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EXHIBIT 10.11
EQUIPMENT SECURITY AGREEMENT
SCHEDULE NO. 32567-00001
Customer: EAGLE GEOPHYSICAL ONSHORE, INC
Address: 00 XXXXX XXXXXX XXXX
0XX XXXXX XXXX
XXXXXXX, XX 00000
This Equipment Security Agreement Schedule No. 32567-00001, dated as
of FEBRUARY 11. 1998 (this "Equipment Schedule"), is entered into pursuant to
and incorporates by this reference all of the terms and provisions of that
certain Master Security Agreement No. 32567 dated as of JANUARY 28, 1998 (the
"Master Security Agreement"), by and between the undersigned parties hereto. All
capitalized terms used herein and not defined herein shall have the meanings set
forth or referred to in the Master Security Agreement. By its execution and
delivery of this Equipment Schedule, Customer hereby reaffirms all of the
representations, warranties and covenants contained in the Master Security
Agreement as of the date hereof, and further represents and warrants to Lender
that no Default has occurred and is continuing as of the date hereof.
1. Grant of Security Interest; Equipment Financed. Subject to the terms
and provisions of the Security Agreement and one or more promissory notes in
substantially the form attached hereto as Exhibit A executed and delivered by
Customer to Lender which specifically refer to this Equipment Schedule (the
"Note(s)"), Lender has agreed to provide financing in an amount not to exceed $
5,864,880.00 (unless otherwise permitted by Lender in writing) on or before JULY
28, 1998, to Customer in connection with the equipment and property described in
Schedule A attached hereto (the "Equipment"). Customer has agreed and does
hereby grant a security interest in and to the Equipment and the Collateral
related thereto, whether now owned or hereafter acquired and wherever located,
in order to secure all Obligations owing to Lender, including but not limited to
the Note(s). Lender's agreement to provide the financing contemplated herein
shall be subject to Lender's prior receipt of all documentation required by
Lender in respect of the Security Agreement and in connection with the financing
of any Equipment, in form and substance satisfactory to Lender in its sole and
absolute discretion, including but not limited to verified, completed and
properly executed Notes, Secretary Certificates, Landlord/Mortgagee Waivers,
Disclaimers of Interest and/or lntercreditor Agreements from other creditors or
parties, disbursement and payment authorizations, invoices, bills of sale, proof
of delivery, acceptance and ownership of the Equipment, lien, tax and judgment
searches, legal opinions and UCC financing statements.
2. Promissory Note(s). Upon delivery and acceptance of the Equipment,
Customer shall execute one or more Notes evidencing the amount financed by
Lender in respect of such Equipment and the Payments of principal and interest
thereunder. By its execution and delivery of each Note, such Note shall
constitute:
(a) Customer's acknowledgment that each item of Equipment has been
unconditionally accepted by the Customer for all purposes
under the Security Agreement;
(b) Customer's reaffirmation of all of the representations,
warranties and covenants as set forth in the Security
Agreement as of the date of the Note (the "Acceptance Date"),
and Customer's certification that no Default has occurred and
is continuing as of the date thereof;
(c) Customer's representation, warranty and agreement that: (i)
the equipment has been delivered and is in an operating
condition and performing the operation for which it is
intended to the satisfaction of the Customer; and (ii) if
requested by Lender, the Equipment has been marked or labeled
evidencing Lender's interest therein;
(d) Customer's authorization and direction to Lender to make
payment to each vendor of the Equipment pursuant to such
vendor's invoice or any purchase order, purchase agreement or
supply contract, receipt and approval of which shall be deemed
confirmed by Customer's execution of the Note; and
(e) Customer's absolute and unconditional obligation and agreement
to pay Lender all Payments at the times and in the manner set
forth in the Note.
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SCHEDULE A
Page 1 of 5
Attached to and made a part of the following: Insurance Certification and
Equipment Security Agreement Schedule No. 32567-01 and UCC Financing
Statement(s) with EAGLE GEOPHYSICAL ONSHORE, INC.
QTY.
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LOCATION, VENDOR, DESCRIPTION MODEL NO. SERIAL NO.
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LOCATION (01)
Vendor: Sercel Inc.
Invoice No. Dated:
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QUANTITY DESCRIPTION
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1 Vibroseis SN388 Eagle s/n 13
588 SU4-R
Less 20% discount
1 EMI Spares, Large Kit
1 SU-6R Spares
16 Battery Charger
7 Deployment Aid
7 Power Unit Capacity Tester
1 Field Tester
SEE ATTACHED S/N LIST
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SCHEDULE A
Page 2 of 5
Attached to and made a part of the following: Insurance Certification and
Equipment Security Agreement Schedule No. 32567-01 and UCC Financing
Statement(s) with EAGLE GEOPHYSICAL ONSHORE, INC.
QTY.
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LOCATION, VENDOR, DESCRIPTION MODEL NO. SERIAL NO.
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QUANTITY DESCRIPTION
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Serial Numbers for the SN388 SU4-R
109 Transmittal #M-6289 dated 2/23/98
#1001-1034, 1037, 1038, 1040-4044, 1046-1049, 1052-1053
#1055, 1058, 1060-1062, 1064-1065,1067, 1069-1074, 1076
#1087, 1089-1091, 1093-1097, 1099-1101, 1103-1105, 1109, 1111
#1114-1116, 1119, 1121-1122, 1124, 1126, 1128-1129, 1131, 1133
#1138-1142, 1144-1146, 1148, 1151, 1155, 1079-1085
18 Transmittal #M-6407 dated 3/18/98
#1078, 1252, 1274, 1285, 1325, 1356, 1435-1436, 1450, 1485, 1486
#1343, 1490, 1491, 1493-1495, 1488
99 Transmittal #M-6367 dated 3/13/98
#1036, 1039, 1050-1051, 1054, 1056-1057, 1059, 1063, 1066, 1068
#1092, 1098, 1107, 1127, 1137, 1143, 1150, 1154, 1157, 1159
#1160-1166, 1168, 1170-1171, 1173-1175, 1178-1179, 1181, 1183
#1184-1187, 1189-1192, 1194-1196, 1200-1206, 1208, 1210-1211
#1213-1222, 1224-1226, 1232, 1233-1235, 1237-1238, 1240, 1248
#1249-1250, 1253, 1265, 1256, 1258, 1259, 1261-1263, 1265-1268
#1271-1273, 1198, 1230
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SCHEDULE A
Page 3 of 5
Attached to and made a part of the following: Insurance Certification and
Equipment Security Agreement Schedule No. 32567-01 and UCC Financing
Statement(s) with EAGLE GEOPHYSICAL ONSHORE, INC.
QTY.
---------------------------------------------------------------------------
LOCATION, VENDOR, DESCRIPTION MODEL NO. SERIAL NO.
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QUANTITY DESCRIPTION
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Serial Numbers for the SN388 SU4-R
18 Transmittal #M-6455 dated 3/25/98
#1075, 1176, 1299, 1367, 1385, 1393, 1400, 1404, 1411, 1457
#1489, 1498, 1503, 1508, 1510, 1512-1513, 1487
27 Transmittal #M-6435 dated 3/24/98
#1156, 1241, 1344, 1441, 1499, 1505, 1158, 1245, 1347, 1473
#1500, 1507, 1172, 1247, 1355, 1475, 1501, 1182, 1254, 1421
#1484, 1502, 1209, 1275, 1429, 1497, 1504
48 Transmittal #M-6391 dated 3/16/98
#1086, 1167, 1227-1228, 1264, 1282, 1348, 1395, 1412, 1431
#1437, 1440, 1442, 1443, 1445-1447, 1449, 1451, 1456, 1458
#1461-1464, 1468-1469, 1472, 1474, 1476-1483, 1307-1308
#1383, 1392, 1396, 1413, 1289, 1434, 1460
21 Transmittal #M-6464 dated 3/27/98
#1108, 1197, 1528, 1516, 1136, 1454, 1470, 1522, 1534, 1419
#1533, 1506, 1426, 1284, 1520, 1270, 1432, 1521, 1527, 1328
#1531
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SCHEDULE A
Page 4 of 5
Attached to and made a part of the following: Insurance Certification and
Equipment Security Agreement Schedule No. 32567-01 and UCC Financing
Statement(s) with EAGLE GEOPHYSICAL ONSHORE, INC.
QTY.
---------------------------------------------------------------------------
LOCATION, VENDOR, DESCRIPTION MODEL NO. SERIAL NO.
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QUANTITY DESCRIPTION
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Serial Numbers for the SN388 SU4-R
39 Transmittal #M-6480 dated 3/30/98
#1236, 1459, 1300, 1132, 1444, 1387, 1430, 1511, 1147, 1423
#1088, 1231, 1324, 1152, 1276, 1545, 1543, 1547, 1549, 1439
#1212, 1542, 1536, 1540, 1524, 1448, 1045, 1123, 1330, 1526
#1544, 1130, 1134, 1539, 1529, 1550-1552, 1525
104 Transmittal #M-6377 dated 3/13/98
#1112, 1125, 1135, 1149, 1239, 1242, 1246, 1257, 1269, 1277
#1278-1281, 1283, 1286-1288, 1290-1291, 1293-1298, 1301-1305
#1309, 1311-1323, 1326-1327, 1329, 1331, 1333-1334, 1336-1342
#1345-1346, 1349-1354, 1357-1362, 1365-1366, 1368-1371
#1373, 1375-1376, 1378-1379, 1381, 1388, 1391, 1394, 1397
#1398, 1399, 1401, 1405-1407, 1410, 1418, 1420, 1422, 1424-1425
#1427, 1433, 1389, 1414
33 Transmittal #M-6524 dated 4/7/98
#1077, 1102, 1113, 1153, 1193, 1229, 1243, 1244, 1390, 1402
#1408, 1452, 1453, 1482, 1515, 1518, 1523, 1530, 1532, 1535
#1537, 1538, 1541, 1546, 1553, 1554, 1556, 1557, 1559, 1660
#1575, 1609, 1643
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SCHEDULE A
Page 5 of 5
Attached to and made a part of the following: Equipment Security Agreement
Schedule No. 32567-01 and UCC Financing Statement(s) with EAGLE GEOPHYSICAL
ONSHORE, INC.
QTY.
---------------------------------------------------------------------------
LOCATION, VENDOR, DESCRIPTION MODEL NO. SERIAL NO.
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QUANTITY DESCRIPTION
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Serial Numbers for the SN388 SU4-R
41 Transmittal #M-6547 dated 4/13/98
#1110, 1117, 1118, 1169, 1188, 1199, 1207, 1223, 1292, 1308
#1332, 1364, 1372, 1377, 1384, 1409, 1416, 1428, 1438, 1455
#1465, 1471, 1509, 1514, 1517, 1519, 1548, 1555, 1558, 1654
#1655, 1670, 1698, 1699, 1700, 1701, 1712, 1714, 1715, 1729
#1734
30 Transmittal #M-6572 dated 4/21/98
#1035, 1771, 1778, 1779, 1251, 1260, 1310, 1335, 1496, 1576
#1709, 1728, 1745, 1747-1756, 1769, 1770, 1772-1776
1 Transmittal #M-6592
#1656
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FLEET CAPITAL CORPORATION EAGLE GEOPHYSICAL ONSHORE, INC.
By: /s/ Xxxxx X. Xxxxxxxx By: /s/ X. X. XxXxxxx
-------------------------------------- -------------------------------
Name: Xxxxx X. Xxxxxxxx Name: X.X. XxXxxxx
Title: Vice President/Sr. Lender Title: Vice President,
Secretary/Treasurer
By: /s/ Xxx X. Xxxxxxxxx
-------------------------------
Name: Xxx X. Xxxxxxxxx
Title: President & CEO
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SCHEDULE A-1 LOCATION
Attached to and made part of the following documents: Equipment Security
Agreement Schedule No. 32567-01 and Insurance Certification.
The Equipment is currently located at:
LOC# (01): 00 Xxxxx Xxxxxx Xxxx, 0xx Xxxxx Xxxx
Xxxxxxx, Xxxxx 00000
FLEET CAPITAL CORPORATION EAGLE GEOPHYSICAL ONSHORE, INC.
By: /s/ Xxxxx X. Xxxxxxxx By: /s/ Xxxxxxx X. XxXxxxx
-------------------------------- -------------------------------
Name: Xxxxx X. Xxxxxxxx Name: X.X. XxXxxxx
Title: Vice President/Sr. Lender Title: Vice President,
Secretary/Treasurer
By: /s/ Xxx X. Xxxxxxxxx
-------------------------------
Name: Xxx X. Xxxxxxxxx
Title: President & CEO
