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EXHIBIT 10.35.1
SUPPLEMENTAL SECURITY AGREEMENT NO. ONE
LOAN #20040096-001
This Supplemental Security Agreement is executed by SEITEL GEOPHYSICAL, INC.
("Borrower") pursuant to the terms of a Loan and Security Agreement dated
February 22, 1996 between Borrower and MetLife Capital Corporation ("Lender").
All capitalized terms used herein that are not otherwise defined herein shall
have the respective meanings given to such terms in the Loan and Security
Agreement.
In order to provide security for the payment and performance of
Borrower's obligations under the Loan Documents, Borrower has granted to Lender
a first priority security interest in the Collateral. In addition to said
grant, Borrower intends by this Supplemental Security Agreement to grant to
Lender a first priority security interest in the items of Equipment identified
herein.
1. To further secure the payment and performance of all of
Borrower's obligations to lender under the Loan Documents, Borrower hereby
grants to Lender a first priority security interest in the items of Collateral
described below, including all present and future additions, attachments and
accessories thereto, all substitutions therefor and replacements thereof and
all proceeds thereof, including all proceeds of insurance.
QTY. MODEL/MFR. DESCRIPTION SERIAL NO. COST OR APPRAISED VALUE
50 CONFIGURABLE SAR 830 THRU 879 $443,000.00
2. Borrower hereby (a) affirms that the representations and
warranties set forth in Section 5 of the Loan and Security Agreement are true
and correct as of the date hereof; (b) represents and warrants that Lender has
a first priority interest in the Collateral; and (c) represents and warrants
that the above-described equipment will be maintained at the following
location(s):
00 XXXXXXX XXXXX
XXXXXXXXX, XXXXX 00000
3. The Loan Amount for loans to be made pursuant to this Supplemental
Security Agreement is $433,000.00.
4. The Commitment Expiration Date of loans to be made pursuant to this
Supplemental Security Agreement is MARCH 31, 1996.
5. The amount of liability insurance required to be maintained by
Borrower pursuant to Section 6(d) of the Loan and Security Agreement is
$300,000.00.
6. All of the terms and provisions of the Loan and Security Agreement are
hereby incorporated in and made a part of this Supplemental Security Agreement
to the same extent as if fully set forth herein.
In witness whereof, Borrower has executed and delivered this
Supplemental Security Agreement this 22nd day of February, 1996.
Borrower: SEITEL GEOPHYSICAL, INC.
By: /s/ Xxxxx X. Xxxxxx
Name: Xxxxx X. Xxxxxx
Title: Secretary/Treasurer
