Delaware
(State or other jurisdiction
of incorporation)
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001-34709
(Commission File Number)
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05-0574281
(IRS Employer Identification No.)
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13927 South Gessner Road
Missouri City, TX
(Address of principal executive offices)
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77489
(Zip Code)
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Item 7.01
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Regulation FD Disclosure.
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Item 8.01
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Other Events.
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Item 9.01
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Financial Statements and Exhibits.
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10.1
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Financing Agreement dated as of September 30, 2013 by and among Global Geophysical Services, Inc., certain subsidiaries of Global Geophysical Services, Inc. party thereto, as guarantors, the lenders party thereto, TPG Specialty Lending, Inc., as administrative agent, collateral agent and co-lead arranger, and Tennenbaum Capital Partners, LLC, as co-lead arranger. (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on October 2, 2013, File No. 001-34709)
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10.2
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First Amendment to Financing Agreement dated as of December 3, 2013, to the Financing Agreement, dated as of September 30, 2013, by and among Global Geophysical Services, Inc., certain subsidiaries of Global Geophysical Services, Inc. party thereto, as guarantors, the lenders party thereto, TPG Specialty Lending, Inc., as administrative agent, collateral agent and co-lead arranger, and Tennenbaum Capital Partners, LLC, as co-lead arranger. (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed on December 9, 2013, File No. 001-34709)
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99.1
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Letter dated March 24, 2014 from TPG Specialty Lending, Inc. to Global Geophysical Services, Inc. re Termination of Forbearance Period, Notice of Acceleration.
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99.2
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Letter dated April 4, 2014 from TPG Specialty Lending, Inc. to Global Geophysical Services, Inc. re Loan Statement.
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99.3
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Draft Term Sheet for Priming Superpriority Debtor-in-Possession Credit Facility and Authorization for Use of Cash Collateral from Prepetition Lenders under Financing Agreement described in Exhibit 10.1 above.
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99.4
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Pledge and Security Agreement, dated as of September 30, 2013, between the Company and certain of its subsidiaries and TPG Specialty Lending, Inc., as collateral agent for the secured parties thereunder. (Incorporated by reference to Exhibit D to Financing Agreement filed as Exhibit 10.1 to Current Report on Form 8-K filed on October 2, 2013, File No. 001-34709)
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99.5
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Form of Patent Security Agreement (Autoseis, Inc.)
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99.6
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Form of Trademark Security Agreement (Global Geophysical Services, Inc.)
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99.7
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Form of Patent Security Agreement (Global Geophysical Services, Inc.)
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99.8
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Form of Patent Security Agreement (Global Microseismic Services, Inc., now named Accrete Monitoring, Inc.)
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99.9
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Form of Trademark Security Agreement (Global Microseismic Services, Inc., now named Accrete Monitoring, Inc.)
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99.10
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Form of Deed of Trust (Global Geophysical Services, Inc.)
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99.11
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Form of Intercompany Subordination Agreement
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99.12
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Deposit Account Control (Default) Agreement dated as of January 27, 2014 by and among Global Geophysical Services, Inc., TPG Specialty Lending, Inc., as Collateral Agent, and Amegy Bank National Association.
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99.13
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Deposit Account Control Agreement dated as of January 31, 2014 by and among Global Geophysical Services, Inc., TPG Specialty Lending, Inc., as Collateral Agent, and Citibank, N.A.
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99.14
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Deposit Account Control Agreement dated as of January 31, 2014 by and among Global Geophysical Services, Inc., GGS Lease Co., Inc. (now named Global Geophysical EAME, Inc.), TPG Specialty Lending, Inc., as Collateral Agent and Wells Fargo Bank.
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99.15
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Deposit Account Control Agreement dated as of February 12, 2014 among Global Geophysical Services, Inc., Global Microseismic Services, Inc. (now named Accrete Monitoring, Inc.), GGS Lease Co., Inc. (now named Global Geophysical EAME, Inc.), Global Eurasia, LLC, TPG Specialty Lending, Inc., as Collateral Agent and Bank of America, N.A.
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99.16
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Pledge Supplement dated as of October 31, 2013 by GGS Lease Co., Inc. (now named Global Geophysical EAME, Inc.; formerly named GGS Lease Co., Inc. and Paisano Lease Co., Inc.).
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99.17
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Pledge Supplement dated as of March 25, 2014 by Accrete Monitoring, Inc. (formerly named Global Microseismic Services, Inc.) and Global Geophysical EAME, Inc. (formerly named GGS Lease Co., Inc. and Paisano Lease Co., Inc.).
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99.18
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Charge Over Shares in Global Geophysical Services, Ltd., dated as of January 31, 2014, between Global Geophysical Services, Inc., as Grantor, and TPG Specialty Lending, Inc., as Collateral Agent for the Secured Parties.
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99.19
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Fee Letter, dated September 30, 2013, among Global Geophysical Services, Inc., TPG Specialty Lending, Inc. and Tennenbaum Capital Partners, LLC.
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99.20
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Amendment to Fee Letter, dated December 3, 2013, to the Fee Letter, dated as of September 30, 2013, among Global Geophysical Services, Inc., TPG Specialty Lending, Inc. and Tennenbaum Capital Partners, LLC.
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Global Geophysical Services, Inc.
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Dated: April 7, 2014 | /s/ SEAN M. GORE |
Sean M. Gore
Senior Vice President & Chief Financial Officer
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Very truly yours, | ||
TPG SPECIALTY LENDING, INC., as Collateral
Agent, Administrative Agent and Lender
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By: | /s/ PHIL WARREN________________________________ | |
Name: Phil Warren | ||
Title: Authorized Signatory
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TPG SL SPV, LLC, as a Lender | ||
By: | /s/ PHIL WARREN________________________________ | |
Name: Phil Warren | ||
Title: Authorized Signatory
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TENNENBAUM OPPORTUNITIES PARTNERS V, LP, as a Lender | |
By: Tennenbaum Capital Partners, LLC | |
Its: Investment Manager | |
By: | /s/ DAVID HOLLANDER___________________________ | |
Name: David Hollander | ||
Title: Managing Partner
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TENNENBAUM OPPORTUNITIES FUND VI, LLC, as a Lender | |
By: Tennenbaum Capital Partners, LLC | |
Its: Investment Manager |
By: | /s/ DAVID HOLLANDER___________________________ | |
Name: David Hollander | ||
Title: Managing Partner
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April 4, 2014 |
TPG SPECIALTY LENDING, INC., as | ||
Administrative Agent | ||
By: | /s/ PHIL WARREN________________________________ | |
Name: Phil Warren | ||
Title: Authorized Signatory
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cc:
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Baker Botts L.L.P.
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910 Louisiana Street
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Houston, TX 77002-4495
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Attention: Joe S. Poff
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Facsimile: (713) 229-7710
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Email: joe.poff@bakerbotts.com
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BORROWER
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GGS, a Delaware corporation, as a debtor and debtor in possession in the Chapter 11 Cases
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GUARANTORS
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Autoseis Development Company, a Texas corporation; Autoseis, Inc., a Texas corporation; GGS International Holdings, Inc., a Texas corporation; Accrete Monitoring, Inc. (formerly known as Global Microseismic Services, Inc.) , a Texas corporation, and Global Geophysical EAME, Inc. (formerly known as GGS Lease Co., Inc., formerly known as Paisano Lease Co., Inc.), a Texas Corporation, each as a debtor and debtor in possession in the Chapter 11 Cases (collectively, the "Guarantors" and, collectively with Borrower, the "Loan Parties," and collectively with Borrower, Loan Parties and any other direct and indirect subsidiary of Borrower that is not a Guarantor, the "Company").1
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DIP LENDERS
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Prepetition Lenders (collectively, the "DIP Lenders").
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DIP AGENT
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TSL, a Delaware corporation (the "DIP Agent")
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AMOUNTS AND
AVAILABILITY
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The DIP Credit Facility shall be a multiple draw term loan facility in an aggregate principal amount, before giving effect to the Roll-Up (as defined below), of $55,000,000 to be made available to Borrower as follows:
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(i) | Interim DIP Loan: A term loan facility in an amount not to exceed $21,000,000 to be available through one or more drawings commencing on the Interim Closing Date to provide working capital to the Company until the Final Closing Date (as defined below), and to be used solely in accordance with the Approved Budget (as defined below) and in each case subject to the terms and on the conditions set forth in the DIP Loan Documentation (the "Interim DIP Loans"). During the period between the Interim Closing Date and the Final Closing Date, the Loan Parties shall be entitled to borrow no more frequently than once a week, and shall be limited to borrowing such amounts as may be necessary to fund the Approved Budget for the next succeeding week as provided in the DIP Loan Documentation; and
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(ii) | Final DIP Loan: A term loan facility to be available in multiple draws (but not more frequently than once every two weeks) on and after the Final Closing Date in an aggregate principal amount equal $55,000,000 (inclusive of all amounts outstanding under the Interim DIP Loan, but exclusive of the amount of any Roll-Up), in each case subject to the terms and on the conditions set forth in the DIP Loan Documentation (the "Final DIP Loan" and, collectively with the Interim DIP Loans and the Roll Up, the "DIP Loans"). For the avoidance of doubt, neither the Agent nor the Lenders has committed to fund any amount in excess of the Interim DIP Loan, and no such commitment shall exist unless and until all of the terms and conditions set forth in the DIP Loan Documentation shall have been satisfied or waived as provided therein (including, without limitation, completion of DIP Agent's and DIP Lenders' due diligence with results satisfactory to Agent and Lenders in their sole and absolute discretion). | |
CLOSING DATES
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"Interim Closing Date" means the date on which the "Conditions Precedent to the Interim DIP Loans" as set forth in the DIP Loan Documentation (including, without limitation, entry of the Interim Order (as defined in Exhibit A hereto)) shall have been satisfied or waived.
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"Final Closing Date" means the date on which the conditions precedent to the Final DIP Loan as set forth in the DIP Loan Documentation (including, without limitation, entry of the Final Order (as defined in Exhibit A hereto)) shall have been satisfied or waived.
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DIP LOAN
DOCUMENTATION
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Definitive financing documentation with respect to the DIP Loans, including, without limitation, all guaranties thereof and security documents therefor (including, without limitation, account control agreements), satisfactory in form and substance to each of the DIP Agent, DIP Lenders and Loan Parties (the "DIP Loan Documentation"), which documentation shall be executed and delivered by all parties thereto on or prior to March [●], 2014 (the date on which such event occurs, the "Definitive Documentation Date").
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USE OF PROCEEDS
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The DIP Loans will be used for (a) working capital and general corporate purposes of the Debtors, (b) bankruptcy-related costs and expenses, and (c) for any other purpose agreed upon in the DIP Loan Documentation, in each case in accordance with the Approved Budget.
None of the proceeds of the DIP Loans shall be used in connection with the initiation or prosecution of any claims, causes of action, adversary proceedings or other litigation against the Prepetition Agent, Prepetition Lenders, DIP Agent or DIP Lenders, including in connection with the validity of the liens granted to the Prepetition Agent, Prepetition Lenders, DIP Agent or DIP Lenders (whether under the Prepetition Loan Documents, the DIP Loan Documentation, or otherwise). Notwithstanding the foregoing, up to [$50,000] may be used by any statutory committee of unsecured creditors to investigate the validity and enforceability of the Prepetition Loan Obligations and the Prepetition Liens.
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APPROVED BUDGET;
VARIANCE REPORTS
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By not later than March [●], 2014, Loan Parties shall deliver to the DIP Agent and DIP Lenders a weekly budget for each of (a) the 4 week period (the "4 Week Budget") and, and (b) the 13 week period (the "13 Week Budget"), each commencing on March [●], 2014, and each in form and substance acceptable to the DIP Agent and DIP Lenders in their sole and absolute discretion. The 4 Week Budget, to the extent acceptable to the DIP Agent and DIP Lenders shall constitute the "Approved Budget". The Loan Parties shall submit to the DIP Agent and the DIP Lenders for approval, no later than five (5) business days prior to the expiration of the Approved Budget, an updated 4 Week Budget and update 13 Week Budget, which 4 Week Budget (upon approval) shall become the Approved Budget for purposes of the DIP Loan Documentation. Notwithstanding the foregoing, prior to the Final Closing Date (a) the 4 Week Budget and 13 Week Budget shall set forth, for each week, the amount of Interim DIP Loans required to be borrowed for such week after giving effect to any budgeted Inflows (subject to any Permitted Variance), it being understood that the Loan Parties ability to borrow shall be limited to such amount, and (b) any proposed disbursement of cash to pay taxes due or that may become due in Colombia shall require the separate written consent of the DIP Agent and DIP Lenders.
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By not later than 5:00 p.m. (New York time) on Tuesday of the week following (a) the end of the first full calendar week following the Petition Date, and (b) each calendar week thereafter, Loan Parties shall deliver to the DIP Agent and DIP Lenders a variance report prepared by Alvarez & Marsal, in form and substance acceptable to the DIP Agent and DIP Lenders in their sole and absolute discretion (an "Approved Variance Report"), showing comparisons of actual results for each line item against such line item in the Approved Budget for such preceding week and on a cumulative basis for the four immediately preceding weeks (or if fewer than four weeks have lapsed since the Petition Date, cumulatively from the Petition Date). The Approved Variance Report shall also provide a narrative explanation of each variance that exceeds a Permitted Variance (as defined below) containing detail acceptable to the DIP Agent and DIP Lenders in their sole discretion.
Each Approved Variance Report shall indicate whether there are any adverse variances that exceed the "Permitted Variances." Permitted Variances shall mean an amount not to exceed 10% of the amounts set forth on any line item under the headings "Inflows" and "Outflows." For the avoidance of doubt, an adverse variance exceeding the Permitted Variance would exist if (x) collections are less than 90% of the amounts set forth in any line item under the heading "Inflows, "or (y) disbursements are more than 110% of the amounts set forth in any line item under the heading "Inflows." Compliance with the Approved Budget shall be tested (A) for the first two weeks on a cumulative basis, (B) for the first three weeks on a cumulative basis, and (C) thereafter on a rolling four (4) week basis. Notwithstanding the foregoing, it shall not be a default or Event of Default if an adverse variance exceeds the Permitted Variance unless (1) the aggregate cumulative variance for all “Inflows” or (2) the aggregate cumulative variance for all “Outflows” exceeds $400,000 during any testing period.
Any amendments, supplements or modifications to the Approved Budget or an Approved Variance Report must be approved in writing by the DIP Agent and DIP Lenders prior to the implementation thereof, which approval may be given or withheld in their sole and absolute discretion.
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ROLL-UP
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Subject to the entry of the Final Order, on the Final Closing Date, indebtedness of Loan Parties under, in connection with, or with respect to the Prepetition Loan Documents, whether for borrowed money, fees, expenses, or otherwise accrued and outstanding as of the date of commencement of the Chapter 11 Cases (the "Petition Date"), including (without limitation) the Yield Maintenance Premium (collectively, the "Prepetition Loan Obligations") shall be converted into and treated as DIP Loans (the "Roll-Up").
All DIP Loans, whether in respect of post-petition amounts advanced or in connection with the Roll-Up shall be of equal stature and entitled to identical treatment.
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In the event that the Prepetition Lenders are required to repay or disgorge to the Loan Parties, or any representative of the Loan Parties' estates, and have repaid, all or any portion of the Prepetition Loan Obligations authorized and directed to be repaid pursuant to the Final Order, or any payment on account of the Prepetition Loan Obligations made to any Prepetition Lender is rescinded for any reason whatsoever, including, but not limited to, as a result of any Avoidance Action (as defined below), or any other action, suit, proceeding or claim brought under any other provision of the Bankruptcy Code or any applicable state law, or any other similar provisions under any other state or federal statutory or common law (all such amounts being hereafter referred to as the "Avoided Payments"), then, in such event, the Loan Parties shall prepay the outstanding principal amount of the DIP Loans in an amount equal to 100% of such Avoided Payments immediately upon receipt of the Avoided Payments by the Loan Parties or any representative of the Loan Parties' estates.
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PRIORITY
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All DIP Loans and other liabilities and obligations of the Loan Parties to the DIP Lenders under or in connection with this Term Sheet, the DIP Loan Documentation, the Interim Order or Final Order (collectively, the "DIP Loan Obligations") shall be:
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(i) |
pursuant to section 364(c)(1) of the Bankruptcy Code, entitled to superpriority administrative expense claim status in the Chapter 11 Cases of the Debtors with priority over any and all administrative expenses, whether heretofore or hereafter incurred, of the kind specified in sections 503(b) or 507(a) of the Bankruptcy Code (the "DIP Superpriority Claim");
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(ii) |
pursuant to sections 364(c)(2), secured by a perfected first-priority lien on the Collateral (as defined below), to the extent that such Collateral is not subject to valid, perfected and non-avoidable liens as of the Petition Date (but in all cases subject to the prior payment of the Carve-Out);
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(iii) |
pursuant to section 364(c)(3) of the Bankruptcy Code, secured by a perfected junior priority lien on the Collateral, to the extent that such Collateral is subject to valid, perfected and non-avoidable liens permitted under the Prepetition Loan Documents in favor of third parties in existence as of the Petition Date (other than existing liens, rights and interests granted to or for the benefit of the Prepetition Agent and Prepetition Lenders under the Prepetition Loan Documents (collectively, the "Prepetition Liens")) or to valid liens in existence as of the Petition Date that are perfected subsequent to such date as permitted by section 546(b) of the Bankruptcy Code, and to the extent such liens are expressly permitted in writing by the DIP Agent and DIP Lenders in their sole and absolute discretion (collectively, "Permitted Liens") (but in all cases subject to the prior payment of the Carve-Out); and
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(iv) |
pursuant to section 364(d) of the Bankruptcy Code, secured by a perfected first priority, priming and senior security interest and lien granted to the DIP Agent and DIP Lenders (the "Priming DIP Liens") on the Collateral (but in all cases subject to the prior payment of the Carve-Out), which Priming DIP Liens shall (prior to the Final Closing Date and occurrence of the Roll Up) prime the Prepetition Liens and in all respects be senior to the Prepetiton Loan Obligations.
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The liens granted pursuant to the foregoing clauses (ii), (iii) and (iv) are collectively referred to as the "DIP Liens." The DIP Liens shall not be subject to being treated pari passu with or subordinated to any other liens or security interests (whether currently existing or hereafter created), subject in each case only to Permitted Liens. Notwithstanding anything herein to the contrary (i) all proceeds received by the DIP Agent and the DIP Lenders from the Collateral subject to the DIP Liens shall be subject to the prior payment of the carve-out set forth in the Interim Order and Final Order (the "Carve-Out"), and (ii) no Person entitled to payment from the Carve-Out shall be entitled to sell or otherwise dispose, or seek or object to the sale or other disposition, of any Collateral.
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ADEQUATE
PROTECTION
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As adequate protection for the diminution in value of the pre-petition liens granted to the Prepetition Agent and Prepetition Lenders (whether under the Prepetition Loan Documents) resulting from the granting of the Priming DIP Liens, the use by the Loan Parties of "cash collateral" (as such term is defined in section 363 of the Bankruptcy Code), the imposition of the automatic stay, the agreement of the Prepetition Agent and Prepetition Lenders to subordinate their right to receive payment from the proceeds of the Prepetition Liens to the prior payment of the Carve-Out, or otherwise, the Prepetition Agent and Prepetition Lenders shall receive the following adequate protection package with respect to Prepetition Loan Obligations for so long as such Prepetition Loan Obligations are not subject to the Roll-Up: (i) replacement liens (the "Adequate Protection Liens") on the Collateral pursuant to sections 361 and 363 of the Bankruptcy Code, which shall be junior only to the claims and liens of the DIP Agent and DIP Lenders as described under "Priority" above (but subject to the Carve-Out); (ii) allowed superpriority administrative expense claims in each of the Chapter 11 Cases and any successor cases pursuant to section 364(c)(1) of the Bankruptcy Code, junior only to the superpriority claims of the DIP Agent and DIP Lenders (the "Adequate Protection Superpriority Claim"); (iii) payment of current interest at the non-default rate applicable to Base Rate Loans under the Prepetition Loan Documents, and (iv) current payment of the fees and expenses of counsel and other professionals retained by the Prepetition Agent and Prepetition Lenders.
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COLLATERAL
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"Collateral" means, collectively, all now owned or hereafter acquired assets and property of each Loan Party and its respective chapter 11 estate, whether real or personal, tangible or intangible, or otherwise, and any and all proceeds therefrom, including, without limiting the generality of the foregoing, all cash, accounts, accounts receivable, inventory, property, plant and equipment, real estate, leaseholds, general intangibles, intellectual property, all intercompany claims, any and all proceeds arising from insurance policies, all claims and causes of action of each Loan Party or its respective estate against any third party. and any and all proceeds therefrom, and 100% of the equity interests of each direct and indirect subsidiary of each Loan Party, which "Collateral," for the avoidance of doubt, shall include, without limiting the generality of the foregoing, "Collateral" as defined in the Prepetition Loan Documents.
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AVOIDANCE
ACTIONS
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Notwithstanding anything to the contrary set forth herein, the proceeds of avoidance actions under chapter 5 of the Bankruptcy Code ("Avoidance Actions") shall be available for payment of the DIP Superpriority Claims and the Adequate Protection Superpriority Claim.
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ORIGINATION FEE
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A fee (the "Interim DIP Origination Fee") equal to 4.0% multiplied by the aggregate amount of the Interim DIP Loans, which shall be (x) fully earned on the date of entry of the Interim Order and (y) due and payable to the DIP Lenders on the Interim Closing Date.
A fee (the "Final DIP Origination Fee") equal to 4.0% multiplied by the aggregate amount of the DIP Credit Facility (less the amount of the Interim DIP Loan and excluding any amount that is subject to the Roll Up), which shall be (x) fully earned on the date of entry of the Final Order and (y) due and payable to the DIP Lenders on the Final Closing Date.
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A commitment fee which shall accrue at a rate of 1.0% per annum on the daily amount of the unused commitment under the DIP Credit Facility (excluding the amount of any Roll Up; the "Commitment Fee"). For the avoidance of doubt, the Commitment Fee shall be payable on (x) the Interim DIP Loans from and after the Interim Closing Date, and (y) the Final DIP Loan (excluding the amount of any Roll Up) from and after the Final Closing Date.
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INTEREST RATE
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Base Rate plus the Applicable Margin for Base Rate Loans, as set forth in the Financing Agreement, to be paid monthly in arrears. Interest shall begin to accrue on the aggregate principal amount outstanding of the Interim DIP Loan on the Interim Closing Date and on the aggregate principal amount outstanding of the Final DIP Loan from and after the Final Closing Date.
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DEFAULT RATE
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At all times while a default exists and is continuing under the DIP Credit Facility, principal, interest and other amounts shall bear interest at a rate per annum equal to 3% in excess of the interest rate set forth under "Interest Rate" above.
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MATURITY DATE
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The DIP Loans shall mature on the earliest to occur of the following (any such date, the "Maturity Date"):
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(i) |
December 31, 2014 (the "Outside Date");
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(ii) |
the acceleration of any of the DIP Loans and the termination of the commitments to make the DIP Loans in accordance with the terms of the DIP Loan Documentation (including, without limitation, the non-satisfaction of any Chapter 11 Milestone (as defined in Exhibit A hereto) by the applicable Specified Deadline and the non-waiver of such non-satisfaction by the DIP Lenders); and
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(iii) |
the filing of a motion by the Debtors seeking dismissal of any of the Chapter 11 Cases, dismissal of any of the Chapter 11 Cases, the filing of a motion by the Debtors seeking to convert of any of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code, or the conversion of the Chapter 11 Cases to a case under chapter 7 of the Bankruptcy Code.
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OPTIONAL
PREPAYMENTS
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The Borrower may prepay the DIP Loans in whole or in part at any time.
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MANDATORY
PREPAYMENTS
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The Borrower shall prepay the DIP Loans and obligations related thereto based on the mandatory prepayment trigger events set forth in section 2.13 of the Financing Agreement (with such changes in thresholds to be agreed upon and consistent with debtor-in-possession financings of this type, including mandatory prepayments from Avoided Payments, and reflecting the Loan Parties' current status as debtors in possession under chapter 11 of the Bankruptcy Code) and those mandatory prepayment trigger events otherwise specified in the DIP Loan Documentation, including if the Loan Parties aggregate cash balances exceed an agreed amount (each, a "Mandatory Prepayment Event").
Notwithstanding the foregoing, no reinvestment of the proceeds of any extraordinary receipts, asset sales or other proceeds described above shall be permitted without the prior written consent of the DIP Lenders in their sole and absolute discretion.
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CONDITIONS
PRECEDENT
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Conditions Precedent to Interim DIP Loans. The obligations of the DIP Lenders to make the Interim DIP Loans will be subject to satisfaction, or waiver by the DIP Agent and DIP Lenders, in their sole and absolute discretion, of the conditions precedent set forth in the DIP Loan Documentation, including (without limitation) the following:
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(i) |
the Loan Parties shall have timely delivered to the DIP Lenders the 4 Week Budget and 13 Week Budget in accordance with the provisions set forth above under "Approved Budget; Variance Reports," and the DIP Agent and DIP Lenders shall have approved the Approved Budget;
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(ii) |
the DIP Agent, DIP Lenders and Loan Parties shall have executed and delivered the DIP Loan Documentation;
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(iii) | the Chapter 11 Milestones listed as #1, 2 and 3 in Exhibit A hereto (collectively, the "Interim Chapter 11 Milestones") shall have been satisfied by the applicable Specified Deadline; | |
(iv) | the Interim Order shall have been entered by the Bankruptcy Court, and shall not have been reversed, modified, amended, stayed or vacated, or in the case of any modification or amendment, without the written consent of the DIP Agent and DIP Lenders. The Loan Parties shall be in compliance in all respects with the Interim Order; |
(v) |
the Loan Parties shall have executed an engagement letter with Alvarez & Marsal appointing a principal of Alvarez & Marsal as the chief restructuring officer of the Loan Parties (the "CRO"), such engagement letter to be on terms and conditions (including, without limitation, as to the identity of the principal and scope of authority) acceptable to the DIP Agent and DIP Lenders in their sole discretion.
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(vi) |
all documented, reasonable, out of pocket expenses of the DIP Agent and DIP Lenders relating to the DIP Credit Facility (including, without limitation, reasonable fees and expenses of their counsel and advisors) shall be paid in full concurrently with the funding of the Interim DIP Loan;
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(vii) |
the Loan Parties shall have insurance (consistent with that set forth in section 4.27 of the Financing Agreement) with respect to the Collateral in such amounts and scope as is acceptable to the DIP Agent and DIP Lenders, and the DIP Agent and DIP Lenders shall have received additional insured and loss payee endorsements, as applicable, with respect thereto, in form and substance reasonably acceptable to the DIP Agent and DIP Lenders;
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(viii) |
the results of a recent lien, tax and judgment search in each relevant jurisdiction with respect to the Loan Parties reveals no liens on any of the assets of the Loan Parties other than Permitted Liens;
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(ix) |
no Event of Default shall have occurred and be continuing on the Interim Closing Date, or after giving effect to the Interim DIP Loan;
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(x) |
subject to Bankruptcy Court approval, (i) each Loan Party shall have the corporate power and authority to make, deliver and perform its obligations under the DIP Loan Documentation and the Interim Order, and (ii) no consent or authorization of, or filing with, any Person (including, without limitation, any Governmental Authority) shall be required in connection with the execution, delivery or performance by each Loan Party, or for the validity or enforceability in accordance with its terms against such Loan Party, of the DIP Loan Documentation and the Interim Order except for consents, authorizations and filings which shall have been obtained or made and are in full force and effect and except for such consents, authorizations and filings, the failure to obtain or perform, could not be reasonably expected to have a Material Adverse Change (as defined below); and
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(xi) | since the Petition Date, there shall not have been any material adverse change, in the operations, assets, revenues, financial condition, profits or prospects of the Loan Parties, taken as a whole (other than those that would be reasonably foreseeable to occur as a result of the filing of the Chapter 11 Cases; a "Material Adverse Change"). |
Conditions Precedent to Final DIP Loan. The obligations of the DIP Lenders to make the Final DIP Loan will be subject to satisfaction or waiver of conditions precedent specified in the DIP Loan Documentation, including entry of the Final Order, payment in full of the Prepetition Loan Obligations, delivery of an updated Approved Budget, and completion by DIP Agent and DIP Lenders of their due diligence with results satisfactory to DIP Agent and DIP Lenders in their sole and absolute discretion.
Conditions to the Making of Each DIP Loan. Customary for loan facilities of this type, including (without limitation) that Loan Parties' free cash balance as of the date of the making of such DIP Loan is not greater than an amount to be agreed, and representations and warranties (including those with respect to the net book value of accounts receivable, property, plant and equipment and intellectual property, as set forth n the Schedules to the DIP Loan Documentation), being true and correct as of the date of borrowing (except to the extent such representation or warranty speaks to an earlier date).
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REPRESENTATIONS
AND WARRANTIES
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Representations and warranties consistent with those in the Prepetition Loan Documents (with such changes in baskets and thresholds to be agreed upon and such other changes that are appropriate, in the DIP Agent's and DIP Lenders' reasonable business judgment, in the context of debtor-in-possession financings of this type, and reflecting the Loan Parties' current status as debtors in possession under chapter 11 of the Bankruptcy Code) and the representations and warranties otherwise specified in the DIP Loan Documentation (including changes that are appropriate, in the DIP Lenders' reasonable business judgment, in the context of debtor-in-possession financings of this type, and reflecting the Loan Parties' current status as debtors in possession under chapter 11 of the Bankruptcy Code), including, but not limited to, corporate existence and good standing, authority to enter into the DIP Loan Documentation, occurrence of the Interim Closing Date or Final Closing Date (as applicable), entry of the Interim DIP Order or the Final DIP Order (as applicable), governmental approvals, non-violation of other agreements, accuracy of financial statements, litigation, compliance with environmental, pension and other laws, taxes, insurance, absence of any event causing a Material Adverse Change, absence of any default or unmatured default, ownership of tangible and intangible property and priority of the DIP Agent's and DIP Lenders' liens.
In addition, the DIP Loan Documentation shall include representations that the net book value (properly calculated in accordance with GAAP) of each of (a) accounts receivable, (b) owned property, plant and equipment and (c) intellectual property owned by the Loan Parties as of [ ], 2014, and reflected on Schedule [ ] to the DIP Loan Documentation is not less than the amounts set forth on such Schedule.
|
FINANCIAL,
REPORTING AND
OTHER COVENANTS
|
Covenants consistent with those in the Prepetition Loan Documents (with such changes in baskets and thresholds to be agreed upon and such other changes that are appropriate, in the DIP Lenders' reasonable business judgment, in the context of debtor-in-possession financings of this type, and reflecting the Loan Parties' current status as debtors in possession under chapter 11 of the Bankruptcy Code) and the covenants otherwise specified in the DIP Loan Documentation (including changes that are appropriate, in the DIP Lenders' reasonable business judgment, in the context of debtor-in-possession financings of this type, and reflecting the Loan Parties' current status as debtors in possession under chapter 11 of the Bankruptcy Code), including, but not limited to, provision of and compliance with the Approved Budget, delivery of financial statements (including monthly P&L, EBITDA and cash flows), notices of litigation, defaults and unmatured defaults and other information (including pleadings, motions, applications, and other documents filed with the Bankruptcy Court or distributed to any official committee appointed in the Chapter 11 Cases), compliance with laws, inspection of properties, books and records, limitations with respect to liens and encumbrances, dividends and retirement of capital stock, guarantees, sale and lease back transactions, consolidations and mergers, investments, capital expenditures, loans and advances, indebtedness, operating leases, transactions with affiliates, payment of pre-petition indebtedness and prepayment of indebtedness and amendments to material agreements, in each case, subject to certain exceptions to be agreed upon.
|
AFFIRMATIVE
COVENANTS
|
Covenants consistent with those in the Prepetition Loan Documents and the covenants otherwise specified in the DIP Loan Documentation (including changes that are appropriate, in the DIP Lenders' reasonable business judgment, in the context of debtor-in-possession financings of this type, and reflecting the Loan Parties' current status as debtors in possession under chapter 11 of the Bankruptcy Code), including (without limitation) (i) depositing the proceeds of all accounts receivable of the Loan Parties, upon receipt, into accounts that are subject to account control agreements in favor of the DIP Agent and DIP Lender (subject to certain exceptions with respect to foreign accounts and treasury arrangements thereunder), (ii) requiring each Loan Party satisfy, or cause to be satisfied, each Chapter 11 Milestone on or before the applicable Specified Deadline set forth in Exhibit A hereto, (iii) repatriation to accounts of the Loan Parties located in the United States of all cash (net of any taxes payable as a result of such repatriation) maintained in the accounts of Loan Parties' Brazilian subsidiaries in excess of $1,000,000 (it being understood that the cash to be repatriated shall be included as a source of cash in the 4 Week Budget and any Approved Budget, and that receipt by the Loan Parties will be tested as part of the Permitted Variance analysis and compliance with the Approved Budget).
Loan Parties shall use reasonable best efforts to cause third parties, including account payors and bailees, to cooperate with the DIP Agent and DIP Lenders with respect to the confirmation of the information set forth on any Schedule to the DIP Loan Documentation, including those relating to the accounts receivable, owned property, plant and equipment and intellectual property, so as to permit DIP Agent and DIP Lenders to validate the accuracy of such Schedules. For the avoidance of doubt, DIP Agent shall have the right to select the party or parties conducting any such verification of the information set forth on such Schedules.
|
NEGATIVE
COVENANTS
|
Covenants consistent with those in the Prepetition Loan Documents (with such changes to grace periods, cure periods and thresholds to be agreed upon and such other changes that are appropriate, in the DIP Lenders' reasonable business judgment, in the context of debtor-in-possession financing of this type, and reflecting the Loan Parties' current status as debtors in possession under chapter 11 of the Bankruptcy Code) and covenants otherwise specified in the DIP Loan Documentation (including changes that are appropriate, in the DIP Lenders' reasonable business judgment, in the context of debtor-in-possession financings of this type, and reflecting the Loan Parties' current status as debtors in possession under chapter 11 of the Bankruptcy Code) including (without limitation) that no Loan Party shall, without the express, prior written consent of the DIP Agent and DIP Lenders, do, cause to be done, or agree to do or cause to be done, any of the following:
|
|
(i) |
create, incur, assume or suffer to exist any indebtedness, except indebtedness expressly permitted by the DIP Loan Documentation and Interim DIP Order or Final DIP Order (as applicable), or cause, permit to be caused, or agree to cause or permit to be caused, any direct or indirect subsidiary of Borrower that is not an Loan Party to, create, incur, assume or suffer to exist any such indebtedness;
|
|
(ii) |
create, incur, assume or suffer to exist any lien upon any of its property, assets, income or profits, whether now owned or hereafter acquired, except Permitted Liens, and shall not cause, or permit to be caused, any direct or indirect subsidiary of Borrower that is not an Loan Party to, create, incur, assume or suffer to exist any such liens;
|
|
(iii) |
convey, sell, lease, license, assign, transfer or otherwise dispose of (including through a transaction of merger or consolidation) any of its property, business or assets, whether now owned or hereafter acquired, out of the ordinary course of business, and shall not cause, or, except as provided in the Approved Budget, permit to be caused, any sales, transfers or other dispositions (including in the form of loans and investments) to or from any of its foreign direct or indirect subsidiaries, affiliates or branches (whether or not such foreign subsidiary, affiliate or branch is an Loan Party hereunder);
|
|
(iv) | incur or make any expenditure (including, without limitation, any capital expenditure), investment or other payment, other than in accordance with the Approved Budget, subject to the Permitted Variances and to emergency expenditures for health and safety matters in an amount not to exceed $______; |
(v) |
(a) prior to the Bankruptcy Court’s approval of the CRO, enter into any contract (including, without limitation, customer contracts) that would require any Loan Party to expend, over the life of such contract, in excess of $500,000, or modify or amend any existing contract in a manner adverse to the Loan Parties, and (b) following the Bankruptcy Court’s approval of the CRO, enter into any contract (including, without limitation, customer contracts) that would require any Loan Party to expend, over the life of such contract, in excess of $2,000,000, or modify or amend any existing contract in a manner adverse to the Loan Parties, without the consent of both the CRO and the DIP Lenders; or
|
|
(vi) |
create, or acquire any ownership interest in, any subsidiaries (whether direct or indirect) other than those existing on the Petition Date.
|
|
EVENTS OF
DEFAULT
|
Events of default consistent with those in the Prepetition Loan Documents (with such changes to grace periods, cure periods and thresholds to be agreed upon and such other changes that are appropriate, in the DIP Lenders' reasonable business judgment, in the context of debtor-in-possession financing of this type, and reflecting the Loan Parties' current status as debtors in possession under chapter 11 of the Bankruptcy Code) or events of defaults as otherwise specified in the DIP Loan Documentation (including changes that are appropriate, in the DIP Lenders' reasonable business judgment, in the context of debtor-in-possession financings of this type, and reflecting the Loan Parties' current status as debtors in possession under chapter 11 of the Bankruptcy Code) (collectively, "Events of Default"); including (without limitation) the following:
|
|
(i) |
the occurrence of any deviation from the Approved Budget that is greater than the Permitted Variances;
|
|
(ii) |
failure of any of the Chapter 11 Milestones to be satisfied;
|
|
(iii) |
reversal, modification, amendment, stay or vacatur of the Interim Order or Final Order (as applicable), as entered by the Bankruptcy Court, without the prior written consent of the DIP Agent and DIP Lenders;
|
|
(iv) | the filing with the Bankruptcy Court of a plan of reorganization or liquidation in any of the Chapter 11 Cases that does not provide for indefeasible payment in full in cash to the DIP Lenders of the DIP Loans and all other amounts outstanding under the DIP Loan Documentation on the effective date of such plan (the "Plan");
|
|
(v) |
the appointment in any of the Chapter 11 Cases of a trustee, receiver, examiner or responsible officer with enlarged powers relating to the operation of the business of any Loan Party (powers beyond those set forth in sections 1106(a)(3) and (a)(4) of the Bankruptcy Code);
|
(vi) |
the occurrence of any insolvency, bankruptcy or similar proceeding with respect to any direct or indirect subsidiary of Borrower that is not a Debtor in the Chapter 11 Cases, without the prior written consent of the DIP Agent and DIP Lenders;
|
|
(ivi) |
the granting of relief from the automatic stay by the Bankruptcy Court to any other creditor or party in interest in the Chapter 11 Cases with respect to any asset having a value in excess of $______;
|
|
(viii) |
failure of all amounts due and owing to the DIP Lenders under, in respect of or in connection with the DIP Credit Facility to be paid in full in cash on the Maturity Date;
|
|
(ix) |
termination by any counterparty of any material contract that would constitute an Material Adverse Change;
|
|
(x) |
the termination of the CRO;
|
|
(xi) |
the resignation of the CRO and a mutually acceptable replacement shall not have been appointed within 30 days; and
|
|
(ixi) | the determination of any Loan Party, whether by vote of such Person's board of directors or otherwise, to suspend the operation of such Person's business in the ordinary course, liquidate all or substantially all of such Person's assets, or employ an agent or other third party to conduct any sales of all or substantially all of such Person's assets, or the filing of a motion or other application in the Chapter 11 Cases seeking authority to do any of the foregoing, in each case, other than in connection with a sale in which the proceeds of such sale will be paid to the DIP Agent and DIP Lenders on account of the DIP Loan Obligations upon consummation of such sale(s). |
REMEDIES UPON
EVENT OF DEFAULT
|
Upon the occurrence and during the continuance of any Event of Default, the DIP Agent and DIP Lenders may take all or any of the following actions without further order of or application to the Bankruptcy Court, and notwithstanding the automatic stay:
|
|
(i) |
declare the principal of, and accrued interest on, any outstanding DIP Loans to be immediately due and payable;
|
|
(ii) |
terminate any further commitment to lend to the Borrower; or
|
|
(iii) |
subject to the delivery of three business days' notice to the Loan Parties, any official committee of unsecured creditors and the UST, without application or motion to, or further orders from, the Bankruptcy Court or any other court, and without interference from any Debtor or any other party in interest, (x)
|
set-off any amounts held as cash collateral (including, without limitation, in any cash collateral account held for the benefit of the DIP Agent and DIP Lenders), or (y) take any other action or exercise any other right or remedy (including, without limitation, with respect to the DIP Liens and Collateral) permitted under the DIP Loan Documentation or under applicable law, including, without limitation, exercising any and all rights and remedies with respect to the Collateral or any portion thereof, subject only to satisfaction of any notice requirement set forth in the Interim Order or Final Order, as applicable.
|
||
OTHER
BANKRUPTCY
MATTERS
|
All reasonable out-of-pocket costs and expenses of the DIP Agent and DIP Lenders relating to the negotiation, preparation, execution and delivery of this Term Sheet and the DIP Loan Documentation (including, without limitation, reasonable fees and disbursements of counsel and of third-party appraisers and consultants advising the DIP Lenders and the DIP Agent, expenses in connection with the appraisal and monitoring of the Collateral, enforcement of rights and other miscellaneous disbursements) shall be payable by the Borrower promptly upon written demand and without the requirement for Bankruptcy Court approval. A copy of the summary invoice shall be provided by the Debtors to the Office of the U.S. Trustee and counsel for any statutory committee (to the extent required by the Interim Order or Final Order).
The Borrower shall indemnify, pay and hold harmless the DIP Lenders and the DIP Agent (and their respective directors, officers, employees and agents) and the DIP Agent against any loss, liability, cost or expense incurred in respect of the financing contemplated hereby or the use or the proposed use of proceeds thereof (except to the extent resulting from the gross negligence or willful misconduct of the indemnified party, as determined by a final, non-appealable judgment of a court of competent jurisdiction).
The Interim Order and Final Order shall contain releases and exculpations for the Prepetition Agent and Prepetition Lenders in respect of any matters arising prior to the Petition Date, subject to customary challenge rights in favor of creditors or any statutory committee.
|
|
GOVERNING LAW
AND JURISDICTION
|
The DIP Loan Documentation shall be governed by, and shall be construed and enforced in accordance with, the laws of the State of New York (except as governed by the Bankruptcy Code) without regard to conflict of law principles (other than sections 5-1401 and 5-1402 of the New York General Obligations law) thereof.
The DIP Loan Documentation will provide that the Loan Parties shall submit to the exclusive jurisdiction of the Bankruptcy Court and shall waive any right to trial by jury.
|
COUNSEL TO DIP
LENDERS
|
Schulte Roth & Zabel LLP.
|
Chapter 11 Milestone
|
Specified Deadline
|
||
1.
|
Delivery to DIP Lenders drafts of the following:
|
By no later than 12:00 pm, noon New York time on March [●], 2014
|
|
(a) DIP Motion;1and | |||
(b) such other "first day" papers as may be requested by DIP Lenders. | |||
2.
|
Commencement of the Chapter 11 Cases and filing with the Bankruptcy Court of the DIP Motion and such other first day papers as may be approved or requested by the DIP Lenders, all of which shall be in form and substance acceptable to the DIP Lenders
|
On or prior to 6:00 am New York time on March [●], 2014
|
|
3.
|
Entry by the Bankruptcy Court of the Interim Order2
|
By no later than two business days following the Petition Date (or by such later date as the DIP Lenders may agree in writing)
|
Chapter 11 Milestone
|
Specified Deadline
|
|
4.
|
Entry by the Bankruptcy Court of the Final Order3
|
By no later than 30 days following the entry of the Interim Order (or by such later date as the DIP Lenders may agree in writing)
|
5.
|
Filing with the Bankruptcy Court of either (a) a Plan, or (b) a motion for approval of bidding procedures with respect to the sale of all or substantially all of the Loan Parties' assets a "Sale Motion") in form and substance reasonably acceptable to the DIP Agent and DIP Lenders.
|
By no later than 120 days following the Petition Date (or by such later date as the DIP Lenders may agree in writing)
|
6.
|
Entry of an Order confirming the Plan or approving a sale of all or substantially all of the Loan Parties' assets (as applicable)
|
By no later than 75 days following the filing of the Plan or Sale Motion, as applicable (or by such later date as the DIP Lenders may agree in writing)
|
7.
|
Effective Date of the Plan or consummation of the sale
|
By no later than Outside Date
|
AUTOSEIS, INC.
|
||
By: |
____________________________________________
|
|
Name:
|
||
Title:
|
[Notary Seal] |
GLOBAL GEOPHYSICAL SERVICES, INC.
|
||
By: |
____________________________________________
|
|
Name:
|
||
Title:
|
[Notary Seal] |
GLOBAL GEOPHYSICAL SERVICES, INC.
|
||
By: |
____________________________________________
|
|
Name:
|
||
Title:
|
[Notary Seal] |
GLOBAL MICROSEISMIC SERVICES, INC.
|
||
By: |
____________________________________________
|
|
Name:
|
||
Title:
|
[Notary Seal] |
GLOBAL MICROSEISMIC SERVICES, INC.
|
||
By: |
____________________________________________
|
|
Name:
|
||
Title:
|
||
[Notary Seal] |
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
Attention: Julian M. Wise, Esq.
Ref. No.: 079464.0031
|
ARTICLE I DEFINITIONS
|
5 | |
Section 1.01
|
Terms Defined Above
|
5
|
Section 1.02
|
Definitions
|
5
|
Section 1.03
|
Terminology
|
8
|
Section 1.04
|
Other Defined Terms
|
8
|
ARTICLE II GRANT OF LIEN AND SECURITY INTEREST
|
8 | |
Section 2.01
|
Grant of Lien
|
8
|
Section 2.02
|
Grant of Security Interest
|
9
|
Section 2.03
|
No Obligation of Beneficiary
|
9
|
Section 2.04
|
Fixture Filing
|
9
|
Section 2.05
|
Future Advances
|
10
|
Section 2.06
|
Advances Secured By Deed of Trust
|
10
|
ARTICLE III ASSIGNMENT OF LEASES AND RENTS
|
10 | |
Section 3.01
|
Assignment
|
11
|
Section 3.02
|
Revocable License
|
11
|
Section 3.03
|
Intentionally Omitted
|
11
|
Section 3.04
|
Remedies
|
12
|
Section 3.05
|
Direction to Tenants
|
12
|
Section 3.06
|
Appointment of Attorney-in-Fact
|
12
|
Section 3.07
|
No Liability of Beneficiary
|
13
|
Section 3.08
|
No Modification of Trustor’s Obligations
|
13
|
ARTICLE IV REPRESENTATIONS AND WARRANTIES
|
14 | |
Section 4.01
|
Power to Create Lien and Security
|
14
|
Section 4.02
|
Loan and Loan Documents
|
14
|
Section 4.03
|
No Condemnation
|
14
|
Section 4.04
|
Flood Zone
|
14
|
ARTICLE V AFFIRMATIVE COVENANTS
|
15 | |
ARTICLE VI NEGATIVE COVENANTS
|
15 |
ARTICLE VII EVENTS OF DEFAULT AND REMEDIES
|
15
|
|
Section 7.01
|
Event of Default
|
15
|
Section 7.02
|
Sale of Trust Property in Texas
|
15
|
Section 7.03
|
Trustee’s Successors, Substitutes and Agents
|
17
|
Section 7.04
|
Judicial Foreclosure
|
17
|
Section 7.05
|
Receiver
|
17
|
Section 7.06
|
Foreclosure for Installments
|
17
|
Section 7.07
|
Separate Sales
|
18
|
Section 7.08
|
Possession of Trust Property
|
18
|
Section 7.09
|
Occupancy After Acceleration
|
18
|
Section 7.10
|
Remedies Cumulative, Concurrent and Nonexclusive
|
19
|
Section 7.11
|
No Release of Obligations
|
19
|
Section 7.12
|
Release of and Resort to Collateral
|
19
|
Section 7.13
|
Waiver of Redemption, Notice and Marshaling of Assets
|
19
|
Section 7.14
|
Discontinuance of Proceedings
|
20
|
Section 7.15
|
Application of Proceeds
|
20
|
Section 7.16
|
Uniform Commercial Code Remedies
|
21
|
Section 7.17
|
Indemnity
|
21
|
ARTICLE VIII TRUSTEE | 22 | |
Section 8.01
|
Duties, Rights, and Powers of Trustee
|
22
|
Section 8.02
|
Successor Trustee
|
22
|
Section 8.03
|
Retention of Moneys
|
22
|
ARTICLE IX MISCELLANEOUS | 23 | |
Section 9.01
|
Instrument Construed as Mortgage, Etc.
|
23
|
Section 9.02
|
Performance at Trustor’s Expense
|
23
|
Section 9.03
|
Survival of Obligations
|
23
|
Section 9.04
|
Further Assurances
|
23
|
Section 9.05
|
Notices
|
23
|
Section 9.06
|
No Waiver
|
23
|
Section 9.07
|
Beneficiary’s Right to Perform; Beneficiary’s Expenditures
|
24
|
Section 9.08
|
Successors and Assigns
|
24
|
Section 9.09
|
Severability
|
24
|
Section 9.10
|
Entire Agreement and Modification
|
25
|
Section 9.11
|
Applicable Law
|
25
|
Section 9.12
|
Satisfaction of Prior Encumbrance
|
25
|
Section 9.13
|
No Partnership
|
25
|
Section 9.14
|
Headings
|
25
|
Section 9.15
|
Release of Deed of Trust
|
25
|
Section 9.16
|
Limitation of Obligations with Respect to Trust Property
|
26
|
Section 9.17
|
Inconsistency with Financing Agreement
|
26
|
Section 9.18
|
Limitation on Interest Payable
|
26
|
Section 9.19
|
Covenants To Run With the Land
|
27
|
Section 9.20
|
Amount Secured; Last Dollar
|
27
|
Section 9.21
|
Defense of Claims
|
27
|
Section 9.22
|
Exculpation Provisions
|
27
|
Section 9.23
|
Modifications to Financing Agreement
|
28
|
Section 9.24
|
No Merger of Estates
|
28
|
EXHIBIT A - LEGAL DESCRIPTION
|
Name of Debtor:
|
GLOBAL GEOPHYSICAL SERVICES, INC.
|
Type of Organization:
|
corporation
|
State of Organization:
|
Delaware
|
Address of Debtor:
|
13927 South Gessner Road
Missouri City, Texas 77489
|
Name of Secured Party:
|
TPG SPECIALTY LENDING, INC.,
a Delaware corporation
|
Address of Secured Party:
|
301 Commerce Street, Suite 3300
Fort Worth, Texas 76102
|
TRUSTOR:
|
|||
GLOBAL GEOPHYSICAL SERVICES, INC.,
a Delaware corporation
|
|||
By:
|
|||
Name:
|
|||
Title:
|
STATE OF ___________
|
)
|
|
)
|
SS:
|
|
COUNTY OF __________
|
)
|
Notary Public
|
|||
(Seal)
|
|||
Print Name
|
|||
My commission expires:
|
OBLIGORS: | |
GLOBAL GEOPHYSICAL SERVICES, INC.
|
|
By: __________________________
|
|
Name:
|
|
Title:
|
|
AUTOSEIS DEVELOPMENT COMPANY
|
|
By: __________________________
|
|
Name:
|
|
Title:
|
|
AUTOSEIS, INC.
|
|
By: __________________________
|
|
Name:
|
|
Title:
|
|
GGS INTERNATIONAL HOLDINGS, INC.
|
|
By: __________________________
|
|
Name:
|
|
Title:
|
|
GLOBAL EURASIA, LLC
|
|
By: __________________________
|
|
Name:
|
|
Title:
|
|
GLOBAL MICROSEISMIC SERVICES, INC.
|
|
By: __________________________
|
|
Name:
|
|
Title:
|
|
PAISANO LEASE CO., INC.
|
|
By: __________________________
|
|
Name:
|
|
Title:
|
|
APERIO ENERGY PARTNERS, LLC
|
|
By: __________________________
|
|
Name:
|
|
Title:
|
|
[SIGNATURE BLOCKS OF FOREIGN
SUBSIDIARIES TO BE INSERTED]
|
Customer:
|
Global Geophysical Services, Inc.
|
|||
Address:
|
13927 South Gessner Road
|
|||
Missouri City, TX 77489
|
||||
Attention:
|
James Brasher
|
|||
Fax Number:
|
713-808-7810
|
|||
Collateral Agent:
|
TPG Specialty Lending, Inc.
|
|||
Address:
|
888 7th Avenue, 4th Floor
|
|||
New York, NY 10019
|
||||
Attention:
|
Philip T. Warren
|
|||
Telephone Number:
|
212-601-4711
|
|||
Fax Number:
|
212-430-4611
|
Bank:
|
Amegy Bank National Association
|
||||
Five Post Oak Park
|
|||||
4400 Post Oak Parkway
|
|||||
Houston, Texas 77027
|
|||||
Attention:
|
|||||
Telephone Number:
|
|||||
Fax Number:
|
|||||
AND
|
|||||
Attention: Wanda Rummage
|
|||||
Telephone No.: 713.232.2259
|
|||||
Fax No.: 713. 561.0198
|
CUSTOMER:
|
Global Geophysical Services, Inc.
|
||
By:
|
/s/ P. MATTHEW VERGHESE
|
||
Name:
|
P. Matthew Verghese
|
||
Title:
|
Senior Vice President and Chief Financial Officer
|
||
Address:
|
13927 South Gessner Road
|
||
Missouri City, TX 77489
|
COLLATERAL
AGENT:
|
TPG SPECIALTY LENDING, INC.
|
|
By:
|
/s/ MICHAEL FISHMAN
|
|
Name:
|
Michael Fishman
|
|
Title:
|
CEO
|
|
Address:
|
888 7th Avenue, 4th Floor
|
|
New York, NY 10019
|
BANK:
|
AMEGY BANK NATIONAL ASSOCIATION
|
|
By:
|
/s/ GREG NOVAK
|
|
Name:
|
Greg Novak
|
|
Title:
|
Sr. Vice President
|
(i)
|
the Depositary Bank has established the account(s) set forth on Schedule I in the name of the Lien Grantor (such account(s) and any successor account(s), the “Accounts”); and
|
(ii)
|
each Account is a “deposit account” as defined in Section 9-102(a)(29) of the UCC.
|
(i)
|
Except for amounts referred to in Section 3(ii) and amounts arising in connection with the indemnification obligations described in Section 13, (a) the Depositary Bank subordinates any security interest, lien or right to make deductions or set-offs that it may now have or hereafter acquire in or with respect to the Accounts to the lien of the Secured Party in the Accounts (the “Transaction Lien”), and (b) any amounts credited to the Accounts will not be subject to deduction, set-off, banker’s lien, or any other right in favor of any person other than the Secured Party.
|
(ii)
|
Notwithstanding Section 3(i), the Depositary Bank may charge or setoff the Accounts for:
|
(A)
|
all amounts due to it in respect of its customary fees and expenses for the routine maintenance and operation of the Accounts;
|
(B)
|
any adjustments or corrections of any posting or encoding errors; and
|
(C)
|
(i)
|
This Agreement shall be construed in accordance with and governed by the laws of the State of New York without regard to conflicts of law provisions. The State of New York shall be deemed to be the Depositary Bank’s jurisdiction for purposes of the UCC (including, without limitation, Section 9-304 thereof).
|
(ii)
|
Each party waives all rights to trial by jury in any action, claim or proceeding (including any counterclaim) of any type arising out of or directly or indirectly relating to this Agreement.
|
(i)
|
The Accounts have been established as set forth in Section 1 above and will be maintained in the manner set forth herein until this Agreement is terminated. The Depositary Bank will not change the name or account number of any of the Accounts without prior written notice to the Secured Party.
|
(ii)
|
This Agreement is a valid and binding agreement of the Depositary Bank.
|
(iii)
|
The Depositary Bank has not entered into, and until the termination of this Agreement will not enter into, any agreement with any person (other than the Secured Party) relating to the Accounts pursuant to which it has agreed, or will agree, to comply with any instructions of such person. The Depositary Bank has not entered into any other agreement with the Lien Grantor or the Secured Party purporting to limit or condition the obligation of the Depositary Bank to comply with any instruction as agreed in Section 2 hereof.
|
(i)
|
This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns. Except as provided in Section 10(ii) below, a voluntary transfer of a party’s rights or duties under this Agreement without the written consent of the other parties will be void.
|
(ii)
|
The Depositary Bank may transfer or assign its rights and duties under this Agreement to an affiliate, subsidiary or successor in interest, by contract or operation of law, without consent of the Lien Grantor or Secured Party, and will promptly provide notice to the parties.
|
Account Number
|
Entity
|
|
30659287
|
Global Geophysical Services, Inc.
|
|
30665361
|
Global Geophysical Services, Inc.
|
|
38766415
|
Global Geophysical Services, Inc.
|
|
9771199649
|
Global Geophysical Services, Inc.
|
|
GLOBAL GEOPHYSICAL SERVICES, INC. | TPG SPECIALTY LENDING, INC. |
By: __________________________
Name; ________________________
Title: _________________________
|
By: ____________________________
Name: __________________________
Title: ___________________________
|
![]() |
|
DEPOSIT ACCOUNT CONTROL AGREEMENT
(Access Restricted after Notice)
|
1.
|
Secured Party’s Interest in Collateral Accounts. Secured Party represents that it is either (i) a lender who has extended credit to Company and has been granted a security interest in the Collateral Accounts or (ii) such a lender and the agent for a group of such lenders. Company hereby confirms the security interest granted by Company to Secured Party in all of Company’s right, title and interest in and to the Collateral Accounts and all sums now or hereafter on deposit in or payable or withdrawable from the Collateral Accounts (the “Collateral Account Funds”). In furtherance of the intentions of the parties hereto, this Agreement constitutes written notice by Secured Party to Bank and Bank’s Cayman Islands Branch of Secured Party’s security interest in the Collateral Accounts.
|
2.
|
Secured Party Control. Bank, Secured Party and Company each agree that Bank will comply with instructions given to Bank by Secured Party directing disposition of funds in the Collateral Accounts (“Disposition Instructions”) without further consent by Company. Except as otherwise required by law, Bank will not agree with any third party to comply with instructions for disposition of funds in the Collateral Accounts originated by such third party.
|
3.
|
Company Access to Collateral Accounts. Notwithstanding the provisions of the “Secured Party Control” section of this Agreement, Secured Party agrees that Company will be allowed access to the Collateral Accounts and Collateral Account Funds until Bank receives, and has had a reasonable opportunity (not to exceed two (2) Business Days, as defined in Section 6 below) to act on, written notice from Secured Party directing that Company no longer have access to any Collateral Accounts or Collateral Account Funds (an “Access Termination Notice”). Company irrevocably authorizes Bank to comply with any Access Termination Notice and/or Disposition Instructions even if Company objects to them in any way, and agrees that Bank may pay any and all Collateral Account Funds to Secured Party in response to any Disposition Instructions. Company further agrees that after Bank receives an Access Termination Notice, Company will not have access to any Collateral Accounts or Collateral Account Funds.
|
4.
|
Transfers in Response to Disposition Instructions. Notwithstanding the provisions of the “Secured Party Control” section of this Agreement, unless Bank separately agrees in writing to the contrary, Bank will have no obligation to disburse funds in response to Disposition Instructions other than by automatic standing wire. Bank agrees that on each Business Day after it receives and has had a reasonable opportunity (not to exceed two (2) Business Days) to act on an Access Termination Notice and corresponding Disposition Instructions it will transfer to the account specified at the end of this Agreement as the Destination Account or, if no account is specified, to such account as Secured Party specifies in the Access Termination Notice (in either case, the “Destination Account”) the full amount of the collected and available balance in the Collateral Accounts at the beginning of such Business Day. Any disposition of funds which Bank makes in response to Disposition Instructions is subject to Bank’s standard policies, procedures and documentation governing the type of disposition made; provided, however, that in no circumstances will any such disposition require Company’s consent. To the extent any Collateral Account is a certificate of deposit or time deposit, Bank will be entitled to deduct any applicable early withdrawal penalty prior to disbursing funds from such account in response to Disposition Instructions. To the extent Secured Party requests that funds be transferred from any Collateral Account in a currency different from the currency denomination of the Collateral Account, the funds transfer will be made after currency conversion at Bank’s then current buying rate for exchange applicable to the new currency.
|
5.
|
Lockboxes. To the extent items deposited to a Collateral Account have been received in one or more post office lockboxes maintained for Company by Bank (each a “Lockbox”) and processed by Bank for deposit, Company acknowledges that Company has granted Secured Party a security interest in all such items (the “Remittances”). Company agrees that after Bank receives an Access Termination Notice, Company will have no further right or ability to instruct Bank regarding the receipt, processing or deposit of Remittances, and that Secured Party alone will have the right and ability to so instruct Bank. Company and Secured Party acknowledge and agree that Bank’s operation of each Lockbox, and the receipt, retrieval, processing and deposit of Remittances, will at all times be governed by Bank’s Master Agreement for Treasury Management Services or other applicable treasury management services agreement, and by Bank’s applicable standard lockbox Service Description.
|
6.
|
Balance Reports and Bank Statements. Bank agrees, at the request of Secured Party on any day on which Bank is open to conduct its regular banking business, other than a Saturday, Sunday or public holiday (each a “Business Day”), to make available to Secured Party a report (“Balance Report”) showing the opening available balance in the Collateral Accounts as of the beginning of such Business Day, by a transmission method determined by Bank, in Bank’s sole discretion. Company expressly consents to this transmission of information. After Bank receives an Access Termination Notice, Bank will, on receiving a written request from Secured Party, send to Secured Party by United States mail, at the address indicated for Secured Party after its signature to this Agreement, duplicate copies of all periodic statements on the Collateral Accounts which are subsequently sent to Company.
|
7.
|
Returned Items. Secured Party and Company understand and agree that the face amount (“Returned Item Amount”) of each Returned Item will be paid by Bank debiting the Collateral Account to which the Returned Item was originally credited, without prior notice to Secured Party or Company. As used in this Agreement, the term “Returned Item” means (i) any item deposited to a Collateral Account and returned unpaid, whether for insufficient funds or for any other reason, and without regard to timeliness of the return or the occurrence or timeliness of any drawee’s notice of non-payment; (ii) any item subject to a claim against Bank of breach of transfer or presentment warranty under the Uniform Commercial Code (as adopted in the applicable state) or Regulation CC (12 C.F.R. §229), as in effect from time to time; (iii) any automated clearing house (“ACH”) entry credited to a Collateral Account and returned unpaid or subject to an adjustment entry under applicable clearing house rules, whether for insufficient funds or for any other reason, and without regard to timeliness of the return or adjustment; (iv) any credit to a Collateral Account from a merchant card transaction, against which a contractual demand for chargeback has been made; and (v) any credit to a Collateral Account made in error. Company agrees to pay all Returned Item Amounts immediately on demand, without setoff or counterclaim, to the extent there are not sufficient funds in the applicable Collateral Account to cover the Returned Item Amounts on the day Bank attempts to debit them from the Collateral Account. After Bank receives an Access Termination Notice, Secured Party agrees to pay all Returned Item Amounts within fifteen (15) calendar days after demand, without setoff or counterclaim, to the extent that (i) the Returned Item Amounts are not paid in full by Company within five (5) calendar days after demand on Company by Bank, and (ii) Secured Party has received proceeds from the corresponding Returned Items under this Agreement.
|
8.
|
Settlement Items. Secured Party and Company understand and agree that the face amount (“Settlement Item Amount”) of each Settlement Item will be paid by Bank debiting the applicable Collateral Account, without prior notice to Secured Party or Company. As used in this Agreement, the term “Settlement Item” means (i) each check or other payment order drawn on or payable against any controlled disbursement account or other deposit account at any time linked to any Collateral Account by a zero balance account connection or other automated funding mechanism (each a “Linked Account”), which Bank cashes or exchanges for a cashier’s check or official check in the ordinary course of business prior to receiving an Access Termination Notice and having had a reasonable opportunity (not to exceed two (2) Business Days) to act on it, and which is presented for settlement against the Collateral Account (after having been presented against the Linked Account) after Bank receives the Access Termination Notice, (ii) each check or other payment order drawn on or payable against a Collateral Account, which, on the Business Day Bank receives an Access Termination Notice, Bank cashes or exchanges for a cashier’s check or official check in the ordinary course of business after Bank’s cutoff time for posting, (iii) each ACH credit entry initiated by Bank, as originating depository financial institution, on behalf of Company, as originator, prior to Bank having received an Access Termination Notice and having had a reasonable opportunity (not to exceed two (2) Business Days) to act on it, which ACH credit entry settles after Bank receives an Access Termination Notice, and (iv) any other payment order drawn on or payable against a Collateral Account or any Linked Account, which Bank has paid or funded prior to receiving an Access Termination Notice and having had a reasonable opportunity (not to exceed two (2) Business Days) to act on it, and which is first presented for settlement against the Collateral Account in the ordinary course of business after Bank receives the Access Termination Notice and has transferred Collateral Account Funds to Secured Party under this Agreement. Company agrees to pay all Settlement Item Amounts immediately on demand, without setoff or counterclaim, to the extent there are not sufficient funds in the applicable Collateral Account to cover the Settlement Item Amounts on the day they are to be debited from the Collateral Account. Secured Party agrees to pay all Settlement Item Amounts within fifteen (15) calendar days after demand, without setoff or counterclaim, to the extent that (i) the Settlement Item Amounts are not paid in full by Company within five (5) calendar days after demand on Company by Bank, and (ii) Secured Party has received Collateral Account Funds under this Agreement provided, that Secured Party shall not be obligated to pay Settlement Item Amounts in an amount in excess of the aggregate amount of Collateral Account Funds received by Secured Party under this Agreement.
|
9.
|
Bank Fees. Company agrees to pay all Bank’s fees and charges for the maintenance and administration of the Collateral Accounts and for the treasury management and other account services provided with respect to the Collateral Accounts and any Lockboxes (collectively “Bank Fees”), including, but not limited to, the fees for (a) Balance Reports provided on the Collateral Accounts, (b) funds transfer services received with respect to the Collateral Accounts, (c) lockbox processing services, (d) Returned Items, (e) funds advanced to cover overdrafts in the Collateral Accounts (but without Bank being in any way obligated to make any such advances), and (f) duplicate bank statements. The Bank Fees will be paid by Bank debiting one or more of the Collateral Accounts on the Business Day that the Bank Fees are due, without notice to Secured Party or Company. If there are not sufficient funds in the Collateral Accounts to cover fully the Bank Fees on the Business Day Bank attempts to debit them from the Collateral Accounts, such shortfall or the amount of such Bank Fees will be paid by Company to Bank, without setoff or counterclaim, within five (5) calendar days after demand from Bank. Secured Party agrees to pay any Bank Fees which accrue after Bank receives an Access Termination Notice, within fifteen (15) calendar days after demand, without setoff or counterclaim, to the extent such Bank Fees are not paid in full by Company within five (5) calendar days after demand on Company by Bank.
|
10.
|
Account Documentation. Except as specifically provided in this Agreement, Secured Party and Company agree that the Collateral Accounts will be subject to, and Bank’s operation of the Collateral Accounts will be in accordance with, the terms of Bank’s applicable deposit account agreement governing the Collateral Accounts (“Account Agreement”). In addition to the Account Agreement, each Collateral Account operated as a “Multi-Currency Account” will be governed by Bank’s Master Agreement for Treasury Management Services or other applicable treasury management services agreement, and by Bank’s Multi-Currency Account Service Description in effect from time to time. All documentation referenced in this Agreement as governing any Collateral Account or the processing of any Remittances is hereinafter collectively referred to as the “Account Documentation”. In the event of a conflict between any term or provision of the Account Documentation and any term or provision of this Agreement, the terms and provisions of this Agreement will control.
|
11.
|
Partial Subordination of Bank’s Rights. Bank hereby subordinates to the security interest of Secured Party in the Collateral Accounts (i) any security interest which Bank may have or acquire in the Collateral Accounts, and (ii) any right which Bank may have or acquire to set off or otherwise apply any Collateral Account Funds against the payment of any indebtedness from time to time owing to Bank from Company, except for debits to the Collateral Accounts permitted under this Agreement for the payment of Returned Item Amounts, Settlement Item Amounts or Bank Fees.
|
12.
|
Bankruptcy Notice; Effect of Filing. If Bank at any time receives notice of the commencement of a bankruptcy case or other insolvency or liquidation proceeding by or against Company, Bank will continue to comply with its obligations under this Agreement, except to the extent that any action required of Bank under this Agreement is prohibited under applicable bankruptcy laws or regulations or is stayed pursuant to the automatic stay imposed under the United States Bankruptcy Code or by order of any court or agency. With respect to any obligation of Secured Party hereunder which requires prior demand on Company, the commencement of a bankruptcy case or other insolvency or liquidation proceeding by or against Company will automatically eliminate the necessity of such demand on Company by Bank, and will immediately entitle Bank to make demand on Secured Party with the same effect as if demand had been made on Company and the time for Company’s performance had expired.
|
13.
|
Legal Process, Legal Notices and Court Orders. Bank will comply with any legal process, legal notice or court order it receives in relation to a Collateral Account if Bank determines in its sole discretion that the legal process, legal notice or court order is legally binding on it.
|
14.
|
Indemnification. Company will indemnify, defend and hold harmless Bank, its officers, directors, employees, and agents (collectively, the “Indemnified Parties”) from and against any and all claims, demands, losses, liabilities, damages, costs and expenses (including reasonable attorneys’ fees) (collectively “Losses and Liabilities”) Bank may suffer or incur as a result of or in connection with (a) Bank complying with any binding legal process, legal notice or court order referred to in the immediately preceding section of this Agreement, (b) Bank following any instruction or request of Secured Party, including but not limited to any Access Termination Notice or Disposition Instructions, or (c) Bank complying with its obligations under this Agreement, except to the extent such Losses and Liabilities are caused by Bank’s gross negligence or willful misconduct. To the extent such obligations of indemnity are not satisfied by Company within five (5) days after demand on Company by Bank, Secured Party will indemnify, defend and hold harmless Bank and the other Indemnified Parties against any and all Losses and Liabilities Bank may suffer or incur as a result of or in connection with Bank following any instruction or request of Secured Party, except to the extent such Losses and Liabilities are caused by Bank’s gross negligence or willful misconduct.
|
15.
|
Bank’s Responsibility. This Agreement does not create any obligations of Bank, and Bank makes no express or implied representations or warranties with respect to its obligations under this Agreement, except for those expressly set forth herein. In particular, Bank need not investigate whether Secured Party is entitled under Secured Party’s agreements with Company to give an Access Termination Notice or Disposition Instructions. Bank may rely on any and all notices and communications it believes are given by the appropriate party. Bank will not be liable to Company, Secured Party or any other party for any Losses and Liabilities caused by (i) circumstances beyond Bank’s reasonable control (including, without limitation, computer malfunctions, interruptions of communication facilities, labor difficulties, acts of God, wars, or terrorist attacks) or (ii) any other circumstances, except to the extent that such Losses and Liabilities are directly caused by Bank’s gross negligence or willful misconduct. In no event will Bank be liable for any indirect, special, consequential or punitive damages, whether or not the likelihood of such damages was known to Bank, and regardless of the form of the claim or action, or the legal theory on which it is based. Any action against Bank by Company or Secured Party under or related to this Agreement must be brought within twelve (12) months after the cause of action accrues.
|
16.
|
Termination. This Agreement may be terminated by Secured Party or Bank at any time by either of them giving thirty (30) calendar days prior written notice of such termination to the other parties to this Agreement at their contact addresses specified after their signatures to this Agreement; provided, however, that this Agreement may be terminated immediately upon written notice (i) from Bank to Company and Secured Party should Company or Secured Party fail to make any payment when due to Bank from Company or Secured Party under the terms of this Agreement, provided that if Company fails to make any payment when due to Bank from Company under the terms of this Agreement before the delivery of an Access Termination Notice, this Agreement may only be terminated by Bank upon five (5) calendar days prior written notice from Bank to Company and Secured Party and further provided that such payment shall not have been received by Bank within such five (5) calendar day period, or (ii) from Secured Party to Bank on termination or release of Secured Party’s security interest in the Collateral Accounts; provided that any notice from Secured Party under clause (ii) of this sentence must contain Secured Party’s acknowledgement of the termination or release of its security interest in the Collateral Accounts. Company’s and Secured Party’s respective obligations to report errors in funds transfers and bank statements and to pay Returned Items Amounts, Settlement Item Amounts, and Bank Fees, as well as the indemnifications made, and the limitations on the liability of Bank accepted, by Company and Secured Party under this Agreement will continue after the termination of this Agreement with respect to all the circumstances to which they are applicable, existing or occurring before such termination, and any liability of any party to this Agreement, as determined under the provisions of this Agreement, with respect to acts or omissions of such party prior to such termination will also survive such termination. Upon any termination of this Agreement which occurs after Bank has received an Access Termination Notice and has had a reasonable opportunity to act on it, (i) Bank will transfer all collected and available balances in the Collateral Accounts on the date of such termination in accordance with Secured Party’s written instructions, and (ii) Bank will close any Lockbox and forward any mail received at the Lockbox unopened to such address as is communicated to Bank by Secured Party under the notice provisions of this Agreement for a period of three (3) months after the effective termination date, unless otherwise arranged between Secured Party and Bank, provided that Bank’s fees with respect to such disposition must be prepaid directly to Bank at the time of termination by cashier’s check payable to Bank or other payment method acceptable to Bank in its sole discretion.
|
17.
|
Modifications, Amendments, and Waivers. This Agreement may not be modified or amended, or any provision thereof waived, except in a writing signed by all the parties to this Agreement.
|
18.
|
Notices. All notices from one party to another must be in writing, must be delivered to Company, Secured Party and/or Bank at their contact addresses specified after their signatures to this Agreement, or any other address of any party communicated to the other parties in writing, and will be effective on receipt. Any notice sent by a party to this Agreement to another party must also be sent to all other parties to this Agreement. Bank is authorized by Company and Secured Party to act on any instructions or notices received by Bank if (a) such instructions or notices purport to be made in the name of Secured Party, (b) Bank reasonably believes that they are so made, and (c) they do not conflict with the terms of this Agreement as such terms may be amended from time to time, unless such conflicting instructions or notices are supported by a court order.
|
19.
|
Successors and Assigns. Neither Company nor Secured Party may assign or transfer its rights or obligations under this Agreement to any person or entity without the prior written consent of Bank, which consent will not be unreasonably withheld or delayed. Notwithstanding the foregoing, Secured Party may transfer its rights and duties under this Agreement to (i) a transferee to which, by contract or operation of law, Secured Party transfers substantially all of its rights and duties under the financing or other arrangements between Secured Party and Company, or (ii) if Secured Party is acting as a representative in whose favor a security interest is created or provided for, a transferee that is a successor representative; provided that as between Bank and Secured Party, Secured Party will not be released from its obligations under this Agreement unless and until Bank receives any such transferee’s binding written agreement to assume all of Secured Party’s obligations hereunder. Bank may not assign or transfer its rights or obligations under this Agreement to any person or entity without the prior written consent of Secured Party, which consent will not be unreasonably withheld or delayed; provided, however, that no such consent will be required if such assignment or transfer takes place as part of a merger, acquisition or corporate reorganization affecting Bank.
|
20.
|
Governing Law. This Agreement will be governed by and be construed in accordance with the laws of the state of New York, without regard to conflict of laws principles. This state will also be deemed to be Bank’s jurisdiction, for purposes of Article 9 of the Uniform Commercial Code as it applies to this Agreement.
|
21.
|
Severability. To the extent that the terms of this Agreement are inconsistent with, or prohibited or unenforceable under, any applicable law or regulation, they will be deemed ineffective only to the extent of such prohibition or unenforceability, and will be deemed modified and applied in a manner consistent with such law or regulation. Any provision of this Agreement which is deemed unenforceable or invalid in any jurisdiction will not affect the enforceability or validity of the remaining provisions of this Agreement or the same provision in any other jurisdiction.
|
22.
|
Counterparts. This Agreement may be executed in any number of counterparts each of which will be an original with the same effect as if the signatures were on the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by telecopier or electronic image scan transmission (such as a “pdf” file) will be effective as delivery of a manually executed counterpart of the Agreement.
|
23.
|
Entire Agreement. This Agreement, together with the Account Documentation, contains the entire and only agreement among all the parties to this Agreement and between Bank and Company, on the one hand, and Bank and Secured Party, on the other hand, with respect to (a) the interest of Secured Party in the Collateral Accounts and Collateral Account Funds, and (b) Bank’s obligations to Secured Party in connection with the Collateral Accounts and Collateral Account Funds.
|
24.
|
JURY TRIAL WAIVER. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS AGREEMENT, OR ANY TRANSACTION CONTEMPLATED HEREIN. EACH PARTY HERETO ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY.
|
Date: January 31, 2014
|
|
Collateral Account Numbers:
|
See Exhibit “A” attached hereto.
|
Secured Party Account Number:
|
|
Bank of Secured Party Account:
|
[Insert bank name and bank ABA number]
|
|
|
GLOBAL GEOPHYSICAL SERVICES, INC.
GGS LEASE CO., INC.
|
TPG SPECIALTY LENDING, INC.
|
|
By: /s/ SEAN M. GORE
|
By: /s/ MICHAEL FISHMAN
|
|
Name: Sean M. Gore
|
Name: Michael Fishman
|
|
Title: Senior Vice President & Chief Financial Officer
|
Title: CEO
|
Address for Notices:
|
Address for Notices:
|
|
13927 S. Gessner Road
|
888 7th Avenue, 4th Floor
|
|
Missouri City, Texas 77489-1021
|
New York, NY 10019
|
|
Attn:
|
Attn: Philip T. Warren
|
WELLS FARGO BANK, NATIONAL ASSOCIATION
|
||
By: /s/ RALPH MILLER
|
||
Name: Ralph Miller
|
||
Title: Business Banking Manager
|
Address for Notices:
|
|||
Louisiana Street, 7th Floor
|
|||
Houston, TX 77002
|
|||
Attention: Ralph Miller
|
|||
with a copy to:
|
|||
Ali Mirza, BRM
2800 Post Oak Boulevard, Suite 3500
Houston, TX 77056
|
|||
Mark Lundquist, BBM
2800 Post Oak Boulevard, Suite 3500
Houston, TX 77056
|
|||
Tracy Polen, BA
2800 Post Oak Boulevard, Suite 3500
Houston, TX 77056
|
Company
|
Account
|
Global Geophysical Services, Inc.
|
8429980983
|
Global Geophysical Services, Inc.
|
8964670833
|
GGS Lease Co., Inc.
|
9043440404
|
GLOBAL GEOPHYSICAL SERVICES, INC.
|
|||
("Company")
|
|||
By:
|
/s/ SEAN M. GORE
|
Address for notices:
|
|
Name:
|
Sean M. Gore
|
Global Geophysical Services, Inc.
|
|
Title:
|
SVP & Chief Financial Officer
|
13927 South Gessner Road
|
|
Missouri City, TX 77489
|
|||
Attention: James Brasher
|
|||
Facsimile: 713-808-7810
|
|||
GLOBAL MICROSEISMIC SERVICES, INC.
|
|||
("Company")
|
|||
By:
|
/s/ SEAN M. GORE
|
Address for notices:
|
|
Name:
|
Sean M. Gore
|
Global Microseismic Services, Inc.
|
|
Title:
|
SVP & Chief Financial Officer
|
13927 South Gessner Road
|
|
Missouri City, TX 77489
|
|||
Attention: James Brasher
|
|||
Facsimile: 713-808-7810
|
|||
GGS LEASE CO., INC.
|
|||
("Company")
|
|||
By:
|
/s/ SEAN M. GORE
|
Address for notices:
|
|
Name:
|
Sean M. Gore
|
GGS Lease Co., Inc.
|
|
Title:
|
SVP & Chief Financial Officer
|
13927 South Gessner Road
|
|
Missouri City, TX 77489
|
|||
Attention: James Brasher
|
|||
Facsimile: 713-808-7810
|
GLOBAL EURASIA, LLC
|
|||
("Company")
|
|||
By:
|
/s/ SEAN M. GORE
|
Address for notices:
|
|
Name:
|
Sean M. Gore
|
Global Eurasia, LLC
|
|
Title:
|
SVP & Chief Financial Officer
|
13927 South Gessner Road
|
|
Missouri City, TX 77489
|
|||
Attention: James Brasher
|
|||
Facsimile: 713-808-7810
|
TPG SPECIALTY LENDING, INC.
|
|||
("Collateral Agent")
|
|||
By:
|
/s/ MICHAEL FISHMAN
|
Address for notices:
|
|
Name:
|
Michael Fishman
|
TPG Specialty Lending, Inc.
|
|
Title:
|
CEO
|
888 7th Avenue, 4th Floor
|
|
New York, NY 10019
|
|||
Attention: Philip T. Warren
|
|||
Facsimile: 212-430-4611
|
Bank of America, N.A.
|
|||
("Bank")
|
|||
By:
|
/s/ ALEXIS WILSON
|
Address for notices:
|
|
Name:
|
Alexis Wilson
|
Bank of America, N.A.
|
|
Title:
|
Vice President
|
2001 Clayton Road, Building B
|
|
Concord, CA 94520-2425
|
|||
Attn: Blocked Account Support
|
|||
Mail Code: CA4-702-02-37
|
|||
Telephone: 925.675.7169
|
|||
Facsimile: 877.207.2524
|
To:
|
Bank of America, N.A.
|
||
2001 Clayton Road, Building B
|
|||
Concord, CA 94520-2425
|
|||
Attn: Blocked Account Support
|
|||
Mail Code: CA4-702-02-37
|
|||
Re:
|
Global Geophysical Services, Inc.
|
||
Account Nos. 488031266121, 488031266134, 488031266147, 488038414688 and 488032919590
|
Bank Name:
|
||
Bank Address:
|
||
ABA No.:
|
||
Account Name:
|
||
Account No.:
|
||
Beneficiary’s Name: |
Very truly yours,
|
||
TPG SPECIALTY LENDING, INC.,
|
||
as Collateral Agent
|
By:__________________________
|
||
Name: _______________________
|
||
Title: ________________________
|
ACKNOWLEDGED AND AGREED:
|
|||
BANK OF AMERICA, N.A., as Bank
|
|||
By
|
|||
Name:
|
|||
Title:
|
|||
Date:
|
To:
|
Bank of America, N.A.
|
||
2001 Clayton Road, Building B
|
|||
Concord, CA 94520-2425
|
|||
Attn: Blocked Account Support
|
|||
Mail Code: CA4-702-02-37
|
|||
Re:
|
Global Geophysical Services, Inc.
|
||
Account Nos. 488031266121, 488031266134, 488031266147, 488038414688 and 488032919590
|
Bank Name:
|
||
Bank Address:
|
||
ABA No.:
|
||
Account Name:
|
||
Account No.:
|
||
Beneficiary’s Name: |
Very truly yours,
|
||
TPG SPECIALTY LENDING, INC.,
|
||
as Collateral Agent
|
By:__________________________
|
||
Name: _______________________
|
||
Title: ________________________
|
ACKNOWLEDGED AND AGREED:
|
|||
BANK OF AMERICA, N.A., as Bank
|
|||
By
|
|||
Name:
|
|||
Title:
|
|||
Date:
|
(A)
|
Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive Office/Sole Place of Business (or Residence if Grantor is a Natural Person) and Organizational Identification Number of each Grantor:
|
Full Legal
Name
|
Type of
Organization
|
Jurisdiction of
Organization
|
Chief Executive
Office/Sole Place
of Business (or
Residence if
Grantor is a
Natural Person)
|
Organization I.D.#
|
GGS Lease Co., Inc.
|
Corporation
|
Texas
|
205 E 1st Street
Alice, TX 78332
|
801330340
|
(C)
|
Changes in Name, Jurisdiction of Organization, Chief Executive Office or Sole Place of Business (or Principal Residence if Grantor is a Natural Person) and Corporate Structure within past five (5) years:
|
Name of Grantor
|
Date of Change
|
Description of Change
|
GGS Lease Co., Inc.
|
10/18/2013
|
Name Change from Paisano Lease Co., Inc. to GGS Lease Co., Inc.
|
GGS Lease Co., Inc.
|
10/25/2010
|
Name Change from Paisano Lease Company Acquisition Corp. to Paisano Lease Co., Inc.
|
(E)
|
Financing Statements:
|
Name of Grantor
|
Filing Jurisdiction
|
GGS Lease Co., Inc.
|
Texas
|
Grantor
|
Issuer
|
Type of Entity and Country of Issuer
|
Cert. No. (if applicable)
|
% of Outstanding Interest of the Issuer Owned by Grantor
|
% of the Interest owned by the Grantor being Pledged
|
No. of Shares Pledged (if applicable)
|
Global Geophysical Services, Inc.
|
GGS Lease Co., Inc. (formerly Paisano Lease Co., Inc.)
|
Corporation (Texas)
|
4
|
100%
|
100%
|
8,000 shares
|
Company
|
Bank or Broker
|
Address
|
Account No.
|
Account Type
|
GGS Lease Co., Inc. (formerly Paisano Lease Co., Inc.)
|
Bank of America
|
Bank of America
100 33rd Street W New York, New York
|
488032922176
|
Lease
|
GGS Lease Co., Inc. (formerly Paisano Lease Co., Inc.)
|
Wells Fargo
|
Wells Fargo Bank
1300 Post Oak Blvd Suite 150
Houston, TX 77056
|
9043440404
|
Operating
|
(A)
|
Full Legal Name, Type of Organization, Jurisdiction of Organization, Chief Executive Office/Sole Place of Business (or Residence if Grantor is a Natural Person) and Organizational Identification Number of each Grantor:
|
Full Legal
Name
|
Type of
Organization
|
Jurisdiction of
Organization
|
Chief Executive
Office/Sole Place
of Business (or
Residence if Grantor is a
Natural Person)
|
Organization I.D.#
|
Global Geophysical EAME, Inc.
|
Corporation
|
Texas
|
13927 South Gessner Road
Missouri City, TX
77489
|
801330340
|
Accrete Monitoring, Inc.
|
Corporation
|
Texas
|
13927 South Gessner Road
Missouri City, TX
77489
|
801304041
|
(C)
|
Changes in Name, Jurisdiction of Organization, Chief Executive Office or Sole Place of Business (or Principal Residence if Grantor is a Natural Person) and Corporate Structure within past five (5) years:
|
Name of Grantor
|
Date of Change
|
Description of Change
|
Accrete Monitoring, Inc.
|
3/12/2014
|
Name Change from Global Microseismic Services, Inc. to Accrete Monitoring, Inc.
|
Global Geophysical EAME, Inc.
|
3/3/2014
|
Name Change from GGS Lease Co., Inc. to Global Geophysical EAME, Inc.
|
Global Geophysical EAME, Inc.
|
10/17/2013
|
Name Change from Paisano Lease Co., Inc. to GGS Lease Co., Inc.
|
Global Geophysical EAME, Inc.
|
10/25/2010
|
Name Change from Paisano Lease Company Acquisition Corp. to Paisano Lease Co., Inc.
|
Accrete Monitoring, Inc.
|
9/22/2010
|
Name Change from Global Microseismic, Inc. to Global Microseismic Services, Inc.
|
(E)
|
Financing Statements:
|
Name of Grantor
|
Filing Jurisdiction
|
Accrete Monitoring, Inc.
|
Texas
|
Global Geophysical EAME, Inc.
|
Texas
|
Grantor
|
Issuer
|
Type of Entity and Country of Issuer
|
Cert. No. (if applicable)
|
% of
Outstanding
Interest of the
Issuer Owned
by Grantor
|
% of the
Interest
owned by the
Grantor being
Pledged
|
No. of Shares
Pledged
(if applicable)
|
Global Geophysical Services, Inc.
|
Global Geophysical EAME, Inc. (formerly GGS Lease Co., Inc.)
|
Corporation (Texas)
|
5
|
100%
|
100%
|
10,000 shares
|
Global Geophysical Services, Inc.
|
Accrete Monitoring, Inc. (formerly Global Microseismic Services, Inc.)
|
Corporation (Texas)
|
3
|
100%
|
100%
|
1,000 shares
|
Company
|
Bank or Broker
|
Address
|
Account No.
|
Account Type
|
Global Geophysical EAME, Inc. (formerly GGS Lease Co., Inc.)
|
Bank of America
|
Bank of America
100 33rd Street W New York, New York
|
488032922176
|
Lease
|
Global Geophysical EAME, Inc. (formerly GGS Lease Co., Inc.)
|
Wells Fargo
|
Wells Fargo Bank
1300 Post Oak Blvd Suite 150
Houston, TX 77056
|
9043440404
|
Operating
|
Accrete Monitoring, Inc. (formerly Global Microseismic Services, Inc.)
|
Bank of America
|
Bank of America
100 33rd Street W New York, New York
|
488032919590
|
Payments to Microseismic
|
Company
|
Country
|
Title
|
Application or
Patent No.
|
Filing Date
|
Issue Date
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
USA
|
Method for 4D Permeability Analysis of Geologic Fluid Reservoirs
|
6,389,361
|
05/14/02
|
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
USA
|
Method and Apparatus for Imaging Permeability Pathways of Geologic Fluid Reservoirs Using Seismic Emission Tomography
|
7,127,353
|
10/24/06
|
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
USA
|
Methods, Devices, and Components for Securing or Coupling Geophysical Sensors to a Borehole
|
13/302,718
|
11/22/11
|
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
USA
|
Method for Imaging Microseismic Events Using an Azimuthally-Dependent Focal Mechanism
|
13/277,178
|
10/01/11
|
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
USA
|
Fracture Imaging Methods Employing Skeletonization of Seismic Emission Tomography
|
13/070,442
|
03/23/11
|
Company
|
Country
|
Title
|
Application or
Patent No.
|
Filing Date
|
Issue Date
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
USA
|
Using a Drill Bit as a Seismic Source for SET Velocity Analysis
|
13/302,009
|
11/22/11
|
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
USA
|
Tomographic Imaging of Fracture-Fault Permeability Zones during Drilling Operations
|
13/345,646
|
01/06/12
|
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
USA
|
Microseismic Data Acquisition Array and Corresponding Method
|
13/277,189
|
10/19/11
|
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
USA
|
Methods, Systems and Devices for Near-Well Fracture Monitoring Using Tomographic Fracture Imaging Techniques
|
13/831,591
|
03/15/13
|
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
USA
|
Method for Assessing the Effectiveness of Modifying Transmissive Networks of Natural Reservoirs
|
13/831,619
|
03/15/13
|
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
USA
|
Method for Assessing the Effectiveness of Modifying Transmissive Networks of Natural Reservoirs
|
61/778,358
|
03/12/13
|
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
Canada
|
Method for 4D Permeability Analysis of Geologic Fluid Reservoirs
|
CA 2347435
|
07/31/2007
|
Company
|
Country
|
Title
|
Application or
Patent No.
|
Filing Date
|
Issue Date
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
Canada
|
Method and Apparatus for Imaging Permeability Pathways of Geologic Fluid Reservoirs Using Seismic Emission Tomography
|
CA 2620819
|
08/26/2005
|
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
Japan
|
Method for 4D Permeability Analysis of Geologic Fluid Reservoirs
|
JP 4509382
|
05/14/2010
|
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.)
|
Mexico
|
Fracture Imaging Methods Employing Skeletonization of Seismic Emission Tomography
|
MX/a/2012/003553
|
02/07/2012
|
Company
|
Country
|
Trademark
|
Application or
Registration No.
|
Filing Date
|
Registration Date
|
Accrete Monitoring, Inc.
(formerly Global Microseismic Services, Inc.).
|
USA
|
GLOBAL MICROSEISMIC SERVICES
|
3930326
|
N/A
|
03/08/2011
|
Dated 31 January 2014
CHARGE OVER SHARES
in
GLOBAL GEOPHYSICAL SERVICES, LTD.
between
GLOBAL GEOPHYSICAL SERVICES, INC.
as Grantor
and
TPG SPECIALTY LENDING, INC.
as Collateral Agent
for the Secured Parties
|
|||
![]() |
|||
Cayman Financial Centre
36A Dr. Roy’s Drive
P.O. Box 2510
George Town
Grand Cayman KY1-1104
Cayman Islands
Tel (345) 949 3344
Fax (345) 949 2888
Email info@stuartslaw.com
|
(1)
|
GLOBAL GEOPHYSICAL SERVICES, INC., a Delaware corporation of 13927 South Gessner Road, Missouri City, Texas 77489 (the "Grantor") and
|
(2)
|
TPG SPECIALTY LENDING, INC., a Delaware corporation of 888 7th Avenue, 4th Floor, New York, NY 10019 (the "Collateral Agent" for the benefit of the Secured Parties).
|
(A)
|
Pursuant to the provisions of Section 2.1 of the Security Agreement, the Grantor has granted a security interest in all of its assets to the Collateral Agent for the benefit of the Secured Parties and pursuant to item 7 of Schedule 5.16 the Financing Agreement (as defined below), the Grantor has agreed to enter into this Charge Assignment to better secure the security interest over the Charged Shares.
|
(B)
|
This Charge and Assignment is a "share mortgage" as described in item 7 of Schedule 5.16 the Financing Agreement.
|
1
|
DEFINITIONS AND INTERPRETATION
|
|
1.1
|
In this Charge (except where the context otherwise requires) words and expressions shall have the same meanings assigned to them as defined in the Financing Agreement and the following words and expressions shall have the following meanings:
|
|
"Charge"
|
means this deed of charge and assignment;
|
|
"Charged Shares"
|
means the Initial Shares and all and any other shares, warrants and other securities of any kind (including loan capital) of the Company now or at any time in the future beneficially owned by the Grantor or in which the Grantor has any interest (including any equity of redemption) which represent 65% of the total of any such other shares, warrants and other securities and all rights, benefits and advantages now or at any time in the future deriving from or incidental to any of the Charged Shares including, without limitation:-
|
(a) |
all dividends, interest and other income paid or payable in relation to any Charged Shares; and
|
||
(b) |
all shares, securities, rights, monies or other property accruing, offered or issued at any time by way of redemption, conversion, exchange, substitution, preference, option or otherwise in respect of any Charged Shares (including but not limited to proceeds of sale);
|
"Company"
|
means GLOBAL GEOPHYSICAL SERVICES, LTD., an exempted company incorporated with limited liability in the Cayman Islands with company number 154760;
|
|
"Event of Default”
|
has the meaning given to it in the Financing Agreement;
|
2 |
"Financing Agreement"
|
means the Financing Agreement dated 30 September 2013, by and among (among others), the Grantor, the Collateral Agent and the Secured Parties;
|
|
"Initial Shares"
|
means the securities listed in Schedule 1 which represent 65% of all the issued shares in the Company and which are all registered in the name of the Grantor;
|
|
"Receiver"
|
has the meaning given to it in Clause 9;
|
|
"Secured Party"
|
means each of the Agents and Lenders as defined in the Financing Agreement;
|
|
"Secured Parties"
|
means all of the Agents and Lenders as defined in the Financing Agreement; and
|
|
"Security Interest"
|
means any mortgage, charge, pledge, lien, encumbrance, right of set off or any security interest, howsoever created or arising.
|
1.2
|
In this Charge:
|
|
1.2.1
|
any reference to a Recital, Clause or Schedule is to the relevant Recital, Clause or Schedule of or to this Charge and any reference to a sub-clause or paragraph is to the relevant sub-clause or paragraph of the Clause or Schedule in which it appears;
|
|
1.2.2
|
the clause headings are included for convenience only and shall not affect the interpretation of this Charge;
|
|
1.2.3
|
use of the singular includes the plural and vice versa;
|
|
1.2.4
|
use of any gender includes the other genders;
|
|
1.2.5
|
any phrase introduced by the terms "including", "include", "in particular" or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;
|
|
1.2.6
|
references to any document or agreement are to be construed as references to such document or agreement as is in force for the time being and as amended, varied supplemented, substituted or novated from time to time.
|
|
1.3 |
The Recitals and Schedules form part of this Charge and shall have effect as if set out in full in the body of this Charge and any reference to this Charge includes the Recitals and Schedules.
|
2
|
COVENANT TO PAY AND PERFORM
|
The Grantor covenants with the Secured Parties, acting through the Collateral Agent, that it will pay, discharge and otherwise perform each of the Obligations when due.
|
|
3
|
CHARGE
|
3.1
|
The Grantor hereby charges to the Collateral Agent, for the benefit of the Secured Parties by way of first fixed charge as a continuing security for the payment and discharge of the Obligations, all its right, title, interest and benefit present and future in, to and under the Charged Shares subject to the provisions for release of this Charge set out below.
|
3 |
3.2
|
Subject to Clauses 3.3 and 3.4, on the irrevocable and unconditional payment or discharge by or on behalf of the Grantor of the Obligations (other than contingent obligations as to which no claim has been made and Cash Management Obligations) in full and the termination of the Financing Agreement in accordance with the terms thereof, the Collateral Agent acting for and on behalf of the Secured Parties shall, at the request and cost of the Grantor, release this Charge.
|
3.3
|
Any receipt, release or discharge of any security created by this Charge or of any liability arising under this Charge may be given by an authorised officer of the Collateral Agent acting for and on behalf of the Secured Parties in accordance with the provisions of this Charge and shall not release or discharge the Grantor from any liability to the Secured Parties for the same or any other monies which may exist independently of this Charge. Where such receipt, release or discharge relates to only part of the Obligations such receipt, release or discharge shall not prejudice or affect any other part thereof nor any of the rights and remedies of the Secured Parties hereunder nor any of the obligations of the Grantor under this Charge.
|
3.4
|
Any release, discharge or settlement between the Grantor and the Secured Parties, acting through the Collateral Agent, shall be conditional upon no security, disposition or payment to any of the Secured Parties or the Collateral Agent or any other person being void, set aside or ordered to be refunded pursuant to any enactment or law relating to liquidation, administration or insolvency or for any other reason whatsoever and if such condition is not fulfilled the Secured Parties, acting through the Collateral Agent, shall be entitled to enforce this Charge as if such release, discharge or settlement had not occurred and any such payment not been made.
|
4
|
COVENANTS BY THE GRANTOR
|
The Grantor covenants that, for so long as any Obligation remains outstanding:
|
|
4.1
|
it shall forthwith and from time to time deposit with the Collateral Agent acting for and on behalf of the Secured Parties all certificates and other documents of title relating to the Charged Shares.
|
4.2
|
it shall deliver to the Collateral Agent acting for and on behalf of the Secured Parties as security in accordance with the terms of this Charge the following in form and substance reasonably acceptable to the Collateral Agent:
|
4.2.1
|
an original share certificate in respect of the Initial Shares;
|
|
4.2.2
|
a blank, signed and undated transfer in respect of the Initial Shares;
|
|
4.2.3
|
an executed and undated letter of resignation and related letter of authorisation from each director of the Company;
|
|
4.2.4
|
a memorandum signed by a director of the Company concerning the endorsement of a note of this Charge on the Register of Members of the Company;
|
|
4.2.5
|
a notice of charge addressed by the Grantor to the Company and countersigned by the Company;
|
|
4.2.6
|
a shareholder proxy in favour of the Collateral Agent; and
|
|
4.2.7
|
a certified copy of the special resolution passed by the Company on 31 January 2014 amending the restrictions on the transfer of shares in the Company;
|
4.3
|
it shall promptly pay (and shall indemnify the Secured Parties and the Collateral Agent on demand against) all calls, instalments and other payments which may be made or become due in respect of the Charged Shares and, in the Event of Default by the Grantor, the Secured Parties and/or the Collateral Agent may do so on behalf of the Grantor;
|
4 |
4.4
|
it shall not, except with the written consent of the Collateral Agent or to the extent otherwise expressly permitted pursuant to the terms of the Financing Agreement:
|
4.4.1
|
create or permit to exist over all or part of the Charged Shares (or any interest therein) any Security Interest (other than created or expressly permitted to be created under this Charge) whether ranking prior to, pari passu with or behind the security contained in this Charge;
|
|
4.4.2
|
sell, transfer or otherwise dispose of the Charged Shares (including without limitation a repurchase of any of the Charged Shares by the Company) or any interest therein or attempt or agree to so dispose (other than under this Charge);
|
|
4.4.3
|
permit any person other than the Grantor, the Collateral Agent or the Collateral Agent's nominee or nominees to be registered as, or become the holder of, the Charged Shares; or
|
|
4.4.4
|
vote in favour of a resolution to amend, modify or change the memorandum and articles of association of the Company in any manner which would reasonably be expected to be adverse to the Secured Parties.
|
4.5
|
at any time after the occurrence and during the continuance of an Event of Default it shall exercise all voting and other rights and powers which may at any time be exercisable by the holder of the Charged Shares as the Collateral Agent acting for and on behalf of the Secured Parties may in its absolute discretion direct; and
|
4.6
|
unless directed in writing to do so by the Collateral Agent acting for and on behalf of the Secured Parties it shall not prove in a liquidation or winding up of the Company until all the Obligations are paid in full and if directed to prove by the Collateral Agent acting for and on behalf of the Secured Parties (or if the Grantor otherwise receives any payment or other benefit in breach of this sub-clause) the Grantor shall hold all monies and other assets received by it on account of the Charged Shares on trust for the Secured Parties, acting through the Collateral Agent, to satisfy the Obligations and shall immediately pay the same into the Collateral Account or as otherwise directed by the Collateral Agent acting for and on behalf of the Secured Parties.
|
5
|
REPRESENTATIONS AND WARRANTIES
|
The Grantor represents and warrants to the Secured Parties and the Collateral Agent and undertakes, in each case, for the benefit of the Secured Parties and the Collateral Agent that:
|
|
5.1
|
as of the date hereof, the Grantor is the absolute sole legal and beneficial owner of all of the Initial Shares free of all Security Interests, encumbrances, trusts, equities and claims whatsoever (save those under this Charge or otherwise permitted pursuant to the terms of the Financing Agreement) and that all of the Initial Shares are fully paid up;
|
5.2
|
as of the date hereof, it is duly incorporated and in good standing under the laws of Delaware and has and will at all times have the necessary power to enter into and perform its obligations under this Charge and has duly authorised the execution and delivery of this Charge;
|
5.3
|
this Charge constitutes its legal, valid, binding and enforceable obligation (except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to enforceability) and is a first priority security interest over the Charged Shares effective in accordance with its terms;
|
5.4
|
the execution, delivery, observance and performance by the Grantor of this Charge will not require the Grantor to obtain any licences, consents or approvals and will not result in any violation of any law, statute, ordinance, rule or regulation applicable to it;
|
5 |
5.5
|
it has obtained all the necessary authorisations and consents to enable it to enter into this Charge and the necessary authorisations and consents will remain in full force and effect at all times during the substance of the security constituted by this Charge; and
|
5.6
|
the execution, delivery, observance and performance by the Grantor of the Charge will not constitute an event of default or trigger any enforcement under any Security Interest in the Grantor's assets nor will it result in the creation of any Security Interest (save those under this Charge) over or in respect of the present or future assets of the Company.
|
6
|
POWER OF ATTORNEY
|
The Grantor hereby irrevocably and by way of security for the payment of the Obligations and the performance of its obligations under this Charge appoints the Collateral Agent as its true and lawful attorney (with full power to appoint substitutes and to sub-delegate) on behalf of the Grantor and in the Grantor's own name or otherwise, at any time and from time to time, to:
|
|
6.1
|
sign, seal, deliver and complete all transfers, renunciations, proxies, mandates, assignments, deeds and documents and do all acts and things which the Collateral Agent and its substitutes and sub-delegates may consider to be necessary or advisable to perfect or improve its security over the Charged Shares; or
|
6.2
|
to give proper effect to the intent and purposes of this Charge; or
|
6.3
|
upon the occurrence and during the continuance of an Event of Default, to enable or assist in any way in the exercise of any right or the enforcement thereof including any power of sale of the Charged Shares (whether arising under this Charge or implied by statute or otherwise).
|
7
|
ENFORCEMENT
|
7.1
|
Unless and until the occurrence and continuance of an Event of Default:
|
7.1.1
|
the Grantor shall be entitled to exercise all voting rights attaching to the Charged Shares or any thereof for all purposes not inconsistent with the purposes of this Charge, any of the Obligations;
|
|
7.1.2
|
the Grantor shall be entitled to receive and retain any dividends or other monies or assets in respect of the Charged Shares or any thereof.
|
7.2
|
The Grantor shall sign, seal, deliver and complete all transfers, renunciations, proxies, mandates, assignments, deeds and documents and do all acts and things which the Collateral Agent acting for and on behalf of the Secured Parties may, in its absolute discretion, at any time and from time to time specify for enabling or assisting the Collateral Agent acting for and on behalf of the Secured Parties:
|
7.2.1
|
to perfect or improve the Collateral Agent's title to and security over the Charged Shares;
|
|
7.2.2
|
upon the occurrence and during the continuance of an Event of Default, to vest the Charged Shares in the Collateral Agent or its or their nominee or nominees;
|
|
7.2.3
|
upon the occurrence and during the continuance of an Event of Default, to procure that the Collateral Agent or its or their nominee or nominees is registered in the Register of Members of the Company in respect of the Charged Shares;
|
|
7.2.4
|
upon the occurrence and during the continuance of an Event of Default, to exercise (or enable its nominee or nominees to exercise) any rights or powers attaching to the Charged Shares;
|
6 |
7.2.5
|
upon the occurrence and during the continuance of an Event of Default, to sell or dispose of the Charged Shares; and/or
|
|
7.2.6
|
upon the occurrence and during the continuance of an Event of Default, otherwise to enforce any of the rights of the Secured Parties or the Collateral Agent under or in connection with this Charge.
|
8
|
RIGHTS OF THE SECURED PARTIES AND THE COLLATERAL AGENT AS TO SHARES
|
At any time after the occurrence and continuance of an Event of Default, the Secured Parties, acting through the Collateral Agent, shall, without prejudice to any other right or remedy available hereunder or under applicable law, forthwith become entitled:
|
|
8.1
|
solely and exclusively to exercise all voting rights attaching to the Charged Shares or any thereof and shall exercise such rights in such manner as the Collateral Agent acting for and on behalf of the Secured Parties may in its absolute discretion determine; and/or
|
8.2
|
solely and exclusively to exercise all other rights and/or powers and/or discretions of the Grantor in, to and under the Charged Shares pursuant to the memorandum and articles of association of the Company; and/or
|
8.3
|
to receive and retain all dividends and other distributions made on or in respect of the Charged Shares or any thereof and any such dividends and other distributions received by the Grantor after such time shall be held in trust by the Grantor for the Secured Parties acting through the Collateral Agent and be immediately paid or transferred to the Collateral Account or as otherwise directed by the Collateral Agent acting for and on behalf of the Secured Parties to be applied towards the discharge of the Obligations; and/or
|
8.4
|
without notice to, or further consent or concurrence by, the Grantor to sell the Charged Shares or any part thereof by such method, at such place and upon such terms as the Collateral Agent acting for and on behalf of the Secured Parties may in its absolute discretion determine, with power to postpone any such sale and in any such case the Collateral Agent acting for and on behalf of the Secured Parties may exercise any and all rights attaching to the Charged Shares as the Collateral Agent acting for and on behalf of the Secured Parties in its absolute discretion may determine and without being answerable for any loss occasioned by such sale or resulting from postponement thereof or the exercise of such rights; and/or
|
8.5
|
to date and deliver the documents delivered to it pursuant to this Charge hereof as it considers appropriate and to take all steps to register the Charged Shares in the name of the Collateral Agent or its nominee or nominees and to assume control as registered owner of the Charged Shares.
|
9
|
RECEIVER
|
9.1
|
At any time after the occurrence and during the continuance of an Event of Default the Collateral Agent acting for and on behalf of the Secured Parties may by writing without notice to the Grantor appoint one or more person or persons as the Collateral Agent acting for and on behalf of the Secured Parties thinks fit to be a receiver (the "Receiver") in relation to the Charged Shares. Where the Collateral Agent acting for and on behalf of the Secured Parties appoints two or more persons as Receiver, the Receivers may act jointly or independently.
|
9.2
|
The Receiver may take such action in relation to the enforcement of this Charge including, without limitation, to sell, charge or otherwise dispose of the Charged Shares, to exercise any powers, discretion, voting or other rights or entitlements in relation to the Charged Shares and generally to carry out any other action which he may in his sole discretion deem necessary in relation to the enforcement of this Charge.
|
7 |
9.3
|
The Receiver shall have, in addition to the other powers set-out in this Clause, the following powers:
|
9.3.1
|
power to take possession of, collect and get in the Charged Shares and, for that purpose, to take such proceedings as may seem to him to be expedient;
|
|
9.3.2
|
power to raise or borrow money and grant security therefor over the Charged Shares;
|
|
9.3.3
|
power to appoint an attorney or accountant or other professionally qualified person to assist him in the performance of his functions;
|
|
9.3.4
|
power to bring or defend any action or other legal proceedings in the name of and on behalf of the Grantor in respect of the Charged Shares;
|
|
9.3.5
|
power to do all acts and execute in the name and on behalf of the Grantor any document or deed in respect of the Charged Shares;
|
|
9.3.6
|
power to make any payment which is necessary or incidental to the performance of his functions;
|
|
9.3.7
|
power to make any arrangement or compromise on behalf of the Grantor in respect of the Charged Shares;
|
|
9.3.8
|
power to rank and claim in the insolvency or liquidation of the Company and to receive dividends and to accede to agreements for the creditors of the Company;
|
|
9.3.9
|
power to present or defend a petition for the winding up of the Company; and
|
|
9.3.10
|
power to do all other things incidental to the exercise of the foregoing powers.
|
|
9.4 |
The Receiver shall be the agent of the Grantor and the Grantor alone shall be responsible for his acts and defaults and liable on any contracts made, entered into or adopted by the Receiver. Neither the Secured Parties nor the Collateral Agent shall be liable for the Receiver's acts, omissions, negligence or default, or be liable on contracts entered into or adopted by the Receiver.
|
10
|
APPLICATION OF MONIES
|
10.1
|
Each of the Secured Parties, acting through the Collateral Agent, (and any Receiver) shall apply the monies received by it as a result of the enforcement of the security:
|
10.1.1
|
firstly, in payment or satisfaction of the expenses related to enforcement of this security (including without limitation the fees and expenses of the Receiver); and
|
|
10.1.2
|
secondly, in accordance with the Financing Agreement.
|
10.2
|
Neither the Secured Parties nor the Collateral Agent shall be liable for any loss or damage occasioned by:
|
10.2.1
|
any sale or disposal of the Charged Shares or an interest in the Charged Shares; or
|
|
10.2.2
|
arising out of the exercise, or failure to exercise, any of its powers under this Charge; or
|
|
10.2.3
|
any neglect or default to pay any instalment or accept any offer or notify the Grantor of any such neglect or default; or
|
8 |
10.2.4
|
any other loss of whatever nature in connection with the Charged Shares.
|
11
|
PROTECTION OF PURCHASERS
|
No purchaser or other person dealing with the Secured Parties or the Collateral Agent or its or their delegate or delegates or any Receiver shall be bound to see or inquire whether the right of the Secured Parties or the Collateral Agent or its or their delegate or delegates or any Receiver to exercise any of its powers has arisen or become exercisable or be concerned with notice to the contrary, or be concerned to see whether the delegation by the Secured Parties or the Collateral Agent pursuant to the terms of this Charge shall have lapsed for any reason or been revoked.
|
|
12
|
CONTINUING SECURITY AND NON-MERGER
|
12.1
|
The security constituted by this Charge shall be continuing and shall not be considered as satisfied or discharged by any intermediate payment or settlement of the whole or any part of the Obligations or any other matter or thing whatsoever and shall be binding until all the Obligations have been unconditionally and irrevocably paid and discharged in full and the Financing Agreement shall have terminated in accordance with the terms thereof.
|
12.2
|
This Charge is in addition to and shall not merge with or otherwise prejudice or affect any banker's lien, right to combine and consolidate accounts, right of set-off or any other contractual or other right or remedy or any guarantee, lien, pledge, bill, note, charge or other security now or hereafter held by or available to the Secured Parties or the Collateral Agent.
|
13
|
RULING OFF ACCOUNT
|
If any of the Secured Parties or the Collateral Agent receives notice of any subsequent mortgage, charge, assignment, or other disposition affecting any account opened with the Secured Parties or the Collateral Agent by the Grantor, or any part thereof or interest therein, the Secured Parties or the Collateral Agent, as the case may be, may open a new account for the Grantor. If the Secured Parties or the Collateral Agent, as the case may be, does not open a new account then unless the Secured Parties or the Collateral Agent, as the case may be, gives express written notice to the contrary to the Grantor it shall nevertheless be treated as if it had done so at the time when it received such notice and as from that time all payments made by or on behalf of the Grantor to the Secured Parties or the Collateral Agent, as the case may be, shall be credited or be treated as having been credited to the new account and shall not operate to reduce the amount due from the Grantor to the Secured Parties or the Collateral Agent, as the case may be, at the time when it received notice.
|
|
14
|
CURRENCY
|
For the purpose of, or pending the discharge of, any of the Obligations the Secured Parties, acting through the Collateral Agent, may, in their sole discretion, convert any moneys received, recovered or realised in any currency under this Charge (including the proceeds of any previous conversion under this Clause) from their existing currency of denomination into any other currency at such rate or rates of exchange and at such time as the Secured Parties, acting through the Collateral Agent, thinks fit.
|
|
No payment to the Secured Parties or the Collateral Agent, as the case may be, (whether under any judgment or court order or otherwise) shall discharge the Obligations in respect of which it was made unless and until the Secured Parties or the Collateral Agent, as the case may be, shall have received payment in full in the currency in which such Obligations were incurred and, to the extent that the amount of any such payment shall on actual conversion into such currency fall short of such Obligations expressed in that currency, the Secured Parties and the Collateral Agent shall have a further separate cause of action against the Grantor and shall be entitled to enforce this Charge to recover the amount of the shortfall.
|
9 |
15
|
COSTS
|
The Grantor shall on demand and on a full indemnity basis pay to the Secured Parties and the Collateral Agent the amount of all costs and expenses and other liabilities (including stamp duty, and legal and out-of-pocket expenses) which the Secured Parties and the Collateral Agent incurs in connection with:
|
|
15.1
|
the preparation, negotiation, execution and delivery of this Charge;
|
15.2
|
any actual or proposed amendment or waiver or consent under or in connection with this Charge;
|
15.3
|
any discharge or release of this Charge; or
|
15.4
|
the preservation or exercise (or attempted preservation or exercise) of any rights under or in connection with and the enforcement (or attempted enforcement) of this Charge; or
|
15.5
|
dealing with or obtaining advice about any matter or question arising out of or in connection with enforcing the Secured Parties' and/or the Collateral Agent's exercise of its rights under this Charge.
|
16
|
VARIATION AND AMENDMENT
|
No variation of this Charge shall be valid unless it is in writing and signed by or on behalf of each of the parties.
|
|
17
|
ASSIGNMENT
|
17.1
|
The Grantor shall not be entitled to assign or transfer any of its rights, benefits or obligations hereunder without the prior written consent of the Collateral Agent acting for and on behalf of the Secured Parties.
|
17.2
|
The Collateral Agent may assign or otherwise transfer the whole or any part of its benefits under this Charge as Collateral Agent to any person who becomes the Collateral Agent under the Financing Agreement and the expression "the Collateral Agent" wherever used herein shall be deemed to include the assignees and other successors, whether immediate or derivative, of the Collateral Agent, who shall be entitled to enforce and proceed upon this Charge in the same manner as if named herein. The Collateral Agent shall be entitled to disclose any information concerning the Grantor to any such assignee or other successor or any participant or proposed assignee, successor or participant.
|
18
|
ENTIRE AGREEMENT
|
This Charge constitutes the entire agreement and understanding of the parties and supersede any previous agreement between the parties relating to the subject matter of this Charge.
|
|
19
|
FURTHER ASSURANCE
|
The Grantor shall promptly execute all documents and do all things that the Collateral Agent acting for and on behalf of the Secured Parties may specify for the purpose of (a) securing and perfecting the security in favour of the Collateral Agent over or title of the Collateral Agent to all or any of the Charged Shares, or (b) upon the occurrence and during the continuance of an Event of Default, enabling the Secured Parties and/or the Collateral Agent to vest all or part of the Charged Shares in its or their name or in the names of its or their nominee(s), agent or any purchaser.
|
|
20
|
NOTICES
|
20.1
|
Without prejudice to any other method of service of notices and communications provided by law, a demand or notice under this Charge shall be in writing signed by an officer or agent of the Grantor or the Collateral Agent, as the case may be, and may be served in accordance with, and shall be governed by, Section 10.1 of the Financing Agreement.
|
10 |
20.2
|
Notwithstanding the foregoing, any notice given to the Collateral Agent acting for and on behalf of the Secured Parties shall be deemed to have been given only on actual receipt by the Collateral Agent acting for and on behalf of the Secured Parties.
|
21
|
MISCELLANEOUS
|
21.1
|
All sums payable by the Grantor under this Charge shall be paid without any set-off, counterclaim, withholding or deduction whatsoever unless required by law in which event the Grantor will simultaneously with making the relevant payment under this Charge pay to the Collateral Agent acting for and on behalf of the Secured Parties such additional amount as will result in the receipt by the Collateral Agent of the full amount which would otherwise have been receivable and will supply the Collateral Agent promptly with evidence satisfactory to the Collateral Agent that the Grantor has accounted to the relevant authority for the sum withheld or deducted.
|
21.2
|
No delay or omission on the part of the Secured Parties or the Collateral Agent in exercising any right or remedy under this Charge shall impair that right or remedy or operate as or be taken to be a waiver of it nor shall any single, partial or defective exercise of any such right or remedy preclude any other or further exercise under this Charge of that or any other right or remedy.
|
21.3
|
The Secured Parties and the Collateral Agent's rights powers and remedies under this Charge are cumulative and are not, nor are they to be construed as, exclusive of any rights, powers or remedies provided by law or otherwise and may be exercised from time to time and as often as the Secured Parties or the Collateral Agent, as the case may be, deems expedient.
|
21.4
|
Any waiver by the Collateral Agent of any terms of this Charge or any consent or approval given by the Secured Parties or the Collateral Agent, as the case may be, under it shall be effective only if given in writing and then only for the purpose and upon the terms and conditions (if any) on which it is given.
|
21.5
|
If at any time any one or more of the provisions of this Charge is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction neither the legality, validity or enforceability of the remaining provisions of this Charge nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall be in any way affected or impaired as a result.
|
21.6
|
Any statement, certificate or determination of the Collateral Agent as to the Obligations or (without limitation) any other matter provided for in this Charge shall, in the absence of manifest error, be conclusive and binding on the Grantor.
|
22
|
LAW AND JURISDICTION
|
22.1
|
This Charge is governed by, and shall be construed in accordance with, the law of the Cayman Islands.
|
22.2
|
The Grantor irrevocably agrees for the exclusive benefit of the Secured Parties and the Collateral Agent that the courts of the Cayman Islands shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute which may arise out of or in connection with this Charge and for such purposes irrevocably submits to the jurisdiction of such courts.
|
23
|
COUNTERPARTS
|
This Charge may be executed in any number of counterparts and all such counterparts taken together shall be deemed to constitute one and the same instrument.
|
11 |
EXECUTED AS A DEED by
|
) |
|
GLOBAL GEOPHYSICAL SERVICES, INC.
|
) |
|
) |
|
|
) |
/s/ P. MATTHEW VERGHESE
|
|
) |
Name: P. Matthew Verghese
|
|
) |
Title: Senior Vice President and Chief Financial Officer
|
|
) |
|
|
) |
|
|
) |
|
|
) |
/s/ RICHARD C. WHITE
|
|
) |
Name: Richard C. White
|
|
) |
Title: President and Chief Executive Officer
|
|
) |
|
|
In the presence of:
|
||
____________________________Witness
|
||
EXECUTED AS A DEED by
|
) |
|
TPG SPECIALTY LENDING, INC.
|
) |
|
) |
|
|
) |
____________________________
|
|
) |
Name:
|
|
) |
Title:
|
|
) | ||
In the presence of:
|
||
____________________________Witness
|
Amount or number of
Initial Shares
|
Description of
Shares
|
65
|
Ordinary shares of US$1.00 par value in GLOBAL GEOPHYSICAL SERVICES, LTD., a Cayman Islands exempted company of the offices of Appleby Trust (Cayman) Ltd., P.O. Box 1350, Clifton House, 75 Fort Street, George Town, Grand Cayman, CAYMAN ISLANDS (the "Company") being 65% of the issued shares in the Company.
|
To: | The Secretary |
GLOBAL GEOPHYSICAL SERVICES, LTD.
Appleby Trust (Cayman) Ltd.
P.O. Box 1350
Clifton House
75 Fort Street
George Town
Grand Cayman
CAYMAN ISLANDS
|
|
Dated: ____________________ |
EXECUTED and
|
) |
|
DELIVERED as a DEED by
|
) |
|
GLOBAL GEOPHYSICAL SERVICES, INC.
|
) |
|
) |
|
|
) |
___/s/ P. MATTHEW VERGHESE_________
|
|
) |
Name: P. Matthew Verghese
|
|
) |
Title: Senior Vice President and Chief Financial
|
|
) |
Officer
|
|
) |
|
|
) |
|
|
) |
|
|
) |
__/s/ RICHARD C. WHITE______________
|
|
) |
Name: Richard C. White
|
|
) |
Title: President and Chief Executive Officer
|
|
In the presence of:
|
||
____________________________Witness
|
1
|
THAT the following be added to the end of Article 10 of the Articles of Association (Non-Recognition of Trusts):
|
2
|
THAT the following be added to the end of Article 33 of the Articles of Association:
|
Relevant period (number of
calendar months elapsed since
the Closing Date)
|
Prepayment Premium as
a percentage of the
amount so paid
|
after 12 and on or prior to 24
|
3.0%
|
after 24
|
0%
|
Very truly yours,
|
||
TPG SPECIALTY LENDING, INC., as Collateral
Agent, Lender and Co-Lead Arranger
|
||
By: |
/s/ MICHAEL FISHMAN___________________
|
|
Name: Michael Fishman
Title: CEO
|
||
TENNENBAUM CAPITAL PARTNERS, LLC,
as Co-Lead Arranger
|
||
By: |
/s/ PHIL TSENG___________________________
|
|
|
Name:Phil Tseng
Title: Managing Partner
|
ACCEPTED AS OF THE DATE FIRST
WRITTEN ABOVE:
|
|
GLOBAL GEOPHYSICAL SERVICES, INC.
|
|
By: |
/s/ P. MATHEW VERGHESE___________________
|
Name: P. Mathew Verghese
|
|
Title: Senior Vice President and Chief Financial Officer
|
December 3, 2013 |
Relevant period (number of
calendar months elapsed since
the Closing Date)
|
Prepayment Premium as a
percentage of the
amount so paid
|
after 18 and on or prior to 30
|
3.0%
|
after 30
|
0%
|
Very truly yours,
|
||
TPG SPECIALTY LENDING, INC., as Collateral
Agent and Co-Lead Arranger
|
||
By: |
/s/ MICHAEL FISHMAN
|
|
Name: Michael Fishman
Title: CEO
|
||
TENNENBAUM CAPITAL PARTNERS, LLC,
as Co-Lead Arranger
|
||
By: |
/s/ DAVID ADLER
|
|
Name: David Adler
Title: Partner
|
ACCEPTED AS OF THE DATE FIRST
WRITTEN ABOVE:
|
|
GLOBAL GEOPHYSICAL SERVICES, INC.
|
|
By: |
/s/ P. MATHEW VERGHESE
|
Name: P. Mathew Verghese
|
|
Title: Senior Vice President and Chief
Financial Officer
|
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