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EXHIBIT 10.7.2
GE CAPITAL
Fleet Services Partial Assignment
This is a partial assignment of the Lease Agreement and, if indicated in
Section 2. below, related Service Agreement(s), by and between Gelco
Corporation doing business as GE Capital Fleet Services with its principal
offices at Three Capital Drive, Eden Prairie, Minnesota 55344 ("GECFS") and the
Assignor identified herein to the Assignee identified herein. The foregoing
Lease Agreement (the "Lease") and, if applicable Service Agreements
("Services"), are collectively referred to herein as the "Agreements".
WITNESSETH:
WHEREAS, a valid Lease dated February 22, 1994 presently exists between GECFS
and Assignor and, if applicable, valid Services, identified on Exhibit B and
Assignor has previously provided Assignee with a copy of each of the Agreements
and Assignee hereby acknowledges receipt of same; and
WHEREAS, the Assignor desires to assign and transfer to the Assignee identified
herein, and the Assignee desires to acquire from the Assignor its interest
under the Lease in certain vehicles (the "Vehicles") described on the Exhibit A
attached hereto; and, if applicable, the related Services.
Assignor Information:
Name: SEITEL GEOPHYSICAL, INC.
Address: ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
State of Incorporation: Delaware
Assignee Information:
Name: EAGLE GEOPHYSICAL, INC.
Address: ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
State of Incorporation: Delaware
WHEREAS, GECFS is willing to consent to such assignment and transfer on the
terms and conditions hereinafter set forth:
NOW, THEREFORE, in consideration of the foregoing recitals and other good and
valuable considerations, the receipt and sufficiency of which are hereby
acknowledged by GECFS, Assignor and Assignee, the parties to this Partial
Assignment, intending to be legally bound, hereby mutually agree as follows:
1. ASSIGNMENT. As of the Effective Date established herein, Assignor
hereby assigns and transfers to Assignee the Assignor's interest under the
Lease with respect to the Vehicles including its leasehold interest in and to
the Vehicles and its interest in and to the Services; Assignee hereby accepts
and takes the foregoing assignment of the Assignor's interest as Assignee under
the Lease including its leasehold interest in and to the Vehicles and under the
Services; and GECFS consents to the foregoing assignment in each and every case
on and subject to the terms and conditions herein set forth.
2. SERVICES. Services with respect to the Vehicles which are included in
this Assignment are as provided in the following documents: None
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3. SPECIFIC TERMS AND CONDITIONS MODIFYING AGREEMENTS. Nothing to the
contrary in the Agreements notwithstanding, the following provisions shall
apply to Assignee as conditions of GECFS' consent to this Partial Assignment:
A. Insurance. As of the Effective Date of this Assignment and continuing
for the Lease Term of each Vehicle, Assignee shall maintain the following
coverages with an insurance company acceptable to GECFS and deliver to GECFS a
certificate thereof:
a. Automobile liability insurance naming GECFS as an Additional Insured
with limits of coverage as GECFS may require, but in no event less than $1
million combined single limit per occurrence ($5 million for Vehicles capable
of transporting 9 or more passengers). No self-insured retention or deductible
is permissible.
b. Comprehensive and collision insurance naming GECFS as Loss Payee with
coverage for the actual cash value of each Vehicle and subject to a deductible
no greater than $500. Assignee shall bear all risk of loss, damage or
destruction to the Vehicle (which may exceed actual cash value), however
caused, from the time of acceptance until surrender to GECFS.
c. Conditions. All insurance policies shall provide for 30 days' prior
written notice to GECFS of any cancellation or reduction in coverage. Assignee
authorizes GECFS to endorse Assignee's name to insurance checks related to the
Vehicles.
B. 365-Day Interest Basis. As of the Effective Date, the interest
component of all rental charges shall be calculated on a 365 day basis.
C. Further Assignment. ASSIGNEE SHALL NOT ASSIGN, SUBLET, LIEN,
ENCUMBER, OR TRANSFER ANY INTEREST IN ANY OF THE VEHICLES OR ANY INTEREST IN
THIS AGREEMENT TO ANY PARTY WITHOUT THE WRITTEN CONSENT OF GECFS. ANY SUCH
CONSENT AS GECFS SHALL NOT RELIEVE ASSIGNEE OF ITS OBLIGATIONS AND LIABILITIES
HEREUNDER UNLESS ASSIGNEE IS RELEASED BY GECFS.
D. Maximum Lease Term. The lease term of any Vehicle shall not exceed 50
months for automobiles, 72 months for light trucks and 96 months for medium and
heavy trucks. If a Vehicle reaches its Maximum Lease Term, Assignee agrees
that it has no right to continued possession of such Vehicle and that it will
surrender such Vehicle to GECFS for sale. If a Vehicle is or becomes fully
amortized, but has not reached its Maximum Lease Term, Assignee agrees to pay
GECFS an extended administration fee of $50.00 per month.
E. Execution and Governing Law: THIS ASSIGNMENT SHALL NOT BECOME
EFFECTivE UNTIL EXECUTED BY GECFS IN EDEN PRAIRIE, MINNESOTA. THE LAWS OF THE
STATE OF MINNESOTA SHALL GOVERN ALL QUESTIONS OR DISPUTES, WHETHER SOUNDING IN
TORT OR CONTRACT, RELATING TO THE INTERPRETATION, PERFORMANCE, VALIDITY,
ENFORCEMENT, OR EFFECT OF THIS AGREEMENT, WITHOUT REGARD TO CHOICE OF LAW
PRINCIPLES THEREOF. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, ALL
LEASES OF VEHICLES HEREUNDER SHALL BE SUBJECT TO MINNESOTA STATUTES SECTION
168A.17 SUBD.1A.
F. Odometer Disclosure Statement: At the time of surrender of a Vehicle
to GECFS for sale, Federal law (and State law, if applicable) requires that
Assignee disclose, and Assignee shall disclose, the mileage of each Vehicle to
GECFS in connection with the transfer of ownership of the Vehicle. Failure to
complete an odometer disclosure form or making a false statement may result in
fines and/or imprisonment.
G. Hazardous Substances: In no event will the Vehicles be used to
transport any hazardous substances.
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4. ASSUMPTION OF LEASE AND SERVICES. The Assignee acknowledges that the
Assignee has read the Lease and Services and all Exhibits and Schedules
attached thereto and hereby assumes as of the Effective Date all of the
obligations, liabilities and duties of Assignor under the Lease and Services
directly or indirectly related to the Vehicles, as though the Assignee had
originally entered into the Agreements including, without limitation, the
covenants of indemnification and GECFS' disclaimer of any warranties provided
that Assignee hereby assumes the obligations of rental payments and other
payments or reimbursements with respect to the Vehicles and Services as of the
Billing Effective Date.
5. ASSIGNOR GUARANTY. The Assignor herein agrees that Assignor will
remain fully bound to the observance and performance of each and every term and
condition imposed upon it under the Agreements for the full remainder of the
term of each Vehicle, notwithstanding this Partial Assignment, and that in
event the Assignee fails to perform its obligations, the Assignor agrees to do
so. Such performance shall be absolute and unconditional and, with respect to
amounts owing, constitute a guaranty of payment.
6. BILLING EFFECTIVE DATE. For purposes of monthly rental billing and
other monetary obligations, this Assignment is effective as of the 1st day of
or such subsequent date as the parties mutually agree. (Must be the 1st day of
the month.)
7. EFFECTIVE DATE. For purposes of all obligations, liabilities and
duties, other than monthly rental billing and other monetary obligations, the
Effective Date of this Partial Assignment shall be the later of the date upon
which this Partial Assignment is accepted by an authorized representative of
GECFS in Eden Prairie, Minnesota or the date upon which the parties agree that
possession of the Vehicles will be transferred to Assignee. Date of agreed
transfer of possession: December 31, 1996.
8. COSTS AND EXPENSES. Assignor agrees to reimburse GECFS for any out of
pocket expenses related to this assignment and to pay a setup and documentation
fee for this assignment of $330.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed
by duly authorized representatives
SEITEL GEOPHYSICAL, INC. EAGLE GEOPHYSICAL, INC.
Assignor Assignee
By /s/ ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ By /s/ ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Title ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, President Title ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, President
GE Capital Fleet Services
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Title: Authorized Signatory
Effective Date: 4-8-97
No Assignment will be accepted until GECFS receives a Certificate of Insurance
from Assignee providing required coverage. Certificate should accompany
document or be faxed to (▇▇▇) ▇▇▇-▇▇▇▇
EXHIBIT A
PARTIAL ASSIGNMENT
SEE ATTACHED VEHICLE LISTING 2
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GE CAPITAL
Fleet Services
Assignee Business Use Certification
(Pursuant to the Internal Revenue Code)
1. Assignee certifies under penalty of perjury that it intends the
Vehicles leased pursuant to this Agreement to be used more than 50% in
the trade or business of Assignee; and
2. Assignee has been advised that GECFS and not Assignee will be treated
as the owner of the Vehicles for Federal Income Tax purposes.
EAGLE GEOPHYSICAL, INC.
By: /s/ ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Title: ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, President
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EXHIBIT A
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Fleet 61824 Level 2 1 Vin ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ Inservice Date 2/28/94 Name and Address
Unit #94601106 Level 3 1000 Cont./Sub L2 1400 Lic. No. 0593VU UNASSIGNED
Level 4 Year ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL INC.
Level 5 Make FORDX Lic. Renew 03/31/96 50 BRIAR HOLLOW LAND
Level 6 Model F700 Date ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Client Reference No. MIS/Term 26 / 36
Client Unit No.
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Fleet 61824 Level 2 1 Vin ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ Inservice Date 2/28/94 Name and Address
Unit #94601118 Level 3 1000 Cont./Sub L2 1400 Lic. No. Y38092 UNASSIGNED
Level 4 Year ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL INC.
▇▇▇▇▇ ▇ ▇▇▇▇ ▇▇▇▇▇ Lic. Renew 03/31/96 50 BRIAR HOLLOW LAND
Level 6 Model TRAILER Date ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Client Reference No. MIS/Term 26 / 24
Client Unit No.
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Fleet 61824 Level 2 1 Vin ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ Inservice Date 3/18/96 Name and Address
Unit #96000359 Level 3 1000 Cont./Sub L2 0001 Lic. No. UNASSIGNED
Level 4 Year ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL, INC.
Level 5 Make FORDX Lic. Renew ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇ Model E350 CLUBWAG Date 0 / 60 BROUSSARD LA 70518
Client Reference No. MIS/Term
Client Unit No.
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Fleet 61824 Level 2 1 Vin ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ Inservice Date 2/26/94 Name and Address
Unit #94601116 Level 3 1000 Cont./Sub L2 0001 Lic. No. S394896 UNASSIGNED
Level 4 Year ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL INC.
Level 5 Make FORDX Lic. Renew 01/31/98 ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇ Model F150 SUPER C Date ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Client Reference No. MIS/Term 26 / 36
Client Unit No.
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Fleet 61824 ▇▇▇▇▇ ▇ ▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Date 5/2/94 Name and Address
Unit #94SG1107 Level 3 1000 Cont./Sub L2 ▇▇▇▇ ▇▇▇. ▇▇. ▇▇▇▇▇▇ UNASSIGNED
Level 4 Year ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL INC.
Level 5 Make FORDX Lic. Renew 05/31/96 ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇ Model F350 REGULAR Date ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Client Reference No. MIS/Term 24 / 36
Client Unit No.
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Fleet 61824 ▇▇▇▇▇ ▇ ▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Date 5/2/94 Name and Address
Unit #94SG1108 Level 3 1000 Cont./Sub L2 ▇▇▇▇ ▇▇▇. ▇▇. ▇▇▇▇▇▇ UNASSIGNED
Level 4 Year ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL INC.
Level 5 Make FORDX Lic. Renew 05/31/96 ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇ Model F350 REGULAR Date ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Client Reference No. MIS/Term 24 / 36
Client Unit No.
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Fleet 61824 ▇▇▇▇▇ ▇ ▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Date 5/4/94 Name and Address
Unit #94SG1109 Level 3 1000 Cont./Sub L2 0001 Lic. No. HX7900 UNASSIGNED
Level 4 Year ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL INC.
Level 5 Make FORDX Lic. Renew 06/30/96 ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇ Model F350 REGULAR Date ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Client Reference No. MIS/Term 24 / 36
Client Unit No.
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Fleet 61824 Level 2 1 Vin ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ Inservice Date 5/10/94 Name and Address
Unit #94SG1110 Level 3 1000 Cont./Sub L2 0001 Lic. No. JJ9206 UNASSIGNED
Level 4 Year ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL INC.
Level 5 Make FORDX Lic. Renew 04/30/96 ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇ Model F250 SUPER C Date ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Client Reference No. MIS/Term 24 / 36
Client Unit No.
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Fleet 61824 Level 2 1 Vin ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ Inservice Date 3/11/94 Name and Address
Unit #94SG1111 Level 3 1000 Cont./Sub L2 0001 Lic. No. HD5552 UNASSIGNED
Level 4 Year ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL INC.
Level 5 Make FORDX Lic. Renew 03/31/96 ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇ Model F250 REGULAR Date ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Client Reference No. MIS/Term 26 / 36
Client Unit No.
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Fleet 61824 Level 2 1 Vin ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ Inservice Date 3/31/94 Name and Address
Unit #94SG1112 Level 3 1000 Cont./Sub L2 0001 Lic. No. HD5550 UNASSIGNED
Level 4 Year ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL INC.
Level 5 Make FORDX Lic. Renew 03/31/96 ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇ Model F250 REGULAR Date ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Client Reference No. MIS/Term 25 / 36
Client Unit No.
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Fleet 61824 Level 2 1 Vin 1FTEX Inservice Date 5/2/94 Name and Address
▇▇▇▇ #▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇▇▇ Lic. No. JY9576 UNASSIGNED
Level 4 1000 Cont./Sub L2 ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL INC.
Level 5 Year 1994 Lic. Renew 04/30/96 ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇ Make FORDX Date ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Client Reference No. Model F150 SUPER C MIS/Term 24 / 36
Client Unit No.
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Fleet 61824 Level 2 1 Vin ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ Inservice Date 5/2/94 Name and Address
Unit #94SG1114 Level 3 1000 Cont./Sub L2 0001 Lic. No. JY8941 UNASSIGNED
Level 4 Year ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL INC.
Level 5 Make FORDX Lic. Renew 04/30/96 ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇ Model F150 SUPER C Date ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Client Reference No. MIS/Term 24 / 36
Client Unit No.
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Fleet 61824 Level 2 1 Vin ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ Inservice Date 5/17/94 Name and Address
Unit #94SG1115 Level 3 1000 Cont./Sub L2 ▇▇▇▇ ▇▇▇. ▇▇. ▇▇▇▇▇▇ UNASSIGNED
Level 4 Year ▇▇▇▇ ▇▇▇. ▇▇. ▇▇ SEITEL GEOPHYSICAL INC.
Level 5 Make FORDX Lic. Renew 04/30/96 ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇ ▇ Model F350 CREW CA Date ▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇
Client Reference No. MIS/Term 23 / 36
Client Unit No.
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