SEC Contract Filing

Filing Date: 2020-05-13

Document Content:
<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>3
<FILENAME>saex-ex1017_116.htm
<DESCRIPTION>EX-10.17
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:0%;">Exhibit 10.17</p>
<p style="text-align:center;margin-bottom:24pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:0%;">May 7, 2020</p>
<p style="text-align:justify;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;">SAExploration Holdings, Inc.</p>
<p style="text-align:justify;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;">1160 Dairy Ashford, Suite 160</p>
<p style="text-align:justify;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;">Houston, Texas 77079</p>
<p style="text-align:justify;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;">Attn:&nbsp;&nbsp;Michael Faust, </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:5.77%;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chief Executive Officer and President</p>
<p style="margin-bottom:0pt;text-align:justify;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;">Dear Mr. Faust:</p>
<p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Reference is hereby made to:</p>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i)</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">that certain Third Amended and Restated Credit and Security Agreement dated as of September 26, 2018, entered into among SAExploration, Inc., a Delaware corporation (the &#8220;<font style="text-decoration:underline;">Borrower</font>&#8221;), SAExploration Holdings, Inc. (the &#8220;<font style="text-decoration:underline;">Parent</font>&#8221;), the other Guarantors party thereto, the Lenders party thereto and Cantor Fitzgerald Securities, as administrative agent and collateral agent for the Lenders (as amended, supplemented or otherwise modified, the &#8220;<font style="text-decoration:underline;">Credit Agreement</font>&#8221;), and </p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii)</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">that certain <font style="text-decoration:none;letter-spacing:0pt;">Forbearance Agreement dated April 13, 2020, among the Borrower, the Parent, the other Guarantors, and the Lenders party thereto (the &#8220;</font><font style="text-decoration:underline;letter-spacing:0pt;">Forbearance Agreement</font><font style="text-decoration:none;letter-spacing:0pt;">&#8221;)</font>.</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This consent letter (this &#8220;<font style="text-decoration:underline;">Consent</font>&#8221;) relates to the Credit Agreement.&nbsp;&nbsp;Capitalized terms used herein and not otherwise