SEC Contract Filing

Filing Date: 2021-02-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex_221148.htm
<DESCRIPTION>EXHIBIT 10.3 PNC RESTRUCTURING SUPPORT AGREEMENT
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px; font-family: &quot;Times New Roman&quot;; font-size: 12pt;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.3</b></font></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center; text-transform: uppercase;"><b>RESTRUCTURING SUPPORT AGREEMENT</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: justify; text-indent: 36pt;">This RESTRUCTURING SUPPORT AGREEMENT (together with all exhibits, schedules, and attachments hereto (the &#8220;<b>Exhibits</b>&#8221;), as amended, supplemented, or otherwise modified from time to time in accordance with the terms hereof, this &#8220;<b>Agreement</b>&#8221;), dated as of February 11, 2021, is entered into by and among (i) ION Geophysical Corporation (&#8220;<b>ION</b>&#8221;) and each of its subsidiaries identified on the signature pages hereto (the &#8220;<b>Subsidiary</b><b> </b><b>Guarantors</b>&#8221; and together with ION, the &#8220;<b>Company</b>&#8221;); and (ii) PNC Bank, National Association (&#8220;<b>PNC</b>&#8221;), in its capacity as agent and as lender under the Credit Agreement (as defined below). The Company and PNC are referred to herein as the &#8220;<b>Parties</b>&#8221; and each individually as a &#8220;<b>Party</b>&#8221;. Capitalized terms used herein and not defined herein shall have the meanings ascribed to such terms in the Supporting Noteholder Restructuring Support Agreement (as defined below).</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: center; text-transform: uppercase;"><b>RECITALS</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: justify; text-indent: 36pt;"><b>WHEREAS</b>, the Company is party to that certain Revolving Credit and Security Agreement, dated as of August 22, 2014 (as amended, restated, amended and restated, extended, supplemented, or otherwise modified from time to time, the &#8220;<b>Credit</b><b> </b><b>Agreement</b>&#8221;), by and among the Company, the lenders from time to time a party thereto, and PNC, as agent for such lenders;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: justify; text-indent: 36pt;"><b>WHEREAS</b>, the Company and certain holders (collectively, the &#8220;<b>Supporting Noteholders</b>&#8221;) of the Company&#8217;s outstanding 9.125% Senior Secured Second Priority Notes due December 2021 (the &#8220;<b>Existing</b><b> </b><b>Second</b><b> </b><b>Lien</b><b> </b><b>Notes</b>&#8221;) have agreed to implement out-of-court Restructuring Transactions for the Company in accordance with, and subject to the terms and conditions set forth in, a Restructuring Support Agreement dated as of December 23, 2020 (such agreement, the &#8220;<b>Supporting Noteholder Restructuring Support Agreement</b>&#8221; and such Restructuring Transactions, the &#8220;<b>Restructuring</b><b> </b><b>Transactions</b>&#8221;);</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: justify; text-indent: 36pt;"><b>WHEREAS</b>, in connection with the Restructuring Transactions, the Company is required to enter into this Agreement with PNC; and</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: justify; text-indent: 36pt;"><b>WHEREAS</b>, the Parties desire to express to one another their mutual support and commitment in respect of the matters discussed herein.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: justify; text-indent: 36pt;"><b>NOW</b>, <b>THEREFORE</b>, in consideration of the promises and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; margin: 0pt; text-align: justify; text-indent: 36pt;">Section 1.&nbsp;&nbsp;<i>&nbsp;&nbsp;&nbsp;Certain Definitions; </i><i>Rules of Construction</i>.