AMENDMENT NO. 2
AND AGREEMENT dated as of May 21, 2009 (this “
Amendment ”), to the Credit Agreement dated as
of January 12, 2007, as amended by Amendment No. 1 and
Agreement dated as of December 12, 2008 (as so amended, the
“ Credit Agreement ”), among CGGVERITAS
SERVICES HOLDING (U.S.), INC. (formerly known as Volnay Acquisition
Co. I), a Delaware corporation (the “ Borrower
”), COMPAGNIE GÉNÉRALE DE
GÉOPHYSIQUE-VERITAS (formerly known as Compagnie
Générale De Géophysique), a
société anonyme incorporated under the laws of
France (registration number 969 202 241 RCS Paris) (“
Parent ” ), the Lenders (as defined in
Article I of the Credit Agreement) and CREDIT SUISSE, as
administrative agent (in such capacity, the “
Administrative Agent ”) and as collateral agent
(in such capacity, the “ Collateral Agent
”) for the Lenders.
A. Pursuant
to the Credit Agreement, the Lenders and the Issuing Bank have
extended, and have agreed to extend, credit to the
Borrower.
B. The
Borrower, Parent and the Lenders have agreed to amend the Credit
Agreement as set forth herein.
C. Capitalized
terms used but not defined herein shall have the meanings assigned
to them in the Credit Agreement.
Accordingly, in
consideration of the mutual agreements herein contained and other
good and valuable consideration, the sufficiency and receipt of
which are hereby acknowledged, the parties hereto agree as
follows:
SECTION 1.
Amendments . (a) The definition of the term
“Applicable Percentage” set forth in Section 1.01
of the Credit Agreement is hereby amended by deleting the tables
set forth therein and substituting therefor the following
tables:
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Eurodollar Spread
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ABR Spread
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Corporate Ratings
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(Term Loans)
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(Term Loans)
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2.75
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%
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1.75
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%
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BB or better by S&P and Ba1 or better by
Moody’s
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3.00
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%
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2.00
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%
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All other Corporate Ratings
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Eurodollar
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Spread
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(Revolving
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ABR Spread
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Commitment
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Corporate Ratings
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Loans)
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(Revolving Loans)
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Fee
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2.75
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%
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1.75
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%
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0.375
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%
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BB+ or better by S&P and Ba1 or better by
Moody’s
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3.00
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%
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2.00
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%
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0.50
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%
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BB or better by S&P and Ba2 or better by
Moody’s
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3.25
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%
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2.25
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%
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0.50
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%
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All other Corporate Ratings
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(b) The
definition of the term “Capital Expenditures” set forth
in Section 1.01 of the Credit Agreement is hereby amended by
inserting after the word “investments” set forth
therein the parenthetical “(other than investments of up
to €
75,000,000 in the aggregate made in
connection with the Massy Sale and Leaseback)”.
(c) The
definition of the term “Permitted Acquisition” set
forth in Section 1.01 of the Credit Agreement is hereby
amended by deleting the word “or” at the end of clause
(i) thereof and inserting at the end of clause
(j) thereof the phrase “or (k) the receipt of
equity, joint venture interests or other consideration pursuant to
clause (d) of the definition of “Permitted
Disposal”.
(d) Clause
(d) of the definition of the term “Permitted
Disposal” set forth in Section 1.01 of the Credit
Agreement is hereby amended by replacing the words “one 2D
seismic vessel and/or one 3D seismic vessel” set forth
therein with the words “up to four seismic vessels, of which
no more than three can be 3D seismic vessels”.
(e) The
definition of the term “Permitted Financial
Indebtedness” set forth in Section 1.01 of the Credit
Agreement is hereby amended by (i) deleting in clause
(q) thereof the word “subordinated”,
(ii) deleting in clause (q)(i)(A) thereof the number 1.75 and
inserting in its place the number 2.00 and (iii) deleting in
clause (q)(ii)(z) thereof the words “subordination
and”.
(f) Section 6.02(a)
of the Credit Agreement is hereby amended and restated to read as
follows:
(a) The ratio of
(i) EBITDA to (ii) Total Interest Costs for each Relevant
Period specified in Column 1 below shall not be less than the ratio
set out in Column 2 below opposite such Relevant Period.
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Column 1
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Any Relevant Period expiring in
the
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Column 2
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rolling 12 month period
ending
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Ratio
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4.00:1.00
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4.00:1.00
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4.00:1.00
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4.00:1.00
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4.00:1.00
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4.00:1.00
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4.00:1.00
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4.00:1.00
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4.00:1.00
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4.00:1.00
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2
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Column 1
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Any Relevant Period expiring in
the
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Column 2
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rolling 12 month period
ending
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Ratio
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4.00:1.00
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4.50:1.00
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4.50:1.00
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4.50:1.00
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4.50:1.00
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5.00:1.00
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5.00:1.00
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5.00:1.00
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5.00:1.00
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