AMENDMENT NO. 3 TO FORBEARANCE AGREEMENTForbearance Agreement • April 5th, 2022 • Ion Geophysical Corp • Oil & gas field exploration services • New York
This AMENDMENT NO. 3 TO FORBEARANCE AGREEMENT (this “Amendment”) is made as of April 4, 2022, by and among ION Geophysical Corporation, a Delaware limited liability company (the “Company”), the guarantors party hereto (the “Guarantors”), and the undersigned beneficial holders (the “Directing Noteholders”) of, in the aggregate, $91,821,000 principal amount of the 8.00% Senior Secured Second Priority Notes due 2025 issued pursuant to the Indenture dated as of April 15, 2021 between the Company, UMB Bank, National Association, as trustee, UMB Bank, National Association, as collateral agent, and the guarantors party thereto, and amends the Forbearance Agreement, dated as of January 14, 2022, by and among the Company, the Guarantors, and the Directing Noteholders (the “Original Agreement,” and as amended by Amendment No. 2, dated as of March 7, 2022, and this Amendment, and when taken collectively as one agreement with the Original Agreement, the “Forbearance Agreement”). Capitalized terms
SECOND AMENDMENT TO THE SECOND FORBEARANCEIon Geophysical Corp • April 5th, 2022 • Oil & gas field exploration services
This SECOND AMENDMENT TO THE SECOND FORBEARANCE (this “Agreement”), is made and entered into as of April 4, 2022 (the “Effective Date”), by and among ION GEOPHYSICAL CORPORATION, a Delaware corporation (“Geophysical”), ION EXPLORATION PRODUCTS (U.S.A.), INC., a Delaware corporation (“Exploration”), I/O MARINE SYSTEMS, INC., a Louisiana corporation (“Marine”), GX TECHNOLOGY CORPORATION, a Texas corporation (“GXT”), GX GEOSCIENCE CORPORATION, S. DE R.L. DE C.V., a Sociedad de Responsabilidad Limitada de Capital Variable organized under the laws of Mexico (“GX Geoscience” and, together with Geophysical, Exploration, Marine and GXT, collectively, the “Borrowers”, and each a “Borrower”), the financial institutions party hereto as lenders (collectively, the “Lenders” and each individually a “Lender”) and ANKURA TRUST COMPANY, LLC, a Delaware limited liability company (“Ankura”), as agent for Lenders (Ankura, in such capacity, together with its successors and assignees in such capacity, the “
