Exhibit 10.1
|
| GE Capital |
|
|
|
|
| Commercial Equipment Financing |
|
| General Electric Capital Corporation |
|
| 16479 Dallas Parkway, Suite 300, Addison, TX 75001 |
|
| 972 713-2500 |
October 28, 2004
Mr. Wayne Whitener
TGC Industries, Inc.
1304 Summit Ave. Ste. 2
Plano, TX 75074
GE Capital Financing Transaction - Account # 4158983-001
Dear Mr. Whitener:
Thank you for allowing GE Capital to finance your recent equipment acquisition. Enclosed in this package are copies of the executed documents for this transaction.
GE Capital is here to serve you. If you need assistance regarding your account, please feel free to contact our Customer Service Department at (800) 362-0135.
Providing quality service is our commitment to you. To help us learn how to improve the service we provide to you, you may be contacted to participate in a customer satisfaction survey. We encourage your participation in this survey and thank you in advance for your input. If you have additional financing needs, please contact David Swan (972) 713-2531.
Once again, we wish to express our sincere appreciation for allowing GE Capital this opportunity to assist you with your financing needs. We look forward to servicing you again soon.
Very truly yours, | |
| |
General Electric Capital Corporation | |
| |
/s/ Sharon Ersch |
|
Sharon Ersch | |
Credit Assistant | |
A GE Capital Services Company
PROMISSORY NOTE
10/26/04
(Date)
FOR VALUE RECEIVED, TGC Industries, Inc. a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 16479 Dallas Parkway #300, Addison, TX 75001-2512 or at such other place as Payee or the holder hereof may designate, the principal sum of Two million three hundred eighty-six thousand six hundred forty-nine and no/100 Dollars ($2,386,649.00), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed per annum simple interest rate of Six and 85/100 percent (6.85%).
Subject to the other provisions hereof, the principal on this Note is payable in lawful money of the United States in Thirty-six (36) consecutive monthly installments as follows:
Periodic |
|
|
| |
Installment |
| Amount |
| |
35 | @ | $ | 66,295.81 |
|
each (“Periodic Installment”) and a final installment which shall be in the amount of the total outstanding unpaid principal. The first Periodic Installment shall be due and payable on December l, 2004 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding period (each, a “Payment Date”). In addition to the payments of principal provided above, accrued interest shall be payable on the Payment Date.
All payments shall be applied first to interest and then to principal. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its due date. The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. Interest shall be calculated on the basis of a 365 day year (366 day leap year).
The Maker hereby expressly authorizes the Payee to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto.
This Note may be secured by a security agreement, chattel mortgage, pledge agreement or like instrument (each of which is hereinafter called a “Security Agreement”).
Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (I0) days after its due date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker fails to make payment of any amount due hereunder within ten (10) days after the same becomes due and payable; or (ii) Maker is in default under, or fails to perform under any term or condition contained in any Security Agreement, then the entire principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment).
The Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium equal to the following percentages of the original principal balance for the indicated period:
Prior to the first annual anniversary date of this Note: Three percent (3%)
Thereafter and prior to the second annual anniversary date of this Note: Two percent (2%)
Thereafter and prior to the third annual anniversary date of this Note: One percent (1%)
and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement.
It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker, at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America.
The Maker and all sureties, endorsers, guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all extensions of time, renewals, waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made, granted or consented to by Payee, and agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any others as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’ fees. Maker and each Obligor agrees that fees not in excess of twenty percent (20%) of the amount then due shall be deemed reasonable.
THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.
This Note and any Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior understandings, agreements and representations, express or implied.
No variation or modification of this Note, or any waiver of any of its provisions or conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given.
Any provision in this Note or any Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or altered to conform thereto.
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| TGC Industries, Inc. | |||||||
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/s/ David Swan |
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| By: | /s/ Wayne Whitener |
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(Witness) |
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| |||||||
David Swan |
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| Name: | Wayne Whitener |
| ||||
(Print name) |
|
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16479 Dallas Pkwy, Addison, TX |
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| Title: | President/CEO |
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(Address) |
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| Federal Tax ID #: | 742095844 |
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| Address: 1304 Summit Ave Suite 2, Plano, Collin County, TX 75074 | |||||||
COLLATERAL SCHEDULE NO. 001
THIS COLLATERAL SCHEDULE NO. 001 is annexed to and made a part of that certain Master Security Agreement dated as of 10/22/04 between General Electric Capital Corporation, together with its successors and assigns, if any, as Secured Party and TGC Industries, Inc. as Debtor and describes collateral in which Debtor has granted Secured Party a security interest in connection with the Indebtedness (as defined in the Security Agreement) including without limitation that certain Promissory Note dated 10/26/04 in the original principal amount of $2,386,649.00.
Quantity |
| Manufacturer |
| Serial Number |
| Year/Model and Type of Equipment | |
|
|
|
|
|
|
| |
1 |
| ARAM Aries |
| SP376 |
| Seismic Processor Module w/ fast download capability. More fully described on Schedule B attached | |
4 |
| ARAM Ariies |
|
|
| PC - Quad Line Interface Cards. More fully described on Schedule B attached | |
1 |
| ARAM Ariies |
|
|
| Impulse Source Software. More fully described on Schedule B attached | |
1 |
| ARAM Aires |
|
|
| Vibroseis Option. More fully described on Schedule B attached | |
2 |
| Misc Test Equipment |
|
|
| Additional Flat Panel Display Units w/ Mounting Hardware. More fully described on Schedule B attached | |
1 |
| ARAM Aries |
|
|
| Standard installation kit. More fully described on Schedule B attached | |
1 |
| Mist Test Equipment |
| TD276 |
| Dual 3490 tape drive w/ mounting hardware. More fully described on Schedule B attached | |
1 |
| Misc Test Equipment |
| 20235 |
| iSYS-VI 2 thermal plotter w/ mounting hardware | |
350 |
| AMAR Aries |
|
|
| Remote Acquisition Module (Rams). More fully described on Schedule B attached | |
18 |
| ARAM Aries |
|
|
| Line Tap Unit (A-LTUs). More fully described on Schedule B attached | |
480 |
| ARAM Aries |
|
|
| Lead Acid Battery Pack. More fully described on Schedule B attached | |
16 |
| ARAM Aries |
|
|
| Lead Acid Battery Charger. More fully described on Schedule B attached | |
700 |
| ARAM Aries |
|
|
| Seismic Land-Lt Cable 300M | |
1400 |
| ARAM Aries |
|
|
| Land Cable Back to Backs integrated. More fully described on Schedule B attached | |
36 |
| ARAM Aries |
|
|
| Seismic Multiport Baseline Cable 280M. More fully described on Schedule B attached | |
72 |
| ARAM Aries |
|
|
| Land Baseline Cable Back to Backs Integrated. More fully described on Schedule B attached | |
4 |
| ARAM Aries |
|
|
| Multiport Baseline Splitter Cable. More fully described on Schedule B attached | |
4 |
| Misc Test Equipment |
|
|
| Hand held test unit w/ meter and matching Geophone Adapter. More fully described on Schedule B attached | |
4 |
| Misc Test Equipment |
|
|
| Power Head w/ 9-volt Battery | |
1 |
| ARAM Aries |
|
|
| Battery Discharge Station. More fully described on Schedule B attached | |
1 |
| International |
| 1HTLDTVN8EHA55043 |
| 1984 | Truck |
Equipment immediately listed above is located at: 1304 Summit Ave, Suite 2, Plano, Collin County, TX 75074
SECURED PARTY: |
| DEBTOR: | ||||||||
|
|
| ||||||||
General Electric Capital Corporation |
| TGC Industries, Inc. | ||||||||
|
|
| ||||||||
By: | /s/ Chris Jones |
|
| By: | /s/ Wayne Whitener |
| ||||
|
|
| ||||||||
Name: | CHRIS JONES |
|
| Name: | Wayne Whitener |
| ||||
|
|
| ||||||||
Title: | SENIOR RISK ANALYST |
|
| Title: | President/CEO |
| ||||
|
|
| ||||||||
Date: | 10-26-2004 |
|
| Date: | 10/22/04 |
| ||||
SCHEDULE B
TO COLLATERAL SCHEDULE NO. 001
Naming General Electric Capital Corporation as Secured Party
and TGC Industries, Inc. as Debtor
Device |
| Serial Number |
| Qty |
| |
ARIES Central System |
| ACS091 |
| 1 |
| |
Seismic Processing Module |
| SP376- |
| 1 |
| |
Tape Drive Module |
| TD276- |
| 1 |
| |
Power Supply Module |
| PS087 |
| 1 |
| |
Aries Remote Acquisition Module |
| see attached List |
| 350 |
| |
ARIES Line Tap Units |
| see attached List |
| 18 |
| |
ARIES Lead Acid Battery Packs |
| Not Available at this time |
| 480 |
| |
ARIES Lead Acid Battery Chargers |
| 154 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 96 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 139 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 114 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 73 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 88 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 63 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 85 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 149 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 140 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 142 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 146 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 14B |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 152 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 146 |
|
| 1 |
|
ARIES Lead Acid Battery Chargers |
| 91 |
|
| 1 |
|
ARIES Seismic Lead-Lt Cable 300m |
| see attached List |
| 700 |
| |
ARIES Multiport Baseline Cables 280m |
| see attached List |
| 36 |
| |
Aries Multiport Baseline Splitter Cables |
| 7609-025 |
|
| 1 |
|
Aries Multiport Baseline Splitter Cables |
| 7609-019 |
|
| 1 |
|
Aries Multiport Baseline Splitter Cables |
| 7609-020 |
|
| 1 |
|
Aries Multiport Baseline Splitter Cables |
| 5408-004 |
|
| 1 |
|
HandHeld Test Unit |
| 91 |
|
| 1 |
|
HandHeld Test Unit |
| 97 |
|
| 1 |
|
HandHeld Test Unit |
| 92 |
|
| 1 |
|
HandHeld Test Unit |
| 79 |
|
| 1 |
|
Power Head |
| N/A |
|
| 4 |
|
Battery Discharge Station |
| 69 |
|
| 1 |
|
V12 Plotter |
| 20235 |
|
| 1 |
|
Initial | /s/ CWJ | / | WAW |
|
| GECC |
| TGC Industries, Inc. | |
1
Remote Acquisition Module
RAMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16552 |
| 18182 |
| 18858 |
| 19844 |
| 20059 |
| 20214 |
| 20346 |
| 20499 |
| 20799 |
|
17097 |
| 18184 |
| 18704 |
| 19847 |
| 20083 |
| 20217 |
| 20347 |
| 20501 |
| 20800 |
|
17113 |
| 18186 |
| 18723 |
| 19855 |
| 20064 |
| 20219 |
| 20348 |
| 20503 |
| 20808 |
|
17154 |
| 18195 |
| 18747 |
| 19857 |
| 20085 |
| 20227 |
| 20354 |
| 20504 |
| 20809 |
|
17348 |
| 18205 |
| 18778 |
| 19863 |
| 20071 |
| 20231 |
| 20362 |
| 20506 |
| 20818 |
|
17398 |
| 18220 |
| 18786 |
| 19864 |
| 20081 |
| 20234 |
| 20363 |
| 20508 |
| 20825 |
|
17442 |
| 18228 |
| 18830 |
| 19865 |
| 20082 |
| 20235 |
| 20365 |
| 20512 |
| 20828 |
|
17446 |
| 18230 |
| 18850 |
| 19868 |
| 20087 |
| 20241 |
| 20367 |
| 20519 |
| 20833 |
|
17571 |
| 18231 |
| 18854 |
| 19881 |
| 20088 |
| 20245 |
| 20373 |
| 20521 |
| 20834 |
|
17630 |
| 18234 |
| 18855 |
| 19885 |
| 20089 |
| 20252 |
| 20378 |
| 20522 |
| 20858 |
|
17632 |
| 18242 |
| 18864 |
| 19890 |
| 20090 |
| 20261 |
| 20386 |
| 20523 |
| 20857 |
|
17634 |
| 18269 |
| 18865 |
| 19893 |
| 20092 |
| 20266 |
| 20391 |
| 20524 |
| 20866 |
|
17649 |
| 18287 |
| 18866 |
| 19897 |
| 20093 |
| 20277 |
| 20393 |
| 20527 |
| 20871 |
|
17691 |
| 18289 |
| 18888 |
| 19899 |
| 20094 |
| 20283 |
| 20396 |
| 20529 |
| 20886 |
|
17703 |
| 18292 |
| 18880 |
| 19928 |
| 20097 |
| 20284 |
| 20398 |
| 20532 |
| 20888 |
|
17704 |
| 18314 |
| 19012 |
| 19934 |
| 20099 |
| 20288 |
| 20401 |
| 20535 |
| 20890 |
|
17728 |
| 18321 |
| 19028 |
| 19946 |
| 20122 |
| 20290 |
| 20409 |
| 20544 |
| 20892 |
|
17752 |
| 18324 |
| 19073 |
| 19947 |
| 20130 |
| 20291 |
| 20410 |
| 20547 |
| 20894 |
|
17769 |
| 18326 |
| 19084 |
| 19950 |
| 20143 |
| 20292 |
| 20421 |
| 20551 |
| 20917 |
|
17773 |
| 18336 |
| 19086 |
| 19959 |
| 20144 |
| 20294 |
| 20422 |
| 20556 |
| 20926 |
|
17831 |
| 18348 |
| 19262 |
| 19963 |
| 20145 |
| 20297 |
| 20423 |
| 20577 |
| 20939 |
|
17846 |
| 18350 |
| 19287 |
| 19968 |
| 20146 |
| 20298 |
| 20425 |
| 20601 |
| 20946 |
|
17849 |
| 18367 |
| 19354 |
| 19974 |
| 20151 |
| 20303 |
| 20434 |
| 20612 |
| 20999 |
|
17863 |
| 18384 |
| 19373 |
| 19979 |
| 20152 |
| 20305 |
| 20440 |
| 20618 |
| 21110 |
|
17888 |
| 18396 |
| 19377 |
| 19986 |
| 20153 |
| 20306 |
| 20442 |
| 20648 |
| 21210 |
|
17892 |
| 18401 |
| 19446 |
| 19988 |
| 20154 |
| 20307 |
| 20444 |
| 20688 |
| 21216 |
|
17944 |
| 18404 |
| 19460 |
| 19989 |
| 20155 |
| 20308 |
| 20445 |
| 20695 |
| 21219 |
|
17956 |
| 18405 |
| 19501 |
| 19993 |
| 20157 |
| 20309 |
| 20449 |
| 20707 |
| 21220 |
|
17968 |
| 18408 |
| 19522 |
| 19998 |
| 20159 |
| 20313 |
| 20453 |
| 20720 |
| 21237 |
|
17987 |
| 18412 |
| 19576 |
| 20008 |
| 20160 |
| 20314 |
| 20459 |
| 20725 |
| 21249 |
|
18003 |
| 18426 |
| 19602 |
| 20012 |
| 20163 |
| 20315 |
| 20461 |
| 20745 |
|
|
|
18009 |
| 18427 |
| 19610 |
| 20026 |
| 20166 |
| 20316 |
| 20462 |
| 20751 |
|
|
|
18021 |
| 18441 |
| 19612 |
| 20027 |
| 20167 |
| 20317 |
| 20463 |
| 20760 |
|
|
|
18087 |
| 18443 |
| 19619 |
| 20029 |
| 20171 |
| 20318 |
| 20465 |
| 20764 |
|
|
|
18108 |
| 18453 |
| 19622 |
| 20031 |
| 20184 |
| 20321 |
| 20475 |
| 20765 |
|
|
|
18140 |
| 18457 |
| 19666 |
| 20033 |
| 20185 |
| 20335 |
| 20479 |
| 20775 |
|
|
|
18145 |
| 18478 |
| 19722 |
| 20034 |
| 20191 |
| 20341 |
| 20487 |
| 20785 |
|
|
|
18180 |
| 18488 |
| 19752 |
| 20039 |
| 20192 |
| 20342 |
| 20488 |
| 20786 |
|
|
|
18164 |
| 18507 |
| 19780 |
| 20048 |
| 20207 |
| 20343 |
| 20491 |
| 20787 |
|
|
|
18174 |
| 18855 |
| 19841 |
| 20057 |
| 20213 |
| 20345 |
| 20494 |
| 20797 |
|
|
|
Initial | /s/ CWJ | / | WAW |
|
| GECC |
| TGC Industries, Inc. | |
2
Line Tap Units
TAPS |
|
12631 |
12660 |
12664 |
12672 |
12674 |
12677 |
12681 |
12688 |
12718 |
12720 |
12722 |
12793 |
12726 |
12727 |
12729 |
12732 |
12734 |
12735 |
ARIES Seismic Lead-Lt Cable 300m
BOX: 1865
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-273 |
| 51637-181 |
| 51637-199 |
| 51637-218 |
| 51637-253 |
| 51637-291 |
5520-073 |
| 5520-101 |
| 8520-137 |
| 5520-150 |
| 5520-203 |
| 5520-287 |
5520-292 |
| 5520-334 |
| 5520-400 |
| 5520-411 |
| 5520-464 |
| 6424-014 |
6424-040 |
| 6424-104 |
| 6424-188 |
| 6424-203 |
| 6424-513 |
| 6424-564 |
8090-043 |
| 8098-063 |
| 8098-156 |
| 8098-180 |
| 8098-193 |
| 8122-050 |
8122-083 |
| 8122-087 |
| 8224-017 |
| 8224-042 |
| 8280-002 |
|
|
Quantity: 35
Initial | /s/ CWJ | / | WAW |
|
| GECC |
| TGC Industries, Inc. | |
3
BOX: 1872
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-174 |
| 5159-062 |
| 5159-078 |
| 51637-076 |
| 51637-248 |
| 5520-029 |
5520-036 |
| 5520-081 |
| 5520-123 |
| 5520-129 |
| 5520-216 |
| 5520-222 |
5520-344 |
| 5520-364 |
| 5520-379 |
| 5520-396 |
| 5520-450 |
| 5520-482 |
6424-106 |
| 6424-134 |
| 6424-301 |
| 6424-394 |
| 6424-554 |
| 6424-585 |
8090-015 |
| 8090-070 |
| 8098-099 |
| 8098-118 |
| 8098-175 |
| 8122-089 |
8224-014 |
| 8224-047 |
| 8224-067 |
| 8224-096 |
| 8224-116 |
|
|
Quantity: 35
BOX: 1873
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-054 |
| 3146-204 |
| 3146-212 |
| 5159-051 |
| 5159-075 |
| 51637-090 |
51637-202 |
| 5520-056 |
| 5520-059 |
| 5520-213 |
| 5520-225 |
| 5520-277 |
5520-281 |
| 5520-313 |
| 5520-347 |
| 5520-423 |
| 6424-036 |
| 6424-062 |
6424-070 |
| 6424-152 |
| 6424-280 |
| 6424-379 |
| 6424-389 |
| 6424-397 |
6424-427 |
| 6424-457 |
| 6424-559 |
| 6424-597 |
| 8098-022 |
| 8098-045 |
8098-056 |
| 8098-154 |
| 8224-036 |
| 8224-123 |
| 8224-128 |
|
|
Quantity: 35
Initial | /s/ CWJ | / | WAW |
|
| GECC |
| TGC Industries, Inc. | |
4
BOX: 1874
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-034 |
| 3146-192 |
| 3146-267 |
| 3146-272 |
| 3146-280 |
| 5159-060 |
51637-216 |
| 51637-246 |
| 5520-021 |
| 5520-033 |
| 5520-105 |
| 5520-164 |
5520-170 |
| 5520-335 |
| 5520-338 |
| 5520-368 |
| 5520-391 |
| 5520-395 |
5520-485 |
| 5520-491 |
| 6424-035 |
| 6424-150 |
| 6424-170 |
| 6424-369 |
6424-377 |
| 6424-399 |
| 6424-511 |
| 8098-027 |
| 8098-092 |
| 8098-128 |
8098-146 |
| 8098-166 |
| 8122-048 |
| 8224-093 |
| 8280-004 |
|
|
Quantity: 35
BOX: 1875
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-073 |
| 3146-224 |
| 5159-016 |
| 51637-234 |
| 51637-276 |
| 5520-022 |
5520-083 |
| 5520-144 |
| 5520-211 |
| 5520-311 |
| 5520-328 |
| 5520-366 |
5520-490 |
| 6424-047 |
| 6424-060 |
| 6424-146 |
| 6424-167 |
| 6424-242 |
6424-274 |
| 6424-382 |
| 6424-424 |
| 6424-530 |
| 6424-586 |
| 8090-007 |
8090-091 |
| 8090-096 |
| 8098-081 |
| 8098-094 |
| 8122-011 |
| 8122-078 |
8224-005 |
| 8224-069 |
| 8224-136 |
| 8224-138 |
| 8280-025 |
|
|
Quantity: 35
BOX: 1876
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-010 |
| 3146-032 |
| 3146-129 |
| 3146-180 |
| 3146-181 |
| 3146-221 |
3146-276 |
| 51637-110 |
| 51637-236 |
| 5520-050 |
| 5520-194 |
| 5520-267 |
5520-304 |
| 5520-337 |
| 5520-361 |
| 5520-378 |
| 5520-451 |
| 6424-156 |
6424-196 |
| 6424-210 |
| 6424-225 |
| 6424-241 |
| 6424-248 |
| 6424-269 |
6424-484 |
| 6424-510 |
| 6424-528 |
| 6424-551 |
| 8090-008 |
| 8090-011 |
8090-018 |
| 8090-108 |
| 8098-122 |
| 8098-137 |
| 8224-028 |
|
|
Quantity: 35
Initial | /s/ CWJ | / | WAW |
|
| GECC |
| TGC Industries, Inc. | |
5
BOX: 1877
4 T/O CABLESFOR TIDELANDS
3D ARIES CABLES
3146-001 |
| 3146-013 |
| 3146-121 |
| 3146-184 |
| 3146-244 |
| 3146-259 |
3146-289 |
| 5159-017 |
| 51637-008 |
| 51637-180 |
| 51637-240 |
| 51637-252 |
5520-001 |
| 5520-035 |
| 5520-280 |
| 5520-405 |
| 6424-064 |
| 6424-137 |
6424-166 |
| 6424-307 |
| 6424-331 |
| 6424-493 |
| 8090-012 |
| 8090-029 |
8090-109 |
| 8090-125 |
| 8098-031 |
| 8098-147 |
| 8098-149 |
| 8122-091 |
8224-026 |
| 8224-076 |
| 8224-105 |
| 8224-135 |
| 8280-009 |
|
|
Quantity: 35
BOX: 1878
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-079 |
| 3146-091 |
| 3146-165 |
| 3146-296 |
| 51637-244 |
| 51637-255 |
51637-280 |
| 5520-006 |
| 5520-037 |
| 5520-125 |
| 5520-160 |
| 5520-178 |
5520-353 |
| 5520-354 |
| 5520-376 |
| 5520-406 |
| 5520-416 |
| 5520-456 |
6424-092 |
| 6424-354 |
| 6424-406 |
| 6424-441 |
| 6424-442 |
| 6424-481 |
6424-487 |
| 6424-577 |
| 8098-034 |
| 8098-069 |
| 8098-142 |
| 8098-160 |
8098-164 |
| 8098-170 |
| 8098-194 |
| 8098-197 |
| 8122-027 |
|
|
Quantity: 35
BOX: 1879
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-033 |
| 3146-169 |
| 3146-297 |
| 5159-034 |
| 5159-068 |
| 51637-070 |
51637-209 |
| 51637-231 |
| 5520-066 |
| 5520-099 |
| 5520-122 |
| 5520-233 |
5520-288 |
| 5520-326 |
| 5520-341 |
| 5520-433 |
| 5520-476 |
| 5520-480 |
6424-003 |
| 6424-013 |
| 6424-078 |
| 6424-162 |
| 6424-263 |
| 6424-324 |
6424-367 |
| 6424-415 |
| 8090-072 |
| 8098-003 |
| 8098-017 |
| 8098-060 |
8122-017 |
| 8122-067 |
| 8122-090 |
| 8224-003 |
| 8224-078 |
|
|
Quantity: 35
Initial | /s/ CWJ | / | WAW |
|
| GECC |
| TGC Industries, Inc. | |
6
BOX: 1880
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-058 |
| 3146-247 |
| 3146-292 |
| 5159-057 |
| 5159-070 |
| 5159-077 |
51637-074 |
| 51637-079 |
| 51637-201 |
| 51637-242 |
| 51637-271 |
| 51637-279 |
5520-007 |
| 5520-082 |
| 5520-121 |
| 5520-184 |
| 5520-370 |
| 5520-389 |
6424-289 |
| 6424-346 |
| 6424-380 |
| 6424-407 |
| 6424-449 |
| 6424-486 |
6424-538 |
| 8090-004 |
| 8090-044 |
| 8098-010 |
| 8098-163 |
| 8098-188 |
8224-039 |
| 8224-084 |
| 8224-092 |
| 8224-141 |
| 8280-001 |
|
|
Quantity: 35
BOX: 1881
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-004 |
| 3146-100 |
| 3146-125 |
| 3146-138 |
| 3146-173 |
| 5159-012 |
5159-029 |
| 51637-282 |
| 5520-002 |
| 5520-005 |
| 5520-159 |
| 5520-243 |
5520-382 |
| 5520-385 |
| 5520-465 |
| 5520-468 |
| 6424-010 |
| 6424-100 |
6424-118 |
| 6424-202 |
| 6424-213 |
| 6424-276 |
| 6424-279 |
| 6424-314 |
6424.431 |
| 6424-460 |
| 6424-462 |
| 6424-506 |
| 8098-051 |
| 8098-093 |
8122-045 |
| 8224-031 |
| 8224-074 |
| 8224-094 |
| 8224-104 |
|
|
Quantity: 35
BOX: 1882
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-080 |
| 3146-116 |
| 3146-161 |
| 3146-227 |
| 3146-239 |
| 3146-240 |
3146-293 |
| 51637-064 |
| 5520-107 |
| 5520-109 |
| 5520-146 |
| 5520-182 |
5520-192 |
| 5520-330 |
| 5520-333 |
| 5520-424 |
| 5520-462 |
| 6424-002 |
6424-063 |
| 6424-069 |
| 6424-311 |
| 6424-366 |
| 6424-507 |
| 8090-024 |
8090-048 |
| 8090-117 |
| 8098-053 |
| 8098-082 |
| 8098-133 |
| 8098-150 |
8098-172 |
| 8098-181 |
| 8122-022 |
| 8122-075 |
| 8122-086 |
|
|
Quantity: 35
Initial | /s/ CWJ | / | WAW |
|
| GECC |
| TGC Industries, Inc. | |
7
BOX: 1883
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-011 |
| 3146-069 |
| 3146-105 |
| 3146-168 |
| 3146-197 |
| 3146-252 |
5159-005 |
| 51637-023 |
| 51637-187 |
| 51637-256 |
| 51637-257 |
| 51637-296 |
5520-067 |
| 5520-157 |
| 5520-218 |
| 5520-269 |
| 5520-351 |
| 5520-472 |
6424-075 |
| 6424-097 |
| 6424-145 |
| 6424-158 |
| 6424-207 |
| 6424-229 |
6424-579 |
| 8098-023 |
| 8098-042 |
| 8098-121 |
| 8122-039 |
| 8122-043 |
8122-061 |
| 8122-099 |
| 8224-055 |
| 8224-064 |
| 8224-117 |
|
|
Quantity: 35
BOX: 1884
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-057 |
| 5159-053 |
| 5159-059 |
| 51637-003 |
| 51637-012 |
| 51637-081 |
51637-104 |
| 51637-148 |
| 51637-195 |
| 51637-274 |
| 51637-301 |
| 5520-128 |
5520-283 |
| 5520-284 |
| 5520-315 |
| 5520-320 |
| 5520-331 |
| 5520-343 |
5520-345 |
| 5520-428 |
| 6424-007 |
| 6424-009 |
| 6424-083 |
| 6424-392 |
6424-410 |
| 6424-417 |
| 6424-455 |
| 6424-495 |
| 6424-497 |
| 6424-505 |
8090-006 |
| 8098-030 |
| 8098-106 |
| 8224-032 |
| 8224-095 |
|
|
Quantity: 35
Initial | /s/ CWJ | / | WAW |
|
| GECC |
| TGC Industries, Inc. | |
8
BOX: 1886
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-063 |
| 3146-072 |
| 3146-076 |
| 3146-082 |
| 3146-115 |
| 5159-052 |
5159-058 |
| 51637-230 |
| 5520-040 |
| 5520-106 |
| 5520-156 |
| 5520-161 |
5520-166 |
| 5520-205 |
| 5520-259 |
| 5520-272 |
| 5520-317 |
| 5520-355 |
5520-430 |
| 6424-042 |
| 6424-096 |
| 6424-157 |
| 6424-164 |
| 6424-194 |
6424-319 |
| 6424-350 |
| 6424-362 |
| 6424-372 |
| 6424-403 |
| 6424-550 |
8090-002 |
| 8098-036 |
| 8098-183 |
| 8122-016 |
| 8224-059 |
| 8224-083 |
8224-133 |
|
|
|
|
|
|
|
|
|
|
Quantity: 37
BOX: 1887
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-099 |
| 3146-101 |
| 3146-152 |
| 3146-242 |
| 51637-071 |
| 51637-075 |
51637-196 |
| 51637-277 |
| 5520-020 |
| 5520-054 |
| 5520-061 |
| 5520-097 |
5520-261 |
| 5520-309 |
| 5520-412 |
| 5520-499 |
| 6424-030 |
| 6424-056 |
6424-184 |
| 6424-201 |
| 6424-304 |
| 6424-445 |
| 6424-466 |
| 6424-468 |
6424-471 |
| 6424-475 |
| 8090-050 |
| 8090-051 |
| 8090-071 |
| 8090-095 |
8090-115 |
| 8098-186 |
| 8122-053 |
| 8224-052 |
| 8224-113 |
| 8224-121 |
8224-130 |
|
|
|
|
|
|
|
|
|
|
Quantity: 37
Initial | /s/ CWJ | / | WAW |
|
| GECC |
| TGC Industries, Inc. | |
9
BOX: 1888
4 T/O CABLES FOR TIDELANDS
3D ARIES CABLES
3146-018 |
| 3146-067 |
| 3146-154 |
| 51637-117 |
| 51637-193 |
| 51637-207 |
51637-232 |
| 5520-062 |
| 5520-171 |
| 5520-199 |
| 5520-209 |
| 5520-322 |
5520-327 |
| 5520-346 |
| 5520-358 |
| 5520-386 |
| 6424-054 |
| 6424-208 |
6424-215 |
| 6424-288 |
| 6424-368 |
| 6424-416 |
| 6424-456 |
| 6424-562 |
8090-111 |
| 8098-002 |
| 8098-071 |
| 8098-089 |
| 8098-126 |
| 8098-139 |
8098-157 |
| 8098-185 |
| 8122-049 |
| 8122-063 |
| 8224-070 |
| 8224-115 |
8224-145 |
|
|
|
|
|
|
|
|
|
|
Quantity: 37
BOX: 1896
ARIES BASELINE CABLES FOR TIDELANDS
ARIES OCTAL CABLES
5407-043 |
| 5407-057 |
| 5407-070 |
| 5407-090 |
| 5407-094 |
| 5407-100 |
5407-108 |
| 5407-111 |
| 5407-147 |
| 6415-11 |
| 6415-20 |
| 6415-21 |
6415-28 |
| 6415-40 |
| 6704-009b |
| 6704-014b |
| 6704-024b |
| 6704-026b |
6704-027b |
| 6704-040b |
| 8123-44b |
| 8123-53b |
|
|
|
|
Quantity: 22
BOX: 1897
ARIES BASELINE CABLES FOR TIDELANDS
ARIES OCTAL CABLES
5407-059 |
| 5407-079 |
| 5407-080 |
| 5407-083 |
| 5407-087 |
| 5407-088 |
5407-109 |
| 5407-140 |
| 6415-18 |
| 6415-39 |
| 6704-004b |
| 6704-012b |
6704-020b |
| 6704-034b |
|
|
|
|
|
|
|
|
Quantity: 14
Initial | /s/ CWJ | / | WAW |
|
| GECC |
| TGC Industries, Inc. | |
10
ANNEX A
TO
COLLATERAL SCHEDULE NO. 001
TO MASTER SECURITY AGREEMENT
DATED AS OF 10/22/04
CERTIFICATE OF DELIVERY/INSTALLATION
To: General Electric Capital Corporation (together with its successors and assigns, if any, “Secured Party”)
Pursuant to the provisions of the above Collateral Schedule to the above Master Security Agreement and the related Promissory Note (collectively, the “Loan”), the undersigned (“Debtor”) hereby certifies and warrants that (a) all Equipment listed below has been delivered and installed (if applicable); (b) the Debtor has inspected the Equipment, and all such testing as it deems necessary has been performed by Debtor, Supplier or the manufacturer and; (c) Debtor has found all such Equipment to be satisfactory and meets all applicable specifications and is fully operational for its intended use.
Number |
| Manufacturer |
| Serial Numbers |
| Model and Type of Equipment |
|
|
|
|
|
|
|
1 |
| ARAM Aries |
| SP376 |
| Seismic Processor Module w/fast download capability |
4 |
| ARAM Ariies |
|
|
| PC - Quad Line Interface Cards |
1 |
| ARAM Ariies |
|
|
| Impulse Source Software |
1 |
| ARAM Aires |
|
|
| Vibroseis Option. |
2 |
| Misc Test Equipment |
|
|
| Additional Flat Panel Display Units w/Mounting Hardware |
1 |
| ARAM Aries |
|
|
| Standard Installation Kit |
1 |
| Misc Test Equipment |
| TD276 |
| Dual 3490 tape drive w/ mounting hardware |
1 |
| Misc Test Equipment |
| 20235 |
| iSYS-V12 thermal plotter w/mounting hardware |
350 |
| AMAR Aries |
|
|
| Remote Acquisition Module (Rams) |
18 |
| ARAM Aries |
|
|
| Line Tap Unit (A-LTUs) |
480 |
| ARAM Aries |
|
|
| Lead Acid Battery Pack |
16 |
| ARAM Aries |
|
|
| Lead Acid Battery Charger |
700 |
| ARAM Aries |
|
|
| Seismic Land-Lt Cable 300M |
1400 |
| ARAM Aries |
|
|
| Land Cable Back to Backs intergrated |
36 |
| ARAM Aries |
|
|
| Seismic Multiport Baseline Cable 280M |
72 |
| ARAM Aries |
|
|
| Land Baseline Cable Back to Backs Intergrated |
4 |
| ARAM Aries |
|
|
| Multiport Baseline Splitter Cable. |
4 |
| Misc Test Equipment |
|
|
| Hand held test unit w/meter and matching Geophone Adapter |
4 |
| Misc Test Equipment |
|
|
| Power Head w/9-volt Battery |
1 |
| ARAM Aries |
|
|
| Battery Discharge Station |
1 |
| International |
| 1 HTLDTVN8EHA55043 |
| Truck |
Equipment more fully described on Schedule B to Collateral Schedule No. 001
Equipment immediately listed above is located at: 1304 Summit Ave, Suite 2, Plano, Collin County, TX 75074
| TGC Industries, Inc. | |||
|
| |||
| By: | /s/ Wayne Whitener | ||
| Name: | Wayne Whitener | ||
| Title: | President/CEO | ||
| Date: | 10/22/04 | ||
| Date |
|
|
General Electric Capital Corporation
16479 Dallas Parkway #300
Addison, TX 75001-2512
Gentlemen:
You are hereby irrevocably authorized and directed to deliver and apply the proceeds of your loan to the undersigned evidenced by that Note dated 10/26/04 and secured by that Security Agreement or Chanel Mortgage dated 10/22/04, as follows:
GEO-X Systems, Ltd. |
| $ | 2,386,149.00 |
|
|
|
|
| |
GE capital Corporation Documentation Fee |
| $ | 500.00 |
|
This authorization and direction is given pursuant to the same authority authorizing the above-mentioned borrowing,
| Very truly yours, | ||||
|
| ||||
| TGC Industries, Inc. | ||||
|
| ||||
| By: | /s/ Wayne Whitener | |||
| Name: | Wayne Whitener | |||
| Title: | President/CEO | |||