SEC Contract Filing

Filing Date: 2019-03-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.18
<SEQUENCE>4
<FILENAME>saex-ex1018_72.htm
<DESCRIPTION>EX-10.18
<TEXT>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.18</p>
<p style="Background-color:#auto;margin-top:0pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_dxtcompanion_actionscomplete"></a>AMENDMENT NO. 1</p>
<p style="Background-color:#auto;margin-top:0pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">TO</p>
<p style="Background-color:#auto;margin-top:0pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">PLEDGE AND SECURITY AGREEMENT</p>
<p style="text-align:justify;Background-color:#auto;margin-bottom:0pt;margin-top:10pt;text-indent:7.73%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This AMENDMENT NO. 1 TO PLEDGE AND SECURITY AGREEMENT (this &#8220;<font style="text-decoration:underline;letter-spacing:0pt;"><strike Style="text-decoration:none;">Amendment</strike></font>&#8221;) dated as of January 25, 2019, is entered into among SAExploration Holdings, Inc., a Delaware corporation (the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;), the subsidiaries of the Company party hereto, and Wilmington Savings Funds Society, FSB, as collateral trustee for the Secured Parties (in such capacity, the &#8220;<font style="text-decoration:underline;">Collateral Trustee</font>&#8221;), and amends that certain Pledge and Security Agreement dated as of September 26, 2018, made by the Company and certain of its Subsidiaries party thereto in favor of the Collateral Trustee (the <font style="text-decoration:none;letter-spacing:0pt;"><strike Style="text-decoration:none;">&#8220;</strike></font><font style="text-decoration:underline;letter-spacing:0pt;"><strike Style="text-decoration:none;">Agreement</strike></font>&#8221;).&nbsp;&nbsp;Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Agreement either directly or by reference to another agreement.</p>
<p style="text-align:center;Background-color:#auto;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-size:11pt;font-weight:normal;font-style:normal;font-family:Times New Roman;font-variant: normal;letter-spacing:2pt;text-transform:none;"><font style="text-decoration:none;"><strike Style="text-decoration:none;">WITNESSETH:</strike></font></p>
<p style="text-align:justify;Background-color:#auto;margin-bottom:0pt;margin-top:10pt;text-indent:7.73%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company has requested that the Holders amend the Agreement to effect the changes described below; and</p>
<p style="text-align:justify;Background-color:#auto;margin-bottom:0pt;margin-top:10pt;text-indent:7.73%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Holders party hereto constituting the &#8220;Required Holders&#8221; have agreed to amend the Agreement subject to the terms and conditions hereof.</p>
<p style="text-align:justify;Background-color:#auto;margin-bottom:0pt;margin-top:10pt;text-indent:7.73%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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:</p>
<p style="text-align:justify;Background-color:#auto;margin-bottom:0pt;margin-top:10pt;text-indent:7.73%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;letter-spacing:0pt;"><strike Style="text-decoration:none;">Amendment.</strike></font><font style="text-decoration:none;letter-spacing:0pt;"><strike Style="text-decoration:none;">&nbsp;&nbsp;</strike></font>The following defined term in <font style="text-decoration:underline;">Section 1</font> of the Agreement is hereby amended and restated as follows:</p>
<p style="text-align:justify;Background-color:#auto;margin-bottom:0pt;margin-top:10pt;margin-left:7.73%;text-indent:7.73%;color:#auto;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8220;Excluded Account&#8221; means all Deposit Accounts (i) used solely for payroll and/or accrued employee benefits, (ii) used solely for employee benefit plans, or (iii) that do not hold, in the aggregate, more than $25,000.00 at any time.</p>
<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:7.73%;font-size:11pt;font-weight:normal;font-style:normal;font-family:Times New Roman;font-variant: normal;letter-spacing:0pt;text-transform:none;"><font style="Background-color:#auto;text-decoration:none;"><strike Style="text-decoration:none;">2.</strike></font><font style="text-decoration:none;Background-color:#auto;margin-left:36pt;"><strike Style="text-decoration:none;"></strike></font><font style="color:#auto;text-decoration:underline;"><strike Style="text-decorat