Exhibit 10.43
NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU
ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF
THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN
INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE
PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR
DRIVER’S LICENSE NUMBER.
A CARBON, PHOTOGRAPHIC, FACSIMILE, OR OTHER
REPRODUCTION OF THIS INSTRUMENT IS SUFFICIENT AS A FINANCING
STATEMENT.
THIS INSTRUMENT CONTAINS AFTER-ACQUIRED PROPERTY
PROVISIONS, SECURES PAYMENT OF FUTURE ADVANCES, AND COVERS PROCEEDS
OF COLLATERAL.
A POWER OF SALE HAS BEEN GRANTED IN THIS
INSTRUMENT. A POWER OF SALE MAY ALLOW TRUSTEE OR
MORTGAGEE TO TAKE THE COLLATERAL AND SELL IT WITHOUT GOING TO COURT
IN A FORECLOSURE ACTION UPON DEFAULT BY MORTGAGOR UNDER THIS
INSTRUMENT.
DEED OF TRUST, SECURITY
AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND FIXTURE FILING
(TEXAS)
by and from
GLOBAL GEOPHYSICAL
SERVICES, INC., a Delaware corporation,
(Mortgagor, Debtor and
Grantor)
to
Aaron Roffwarg, an individual, as
Trustee, “Trustee”
for the benefit of
BANK OF AMERICA, N.A., as
Administrative Agent,
(Mortgagee, Beneficiary and
Grantee)
dated as of April 30,
2010
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County:
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Fort Bend
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State:
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Texas
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THIS INSTRUMENT IS A DEED OF TRUST AND A FIXTURE
FILING AND SHOULD BE FILED FOR RECORD IN THE RECORDS WHERE DEEDS OF
TRUST ON REAL ESTATE ARE RECORDED. THIS INSTRUMENT SHOULD BE
APPROPRIATELY INDEXED, NOT ONLY AS A DEED OF TRUST, BUT ALSO AS A
FINANCING STATEMENT COVERING GOODS THAT ARE OR ARE TO BECOME
FIXTURES ON THE REAL PROPERTY DESCRIBED HEREIN.
PREPARED BY:
Bracewell & Giuliani
LLP
711 Louisiana, Suite 2300
Houston, Texas 77002
Attention: Heather Brown
RECORDING REQUESTED BY AND WHEN
RECORDED, RETURN TO:
Bracewell & Giuliani
LLP
711 Louisiana, Suite 2300
Houston, Texas 77002
Attention: Brandie Martin
DEED OF TRUST, SECURITY
AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND FIXTURE FILING
(TEXAS)
THIS DEED OF TRUST, SECURITY
AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND FIXTURE FILING
(TEXAS) (this “ Deed of Trust ”) is dated as of
the 30th day of April, 2010, by and from GLOBAL GEOPHYSICAL
SERVICES, INC., a Delaware corporation (“
Mortgagor ”), whose address is 13927 South Gessner
Road, Missouri City, TX 77489, to Aaron Roffwarg, an individual, as
trustee (“ Trustee ”), whose address is 711
Louisiana, Suite 2300, Houston, TX 77002, for the benefit of
Bank of America, N.A., as Administrative Agent (“
Mortgagee ”), for the holders of the Secured
Obligations (as defined below), having an address at Agency
Management, 901 Main Street, 14 th Floor, Dallas, Texas
75202-3714.
ARTICLE I
Definitions
All capitalized terms used herein without
definition shall have the respective meanings ascribed to them in
that certain Credit Agreement dated as of April 30, 2010,
among GLOBAL GEOPHYSICAL SERVICES, INC. (the “
Borrower ”), the financial institutions from time to
time party thereto (collectively, the “ Lenders
” and individually, a “ Lender ”), and
BANK OF AMERICA, N.A., as Administrative Agent (in such capacity,
the “ Administrative Agent ”), Swing Line Lender
and L/C Issuer (as amended, amended and restated, supplemented,
extended, or otherwise modified from time to time, the
“ Credit Agreement ”). As used in this
Deed of Trust, the following terms shall have the following
meanings:
1.1
“ Cash Collateral
Accounts ” means any deposit account with Mortgagee which
is designated, maintained, and under the control of Mortgagee and
over which Mortgagee has a security interest, and which has been
established pursuant to the provisions of this Deed of Trust for
the purposes described in this Deed of Trust, including for
collecting, holding, disbursing, or applying certain funds, all in
accordance with this Deed of Trust.
1.2
“ Event of Default
” shall have the meaning set forth in Article IV
hereof.
1.3
“ Indemnified Party
” means the Mortgagee (and any sub-agent thereof), the
Trustee, each Lender and the L/C Issuer, and each Related Party of
any of the foregoing Persons.
1.4
“ Mortgaged Property
”: All of Mortgagor’s present and future right,
title and interest in and to (1) the fee interest in the real
property described in Exhibit A attached hereto and
incorporated herein by this reference, together with any greater
estate therein as hereafter may be acquired by Mortgagor (the
“ Land ”), (2) all improvements now owned
or hereafter acquired by Mortgagor, now or at any time situated,
placed or constructed upon the Land (the “
Improvements ”; the Land and Improvements are
collectively referred to as the “ Premises ”),
(3) all materials, supplies, equipment, apparatus and other
items of personal property now owned or hereafter acquired by
Mortgagor and now or hereafter attached to, installed in or used in
connection with any of the Improvements or the Land, and water,
gas, electrical, telephone, storm and sanitary sewer facilities and
all other utilities whether or not situated in easements (the
“ Fixtures ”), (4) all goods, accounts,
general intangibles, instruments, documents, chattel
paper
and all other personal property of any kind or
character, including such items of personal property as defined in
the UCC (defined below), now owned or hereafter acquired by
Mortgagor and now or hereafter affixed to, placed upon, used in
connection with, arising from or otherwise related to the Premises
(the “ Personalty ”), (5) all reserves,
escrows or impounds required under the Credit Agreement and all
deposit accounts maintained by Mortgagor with respect to the
Mortgaged Property (the “ Deposit Accounts ”),
(6) all leases, licenses, concessions, occupancy agreements or
other agreements (written or oral, now or at any time in effect)
which grant to any Person a possessory interest in, or the right to
use, all or any part of the Mortgaged Property, together with all
related security and other deposits (the “ Leases
”), (7) all of the rents, revenues, royalties, income,
proceeds, profits, security and other types of deposits, and other
benefits paid or payable by parties to the Leases for using,
leasing, licensing, possessing, operating from, residing in,
selling or otherwise enjoying the Mortgaged Property (the “
Rents ”), (8) all other agreements, such as
construction contracts, architects’ agreements,
engineers’ contracts, utility contracts, maintenance
agreements, management agreements, service contracts, listing
agreements, guaranties, warranties, permits, licenses, certificates
and entitlements in any way relating to the construction, use,
occupancy, operation, maintenance, enjoyment or ownership of the
Mortgaged Property (the “ Property Agreements
”), (9) all rights, privileges, tenements,
hereditaments, rights-of-way, easements, appendages and
appurtenances appertaining to the foregoing, (10) all property
tax refunds (the “ Tax Refunds ”), (11) all
accessions, replacements and substitutions for any of the foregoing
and all proceeds thereof, howsoever arising, including from the
collection, sale, lease, exchange, assignment, licensing or other
disposition of such property, and all claims of Mortgagor against
third parties for loss, damage or impairment of value of such
property the (“ Proceeds ”), (12) all
insurance policies, unearned premiums therefor and proceeds from
such policies covering any of the above property now or hereafter
acquired by Mortgagor (the “ Insurance ”), and
(13) all awards, damages, remunerations, reimbursements,
settlements or compensation heretofore made or hereafter to be made
by any governmental authority pertaining to the
Land, Improvements, Fixtures or Personalty (the “
Condemnation Awards ”). As used in this Deed of
Trust, the term “ Mortgaged Property ” shall
mean all or, where the context permits or requires, any portion of
the above or any interest therein.
1.5
“ Permitted Liens
”: Liens permitted by the Credit Agreement.
1.6
“ Secured Obligations
”: means (without duplication):
(a)
the Obligations; and
(b)
any increases, extensions, renewals,
replacements, and rearrangements of the foregoing obligations under
any amendments, supplements, and other modifications of the
agreements creating the foregoing obligations, in each case,
whether direct or indirect, absolute or contingent.
1.7
“ UCC ”:
The Uniform Commercial Code of Texas or, if the creation,
perfection and enforcement of any security interest herein granted
is governed by the laws of a state other than Texas, then, as to
the matter in question, the Uniform Commercial Code in effect in
that state.
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ARTICLE II
Grant
2.1
Grant
. To secure the full and
timely payment and performance of the Secured Obligations,
Mortgagor GRANTS, BARGAINS, ASSIGNS, SELLS and CONVEYS, to Trustee
the Mortgaged Property, subject, however, to the Permitted Liens,
TO HAVE AND TO HOLD the Mortgaged Property, IN TRUST FOR
MORTGAGEE, WITH POWER OF SALE, and Mortgagor does hereby bind
itself, its successors and assigns to WARRANT AND FOREVER DEFEND
the title to the Mortgaged Property unto Trustee, against anyone
claiming by, though or under Mortgagor, but not
otherwise.
2.2
Revolving Credit and Future
Advances . It
is contemplated and acknowledged that the Secured Obligations may
include revolving credit loans and advances from time to time, and
that this Deed of Trust shall have effect as of the date hereof to
secure all Secured Obligations, regardless of whether any amounts
are advanced on the date hereof or on a later date or, whether
having been advanced, are later repaid in part or in whole and
further advances made at a later date. This Deed of Trust secures
all future advances and obligations constituting Secured
Obligations.
2.3
Mortgagor Remains
Liable . The
granting of the liens, security interests, and assignments and the
exercise by Trustee or Mortgagee of its rights hereunder shall not
release Mortgagor from any obligations nor cause Trustee or
Mortgagee to assume any obligations with respect to the Mortgaged
Property.
ARTICLE III
Warranties, Representations and Covenants
Mortgagor warrants, represents and
covenants to Mortgagee as follows:
3.1
Incorporation of
Representations and Warranties from Credit Agreement
. The representations and
warranties contained in Article V of the Credit Agreement are
hereby confirmed and restated, each such representation and
warranty, together with all related definitions and ancillary
provisions, being hereby incorporated into this Deed of Trust by
reference as though specifically set forth in this Section, subject
to the limitations thereon as set forth in the Credit
Agreement.
3.2
Title to Mortgaged Property;
Lien of this Instrument; Filings . Mortgagor owns the Mortgaged Property
free and clear of any liens, claims or interests, except the
Permitted Liens and the matters described in Exhibit B
attached hereto and incorporated by this reference. This Deed
of Trust creates valid, enforceable first priority liens and
security interests against the Mortgaged Property, and the
recording of this Deed of Trust in the real property records of
Fort Bend County, Texas is the only recording or filing necessary
to create a valid mortgage lien that is effective against third
parties and recognized in bankruptcy on the Land. Except for
such recording and the recording described in
Section 6.2 , there are no recordings or filings with,
or authorizations, consents, approvals, licenses, permits,
privileges, or other rights granted by, any governmental
authorities required to be held by Mortgagee or Mortgagor
in
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connection with the execution and delivery of
this Deed of Trust, the performance of this Deed of Trust, or the
exercise of rights and remedies under this Deed of
Trust.
3.3
First Lien
Status .
Mortgagor shall preserve and protect the first lien and security
interest status of this Deed of Trust and the other Loan
Documents. If any lien or security interest other than the
Permitted Liens is asserted against the Mortgaged Property,
Mortgagor shall promptly, and at its expense, (a) give
Mortgagee a detailed written notice of such lien or security
interest (including origin, amount and other terms), and
(b) pay the underlying claim in full or take such other action
so as to cause it to be released or contest the same in compliance
with the requirements of the Credit Agreement (including the
requirement of providing a bond or other security satisfactory to
Mortgagee). If the proceeds of the Secured Obligations are
used to pay any indebtedness secured by prior liens, Mortgagee is
subrogated to all of the rights and liens of the holders of such
indebtedness.
3.4
Payment and
Performance .
Mortgagor covenants that it shall timely pay and perform the
Secured Obligations.
3.5
Replacement of Fixtures and
Personalty .
Mortgagor shall not, without the prior written consent of
Mortgagee, not to be unreasonably withheld, permit any of the
Fixtures or Personalty owned or leased by Mortgagor to be removed
at any time from the Land or Improvements, unless such item is
removed in the ordinary course of Mortgagor’s business or the
removed item is removed temporarily for maintenance and repair or,
if removed permanently, is permitted to be removed by the Credit
Agreement, or is obsolete and is replaced by an article of equal or
better suitability and value, owned by Mortgagor subject to the
liens and security interests of this Deed of Trust and the other
Loan Documents, and free and clear of any other lien or security
interest except such as may be permitted under the Credit Agreement
or first approved in writing by Mortgagee.
3.6
Other Covenants
. Mortgagor agrees to comply
with all the covenants, both affirmative and negative, in the
Credit Agreement, and each such covenant is hereby incorporated by
reference as if fully set forth herein.
3.7
Condemnation Awards and
Insurance .
(a)
Condemnation Awards
. Mortgagor collaterally
assigns all awards and compensation to which it is entitled for any
condemnation or other taking of the Mortgaged Property, or any
purchase in lieu thereof, to Mortgagee, and, upon the occurrence
and continuance of an Event of Default, Mortgagee may receive such
monies.
(b)
Further Acts
. Mortgagor covenants that
Mortgagor shall execute and deliver such other and further
instruments, and shall do such other and further acts as in the
reasonable opinion of Mortgagee may be necessary to carry out more
effectively the purposes of this Deed of Trust, including without
limiting the generality of the foregoing, (i) prompt
correction of any defect in the execution or acknowledgment of this
Deed of Trust, any written instrument comprising part or all of the
Secured Obligations, or any other document executed and delivered
in connection herewith; (ii) prompt correction of any defect
which may hereafter be discovered in the title to the Mortgaged
Property, to
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the extent such defect would cause
any representation and warranty made herein, if deemed repeated at
such time, to not be true and correct; and (iii) prompt
payment when due and owing of all taxes, assessments and
governmental charges imposed on this Deed of Trust.
(c)
Maintenance of Lien and Security
Interest .
Mortgagor covenants that Mortgagor shall maintain and preserve the
Lien and security interest herein created as a valid first priority
security interest on the Mortgaged Property, subject only to
Permitted Liens, until the Liens created hereby are, or Mortgagor
is, as the case may be, released by the applicable provisions of
Section 8.4 .
(d)
Change of Address
. Mortgagor shall immediately
notify Mortgagee of any discontinuance of or change in the address
of Mortgagor’s chief executive office or office where it
keeps records concerning accounts, contract rights and general
intangibles.
(e)
Insurance . To the extent that insurance is carried
by a third party operator on behalf of Mortgagor, upon request by
Mortgagee, Mortgagor shall obtain and provide Mortgagee with copies
of certificates of insurance showing Mortgagor as a named
insured. To the extent not prohibited by the terms of such
insurance or any agreement with such third party operator (unless
otherwise consented by such operator, which consent Mortgagor will
use commercially reasonable efforts to obtain if requested by
Mortgagee), and to the extent related coverage is not terminated or
the benefits available thereunder are not otherwise prejudiced or
impaired, Mortgagor hereby collaterally assigns to Mortgagee any
and all monies that may become payable under any such policies of
insurance by reason of damage, loss or destruction of any of the
Mortgaged Property and, upon the occurrence and continuance of an
Event of Default, Mortgagee may receive such monies.
ARTICLE IV
Default and Foreclosure
4.1
Events of
Default . An
Event of Default under the terms of the Credit Agreement shall
constitute an “ Event of Default ” under this
Deed of Trust.
4.2
Remedies
. If an Event of Default
exists, Mortgagee may, at Mortgagee’s election, and in its
own name or through Trustee or otherwise (all further references in
this Section 4 , to Mortgagee shall be deemed to refer
to Mortgagee or Trustee acting on behalf of Mortgagee), exercise
any or all of the following rights, remedies and
recourses:
(a)
Acceleration
. Declare the Secured
Obligations to be immediately due and payable, without further
notice, presentment, protest, notice of intent to accelerate,
notice of acceleration, demand or action of any nature whatsoever
(each of which hereby is expressly waived by Mortgagor), whereupon
the same shall become immediately due and payable.
(b)
En