TPG SPECIALTY LENDING, INC.
Exhibit 99.2
TPG SPECIALTY LENDING, INC.
000 0xx Xxxxxx, 0xx Xxxxx
New York, NY 10019
April 4, 2014 |
VIA TELECOPIER and EMAIL
Global Geophysical Services, Inc.
00000 Xxxxx Xxxxxxx Xxxx
Missouri City, TX 77489
Attention: Xxxxx Xxxxxxx
Facsimile: 000-000-0000
Email: xxxx.xxxx@xxxxxxxxxxxxxxxxx.xxx
Re: Loan Statement
Ladies and Gentlemen:
Reference is made to (a) the Financing Agreement, dated as of September 30, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Financing Agreement”), by and among Global Geophysical Services, Inc., a Delaware corporation (“Company”) and certain Subsidiaries of Company, as Guarantors, the Lenders from time to time party thereto, and TPG Specialty Lending, Inc., as administrative agent for the Lenders (in such capacity, “Administrative Agent”), as collateral agent for the Lenders (in such capacity, “Collateral Agent”, and together with the Administrative Agent, each an “Agent” and collectively, the “Agents”), (b) the invoice, dated March 20, 2014 (the “Invoice”), from Cortland Capital Markets Services (on behalf of the Administrative Agent) to the Company. All capitalized terms used herein and not otherwise defined herein are used herein as defined in the Financing Agreement.
The Invoice provided that the amount of interest payable by the Company on March 31, 2014 was $2,221,850.31. As a result of the acceleration of the Obligations, the filing of the insolvency proceeding by the Company and the issuance of the related DIP financing bankruptcy court order, the interest rate (and the amount of the Obligations on which interest is calculated) changed, and, as a result, the amount of interest payable by the Company on March 31, 2014 changed to an amount not less than $2,295,817.44, resulting in a payment shortfall of $73,967.13 (the “Shortfall”). We have attached a spreadsheet detailing the calculation of this amount (the “Spreadsheet”) and request that the Shortfall be paid to the Administrative Agent promptly upon receipt of this letter.
The Agents and Xxxxxxx expressly reserve all of their rights, powers, privileges and remedies under the Financing Agreement, the other Loan Documents and applicable law, including, without limitation, the right to charge interest at the default rate with respect to all Obligations.
Global Geophysical Services, Inc.
April 4, 2014
Page 2
TPG SPECIALTY LENDING, INC., as | ||
Administrative Agent | ||
By: | /s/ XXXX XXXXXX________________________________ | |
Name: Xxxx Xxxxxx | ||
Title: Authorized Signatory
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cc:
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Xxxxx Xxxxx L.L.P.
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000 Xxxxxxxxx Xxxxxx
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Houston, TX 77002-4495
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Attention: Xxx X. Xxxx
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Facsimile: (000) 000-0000
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Email: xxx.xxxx@xxxxxxxxxx.xxx
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