties and/or the other Secured Parties cannot demonstrate damage and/or be made whole by the awarding of damages. 
 3.7 Rights
as Unsecured Creditors. The Secured Parties may, in accordance with the terms of the Loan Documents and applicable law, enforce rights and exercise remedies against the Loan Parties as unsecured creditors; provided that no such action is
otherwise expressly or impliedly inconsistent with the terms of this Agreement. 
 3.8 Other Rights. For the avoidance of doubt, the
Secured Parties shall be entitled to (a) take any action (not adverse to the priority status of the Liens on the Collateral, or the rights of the other Secured Parties or any of the holders of Secured Obligations to exercise remedies in respect
thereof) in order to create, prove, perfect, preserve or protect (but not enforce) its Lien on and rights in, and the perfection and priority of its Lien on, any of the Collateral, (b) file any pleadings, objections, motions or agreements which
assert rights or interests available to unsecured creditors of the Loan Parties arising under either any Insolvency Proceeding or applicable non-bankruptcy law, in each case not inconsistent with the terms of
this Agreement or applicable law and, subject to the restrictions set forth herein, any pleadings, objections, motions or agreements which assert rights or interests available to secured creditors solely with respect to the Collateral, and
(c) vote on any plan of reorganization, file any proof of claim, make other filings and make any arguments and motions that are, in each case, in accordance with the terms of this Agreement, with respect to their respective Secured Obligations
and the Collateral. 
 SECTION 4. Application of Proceeds of Senior Collateral; Dispositions and Releases of Lien; Notices and Insurance.  

4.1 Application of Proceeds. 

(a) Application of Proceeds of Senior Collateral. Each Senior Representative and each Junior Representative hereby agree that all Senior
Collateral (or Junior Collateral, as applicable), and 

  
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all Proceeds thereof, received by any of them in connection with the collection, sale or disposition of Senior Collateral (or Junior Collateral, as applicable) shall be applied, first, to
the payment of costs and expenses (including reasonable attorneys’ fees and expenses and court costs) of the Controlling Senior Representative in connection with such Enforcement Action; second, to the payment of ABL Obligations
(excluding Excess ABL Obligations) until the ABL Obligations Payment Date; third, to the payment of the Term Obligations until the Term Obligations Payment Date; fourth, to payment of Convertible Note Indenture Obligations until the
Convertible Note Obligations Payment Date; fifth, to the payment of Excess ABL Obligations until the Excess ABL Obligations Payment Date; sixth, after the payment in full of all Senior Obligations in the order of the immediately
preceding clauses, to the payment of all remaining Junior Obligations, if any; and seventh, the balance, if any, to the Loan Parties or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may
direct; provided, however, nothing herein shall prohibit the Junior Representatives, prior to an event of default under the Senior Documents and as otherwise permitted hereunder, from receiving regularly scheduled payments and reimbursement of fees
and expenses from Proceeds, to the extent such Proceeds (i) are obtained by Loan Parties in the ordinary course of business as cash flow from operating activities or (ii) constitute Proceeds from the Alaska Tax Credits (as such term is
defined in the ABL Credit Agreement). 
 (b) Limited Obligation or Liability. In exercising remedies, whether as a secured creditor or
otherwise, no Senior Representative shall have any obligation or liability to any Junior Representative or to any Junior Secured Party, regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an action or
omission that breaches the express obligations undertaken by each party under the terms of this Agreement. 
 (c) Segregation of
Collateral. Until the occurrence of the Senior Obligations Payment Date, any Senior Collateral that may be received by any Junior Secured Party in violation of this Agreement shall be segregated and held in trust and promptly delivered or paid
over to the Senior Representative(s), for the benefit of the Senior Secured Parties, in the same form as received, with any necessary endorsements, and each Junior Secured Party hereby authorizes the Senior Representative(s) to make any such
endorsements as agent for each Junior Representative (which authorization, being coupled with an interest, is irrevocable). 
 4.2 Release
of Liens. Upon any release, sale or disposition of Senior Collateral permitted (or consented to) pursuant to the terms of the Senior Documents and this Agreement that results in the release of the Senior Lien on any Senior Collateral (including,
after the occurrence of an Event of Default, any sale or other disposition pursuant to any Enforcement Action) (other than release of the Senior Lien due to the occurrence of the Senior Obligations Payment Date), the Junior Lien on such Senior
Collateral (excluding any portion of the proceeds of such Senior Collateral remaining after the Senior Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person. Each Junior
Representative shall promptly execute and deliver such release documents and instruments and shall take such further actions as the Senior Representative(s) shall reasonably request to evidence any release of the Junior Lien described in this
Section 4.2. Each Junior Representative hereby appoints the Senior Representative(s) and any officer or duly authorized person of such Senior Representative(s), with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of such Junior Representative and in the name of such Junior Representative or in the Senior
Representative(s)’s own name, from time to time, in the Senior Representative(s)’s sole discretion, for the purposes of carrying out the terms of this Section 4.2, to take any and all appropriate action and to
execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this Section 4.2, including any financing statements, endorsements, assignments, releases or other
documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 

  
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 4.3 [Reserved] 

4.4 Insurance. 
 (a) Until
the Senior Obligations Payment Date and subject to the terms of, and the rights of the Loan Parties under, the Senior Documents, the Controlling Senior Representative shall have the sole and exclusive right to adjust settlement for any insurance
policy covering the Collateral in the event of any loss or claim thereunder, the sole and exclusive right to adjust settlement of any business interruption insurance, and to approve any award granted in any condemnation or similar proceeding (or any
deed in lieu of condemnation) affecting the Collateral. Until the Senior Obligations Payment Date, (i) all Proceeds of any such policies and any such award (or any payments with respect to a deed in lieu of condemnation) if in respect of the
Collateral and to the extent required by the Senior Documents shall be paid to the Controlling Senior Representative pursuant to the terms of the Senior Documents (including, without limitation, for purposes of cash collateralization of Letters of
Credit) and thereafter, following the Senior Obligations Payment Date, and subject to the rights of the Loan Parties under the Documents, in full to the applicable Junior Representative for the benefit of the respective Junior Secured Parties in
accordance with the Lien Priority established in Section 2.1, until each applicable Junior Obligations Payment Date, and then to the owner of the subject property, such other Person as may be entitled thereto, or as a court
of competent jurisdiction may otherwise direct, and (ii) if any Junior Representative or the respective Junior Secured Parties shall, at any time receive any Proceeds of any such insurance policy or any such award or payment with respect to
Collateral in contravention of this Agreement, it shall segregate and hold in trust and forthwith pay such Proceeds over to the Controlling Senior Representative in accordance with the terms of Section 4.1. 

(b) [Reserved]. 
 (c) To
effectuate the foregoing, and to the extent that the pertinent insurance company agrees to issue such endorsements, the Secured Parties shall each receive separate lender’s loss payable endorsements naming themselves as loss payee and
additional insured, as their interests may appear, with respect to policies which insure Collateral hereunder. 
 SECTION 5. Insolvency Proceedings.

 5.1 Filing of Motions. Until the Senior Obligations Payment Date has occurred, each Junior Representative agrees on behalf of
itself and the respective Junior Secured Parties that no such Junior Secured Party shall, in or in connection with any Insolvency Proceeding, file any pleadings or motions, take any position at any hearing or proceeding of any nature, or otherwise
take any action whatsoever, in each case in respect of any of the Senior Collateral, including with respect to the determination of any Liens or claims held by the Senior Representative(s) (including the validity and enforceability thereof) or any
other Senior Secured Party in respect of any Senior Collateral or the value of any claims of such parties under Section 506(a) of the Bankruptcy Code or otherwise; provided that each Junior Representative may (i) file a proof of
claim or statement of interest in an Insolvency Proceeding, and (ii) file any necessary responsive or defensive pleadings in opposition of any motion, claim, adversary proceeding or other pleadings made by any Person objecting to or otherwise
seeking the disallowance of any Person objecting to or otherwise seeking the disallowance of the claims of the applicable Junior Secured Parties on the Senior Collateral subject to the limitations contained in this Agreement and only if consistent
with the terms and the limitations on each Junior Representative imposed hereby. 

  
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 5.2 Financing Matters. 

(a) If any Loan Party becomes subject to any Insolvency Proceeding in the United States at any time prior to the Senior Obligations Payment
Date, and if the Controlling Senior Representative desires to consent (or not object) to the use of cash collateral under the Bankruptcy Code (or similar bankruptcy law) that represents proceeds of Collateral or to provide financing to any Loan
Party under the Bankruptcy Code (or similar bankruptcy law) or to consent (or not object) to the provision of such financing to any Loan Party secured by a Lien on any Collateral (any such financing, “DIP Financing”), then, so long
as (1) the maximum principal amount of Indebtedness that may be outstanding from time to time in connection with such DIP Financing, together with the principal amount of Senior Obligations outstanding at such time (owed to the Senior Secured
Parties providing the DIP Financing) (after giving effect to the application of the proceeds of any DIP Financing to refinance all or any portion of such Senior Obligations) does not exceed the principal amount of $35,000,000, (2) subject to
clause (B) of this subparagraph (a), each Junior Representative retains a Lien on all Collateral with the same priority as existed prior to the commencement of the Insolvency Proceeding, (3) to the extent that the Senior Representative(s)
is granted adequate protection in the form of a Lien on Collateral, each Junior Representative is permitted to seek a Lien on such additional Collateral as existed prior to the commencement of the Insolvency Proceeding and the Senior
Representative(s) agrees not to object to such action by the applicable Junior Representative, (4) the terms of such DIP Financing do not require Holdings or any other Loan Party to seek approval for any plan of reorganization that is
inconsistent with this Agreement, and (5) the terms of such DIP Financing do not require any Junior Secured Parties to advance additional funds pursuant to such DIP Financing, each Junior Representative agrees, on behalf of itself and the
respective Junior Secured Parties, that such Junior Secured Parties (A) will be deemed to have consented to, will raise no objection to, nor support any other Person objecting to, the use of such cash collateral or to such DIP Financing on the
grounds of a failure to provide “adequate protection” for such Junior Representative’s Lien on the Collateral to secure the applicable Junior Obligations or on any other grounds and (B) if requested by the Senior
Representative(s), will subordinate (and will be deemed hereunder to have subordinated) the applicable Junior Liens on any Collateral (i) to such DIP Financing on the same terms as the Senior Liens are subordinated thereto (and such
subordination will not alter in any manner the terms of this Agreement), (ii) to any adequate protection provided to the Senior Representative(s) and (iii) to any “carve-out” agreed to by the
Senior Representative(s), so long as such Junior Representative retains its Lien on the Collateral to secure its Obligations (in each case, including Proceeds thereof arising after the commencement of the case under the Bankruptcy Code). 

(b) [Reserved]. 
 (c) All Liens
granted to any Representative in any Insolvency Proceeding, whether as adequate protection or otherwise, are intended to be and shall be deemed to be subject to the Lien Priority and the other terms and conditions of this Agreement. 

5.3 Relief From the Automatic Stay. Until the Senior Obligations Payment Date, each Junior Representative agrees, on behalf of itself
and the respective Junior Secured Parties, that none of them will seek relief from the automatic stay or from any other stay in any Insolvency Proceeding or take any action in derogation thereof, in each case in respect of any Collateral, without
the prior written consent of the Senior Representative(s), unless the Senior Representative(s) already has filed a pending motion for such relief with respect to its interest in the Collateral and a corresponding motion must be filed solely for the
purpose of preserving such Junior Representative’s ability to receive residual distributions. 
 5.4 No Contest. Each Junior
Representative, on behalf of itself and the respective Junior Secured Parties, agrees that, prior to the Senior Obligations Payment Date, none of them shall contest (or support any other Person contesting) (a) any request by any Senior
Representative or any Senior Secured Party for adequate protection of its interest in the Senior Collateral (unless in contravention of Section 5.2(a)) or for relief from the automatic stay with respect to the Senior
Collateral, or (b) any objection by 

  
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any Senior Representative or any Senior Secured Party to any motion, relief, action, or proceeding based on a claim by any Senior Representative or any Senior Secured Party that its interests in
the Senior Collateral (unless in contravention of Section 5.2(a) or (b), as applicable) are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any
Liens granted to such Senior Representative as adequate protection of its interests are subject to this Agreement. 
 5.5 Avoidance
Issues. If any Senior Secured Party is required in any Insolvency Proceeding or otherwise to disgorge, turn over or otherwise pay to the estate of any Loan Party, because such amount was avoided or ordered to be paid or disgorged for any reason,
including because it was found to be a fraudulent or preferential transfer or conveyance, any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of
set-off or otherwise, then the Senior Obligations shall be reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and the Senior Obligations Payment Date
shall be deemed not to have occurred. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or
otherwise affect the obligations of the parties hereto. The Junior Secured Parties agree that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation made in accordance
with this Agreement, whether by preference or otherwise, it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance with the
priorities set forth in this Agreement. 
 5.6 Asset Dispositions in Insolvency Proceedings. Neither the Junior Representatives nor
any of the respective Junior Secured Parties shall, in an Insolvency Proceeding or otherwise, oppose any sale or disposition of any Senior Collateral that is supported by the Senior Secured Parties, and each Junior Representative and each respective
Junior Secured Party will be deemed to have consented under Section 363 of the Bankruptcy Code (and otherwise) to any sale of any Senior Collateral supported by the Senior Secured Parties, free and clear of the applicable Junior Liens so long
as (a) the requisite Senior Secured Parties have consented to such sale or other disposition of such assets, (b) such motion does not impair, subject to the priorities set forth in this Agreement, the rights of such Junior Secured Parties
under Section 363(k) of the Bankruptcy Code (so long as the right of such Junior Secured Parties to offset their claim against the purchase price is only after the Senior Obligations have been paid in full in cash), (c) either (i) pursuant
to court order, the Junior Liens attach to the net proceeds of the sale or other disposition with the same priority and validity as the Junior Liens on such Senior Collateral, and the Liens remain subject to the terms of this Agreement, or
(ii) the proceeds of the sale or other disposition are applied in accordance with Section 4.1(a), (d) such sale or disposition is not in contravention of the terms of this Agreement and (e) the net cash proceeds
of the sale or other disposition that are applied to Senior Obligations permanently reduce the Senior Obligations (and, in respect of the ABL Obligations, the ABL Obligations Cap shall be reduced by an amount equal to such net cash proceeds) to the
extent provided in Section 4.1(a). The foregoing to the contrary notwithstanding, the Junior Secured Parties may raise any objections to any sale or disposition of the Senior Collateral that could be raised by a creditor of
the Loan Parties whose claims are not secured by Liens on the Senior Collateral, provided such objections are not inconsistent with any other term or provision of this Agreement and are not based on their status as secured creditors (without
limiting the foregoing, the Junior Secured Parties may not raise any objections based on rights afforded by Sections 363(e) and (f) of the Bankruptcy Code to secured creditors (or any comparable provision of any other bankruptcy law) with
respect to the Liens granted to the Junior Secured Parties in respect of the Senior Collateral). 
 5.7 Other Matters. To the extent
that any Senior Representative or any Senior Secured Party has or acquires rights under Section 363 or Section 364 of the Bankruptcy Code with respect to any of the Junior Collateral (other than to the extent that such Collateral also
constitutes Senior Collateral), such Senior Representative agrees, on behalf of itself and the other Senior Secured Parties, not to assert any of 

  
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such rights without the prior written consent of any Junior Representative; provided that if reasonably requested by a Junior Representative, such Senior Representative shall timely
exercise such rights in the manner requested by such Junior Representative, including any rights to payments in respect of such rights (for the avoidance of doubt, this Section 5.7 shall not be construed to limit, restrict or condition (in any
way) the Senior Representative(s)’s right to enforce rights under Section 363 or Section 364 of the Bankruptcy Code or otherwise with respect to Senior Collateral. 

5.8 Effectiveness in Insolvency Proceedings. This Agreement, which the parties hereto expressly acknowledge is a “subordination
agreement” under Section 510(a) of the Bankruptcy Code, including, without limitation, the Lien Priorities set forth in Section 2, shall be effective before, during and after the commencement of an Insolvency
Proceeding. 
 5.9 Certain Waivers. Each Representative on behalf of the respective Secured Parties, waives any claim it may hereafter
have against any other Secured Party arising out of (a) the election by such Secured Party of the application of Section 1111(b)(2) of the Bankruptcy Code, or any comparable provision of any other applicable law, or (b) any use of
cash collateral or financing arrangement, or any grant of a security interest in the Collateral or otherwise in any Insolvency Proceeding, in each case, to the extent consistent with the terms of this Agreement. 

SECTION 6. Loan Documents. 
 6.1
Amendments of Loan Documents. Each Loan Party and each Representative, on behalf of itself and the respective Secured Parties, agrees that it shall not at any time execute or deliver any amendment or other modification to any of the Loan
Documents inconsistent with or in violation of this Agreement. 
 6.2 [Reserved]. 

6.3 Comparable Amendments. In the event any Senior Representative enters into any amendment, waiver or consent in respect of any of the
Senior Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Senior Security Document or changing in any manner the rights of any parties thereunder, in each case
solely with respect to any Senior Collateral, then such amendment, waiver or consent shall apply automatically to any comparable provision of the Comparable Security Document without the consent of or action by any Junior Secured Party (with all
such amendments, waivers and modifications subject to the terms hereof); provided that, (i) no such amendment, waiver or consent shall have the effect of removing assets subject to the Lien of any Junior Security Document, except to the
extent that a release of such Lien is permitted by Section 4.2, (ii) any such amendment, waiver or consent that materially and adversely affects the rights of the Junior Secured Parties and does not affect the Senior
Secured Parties in a like or similar manner shall not apply to the Junior Security Documents without the consent of such Junior Representative, (iii) no such amendment, waiver or consent with respect to any provision applicable to a Junior
Representative under the Junior Loan Documents shall be made without the prior written consent of such Junior Representative and (iv) notice of such amendment, waiver or consent shall be given to a Junior Representative no later than 30 days
after its effectiveness; provided that the failure to give such notice shall not affect the effectiveness and validity thereof. 
 SECTION 7.
Purchase Option. 
 7.1 Notice of Exercise. Upon the occurrence and during the continuance of any Triggering Event,
(a) the Controlling Senior Representative shall endeavor to promptly give notice thereof to each Junior Representative, and (b) each respective Class of Junior Secured Parties, acting as a single group,

  
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through its respective Junior Representative, shall have the option for a period of fifteen (15) Business Days (or an unlimited number of days in the case of a Triggering Event of the type
described in clause (v) of the definition thereof) (the “Purchase Option Period”), after the receipt of such notice, to issue a notice to each Representative of its respective Senior Secured Parties that such Class of
Junior Secured Parties intends to purchase all of the Senior Obligations from all of such Senior Secured Parties. For the avoidance of doubt, each Class of Junior Secured Parties that exercises and is bound to exercise its purchase option
pursuant to this Section 7.1 must purchase all of the Senior Obligations of its respective Senior Secured Parties (and not only the Senior Obligations of the Controlling Senior Representative and corresponding Senior
Secured Parties). Except with respect to a Triggering Event of the type described in clause (v) of the definition thereof, such Purchase Option Period shall run simultaneously for each Class of Junior Secured Parties for a total aggregate
period of fifteen (15) Business Days; provided, however, that if the Controlling Senior Representative gives notice to a Junior Representative more than one Business Day after the other Junior Representatives, the Purchase Option Period for
such Junior Representative shall be extended by the same number of days that delivery of such notice has been delayed. In the event of receipt by the Controlling Senior Representative of multiple notices of intent to purchase, the Class of
Junior Secured Parties with the Senior Liens (as set forth in the Lien Priorities provided in Section 2.1) that issues such notice shall be irrevocably bound and entitled to purchase the Senior Obligations on the terms of
this Section 7 and the Controlling Senior Representative shall notify each Junior Representative for each Class of Junior Secured Parties that issues such notice as to which Class of Junior Secured Parties is
bound. The failure of the Controlling Senior Representative to provide the notice described in subsection (a) above shall not constitute a breach of its obligations hereunder and shall not impair any of the Senior Representative(s)’s
rights hereunder or under any of the respective Loan Documents. Notwithstanding anything to the contrary in this Agreement, the occurrence of a Triggering Event or the delivery of any notice under this Section 7.1, shall
not prevent, postpone, or otherwise affect the right of the Senior Representative(s) to exercise any rights or remedies permitted under this Agreement, including, without limitation, the commencement or continuation of any Enforcement Action. 

7.2 Purchase and Sale. On the date specified by the relevant Junior Secured Parties in the notice contemplated by
Section 7.1(b) (which shall not be less than 5 Business Days, nor more than 10 Business Days, after the receipt by the Controlling Senior Representative of the notice of the relevant Junior Secured Parties’ election to
exercise such option), the applicable Senior Secured Parties shall sell to the relevant Junior Secured Parties, and the relevant Junior Secured Parties shall purchase from the applicable Senior Secured Parties, the Senior Obligations on an as-is, where-is basis; provided that, such Senior Secured Parties shall retain all rights to be indemnified or held harmless by the Loan Parties in accordance with the
terms of the Senior Documents but shall not retain any rights to the security therefor. 
 7.3 Payment of Purchase Price. Upon the
date of such purchase and sale, the relevant Junior Secured Parties shall (i) pay to the relevant Senior Secured Parties as the purchase price therefor the full amount of all the Senior Obligations then outstanding and unpaid (including
principal, interest, fees (including facility fees and expenses (including, without limitation, reasonable attorneys’ fees and legal expenses)), (ii) furnish cash collateral in an amount equal to 105% of the face amount of the issued and
outstanding letters of credit secured by the Senior Documents, if applicable, (iii) agree to reimburse the relevant Senior Secured Parties and letter of credit issuing banks for any loss, cost, damage or expense (including reasonable
attorneys’ fees and legal expenses) in connection with any commissions, fees, costs or expenses related to any issued and outstanding letters of credit as described above and any checks or other payments provisionally credited to the Senior
Obligations, and/or as to which the relevant Senior Secured Parties have not yet received final payment, as applicable, (iv) agree to reimburse the relevant Senior Secured Parties and letter of credit issuing banks, in respect of
indemnification obligations of the Loan Parties under the Senior Documents as to matters or circumstances known to such Senior Secured Parties at the time of the purchase and sale which would reasonably be expected to result in any loss, cost,

  
 - 28 - 

 
damage or expense (including reasonable attorneys’ fees and legal expenses) to such Senior Secured Parties or letter of credit issuing banks, as applicable, and (v) agree to indemnify
and hold harmless the relevant Senior Secured Parties and letter of credit issuing banks, as applicable, from and against any loss, liability, claim, damage or expense (including reasonable fees and expenses of legal counsel) arising out of any
claim asserted (excluding, for the avoidance of doubt, any unasserted contingent third-party obligations not described above) by a third party in respect of the Senior Obligations as a direct result of any acts by such Senior Secured Parties
occurring prior to the date of such purchase to the extent such acts comply with the applicable standard of care (if any) set forth for such actions in the Senior Documents. Such purchase price and cash collateral shall be remitted by wire transfer
in federal funds to such bank account as the respective Representative of the relevant Senior Secured Parties may designate in writing for such purpose. 

7.4 Limitation on Representations and Warranties. Such purchase shall be expressly made without representation or warranty of any kind
by the relevant Senior Secured Parties and without recourse of any kind, and the applicable Junior Secured Parties shall assume all obligations of such Senior Secured Parties under the relevant Senior Documents and indemnify such Senior Secured
Parties for any breach thereof, all in accordance with assignment documentation in form and substance acceptable to the respective Representative of the relevant Senior Secured Parties, except that Senior Secured Parties shall represent and warrant
that such Senior Secured Parties own the Senior Obligations free and clear of any Liens or encumbrances created by it. 
 7.5 (a) Excess
ABL Obligations. In the event that any one or more Junior Secured Parties exercises and consummates the purchase option set forth in this Section 7 and at the time of such purchase, there exists Excess ABL Obligations,
the consummation of such purchase option shall not include (nor shall the purchase price be calculated with respect to) such Excess ABL Obligations (such amount, the “ABL Retained Interest”). 

(b) Reserved. 
 7.6
ABL Retained Interest. In the event that an ABL Retained Interest exists, the ABL Agent shall, at the request of the purchasing Junior Secured Parties, execute an amendment to the ABL Agreement acknowledging that such ABL Retained Interest
consisting of Excess ABL Obligations is a last-out tranche, payable after the Senior Obligations Payment Date. Interest with respect to such ABL Retained Interest consisting of Excess ABL Obligations shall
continue to accrue and be payable in accordance with the terms of the ABL Documents, the ABL Retained Interest shall continue to be secured by the Collateral (but shall be junior and subordinate to all Liens on the Collateral in favor of each Senior
Representative, and the ABL Retained Interest shall be paid (or cash collateralized, as applicable) in accordance with the terms of the ABL Agreement and this Agreement. The ABL Agent shall continue to have all of its rights and remedies under the
ABL Agreement and the other ABL Documents on account of the Excess ABL Obligations; provided that the ABL Agent and the other ABL Secured Parties shall have no right to vote on or otherwise consent to any amendment, waiver, departure from, or
other modification of any provision of any Junior Document (on account of the Excess ABL Obligations) except that the consent of the ABL Agent shall be required for matters in contravention of the provisions and priorities set forth in this
Agreement. 
 7.7 Junior Representatives. For the avoidance of doubt, notwithstanding anything to the contrary herein, (i) any
obligations to pay the purchase price, furnish cash collateral, and indemnify and reimburse the Senior Secured Parties in connection with the exercise of the purchase option set forth herein shall be obligations of the relevant Junior Secured
Parties other than the Junior Representatives, and (ii) the Junior Representatives shall have no obligations under this Section 7 except to the extent they are required to act in an administrative capacity for their
respective Class of Junior Secured Parties in accordance with their respective Loan Documents. 

  
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 SECTION 8. Reliance; Waivers; etc. 

8.1 Reliance. Each Class of Loan Documents are deemed to have been executed and delivered, and all extensions of credit thereunder
are deemed to have been made or incurred, in reliance upon this Agreement. Each Representative, on behalf of it itself and the respective Secured Parties, expressly waives all notice of the acceptance of and reliance on this Agreement by the other
Representatives. 
 8.2 No Warranties or Liability. Each Representative acknowledges and agrees that the other Representatives have
made no representation or warranty with respect to the execution, validity, legality, completeness, collectability or enforceability of any Loan Document, the ownership by any Loan Party of any Collateral or the perfection of any Liens thereon.
Except as otherwise provided in this Agreement, each Representative will be entitled to manage and supervise the respective extensions of credit to any Loan Party in accordance with law, the applicable Loan Documents and their usual practices,
modified from time to time as they deem appropriate. No Representative shall have any obligation whatsoever to the other Secured Parties to ensure that any Collateral in its possession is genuine or owned by a Loan Party or to preserve the rights or
benefits of any Person. 
 8.3 No Waivers. No right or benefit of any party hereunder shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of such party or any other party hereto or by any noncompliance by any Loan Party with the terms and conditions of any of the Loan Documents. 

SECTION 9. Obligations Unconditional. 

All rights, interests, agreements and obligations hereunder of each Senior Representative and the Senior Secured Parties in respect of any
Collateral and the Junior Representatives and the Junior Secured Parties in respect of such Collateral shall remain in full force and effect regardless of: 

(a) any lack of validity or enforceability of any Senior Document or any Junior Document and regardless of whether the Liens of any Senior
Representative and Senior Secured Parties are not perfected or are voidable for any reason; 
 (b) any change in the time, manner or place of
payment of, or in any other terms of, all or any of the Senior Obligations or Junior Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms
of any Senior Document or any Junior Document; 
 (c) any exchange, release or lack of perfection of any Lien or any Collateral or any other
asset, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Obligations or Junior Obligations or any guarantee thereof; 

(d) the commencement of any Insolvency Proceeding in respect of any Loan Party; or 

(e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, any Loan Party in respect of any
Secured Obligation or of any Junior Secured Party in respect of this Agreement. 

  
 - 30 - 

 SECTION 10. Miscellaneous. 

10.1 Rights of Subrogation. Each Junior Representative, for and on behalf of itself and the respective Junior Secured Parties, agrees
that no payment to any Senior Representative pursuant to the provisions of this Agreement shall entitle such Junior Representative or respective Junior Secured Party to exercise any rights of subrogation in respect thereof until the Senior
Obligations Payment Date. Following the Senior Obligations Payment Date, each applicable Senior Representative agrees to execute such documents, agreements, and instruments as such Junior Representative or any Junior Secured Party may reasonably
request to evidence the transfer by subrogation to any such Person of an interest in the Senior Obligations resulting from payments to such Senior Representative by such Person, so long as all costs and expenses (including all reasonable legal fees
and disbursements) incurred in connection therewith by such Senior Representative are paid by the Loan Parties upon request for payment thereof. Each Senior Representative agrees that no payment to a Junior Representative or the respective Junior
Secured Party pursuant to the provisions of this Agreement shall entitle such Senior Representative to exercise any rights of subrogation in respect thereof until the applicable Junior Obligations Payment Date. Following any Junior Obligations
Payment Date, the applicable Junior Representative agrees to execute such documents, agreements, and instruments as any applicable Senior Representative may reasonably request to evidence the transfer by subrogation to any such Person of an interest
in the Junior Obligations resulting from payments to such Junior Representative by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by such Junior Representative
are paid by the Loan Parties upon request for payment thereof. 
 10.2 Further Assurances. Each of the Representatives will, at the
Loan Parties’ expense and at any time and from time to time, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that any other party may reasonably request, in
order to protect any right or interest granted or purported to be granted hereby or to enable each Representative to exercise and enforce its rights and remedies hereunder; provided that no party shall be required to pay over any payment or
distribution, execute any instruments or documents, or take any other action referred to in this Section 10.2, to the extent that such action would contravene any law, order or other legal requirement or any of the terms or
provisions of this Agreement, and in the event of a controversy or dispute, such party may interplead any payment or distribution in any court of competent jurisdiction, without further responsibility in respect of such payment or distribution under
this Section 10.2. 
 10.3 Conflicts. In the event of any conflict between the provisions of this Agreement
and the provisions of any Loan Document, the provisions of this Agreement shall govern. 
 10.4 Continuing Nature of Provisions. 

(a) Subject to Section 5.5 and Section 10.4(b), this Agreement shall continue to be
effective, and shall not be revocable by any party hereto, until there is only one outstanding Class of Secured Obligations. This is a continuing agreement and the Secured Parties may continue, at any time and without notice to the other
parties hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness to, or for the benefit of, any Loan Party on the faith hereof. 

(b) Notwithstanding Section 10.4(a), this Agreement shall terminate with respect to any Representative upon the ABL Obligations Payment
Date, Term Obligations Payment Date, Convertible Note Obligations Payment Date, or Excess ABL Obligations Payment Date, as applicable, and the termination of the applicable Loan Documents. 

  
 - 31 - 

 10.5 Amendments; Waivers; Acknowledgment; Authority. 

(a) No amendment or modification of any of the provisions of this Agreement shall be effective unless the same shall be in writing and signed
by each Representative. A copy of any amendment or modification shall be promptly provided to the ABL Borrower. Upon the ABL Obligations Payment Date, Term Obligations Payment Date, Convertible Note Obligations Payment Date, or Excess ABL
Obligations Payment Date, as applicable, and the termination or discharge of the applicable Loan Documents, the signature of the Representative of the Secured Parties whose Loan Documents have been terminated or discharged and Obligations have been
so paid, or discharged, or defeased shall not be required to subsequently amend, modify, or terminate this Agreement, provided that this Section shall not be construed to amend Section 10.5(b) or otherwise restrict the incurrence of Additional
Debt and the joinder of such Secured Parties to this Agreement (after which, the consent of the Representative of such Additional Debt shall be required to amend or modify this Agreement). 

(b) It is understood that the Representatives, without the consent of any other Secured Party (other than the Secured Parties of their
respective Class), may in their discretion determine that a supplemental agreement (which may take the form of Exhibit A: Form of Additional Indebtedness Joinder and Designation) is necessary or appropriate to facilitate having additional
indebtedness or other obligations (“Additional Debt”) of any of the Loan Parties become ABL Obligations, Term Obligations or Convertible Note Indenture Obligations, as the case may be, under this Agreement, which supplemental
agreement shall specify which class of Secured Obligations such Additional Debt shall constitute; provided, that such Additional Debt is permitted to be incurred by this Agreement and the other Loan Documents, and is permitted by said
agreements to be subject to the provisions of this Agreement as a Class of Secured Obligations, as applicable. 
 (c) By its signature,
each person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement. Each Representative executing this Agreement as agent for any Secured Party
represents and warrants to the other parties hereto that it is duly authorized to bind such Secured Party. 
 (d) It is understood and agreed
that each of the ABL Agent, Term Agent and Convertible Noteholder Trustee is executing this Agreement solely in its capacity as administrative agent or trustee (as applicable) and collateral agent or collateral trustee, as applicable, for its
respective Class of Secured Parties and shall be entitled to request the written direction or the written consent of the requisite percentage of such Secured Parties as provided in its respective Loan Documents in connection with any action
taken on behalf of such Class of Secured Parties hereunder. The rights, privileges and immunities of each of the ABL Agent, Term Agent, and Convertible Noteholder Trustee as set forth in the respective Loan Documents shall apply to any actions
taken hereunder. 
 10.6 Information Concerning Financial Condition of the Loan Parties. Without imposing any obligation on any
Representative other than as set forth in the respective Loan Documents, each of the Representatives hereby assume responsibility for keeping itself informed of the financial condition of the Loan Parties and all other circumstances bearing upon the
risk of nonpayment of the Secured Obligations. The Representatives hereby agree that no party shall have any duty to advise any other party of information known to it regarding such condition or any such circumstances (except as otherwise expressly
provided in the Loan Documents or this Agreement). Except to the extent otherwise expressly required under this Agreement, in the event any Representative, in its sole discretion, undertakes at any time or from time to time to provide any
information to any other party to this Agreement, it shall be under no obligation (a) to provide any such information to such other party or any other party on any subsequent occasion, (b) to undertake any investigation not a part of its
regular business routine, or (c) to disclose any other information. 

  
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 10.7 Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAW OF THE STATE OF NEW YORK, EXCEPT AS OTHERWISE REQUIRED BY MANDATORY PROVISIONS OF LAW AND EXCEPT TO THE EXTENT THAT REMEDIES PROVIDED BY THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK ARE GOVERNED BY THE LAWS OF SUCH
JURISDICTION. 
 10.8 CONSENT TO JURISDICTION; JURY TRIAL WAIVER. 

(A) EACH REPRESENTATIVE HEREBY AGREES THAT ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST IT ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY
STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH REPRESENTATIVE, FOR ITSELF AND FOR THE RESPECTIVE SECURED PARTIES, IRREVOCABLY (i) ACCEPTS GENERALLY
AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (ii) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (iii) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR
CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE REPRESENTATIVE AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 10.9 IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER SUCH REPRESENTATIVE IN ANY SUCH PROCEEDING IN ANY SUCH
COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (iv) AGREES THAT EACH SECURED PARTY RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY LOAN PARTY IN
THE COURTS OF ANY OTHER JURISDICTION. 
 (B) EACH REPRESENTATIVE HEREBY AGREES THAT PROCESS MAY BE SERVED ON IT BY CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, TO THE ADDRESSES PERTAINING TO IT AS SPECIFIED IN SECTION 10.9. ANY AND ALL SERVICE OF PROCESS AND ANY OTHER NOTICE IN ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE EFFECTIVE AGAINST SUCH REPRESENTATIVE IF GIVEN BY
REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY ANY OTHER MEANS OR MAIL WHICH REQUIRES A SIGNED RECEIPT, POSTAGE PREPAID, MAILED AS PROVIDED ABOVE. 

(C) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER
OF THIS AGREEMENT, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH
HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER
SPECIFICALLY REFERRING TO THIS SECTION 10.8(C) AND 

  
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EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE
FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 10.9 Notices. Unless otherwise specifically provided herein, any notice or
other communication herein required or permitted to be given shall be in writing and may be personally served, telecopied, or sent by overnight express courier service or United States mail and shall be deemed to have been given when delivered in
person or by courier service, upon receipt of a telecopy or five days after deposit in the United States mail (certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a
change thereof is delivered as provided in this Section 10.9) shall be, in the case of the Representatives, as set forth below such Person’s name on the signature pages hereof, or, in the case of any Loan Party, on the
signature page to the Acknowledgment attached as Annex 1, or such other address as may be designated by such Person in a written notice to all of the other parties. 

10.10 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and each other
Secured Party and their respective successors and assigns, and nothing herein is intended, or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement or any Collateral. 

10.11 Headings. Section headings used herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement. 
 10.12 Severability. Any provision of this
Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of
the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

10.13 Other Remedies. For avoidance of doubt, it is understood that nothing in this Agreement shall prevent any Secured Party from
exercising any available remedy to accelerate the maturity of any indebtedness or other obligations owing under the Senior Documents or the Junior Documents, as applicable, or to demand payment under any Guarantee in respect thereof. 

10.14 Counterparts; Integration; Effectiveness. This agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as
delivery of a manually executed counterpart of this Agreement. This Agreement shall become effective when it shall have been executed by each party hereto. 

10.15 Additional Loan Parties. The ABL Borrower shall cause each Person that becomes a Loan Party after the date hereof to acknowledge
this Agreement by execution and delivery by such Person of an Acknowledgment in the form of Annex 1. 
 10.16 Bailment. Each
Senior Representative agrees that if it shall at any time hold in its possession or control any Collateral, such Senior Representative shall, solely for the purpose of perfecting the Junior Liens granted under the Junior Documents and subject to the
terms and conditions of this Section 10.16, also hold and/or maintain control of such Collateral as gratuitous bailee or representative 

  
 - 34 - 

 
(as defined in Section 1-201(35) of the UCC) of the Junior Representatives. Each Senior Representative shall be entitled to deal with such Collateral
in accordance with the terms of this Agreement and the other Loan Documents as if the applicable Junior Liens did not exist. Without limiting the foregoing, no Senior Representative shall have any obligation or responsibility to ensure that any
Collateral is genuine or owned by any of the Loan Parties. No Senior Representative shall, by reason of this Agreement, any other Security Document or any other agreement, document or instrument, have a fiduciary relationship in respect of any other
Secured Party. After the occurrence of the Senior Obligations Payment Date, the Controlling Senior Representative shall transfer the possession and control of such Collateral, together with any endorsements requested by the successor Controlling
Senior Representative but without recourse or warranty, (i) if any Junior Obligations are outstanding at such time, to the successor Controlling Senior Representative, as determined by the Lien Priority set forth in
Section 2.1, and (ii) if no Junior Obligations are outstanding at such time, to the applicable Loan Party, in each case so as to allow such person to obtain possession and control of such Collateral. 

10.17 Reinstatement. If, in any Insolvency Proceeding or otherwise, all or part of any payment with respect to the Senior Obligations
previously made shall be rescinded for any reason whatsoever, then such Senior Obligations shall be reinstated to the extent of the amount so rescinded and, if theretofore terminated, this Agreement shall be reinstated in full force and effect and
such prior termination shall not diminish, release, discharge, impair or otherwise affect the Lien Priorities and the relative rights and obligations of the Secured Parties provided for herein. In addition, each Representative further agrees that
if, at any time, all or part of any payment with respect to any Senior Obligations secured by any Senior Collateral previously made shall be rescinded for any reason whatsoever, such Representative will promptly pay over to the applicable Senior
Representative any payment received by it in respect of any such Senior Collateral that is still in such Representative’s possession and shall promptly turn any such Senior Collateral then held by it over to the applicable Senior
Representative, and the provisions set forth in this Agreement will be reinstated as if such payment had not been made, until the payment and satisfaction in full of the applicable Senior Obligations. 

10.18 Existing Intercreditor. As between the ABL Obligations, the ABL Secured Parties, the ABL Agent and the ABL Liens, on the one hand,
and the Term Obligations, the Term Secured Parties, the Term Agent, and the Term Liens, on the other hand, if there is an inconsistency or conflict between this Agreement and that certain Amended and Restated Intercreditor Agreement (as amended,
restated, supplemented or otherwise modified from time to time immediately prior to the date hereof, the “Existing Intercreditor”), dated as of June 29, 2016, by and among Cantor Fitzgerald Securities (as successor to Wells Fargo
Bank, National Association), as ABL Agent, Wilmington Savings Fund Society, FSB, as Existing Noteholder Agent, Delaware Trust Company, Term Agent, and the other parties thereto (as each of those terms is defined in the Existing Intercreditor), this
Agreement shall govern; provided, however, that the parties hereto acknowledge that the Existing Intercreditor Agreement may contain terms that contradict the terms of this Agreement. If any Representative is in doubt as to what action, if
any, should be taken under this Agreement or the Existing Intercreditor Agreement due to an actual or perceived conflict between such agreements, such Representative shall, upon notice to the other Representatives, have the right to do any and all
of the following: (a) withhold or stop performance with respect to such action until such Representative is satisfied that such doubt has been resolved or (b) file a suit in interpleader and obtain an order of the court of appropriate
jurisdiction requiring all such persons to litigate in such court their respective claims arising out of or in connection with the conflict. Such Representative’s costs, including reasonable attorneys’ fees, shall be reimbursed as set
forth in the applicable Loan Documents, and no party hereto shall assert that any action taken pursuant to this Section 10.18 shall be due to such Representative’s gross negligence, willful misconduct or breach of this Agreement. 

[Remainder of page intentionally left blank] 

  
 - 35 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

					
	ABL AGENT:	 	CANTOR FITZGERALD SECURITIES, as ABL Agent for and on behalf of the ABL Secured Parties
			
		 	By:	 	 /s/ James
Buccola                                        
                
 Name: James Buccola
Title: Head of Fixed
Income

		
		 	Address for Notices:
		
		 	 Cantor Fitzgerald Securities, as Agent

1801 N. Military Trail, Suite 202
 Boca Raton, FL 33431

Attn: N. Horning (SAExploration)
 Email:
nhorning@cantor.com

		
		 	With a copy to (which shall not constitute notice):
		
		 	 Shipman & Goodwin LLP
 One
Constitution Plaza
 Hartford, CT 06103
 Attn: Nathan
Plotkin

		
	INTERCREDITOR AGREEMENT	 	

  
 - 36 - 

					
	CONVERTIBLE NOTEHOLDER TRUSTEE:	 	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Convertible Noteholder Trustee for and on behalf of the Convertible Note Secured Parties
			
		 	By:	 	 /s/ Geoffrey J.
Lewis                                        

 Name: Geoffrey J. Lewis
Title: Vice President

		
		 	Address for Notices:
		
		 	 Wilmington Savings Fund Society, FSB
500 Delaware Avenue
Wilmington, Delaware 19801
Attention: Corporate
Trust
Reference: SAExploration Holdings, Inc. 6.000%
 Senior Secured Convertible Notes due 2023

Facsimile: (302) 421-9137

		
		 	With a copy to (which shall not constitute notice):
		
		 	 Porter Hedges LLP
 1000 Main Street,
36th Floor
 Houston, Texas 77002
 Attention: Brian G. Rose

Telephone: 713-226-6634

Facsimile: 713-226-6234

Email: brose@porterhedges.com

		
	INTERCREDITOR AGREEMENT	 	

  
 - 37 - 

					
	TERM AGENT	 	DELAWARE TRUST COMPANY, as Term Agent for and on behalf of the Term Secured Parties
			
		 	By:	 	 /s/ Alan J.
Halpern                                        
        
 Name: Alan Halpern
Title: Vice President

		
		 	Address for Notices:
		
		 	 Delaware Trust Company
 251 Little
Falls Drive
 Wilmington, DE 19808
 Attention:
    Corporate Trust Administration
 Facsimile:     (302) 636-8666

Email:            trust@delawaretrust.com

		
		 	With a copy to (which shall not constitute notice):
		
		 	 ROPES & GRAY LLP
 1211
Avenue of the Americas
 New York, NY 10036-8704

Attention:    Mark R. Somerstein
 Facsimile:    646-728-1663
 Email:
         mark.somerstein@ropesgray.com

		
	INTERCREDITOR AGREEMENT	 	

  
 - 38 - 

 ACKNOWLEDGMENT 

The undersigned hereby acknowledge and consent to the foregoing Intercreditor Agreement, dated as of September 26, 2018 (as in effect on
the date hereof, the “Intercreditor Agreement”), by and between Cantor Fitzgerald Securities, as ABL Agent, and Wilmington Savings Fund Society, FSB, as Convertible Noteholder Trustee and Delaware Trust Company, as Term Agent.
Unless otherwise defined in this Acknowledgement, terms defined in the Intercreditor Agreement have the same meanings when used in this Acknowledgement. 

Each Loan Party agrees to be bound by the Intercreditor Agreement and agrees that it will, together with its successors and assigns, recognize
all rights granted pursuant to the Intercreditor Agreement to each Representative and each Class of Secured Parties and will not do any act or perform any obligation which is not in accordance with the agreements set forth in the Intercreditor
Agreement. 
 Each Loan Party agrees that any Representative holding Collateral does so as bailee (under the UCC) for the other
Representatives and is hereby authorized to and may turn over to such other Representatives upon request therefor any such Collateral, after all obligations and indebtedness of each of undersigned to the bailee Representative and the Secured Parties
for which it acts have been fully paid and performed. 
 Each Loan Party further acknowledges and agrees that (i) it is not an intended
beneficiary or third party beneficiary under the Intercreditor Agreement or under any amendment thereto, (ii) in the event of a breach by any Loan Party that is continuing of any of the terms and provisions contained in the foregoing
Intercreditor Agreement, such a breach shall constitute an “Event of Default” as defined in and under the ABL Agreement, the Term Agreement and the Convertible Note Indenture Agreement, (iii) it will execute and deliver such
additional documents and take such additional actions as may be necessary or desirable in the opinion of any Representative to effectuate the provisions and purposes of the foregoing Intercreditor Agreement and (iv) the Intercreditor Agreement
may be amended or supplemented from time to time without notice to, or the consent of, any Loan Party so long as such amendment or supplement does not impose any additional obligations on such Loan Party. 

[Remainder of page intentionally left blank] 

ANNEX 1 - ACKNOWLEDGMENT 

  
 - 39 - 

					
		 	SAEXPLORATION HOLDINGS, INC.
			
		 	By:	 	 /s/ Brent
Whiteley                                        
            
 Name: Brent Whiteley
Title: Chief Financial Officer, General Counsel and
Secretary

		
		 	SAEXPLORATION, INC.
			
		 	By:	 	 /s/ Brent
Whiteley                                        
            
 Name: Brent Whiteley
Title: Chief Financial Officer, General Counsel and
Secretary

		
		 	SAEXPLORATION SUB, INC.
			
		 	By:	 	 /s/ Brent
Whiteley                                        
            
 Name: Brent Whiteley
Title: Chief Financial Officer, General Counsel and
Secretary

		
		 	SAEXPLORATION SEISMIC SERVICES (US), LLC
			
		 	By:	 	 /s/ Brent
Whiteley                                        
            
 Name: Brent Whiteley
Title: Chief Financial Officer, General Counsel and
Secretary

		
		 	NES, LLC
			
		 	By:	 	 /s/ Brent
Whiteley                                        
            
 Name: Brent Whiteley
Title: Chief Financial Officer, General Counsel and
Secretary

			
		 		 	 SAEXPLORATION ACQUISITIONS (U.S.), LLC
  

By: /s/ Brent
Whiteley                                        
    
 Name: Brent Whiteley
Title: Chief Financial Officer, General Counsel and
Secretary

  
 - 40 - 

					
		
	INTERCREDITOR AGREEMENT	 	 Address for Notices:
1160 Dairy Ashford, Suite 160
Houston, Texas 77079
Attention: Chief Financial Officer
Email:
bwhiteley@saexploration.com
Facsimile: (281) 258-4418

  
 - 41 - 

 EXHIBIT A 

FORM OF 
 ADDITIONAL
INDEBTEDNESS JOINDER AND DESIGNATION 
 ADDITIONAL INDEBTEDNESS JOINDER AND DESIGNATION, dated as of
[                    ,                ] (this
“Joinder”), by and among Cantor Fitzgerald Securities, as ABL Agent (“ABL Agent”), Wilmington Savings Fund Society, FSB, as Convertible Noteholder Trustee (“Convertible Noteholder Trustee”),
Delaware Trust Company, as Term Agent (“Term Agent”) and [                    ], as [Agent] (as defined below) and any
successors or assigns thereof, to the Intercreditor Agreement dated as of September 26, 2018 (as amended, supplemented, waived or otherwise modified from time to time, the “Intercreditor Agreement”) among the ABL Agent,
Convertible Noteholder Trustee, Term Agent, and the other parties party thereto from time to time. Capitalized terms used herein and not otherwise defined herein shall have the meaning specified in the Intercreditor Agreement. 

Reference is made to that certain [Document], dated as of
[                ,            ] (the
“[                        ]”), among
[                    ], and [                ], as [trustee and notes
collateral agent] (in such capacity, the “[specify agent]”). 
 Section 10.5 of the Intercreditor
Agreement permits the Representatives to designate Additional Debt under the Intercreditor Agreement. 
 Accordingly, the [Agent], for
itself and on behalf of [                    ], hereby agrees with the ABL Agent, Convertible Noteholder Trustee and Term Agent as follows: 

Section 1. Designation of Additional Indebtedness. The Representatives hereby designate such Additional Indebtedness as
[                    ] Obligations under the Intercreditor Agreement. 

Section 2. Agreement to be Bound. The [Agent], for itself and on behalf of
[                    ], hereby agrees to be bound by the terms and provisions of the Intercreditor Agreement and shall, as of the date hereof with
respect to the [                        ] Obligations incurred or to be incurred under the [Document] referred to above, be
deemed to be a party to the Intercreditor Agreement. 
 Section 3. Notices. Notices and other communications provided for under
the Intercreditor Agreement to be provided to the [Agent] shall be sent to the address set forth below its name on the signature page hereto (until notice of a change thereof is delivered as provided in Section 10.9 of the
Intercreditor Agreement). 
 Section 4. Miscellaneous. THIS JOINDER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 
 [SIGNATURES FOLLOW] 

 IN WITNESS WHEREOF, the parties hereto have executed this Joinder to Intercreditor Agreement
as of the date first written above. 
  

			
	
[                         
       ],
 as [Agent]

		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for Notices:

  

					
	ABL AGENT:	 	CANTOR FITZGERALD SECURITIES, as ABL Agent for and on behalf of the ABL Secured Parties
			
		 	By:	 	
                          
                                         
     
 Name:
Title:

		
	CONVERTIBLE NOTEHOLDER TRUSTEE:	 	WILMINGTON SAVINGS FUND SOCIETY, FSB, as Convertible Noteholder Trustee for and on behalf of the Convertible Note Secured Parties
			
		 	By:	 	
                          
                                         
   
 Name:
Title:

		
	TERM AGENT:	 	DELAWARE TRUST COMPANY, as Term Agent for and on behalf of the Term Secured Parties
			
		 	By:	 	
                          
                                         
     
 Name:
Title:EX-10.6

 Exhibit 10.6 

[Execution Version] 

AMENDMENT NO. 5 
 TO

 TERM LOAN AND SECURITY AGREEMENT 

This AMENDMENT NO. 5 TO TERM LOAN AND SECURITY AGREEMENT (this “Fifth Amendment”), dated effective as of September 26,
2018, is entered into among SAExploration Holdings, Inc., a Delaware corporation (“Borrower”), SAExploration Acquisitions (U.S.), LLC, a Delaware limited liability company (the “New Guarantor”), the other Guarantors
party hereto, the Lenders party hereto (the “Lenders”), and Delaware Trust Company, as Administrative Agent and Collateral Agent (in such capacities, the “Agent”), and amends the Term Loan and Security Agreement
dated as of June 29, 2016 (as amended by Amendment No. 1, dated as of October 24, 2016, Amendment No. 2, dated as of September 8, 2017, Amendment No. 3, dated as of February 28, 2018, and Amendment No. 4,
dated as of July 25, 2018, as so amended, and as further amended, restated, modified or supplemented from time to time, the “Term Loan Agreement”), entered into among the Borrower, Guarantors, Lenders party thereto, and the
Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Term Loan Agreement. 

W I T N E S S E T H: 
 WHEREAS,
the Borrower has requested that the Lenders agree to amend the Term Loan Agreement to effect the changes described below in Section 1; 

WHEREAS, each Lender party hereto (which collectively constitute the Required Lenders) desires to amend the Term Loan Agreement to effect the
changes and other provisions described below, in each case, on the terms and conditions described herein; 
 WHEREAS, the New Guarantor
constitutes an Excluded Subsidiary that, upon payment of the Closing Date Acquisition Obligations in full in cash on the date hereof, desires to become a Guarantor and a Loan Party; and 

WHEREAS, Section 15.1 of the Term Loan Agreement provides that the Term Loan Agreement may be amended, modified and waived from time to
time in accordance with the terms thereof. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration
(the receipt and sufficiency of which is hereby acknowledged), the parties hereto hereby agree as follows: 
 1. Amendments. 

(a) Schedule 1.1 of the Term Loan Agreement is hereby amended by adding the following defined terms in correct alphabetical order: 

“Existing Intercreditor Agreement” means that certain Amended and Restated Intercreditor Agreement, dated as of June 29,
2016, by and among the Revolving Loan Lender, the Existing Notes Trustee and Existing Noteholder Collateral Agent and the Agent, and, on or before the Second Advance Date and the New Senior Notes Trustee, and acknowledged and consented to by the
Loan Parties, as amended, restated and/or otherwise modified to the extent permitted by the Required Lenders (or such other percentage of Lenders required under Section 15.1 hereof). 

 “Existing Interlender Agreement” that certain Amended and Restated
Interlender Agreement dated as of December 11, 2017, by and among Cantor Fitzgerald Securities (as successor in interest to Wells Fargo Bank, National Association), as mortgagee with respect to the First Mortgage, Delaware Trust Company, as
mortgagee and trustee with respect to the Second Mortgage, Wilmington Savings Fund Society, FSB, as mortgagee and trustee with respect to the Third Mortgage and Wilmington Savings Fund Society, FSB, as mortgagee and trustee with respect to the
Fourth Mortgage, as amended, restated and/or otherwise modified to the extent permitted by the Required Lenders (or such other percentage of Lenders required under Section 15.1 hereof) (capitalized terms used but not
otherwise defined in this definition shall have the same meaning as they are given in the Existing Interlender Agreement). 
 “Fifth
Amendment” means Amendment No. 5 to the Term Loan and Security Agreement, dated as of the Fifth Amendment Effective Date, among the Borrower, the Guarantors party thereto, the Lenders party thereto, and the Agent. 

“Fifth Amendment Effective Date” means September 26, 2018, subject to the satisfaction of the conditions to
effectiveness set forth in paragraph 2 of the Fifth Amendment. 
 “Intercompany Subordination Agreement” means
(i) from the Fifth Amendment Effective Date until the New Senior Notes Indenture is discharged in accordance with Article 10 of the New Senior Notes Indenture, the New Senior Notes Indenture is satisfied and discharged on the stated maturity
date under the New Senior Notes Indenture, the redemption or repurchase of the New Senior Notes in full at any time after the Fifth Amendment Effective Date (by tender offer or otherwise) or the New Senior Notes Indenture is otherwise discharged in
accordance with the terms thereof, and, in each case, the Amended Intercompany Subordination Agreement is terminated by the parties thereto, (x) the New Intercompany Subordination Agreement and (y) the Amended Intercompany Subordination
Agreement and (ii) upon discharge of the New Senior Notes Indenture in accordance with Article 10 of the New Senior Notes Indenture, the satisfaction and discharge of the New Senior Notes on the stated maturity date under the New Senior Notes
Indenture, the redemption or repurchase of the New Senior Notes in full at any time after the Fifth Amendment Effective Date (by tender offer or otherwise) or such other discharge of the New Senior Notes Indenture in accordance with the terms
thereof and, in each case, the termination of the Amended Intercompany Subordination Agreement by the parties thereto, the New Intercompany Subordination Agreement. 

“Interlender Agreement” means (i) from the Fifth Amendment Effective Date until the New Senior Notes Indenture is
discharged in accordance with Article 10 of the New Senior Notes Indenture, the New Senior Notes are satisfied and discharged on the stated maturity date under the New Senior Notes Indenture, the redemption or repurchase of the New Senior Notes in
full at any time after the Fifth Amendment Effective Date (by tender offer or otherwise) or the New Senior Notes Indenture is otherwise discharged in accordance with the terms thereof, and, in each case, the Existing Interlender Agreement is
terminated by the parties thereto, (x) the New Interlender Agreement and (y) the Existing Interlender Agreement and (ii) upon discharge of the New Senior Notes Indenture in accordance with Article 10 of the New Senior Notes Indenture,
the satisfaction 

  
 2 

 
and discharge of the New Senior Notes on the stated maturity date under the New Senior Notes Indenture, the redemption or repurchase of the New Senior Notes in full at any time after the Fifth
Amendment Effective Date (by tender offer or otherwise) or such other discharge of the New Senior Notes Indenture in accordance with the terms thereof, and, in each case, the termination of the Existing Interlender Agreement by the parties thereto,
the New Interlender Agreement. 
 “Lender Affiliate” shall mean (a) any other Person (other than a natural person)
that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and is administered, advised or managed by (i) any Lender or Affiliate thereof, or (ii) an entity or
Affiliate of an entity that administers, advises or manages any Lender or Affiliate thereof, and (b) any fund or investment vehicle that is managed by the same entity that manages a Person (other than a natural person) identified as a Lender on
the signature pages to this Agreement as of the date hereof. 
 “New Intercompany Subordination Agreement” means that
certain Intercompany Subordination Agreement with respect to the Intercompany Subordinated Note and any other debt between or among any one or more of the Loan Parties and any of their Subsidiaries, dated as of the Fifth Amendment Effective Date,
executed and delivered by each Loan Party, each of their Subsidiaries, the ABL Agent (as defined in the New Intercreditor Agreement), the Agent, and the Convertible Notes Trustee, as amended, restated and/or otherwise modified to the extent
permitted by the Agent and the Required Lenders (or such other percentage of Lenders required under Section 15.1 hereof). 

“New Intercreditor Agreement” means that certain Intercreditor Agreement, dated as of the Fifth Amendment Effective Date, by
and among the ABL Agent (as defined therein), the Agent, and the Convertible Notes Trustee, and acknowledged and consented to by the Loan Parties, as amended, restated and/or otherwise modified to the extent permitted by the Agent and the Required
Lenders (or such other percentage of Lenders required under Section 15.1 hereof). 
 “New Interlender
Agreement” means that certain Interlender Agreement, dated as of the Fifth Amendment Effective Date, by and among the ABL Agent (as defined in the New Intercreditor Agreement), the Agent and the Convertible Notes Trustee, as amended,
restated and/or otherwise modified to the extent permitted by the Agent and the Required Lenders (or such other percentage of Lenders required under Section 15.1 hereof). 

“RSA” means that certain Restructuring Support Agreement dated as of December 19, 2017, among the Borrower, the
Guarantors and the other Persons party thereto, pursuant to which SAExploration Inc., has agreed to enter into certain transactions, including the exchange of certain Indebtedness of the Borrower for Equity Interests issued by the Borrower, as in
effect on the Fifth Amendment Effective Date. 
 “Specified Lenders” means Highbridge Capital Management, LLC, Wbox 2015-7 Ltd., BlueMountain Credit Alternatives Master Fund L.P., BlueMountain Montenvers Master Fund SCA SICAV-SIF, BlueMountain Kicking Horse Fund L.P., BlueMountain Guadalupe
Peak Fund L.P., BlueMountain Summit Trading L.P., and any Affiliate and any Lender Affiliate of any of the foregoing. 

  
 3 

 (b) The definition of “Affiliate” in Schedule 1.1. of the Term Loan Agreement is
hereby amended and restated in its entirety as follows: 
 “Affiliate” means, as applied to any Person, any other Person
who controls, is controlled by, or is under common control with, such Person. For purposes of this definition, “control” means the possession, directly or indirectly through one or more intermediaries, of the power to direct the management
and policies of a Person, whether through the ownership of Stock, by contract, or otherwise; provided, however, that, for purposes of Section 7.12: (a) any Person which owns directly or indirectly 20% or more of the Stock
having ordinary voting power for the election of the Board of Directors or 20% or more of the partnership or other ownership interests of any other Person (other than as a limited partner of such Person) shall be deemed an Affiliate of such other
Person, (b) each director (or comparable manager) of a Person shall be deemed to be an Affiliate of such Person, and (c) each partnership in which a Person is a general partner shall be deemed an Affiliate of such Person; provided,
further, that no Specified Lender or any Affiliate or Lender Affiliate of any Specified Lender shall be deemed to be an Affiliate of any Loan Party hereunder.” 

(c) The definition of “Alaska Tax Credits” in Schedule 1.1 of the Term Loan Agreement is hereby amended and restated in its entirety
as follows: 
 “Alaska Tax Credits” means any incentive tax credit, refund or refund claim relating to oil and gas
exploration or production activities in the state of Alaska, including without limitation, Alaska Oil and Gas Production Tax Credits, any credit application therefor, any credit certificate related thereto and the proceeds of any of the foregoing.

 (d) The definition of “Amended Intercompany Subordination Agreement” is hereby amended and restated in its entirety as follows:

 “Amended Intercompany Subordination Agreement” means that certain Amended and Restated Intercompany Subordination
Agreement with respect to the Intercompany Subordinated Note and any other debt between or among any one or more of the Loan Parties and any of their Subsidiaries, dated as June 29, 2016, executed and delivered by each Loan Party, each of their
Subsidiaries, the Existing Notes Trustee, the Revolving Loan Lender, the Agent, and the New Senior Notes Trustee, the form and substance of which is reasonably satisfactory to the Required Lenders. 

(e) The definition of “Convertible Notes” in Schedule 1.1 of the Term Loan Agreement shall be amended by replacing the words
“not to exceed $50,000,000.00” with “not to exceed $60,000,000.00.” 
 (f) The definition of “Convertible Note
Documents” in Schedule 1.1 of the Term Loan Agreement shall be amended by deleting therefrom the words “, in form and substance reasonably satisfactory to the Required Lenders.” 

(g) The definition of “Excluded Subsidiary” in Schedule 1.1 of the Term Loan Agreement is hereby amended by inserting the following
after the words “the Fourth Amendment Effective Date”: 

  
 4 

 “; provided further that, upon payment in full in cash of the Closing Date Acquisition
Obligations (other than any un-asserted contingent indemnification obligations), (x) there shall be no Excluded Subsidiaries permitted hereunder and (y) any and all Excluded Subsidiaries shall
automatically be deemed to be Guarantors and Loan Parties hereunder and under all other Loan Documents for all purposes (without any further action of any party hereto other than to attach the signature page of the Excluded Subsidiaries to the Fifth
Amendment as Guarantors and/or Loan Parties), including without limitation, for all purposes under Articles 3 and 18 hereof and shall be deemed to have executed the Guaranty Supplement as of such date.” 

(h) The definition of “Guarantors” in Schedule 1.1 of the Term Loan Agreement is hereby amended and restated in its entirety as
follows: 
 “Guarantors” means SAExploration, Inc., SAExploration Sub, Inc., NES, LLC, SAExploration Seismic Services (US),
LLC, SAExploration Acquisitions (U.S.), LLC (subject to Section 18.1 hereof), and any Additional Guarantors, and each of them is a “Guarantor”. 

(i) The definition of “Intercompany Canadian Note” in Schedule 1.1 of the Term Loan Agreement is hereby amended and restated in its
entirety as follows: 
 “Intercompany Canadian Note” means the Amended and Restated Promissory Note dated as of the Fifth
Amendment Effective Date, issued by SAExploration (Canada) Ltd. to SAExploration, Inc. in the original principal amount of U.S. $50,000,000, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

(j) The definition of “Intercompany Subordinated Note” in Schedule 1.1 of the Term Loan Agreement is hereby amended and restated in
its entirety as follows: 
 “Intercompany Subordinated Note” means the Fourth Amended and Restated Global Intercompany Note
dated as of the Fifth Amendment Effective Date, issued by the Loan Parties and each of their direct Subsidiaries, evidencing the intercompany Indebtedness among them from time to time and at any time outstanding, as the same may be amended,
restated, supplemented or otherwise modified from time to time 
 (k) The definition of “Intercreditor Agreement” in Schedule 1.1
of the Term Loan Agreement is hereby amended and restated in its entirety as follows: 
 “Intercreditor Agreement” means
(i) from the Fifth Amendment Effective Date until the New Senior Notes Indenture is discharged in accordance with Article 10 of the New Senior Notes Indenture, the New Senior Notes Indenture is satisfied and discharged on the stated maturity
date under the New Senior Notes Indenture, the redemption or repurchase of the New Senior Notes in full at any time after the Fifth Amendment Effective Date (by tender offer or otherwise) or the New Senior Notes Indenture is otherwise discharged in
accordance with the terms thereof, and, in each case, the Existing Intercreditor Agreement is terminated by the parties thereto, (x) the New Intercreditor Agreement and (y) the Existing Intercreditor Agreement and (ii) upon discharge
of the New Senior Notes Indenture in accordance with Article 10 of the New Senior Notes Indenture, the satisfaction and discharge of the New Senior Notes on the stated maturity date under the New 

  
 5 

 
Senior Notes Indenture, the redemption or repurchase of the New Senior Notes in full at any time after the Fifth Amendment Effective Date (by tender offer or otherwise) or such other discharge of
the New Senior Notes Indenture in accordance with the terms thereof, and, in each case, the termination of the Existing Intercreditor Agreement by the parties thereto, the New Intercreditor Agreement. 

(l) The definition of “Loan Documents” in Schedule 1.1. of the Term Loan Agreement is hereby amended and restated in its entirety as
follows: 
 “Loan Documents” means this Agreement, the Intercreditor Agreement, the Intercompany Subordination Agreement,
the Interlender Agreement, any collateral or security documents executed in connection herewith, any documents executed in accordance with the second sentence of Section 6.18 hereof, and any Notes executed by Borrower in connection with this
Agreement and payable to the Lenders, and any other instrument or agreement entered into, now or in the future, by any Loan Party or any of its Subsidiaries and the Lenders or the Agent in connection with this Agreement. 

(m) Clause (j) of the definition of “Permitted Dispositions” in Schedule 1.1 of the Term Loan Agreement is hereby amended and
restated in its entirety as follows: 
 (j) sales, assignments, or the dispositions of assets so long as the Net Proceeds from such sales,
assignments or dispositions are offered for prepayment (and, applied to the Obligations, unless a Lender elects not to accept such offer) or reinvested, in each case, in accordance with Section 2.5(c) hereof; and 

(n) The definition of “Permitted Holder” in Schedule 1.1 of the Term Loan Agreement is hereby amended and restated in its entirety
as follows: 
 “Permitted Holder” means any of (i) each Supporting Holder (as defined in the RSA), (ii) Highbridge
Capital Management, LLC and (iii) any Related Party and/or Lender Affiliate of the entities listed in clauses (i) and/or (ii) of this definition. 

(o) Clause (r) of the definition of “Permitted Indebtedness” in Schedule 1.1 of the Term Loan Agreement is hereby amended and
restated in its entirety as follows: 
 “(r) Indebtedness outstanding under the New Senior Notes Indenture provided that (i) the
principal amount of such Indebtedness shall not exceed $7,000,000 at any time and (ii) such amount shall be permanently reduced by any principal payments, purchases or redemptions after the date hereof;” 

(p) Clause (t) of the definition of “Permitted Indebtedness” in Schedule 1.1 of the Term Loan Agreement is hereby amended and
restated in its entirety as follows: 
 “(t) Indebtedness evidenced by the Convertible Notes, provided that the Convertible Notes are
subject to the New Intercreditor Agreement.” 

  
 6 

 (q) The definition of “Permitted Liens” in Schedule 1.1 of the Term Loan
Agreement shall be amended by deleting the word “and” after clause (u), replacing the “.” with “; and” after clause (v) and inserting the following as clause (w): “(w) Liens on the assets described on Schedule
P-3 attached hereto solely to the extent securing the obligations of the Borrower or any Loan Party to perform its obligations under that certain Purchase Agreement by and between Fairfield Industries
Incorporated d/b/a FairfieldNodal and SAExploration Acquisitions (U.S.), LLC (as successor in interest to Geokinetics Inc. and Geokinetics USA, Inc.) dated April 6, 2018 (as in effect on the Fifth Amendment Effective Date), which obligations
include the completion of certain surveys and the provision of certain indemnities (and, in any event, do not constitute obligations with respect to borrowed money).” 

(r) Section “d. Construction” in Schedule 1.1 of the Term Loan Agreement is hereby amended by inserting the
following at the end of the sixth sentence before the “.”: 
 “and any reference to “in cash” shall include payment
in immediately available funds” 
 (s) Section 2.5(c) of the Term Loan Agreement is hereby amended and restated in its entirety as
follows: 
 “(c) Asset Dispositions; Events of Loss. Subject to the Intercreditor Agreement and
Section 2.5(g)(ii), if a Loan Party or any Subsidiary of a Loan Party (other than any Excluded Subsidiary) shall at any time or from time to time: 

(i) make a Disposition; or 

(ii) suffer an Event of Loss; 

and the aggregate amount of the Net Proceeds received by the Loan Parties in connection with such Disposition or Event of Loss and all other Dispositions and
Events of Loss occurring during such fiscal year exceeds $250,000, then (A) Borrower shall promptly notify the Agent of such Disposition or Event of Loss (including the amount of the estimated Net Proceeds to be received by a Loan Party and/or
such Subsidiary (other than any Excluded Subsidiary) in respect thereof) and (B) promptly following receipt by a Loan Party and/or such Subsidiary (other than any Excluded Subsidiary) of the Net Proceeds of such Disposition or Event of Loss,
Borrower shall deliver, or cause to be delivered, an amount equal to such excess Net Proceeds to the Agent for distribution to the Lenders as a prepayment of the Advances, together with, in the case of Advances (other than Residual Loans), the
Applicable Premium, which prepayment shall be applied in accordance with Section 2.5(g) hereof. If a Lender elects not to receive some or all Net Proceeds that would otherwise be distributed to such Lender, except as
provided in this Section 2.5(c) or as otherwise permitted under the Convertible Notes Indenture, the Loan Parties shall use such Net Proceeds (which such Lender has elected not to accept) to make a prepayment of the
Convertible Note Obligations to the “Obligations” as defined in the Convertible Notes Indenture (unless the holders of the Convertible Notes reject such payment). Notwithstanding the foregoing and provided no Event of Default has occurred
and is continuing, such prepayment shall not be required to the extent a Loan Party or such Subsidiary reinvests such excess Net Proceeds of such Disposition or Event of Loss in capital assets then used or usable in the business of Borrower or such
Subsidiary or to repair or replace the property subject to such Event of Loss, within one hundred eighty (180) days after the date of such Disposition or Event of Loss.” 

  
 7 

 (t) Section 6.12(e) of the Term Loan Agreement is hereby amended and restated in its
entirety as follows: 
 “Commercial Tort Claims. If the Loan Parties (or any of them) obtain or otherwise incur Commercial Tort
Claims having a value, or involving an asserted claim, in the amount of $250,000 or more in the aggregate for all Commercial Tort Claims, then the applicable Loan Party or Loan Parties shall promptly (and in any event within three (3) Business
Days of obtaining such Commercial Tort Claim), notify the Agent upon incurring or otherwise obtaining such Commercial Tort Claims and, promptly (and in any event within five (5) Business Days) after obtaining or incurring such Commercial Tort
Claim, amend Schedule 5.6(d) to the Information Certificate to describe such Commercial Tort Claims in a manner that reasonably identifies such Commercial Tort Claims and which is otherwise reasonably satisfactory to the Required Lenders, and
hereby authorizes the filing of additional financing statements or amendments to existing financing statements describing such Commercial Tort Claims, and agrees to do such other acts or things deemed necessary or desirable by the Agent (at the
written direction of the Required Lenders) to give the Agent for the benefit of the Secured Parties a perfected security interest in any such Commercial Tort Claim(s) with such priority as provided by the Intercreditor Agreement, which Commercial
Tort Claim(s) shall not be subject to any other Liens other than Permitted Liens.” 
 (u) Section 6.12(g)(i) of the Term Loan
Agreement is hereby amended and restated in its entirety as follows: 
 “Within forty five (45) days after the end of each
calendar year (or more frequently upon the request of the Agent (at the written direction of the Required Lenders)), in order to facilitate filings with the PTO and the United States Copyright Office, each Loan Party shall execute and deliver to the
Agent one or more Copyright security agreements (if such Loan Party owns any Copyrights and to the extent that any such Copyrights are not already subject to a duly recorded Copyright security agreement) and/or Patent and Trademark security
agreements (if such Loan Party owns any Patents or Trademarks and to the extent that such Patent and Trademarks are not already subject to a duly recorded Patent and Trademark security agreement), in each case, in form and substance reasonably
satisfactory to Required Lenders, to further evidence the Agent’s Lien on such Loan Party’s Patents, Trademarks, or Copyrights (if any), and the General Intangibles of such Loan Party relating thereto or represented thereby arising,
developed and/or acquired during such calendar year (or such shorter period of time since the most recent Copyright security agreements, Trademark security agreements and Patent security agreements were executed and recorded) just ended;” 

(v) Section 6.18 of the Term Loan Agreement shall be amended and restated in its entirety as follows: 

  
 8 

 “Excluded Subsidiaries. Within thirty (30) days after the Fifth
Amendment Effective Date, the Borrower shall cause SAExploration Acquisitions (U.S.), LLC, a Delaware limited liability company, and each Subsidiary thereof to merge into the Borrower or another Loan Party with the Borrower or such other Loan Party
being the surviving entity with respect to such merger. Subject to Section 6.17 hereof, the Borrower shall take all steps necessary to perfect the Liens in all assets of SAExploration Acquisitions (U.S.), LLC, a Delaware limited liability
company, and each Subsidiary thereof promptly after such merger is consummated to the extent that the Borrower would have been required to perfect Liens in such assets if such assets were the Borrower’s assets immediately prior to such
merger.” 
 (w) Section 7.3(d) of the Term Loan Agreement shall be amended and restated in its entirety as follows: 

“Form or acquire any (i) direct Subsidiary, (ii) indirect Subsidiary in the United States, or (iii) indirect Subsidiary in
a Foreign Jurisdiction unless (x) in the case of the formation or acquisition of Domestic Subsidiaries of the Loan Parties, (1) Loan Parties provide the Agent with written notice of the formation or acquisition of each Domestic Subsidiary
within ten (10) days after such formation or acquisition and provide the Agent with copies of all organizational and formation documents related thereto as the Agent or the Required Lenders may request in its Permitted Discretion, (2) in
the case of any acquisition, any such acquisition is otherwise permitted hereunder, including without limitation Section 7.11 and (3) in the case of the formation or acquisition of any Domestic Subsidiaries, the
Borrower complies with Section 18.6 in regards to such new Subsidiary and (y) in the case of the formation or acquisition of any Subsidiary that is a controlled foreign corporation within the meaning of Section 957 of the IRC) or any
Foreign Subsidiary Holding Company, within forty five (45) days after such Subsidiary is formed or acquired, the applicable Loan Party shall have pledged (in a manner satisfactory to Required Lenders) 65% of the Equity Interest issued by such
Subsidiary to the Agent for the benefit of the Secured Parties to secure the Obligations.” 
 (x) Section 7.5 of the Term Loan
Agreement is hereby amended and restated in its entirety as follows: 
 “Change of Name. Except upon ten
(10) days’ prior written notice to the Agent and prior delivery to the Agent of all additional financing statements (which the Borrower shall promptly file or record in all appropriate filing and/or recording offices), if any, necessary to
maintain the validity, perfection and priority of the security interests provided for herein and such other documents as reasonably requested by the Agent or the Required Lenders, change the name, organizational identification number, state of
organization, organizational identity or “location” for purposes of Section 9-307 of the Code of any Loan Party, or, except upon ten (10) days’ prior written notice to the Agent,
change the name, organizational identification number, state of organization, organizational identity or “location” for purposes of Section 9-307 of the Code of any Loan Party’s
Subsidiaries.” 
 (y) Section 7.7(a) of the Term Loan Agreement is hereby amended and restated in its entirety as follows: 

  
 9 

 “(a) optionally prepay, redeem, defease, purchase, or otherwise acquire any
Indebtedness of any Loan Party or any of its Subsidiaries, other than (A) the Obligations in accordance with this Agreement, (B) Permitted Indebtedness owing to a Loan Party; provided, that no Event of Default has occurred and is
occurring, or would occur after giving effect to such payment and to the extent permitted under the Intercompany Subordination Agreement, if applicable, (C) payments under or on account of the Convertible Notes, the New Senior Notes and the
Revolving Credit Agreement permitted by Section 7.7(d), (D) (i) discharge of the New Senior Notes at any time after the Fifth Amendment Effective Date, (ii) satisfaction, discharge and/or redemption of the New
Senior Notes on the stated maturity date under the New Senior Notes Indenture and/or (iii) the repurchase of the New Senior Notes pursuant to a tender offer or otherwise, and (E) the obligations under the Revolving Credit Documents; ”

 (z) Section 7.7(d) of the Term Loan Agreement is hereby amended and restated in its entirety as follows: 

“(d) make any payments on the obligations under the Revolving Credit Documents, the New Senior Notes Documents or Convertible Notes
Documents other than (i) (A) in the case of the Revolving Credit Documents, payments of fees, expenses, indemnities, regularly scheduled interest or any “Additional Interest” due thereunder to the extent permitted by the Intercreditor
Agreement, (B) in the case of the Convertible Notes, payments of regularly scheduled interest or any “Additional Interest” due thereunder to the extent permitted by the New Intercreditor Agreement, (C) in the case of the New
Senior Notes, payments of regularly scheduled interest or any “Additional Interest” due thereunder to the extent permitted by the Existing Intercreditor Agreement and (D) in the case of the Convertible Notes, any conversion of the
Convertible Notes to Equity Interests issued by the issuer of the Convertible Notes, (ii) (A) in the case of the Revolving Credit Documents, any mandatory prepayments under the Revolving Credit Agreement permitted by the Intercreditor Agreement
and (B) in the case of the Convertible Notes Documents, any mandatory prepayments under the Convertible Note Documents permitted by the New Intercreditor Agreement; in each case; provided that, in the case of clause (ii)(B) of this
Section 7.7(d), the Lenders shall have first declined the use of such proceeds for application to the Advances pursuant to Section 2.5(g)(ii) and (iii) payments permitted under
Section 7.7(a) hereof.” 
 (aa) Section 7.8(b) of the Term Loan Agreement is hereby amended and restated
in its entirety as follows: 
 “(b) any Material Contract except (i) in connection with the transactions contemplated by the
Restructuring Support Agreement, (ii) to the extent that such amendment, modification, or change could not, individually or in the aggregate, reasonably be expected to be materially adverse to the interests of the Agent or the Lenders or
(iii) to the extent otherwise permitted under this Section 7.8; 
 (bb) Section 7.8(e) of the Term Loan
Agreement is hereby amended and restated in its entirety as follows: 
 “(e) the Convertible Notes Documents, except as permitted by the
New Intercreditor Agreement or if the effect thereof either individually or in the aggregate, is not materially adverse to the interests of the Secured Parties and does not alter the payment terms of such Convertible Notes Documents; or” 

  
 10 

 (cc) Section 7.8(f) of the Term Loan Agreement is hereby amended and restated in its
entirety as follows: 
 “(f) the New Senior Notes Documents, except as permitted by the Existing Intercreditor Agreement or if the
effect thereof, either individually or in the aggregate, is not materially adverse to the interests of the Secured Parties and does not alter the payment terms of such New Senior Notes Documents.” 

(dd) Section 7.18 of the Term Loan Agreement is hereby amended and restated in its entirety as follows: 

“Revolving Credit Documents, Existing Notes Documents, New Senior Notes Documents and Convertible Notes Documents. With
respect to the Revolving Credit Documents and the Revolving Loan Lender, make any payment or perform any act to or for the benefit of the Revolving Loan Lender that is prohibited by the terms of the Intercreditor Agreement. With respect to the
Convertible Notes Documents and the Convertible Notes Noteholders, make any payment or perform any act to or for the benefit of the Convertible Notes Noteholders that is prohibited by the terms of the New Intercreditor Agreement. With respect to the
New Senior Notes Documents and the New Senior Noteholders, make any payment or perform any act to or for the benefit of the New Senior Noteholders, that is prohibited by the terms of the Existing Intercreditor Agreement. 

(ee) Section 18.1 of the Term Loan Agreement is hereby amended and restated in its entirety as follows: 

“Guarantors. Each Guarantor confirms that its guarantee of the Obligations hereunder is secured by the Collateral pledged
by it pursuant to and in accordance with the Loan Documents delivered by it in connection herewith. Notwithstanding any other provisions set forth herein, SAExploration Acquisitions (U.S.), LLC shall not constitute a Guarantor or Loan Party
hereunder (or otherwise be subject to the any of the provisions hereof) unless and until the Closing Date Acquisition Obligations (other than contingent indemnification obligations for which no claim has been asserted) have been paid in full in
cash. Immediately upon the payment of the Closing Date Acquisition Obligations (other than contingent indemnification obligations for which no claim has been asserted) in full (or the administrative agent under the Closing Date Loan Agreement
confirming the same), SAExploration Acquisitions (U.S.), LLC shall automatically constitute a Guarantor (and Loan Party) hereunder and under all other Loan Documents for all purposes and shall be deemed to have executed the Guaranty Supplement as of
such date without any further action required on the part of any Person other than the attachment of the signature page of SAExploration Acquisitions (U.S.), LLC to the Fifth Amendment as Guarantor and/or Loan Party.” 

(ff) Section 18.6 of the Term Loan Agreement is hereby amended and restated in its entirety as follows: 

“If any Loan Party creates or acquires a wholly-owned Domestic Subsidiary (other than a Foreign Subsidiary Holding Company) on or after
the Fifth Amendment Effective Date, within thirty (30) days after such Subsidiary is formed or acquired, such Loan Party shall cause such Domestic Subsidiary to become a Guarantor and Loan Party hereunder for all purposes including without
limitation to grant a security interest in substantially all of its property and assets to Agent 

  
 11 

 
for the benefit of the Secured Parties to secure the Guaranteed Obligations, by executing (and/or filing, as applicable) the Guaranty Supplement (hereinafter defined) and such other security
agreements, filings and recordings that are necessary or that Agent (at the written direction of the Required Lenders) may require to grant and/or perfect liens in such Subsidiaries’ assets pursuant to the Guaranty Supplement (subject to the
provisions hereof that limit the obligation of the Loan Parties to perfect Liens in certain types and/or amounts of the Loan Parties’ assets and/or Collateral). Upon the execution and delivery to the Agent by any such Person of a guaranty
supplement in substantially the form of Exhibit F hereto (each, a “Guaranty Supplement”), (a) such Person shall be referred to as an “Additional Guarantor” and shall become and be a Guarantor hereunder, and each
reference in this Guaranty to a “Guarantor” shall also mean and be a reference to such Additional Guarantor, and each reference in any other Loan Document to a “Loan Party” shall also mean and be a reference to such Additional
Guarantor if it is a Subsidiary of Borrower, and (b) each reference herein to “this Guaranty,” “hereunder,” “hereof or words of like import referring to this Guaranty, and each reference in any other Loan Document to
the “Guaranty,” “thereunder,” “thereof,” or words of like import referring to this Guaranty, shall mean and be a reference to this Guaranty as supplemented by such Guaranty Supplement. For the avoidance of doubt, in no
event shall a Subsidiary of a Loan Party that is a Foreign Subsidiary or a Foreign Subsidiary Holding Company (or a Subsidiary of a Foreign Subsidiary or Foreign Subsidiary Holding Company) be required to join in the Guaranty or become a Guarantor
hereunder.” 
 (gg) Exhibit I shall be amended and restated in its entirety by Exhibit I attached hereto. 

(hh) The Term Loan Agreement is hereby amended by adding Schedule P-3 attached hereto as Schedule P-3 to the Term Loan Agreement. 
 2. Conditions to Effectiveness of Amendment. This Fifth Amendment
shall become effective (the “Fifth Amendment Effective Date”) as of the date first set forth above upon receipt by the Agent of the following: 

(a) counterparts of this Fifth Amendment duly executed and delivered by the Borrower, the Guarantors, the Agent and Required Lenders; 

(b) counterparts of the Trademark Security Agreement, dated as of the date hereof, duly executed and delivered by SAExploration Acquisitions
(U.S.), LLC and Delaware Trust Company, in its capacity as collateral agent for the Secured Parties under the Term Loan Agreement; 
 (c)
counterparts of the Intercreditor Agreement, dated as of the date hereof, duly executed and delivered by the Agent, the ABL Agent (as defined therein) and the Convertible Noteholder Trustee (as defined therein) and duly acknowledged and agreed by
the Loan Parties; 
 (d) counterparts of the Intercompany Subordination Agreement, dated as of the date hereof, duly executed and delivered
by the Subordinated Creditors (as defined therein), the ABL Agent (as defined therein), the Agent, and the Convertible Noteholder Trustee (as defined therein) and duly acknowledged and agreed by the Loan Parties; 

  
 12 

 (e) counterparts of the Interlender Agreement, dated as of the date hereof, duly executed
and delivered by the ABL Mortgagee (as defined therein), the Agent, and the Convertible Notes Mortgagee (as defined therein); 
 (f) payment
of (i) all reasonable actual costs, out-of-pocket fees and expenses of the Agent and the Lenders invoiced and owing in connection with this Fifth Amendment or
pursuant to the terms of the Term Loan Agreement (including, without limitation, attorneys’ fees and expenses) and (ii) an amendment fee in the amount of $2,500, payable to the Agent for its own account; and 

(g) such other documents, instruments and agreements reasonably deemed necessary or desirable by the Agent or the Required Lenders with
respect to the matters contemplated hereby, including an opinion of counsel to the Loan Parties in form and substance reasonably acceptable to the Agent and the Required Lenders. 

3. Payment of Expenses. The Borrower agrees to reimburse the Agent and the Lenders party hereto for all of their out-of-pocket costs and reasonable expenses (including attorneys’ fees) incurred in connection with this Fifth Amendment and the other transactions contemplated by the
Fifth Amendment. 
 4. Consents. Each of the Lenders party hereto hereby acknowledges and consents to (x) entry by the Borrower
into the Third Amended and Restated Credit and Security Agreement, dated as of the date hereof, by and among SAExploration, Inc., the guarantors party thereto, the lenders party thereto and Cantor Fitzgerald Securities, as administrative agent and
collateral agent in substantially the form attached hereto as Appendix A, (y) the payment in full in cash of the Closing Date Acquisition Obligations and (z) the entry by the Borrower and the Loan Parties into the Senior Secured
Convertible Notes Indenture, dated as of the date hereof. 
 5. Representations and Warranties; Survival. Each Loan Party represents
and warrants to the Agent and each Lender that as of the Fifth Amendment Effective Date and after giving effect to this Fifth Amendment: (a) each Loan Party party hereto has the power and authority to execute this Fifth Amendment and to perform
its obligations under this Fifth Amendment and the Loan Documents as amended hereby, (b) each Loan Party has taken all necessary steps to authorize the execution, delivery and performance of this Fifth Amendment and the Loan Documents, as
amended hereby, (c) this Fifth Amendment and the Loan Documents as amended by the Fifth Amendment constitutes the legal, valid and binding obligation of each Loan Party party thereto, enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, (d) no
Default or Event of Default shall have occurred and be continuing and (e) all representations and warranties contained in the Loan Documents and in this Fifth Amendment are true and correct in all material respects with the same effect as
though made on and as of the date hereof (except to the extent such representations and warranties relate to a specified prior date, then as of such prior date). In addition, each such representation and warranty shall survive the execution and
delivery of this Fifth Amendment, and no investigation by the Agent or any Lender shall affect the representations and warranties or the right of the Agent or any Lender to rely upon them. 

  
 13 

 6. Reference to and Effect on the Agreement. On and after the Fifth Amendment
Effective Date, each reference in the Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Agreement, and each reference in each of the Loan Documents to “the
Agreement,” “thereunder,” “thereof” or words of like import referring to the Agreement, shall mean and be a reference to the Term Loan Agreement, as amended by this Fifth Amendment. The Term Loan Agreement and each of the
other Loan Documents, except as specifically amended by this Fifth Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. This Fifth Amendment shall constitute a Loan Document. Without
limiting the generality of the foregoing, the Borrower and the Guarantors hereby acknowledge and confirm that all obligations, liabilities and indebtedness of the Loan Parties under the Loan Documents constitute “Obligations” under and as
defined in the Term Loan Agreement and are secured by and entitled to the benefits of the Term Loan Agreement and the other Loan Documents and the Loan Parties hereby ratify and confirm the grant of the liens and security interests in the Collateral
in favor of the Agent, for the benefit of itself and the Lenders, pursuant to the Term Loan Agreement and the other Loan Documents, as security for the Obligations. The execution, delivery and effectiveness of this Fifth Amendment shall not, except
as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

7. Confirmation of Compliance with Section 15.1 of the Agreement. The Borrower and the Lenders party hereto hereby
confirm that all of the actions required to be taken by the Lenders and Borrower pursuant to Section 15.1 of the Agreement have been taken in accordance with the provisions of such Section. 

8. Execution in Counterparts. This Fifth Amendment may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Fifth Amendment
by telecopier or electronic mail shall be effective as delivery of a manually executed counterpart of this Fifth Amendment. 
 9.
Direction. Each of the Lenders party hereto (which collectively constitute the Required Lenders) hereby (i) authorizes and directs the Agent to execute and deliver this Fifth Amendment, and (ii) acknowledges and agrees that
(w) the foregoing directed action constitutes a direction from the Required Lenders under Section 17 of the Term Loan Agreement, (x) Sections 11.3, 17.3, 17.5, and 19.9 of the Term Loan Agreement and all other rights, protections,
privileges, immunities, exculpations, and indemnities afforded to the Agent under the Loan Documents shall apply to any and all actions taken or not taken by the Agent in accordance with such direction, (y) the Agent may conclusively rely upon
(and shall be fully protected in relying upon) the Register in determining such Lender’s ownership of the Advances and unused Commitments on and as of the date hereof, and (z) the Agent may conclusively rely upon (and shall be fully
protected in relying upon) written confirmation from the Borrower, the Convertible Notes Trustee, or the agent under the Closing Date Loan Agreement, or their respective counsel, as applicable, (A) that the New Senior Notes Indenture has been
discharged in accordance with Article 10 of the New Senior Notes Indenture, the New Senior Notes Indenture has been satisfied and discharged on the stated maturity date under the New Senior Notes Indenture, the New Senior Notes has been redeemed or

  
 14 

 
repurchased in full (by tender offer or otherwise) or the New Senior Notes Indenture has been otherwise discharged in accordance with the terms thereof and (B) that the Closing Date
Acquisition Obligations (other than contingent indemnification obligations for which no claim has been asserted) have been paid in full in cash. Each undersigned Lender hereby severally represents and warrants to the Agent that, on and as of the
date hereof, it is duly authorized to enter into this Fifth Amendment. 
 10. Governing Law. THIS FIFTH AMENDMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 [Signature Pages Follow] 

  
 15 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Fifth
Amendment to be duly executed and delivered as of the date first written above. 
  

			
	BORROWER:
	
	SAEXPLORATION HOLDINGS, INC.
		
	By:	 	 /s/ Brent Whiteley

	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary
	
	OTHER LOAN PARTIES:
	
	SAEXPLORATION, INC.
		
	By:	 	 /s/ Brent Whiteley

	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary
	
	SAEXPLORATION SUB, INC.
		
	By:	 	 /s/ Brent Whiteley

	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary
	
	NES, LLC
		
	By:	 	 /s/ Brent Whiteley

	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary
	
	SAEXPLORATION SEISMIC SERVICES (US), LLC
		
	By:	 	 /s/ Brent Whiteley

	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary

 [Signature Page to Amendment No. 5 to Term Loan and Security Agreement] 

 
			
	SAEXPLORATION ACQUISITIONS (U.S.), LLC
		
	By:	 	 /s/ Brent Whiteley

	Name:	 	Brent Whiteley
	Title:	 	Chief Financial Officer, General Counsel and Secretary

 [Signature Page to Amendment No. 5 to Term Loan and Security Agreement] 

 THE ADMINISTRATIVE AND COLLATERAL AGENT: 

DELAWARE TRUST COMPANY 
  

			
	By:	 	 /s/ Alan Halpern

		 	Name: Alan Halpern
		 	Title: Vice President

 [Signature Page to Amendment No. 5 to Term Loan and Security Agreement] 

 THE LENDERS: 

WBOX 2015-7 LTD. 
  

			
	By:	 	 /s/ Mark Strefling

		 	Name: Mark Strefling
		 	Title: Director

 [Signature Page to Amendment No. 5 to Term Loan and Security Agreement] 

 BLUE MOUNTAIN CREDIT ALTERNATIVES MASTER FUND L.P. 

By: BlueMountain Capital Management, LLC, its Investment Manager 
  

			
	By:	 	 /s/ David M. O’Mara

	Name:	 	David M. O’Mara
	Title:	 	Deputy General Counsel

 BLUEMOUNTAIN MONTENVERS MASTER 

FUND SCA SICAV-SIF. 
 By:
BlueMountain Capital Management, LLC, its Investment Manager 
  

			
	By:	 	 /s/ David M. O’Mara

	Name:	 	David M. O’Mara
	Title:	 	Deputy General Counsel

 BLUEMOUNTAIN KICKING HORSE FUND L.P. 

By: BlueMountain Capital Management, LLC, its Investment Manager 
  

			
	By:	 	 /s/ David M. O’Mara

	Name:	 	David M. O’Mara
	Title:	 	Deputy General Counsel

 BLUEMOUNTAIN GUADALUPE PEAK FUND L.P. 

By: BlueMountain Capital Management, LLC, its Investment Manager 
  

			
	By:	 	 /s/ David M. O’Mara

	Name:	 	David M. O’Mara
	Title:	 	Deputy General Counsel

 BLUEMOUNTAIN SUMMIT TRADING L.P. 

 

			
	By:	 	 /s/ David M. O’Mara

	Name:	 	David M. O’Mara
	Title:	 	Deputy General Counsel

 [Signature Page to Amendment No. 5 to Term Loan and Security Agreement] 

 EXHIBIT I 

Borrower shall satisfy the requirements and/or provide to the Agent each of the documents, instruments, agreements and information set forth on this
Exhibit I, on or before the date specified for such requirement on this Exhibit or such later date as may be approved by the Required Lenders in their sole discretion, each of which shall be completed or provided in form and substance
reasonably satisfactory to the Agent and the Required Lenders: 
 1. Within five (5) Business Days after the Fifth Amendment Effective
Date, the Agent shall have received (i) evidence that all applicable UCC-3 termination statements have been filed to terminate any financing statements previously filed to perfect the Liens securing the
Existing Notes and other discharges, terminations and other recordings have been filed to discharge all (x) intellectual property recordings securing the Existing Notes and (y) ship mortgages securing the Existing Notes (if any) and
(ii) evidence that all discharges, terminations and other recordings have been filed to discharge all (x) intellectual property recordings securing the New Senior Notes and (y) ship mortgages securing the New Senior Notes (if
any).
 2. Within forty-five (45) days after the Fifth Amendment Effective Date, the Loan Parties shall have caused all financing
statements filed by Fairfield Industries Incorporated d/b/a FairfieldNodal against any Loan Party to be amended such that the description of collateral in each such financing statement is limited to the ZSystem equipment and software listed below on
Schedule P-3 attached hereto. 
 3. Within seventy-five (75) days after the Fifth
Amendment Effective Date, the Borrower shall have delivered to the Agent fully executed Control Agreements in regards to each Deposit Account (other than Excluded Accounts) of the Loan Parties, granting control of such Deposit Accounts to the Agent,
in form and substance satisfactory to the Agent and Required Lenders. 
 4. Within ten (10) days after the Fifth Amendment Effective
Date, the Loan Parties shall have delivered to the Agent a fully-executed Patent Security Agreement in regards to Patents owned by SAExploration Acquisitions (U.S.), LLC, in form and substance satisfactory to the Agent and Required Lenders. 

 APPENDIX A 

Third Amended and Restated Credit and Security Agreement

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