2 - 3 Interest on the Notes shall accrue at the rates set forth therein. The principal of and interest on the Notes shall be due and payable in accordance with the terms and conditions set forth in the Notes and in this Loan Agreement.
1
[BANK ONE, TEXAS, N.A. LETTERHEAD]
================================================================================
LETTER LOAN AGREEMENT
January 16, 1997
Mitcham Industries, Inc.
X.X. Xxx 0000
Xxxxxxxxxx, Xxxxx 00000
Attn: Xxxxx X. Xxxxxxx, Xx., President
Ladies and Gentlemen:
This Letter Loan Agreement (the "Loan Agreement") will serve to set
forth the terms of the financing transactions by and between Mitcham
Industries, Inc., a Texas corporation ("Borrower") and Bank One, Texas, N.A.
("Bank"):
1. Loan. Subject to the terms and conditions set forth in this
Loan Agreement and the other agreements, instruments and documents at any time
evidencing, securing, governing, guaranteeing and/or pertaining to the
Indebtedness, as hereinafter defined (collectively, together with this Loan
Agreement, referred to hereinafter as the "Loan Documents"), Bank and Borrower
hereby agree as follows:
1.(a) Revolving Line of Credit. Subject to the terms and
conditions set forth herein, Bank agrees to lend to Borrower, on a
revolving basis from time to time during the period commencing on the
date hereof and continuing through and including 11:00 a.m. on January
______, 1998 (the "Commitment Termination Date"), such amounts as
Borrower may request hereunder (the "Revolving Line of Credit");
provided, however, the total principal amount outstanding at any time
shall not exceed $4,000,000.00 (the "Committed Sum"). Subject to the
terms and conditions hereof, Borrower may borrow, repay and reborrow
hereunder. Each advance under the Revolving Line of Credit (each, a
"Traunch") shall be made pursuant to an Advance Note (as hereinafter
described. The sums advanced under each Traunch shall be used solely
for short term financing of up to 75% of the purchase price of
equipment for Borrower's placement for lease and sale under
lease/purchase
2
contracts approved by Bank, after Bank review. Borrower may not use
all or any part of each Traunch to pay interest or principal on an
existing Traunch or any other indebtedness. Borrower shall give Bank
not less than two (2) business days' prior written notice of each
requested advance hereunder, which written notice shall (i) specify
the aggregate amount of such requested advance, (ii) specify the
requested date of such advance, (iii) contain a listing of the
equipment to be purchased under such advance, and (iv) have attached
thereto a copy of the proposed lease/purchase contract covering such
equipment and which shall contain (i) the lessee's name and address,
(ii) the destination of such equipment as either inside or outside the
continental United States and Canada, and (iii) all other material
provisions, with such advances to be requested in a form satisfactory
to Bank.
1.(b) Term Loan Facility. Subject to the terms and
conditions set forth herein, Bank agrees to lend to Borrower an amount
equal to $1,000,000.00 (the "Term Loan"). The Term Loan will be an
amortizing loan in the principal amount advanced with a two (2) year
amortization schedule. All sums advanced hereunder, together with all
accrued but unpaid interest thereon, shall be due and payable in full
on December 31, 1998. The sums advanced under the Term Loan shall be
used solely for long term financing of up to 80% of the purchase price
of equipment not related to approved lease/purchase contacts.
The advances under the Revolving Line of Credit and the Term Loan shall be
collectively called the "Loan". The term "Indebtedness", as used herein, shall
mean the Loan and all other indebtedness owing from time to time to Bank by
Borrower.
2. Promissory Notes. The Loan shall be evidenced by promissory
notes (herein collectively called, together with any renewals, extensions and
increases thereof, the "Notes") as follows:
2.(a) Revolving Line of Credit. Each advance under the
Revolving Line of Credit shall be evidenced by a note (an "Advance
Note") executed by Borrower and payable to the order of Bank in the
form attached hereto as Exhibit "A". All sums advanced under each
Advance Note, together with all accrued but unpaid interest thereon,
shall be due and payable in full on the Maturity Date or Extended
Maturity Date as set forth in the applicable Advance Note.
2.(b) Term Loan. The Term Loan shall be evidenced by that
certain Promissory Note, of even date herewith, duly executed by
Borrower, in the stated principal amount of $1,000,000, and in form
and substance acceptable to Bank.
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Interest on the Notes shall accrue at the rates set forth therein.
The principal of and interest on the Notes shall be due and payable in
accordance with the terms and conditions set forth in the Notes and in this
Loan Agreement.
3. Collateral.
As collateral and security for the Loan and any and all other
Indebtedness, Borrower shall grant, and hereby grants to Bank, and its
respective successors and assigns, a lien and security interest (which shall be
a first and prior lien and security interest therein except as indicated
therein), in and to the following described property, together with any and all
PRODUCTS and PROCEEDS thereof (the "Collateral"):
(i) All present and future accounts, chattel paper, contract
rights, documents, instruments, deposit accounts and general
intangibles (including any right to payment for goods sold or leased
or services rendered arising out of the sale or delivery of personal
property or work done or labor performed by Borrower), now or
hereafter owned, held, or acquired by Borrower, together with any and
all books of account, customer lists and other records relating in any
way to the foregoing (including, without limitation, computer
software, whether on tape, disk, card, strip, cartridge or any other
form), and in any case where an account arises from the sale or lease
of goods or equipment.
(ii) All finished goods, equipment, fixtures and machinery of
whatsoever kind and character now or hereafter possessed, held,
acquired or owned by Borrower and held for resale, lease or ordinary
disposition in the course of Borrower's business, together with all
replacements, accessories, additions, substitutions and accessions to
all of the foregoing, all records relating in any way to the foregoing
(including, without limitation, any computer software, whether on
tape, disk, card, strip, cartridge or any other form).
(iii) All of Borrower's right, title and interest in, to and
under (a) present or future leases, rental contracts and any other
contracts for the use or operation of any equipment owned by Borrower
(each a "Lease" collectively, "Leases") for and all rental payments
and other monies from time to time payable to or receivable by
Borrower under the Leases, including all proceeds thereof, and (b) all
of Borrower's rights, powers and remedies under the Leases.
Borrower agrees to execute such security agreements, assignments, deeds of
trust and other agreements and documents as Bank shall deem appropriate and
otherwise require from time to time to more
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fully create and perfect Bank's liens and security interests in the Collateral.
4. Representations and Warranties. Borrower represents and
warrants, and, upon each request for an advance under the Revolving Line of
Credit and under the Term Loan, further represents and warrants, to Bank as
follows:
4.(a) Borrower is a corporation duly organized, validly
existing and in good standing under the laws of the State of Texas and
all other states where it is doing business, and has all requisite
power and authority to execute and deliver this Loan Agreement and the
other Loan Documents; and
4.(b) The execution, delivery, and performance of this Loan
Agreement and all of the other Loan Documents by Borrower have been
duly authorized by all necessary corporate action by Borrower, and
constitute legal, valid and binding obligations of Borrower,
enforceable in accordance with their respective terms, except as
limited by bankruptcy, insolvency or similar laws of general
application relating to the enforcement of creditors' rights and
except to the extent specific remedies may generally be limited by
equitable principles; and
4.(c) The execution, delivery and performance of this Loan
Agreement and the other Loan Documents, and the consummation of the
transactions contemplated hereby and thereby, do not (i) conflict
with, result in a violation of, or constitute a default under (A) any
provision of Borrower's articles or certificate of incorporation or
bylaws, or any agreement or other instrument binding upon Borrower, or
(B) any law, governmental regulation, court decree or order applicable
to Borrower, or (ii) require the consent, approval or authorization of
any third party; and
4.(d) Each financial statement of Borrower supplied to the
Bank was prepared in accordance with generally accepted accounting
principles, consistently applied, in effect on the date such
statements were prepared and truly discloses and fairly presents
Borrower's financial condition as of the date of each such statement,
and there has been no material adverse change in such financial
condition or results of operations of Borrower subsequent to the date
of the most recent financial statement supplied to the Bank; and
4.(e) There are no actions, suits or proceedings, pending or,
to the knowledge of Borrower, threatened against or affecting Borrower
or the properties of Borrower, before any court or governmental
department, commission or board, which, if determined adversely to
Borrower, would have a material
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5
adverse effect on the financial condition, properties, or operations
of Borrower; and
4.(f) Borrower has filed all federal, state and local tax
reports and returns required by any law or regulation to be filed by
them and has either duly paid all taxes, duties and charges indicated
due on the basis of such returns and reports, or made adequate
provision for the payment thereof, and the assessment of any material
amount of additional taxes in excess of those paid and reported is not
reasonably expected; and
4.(g) There is no fact known to Borrower that Borrower has not
disclosed to the Bank in writing which may result in any material
adverse change in Borrower's business, properties or operations; and
4.(h) Borrower owns all of the assets reflected on its most
recent balance sheet free and clear of all liens, security interests
or other encumbrances, except as previously disclosed in writing to
the Bank; and
4.(i) No certificate or statement herewith or heretofore
delivered by Borrower to the Bank in connection herewith, or in
connection with any transaction contemplated hereby, contains any
untrue statement of a material fact or fails to state any material
fact necessary to keep the statements contained therein from being
misleading; and
4.(j) Borrower is in compliance in all material respects with
all laws, rules, regulations, orders and decrees which are applicable
to Borrower.
5. Conditions Precedent to Advances. The obligations of Bank to
make any advance under this Loan Agreement and the other Loan Documents shall
be subject to the conditions precedent that, as of the date of such advance and
after giving effect thereto (i) all representations and warranties made to Bank
by Borrower in this Loan Agreement and the other Loan Documents shall be true
and correct, as of and as if made on such date, (ii) no material adverse change
in the financial condition of Borrower as of the effective date of the most
recent financial statements furnished to Bank by Borrower shall have occurred
and be continuing, (iii) no event has occurred and is continuing, or would
result from the requested advance, which with notice or lapse of time, or both,
would constitute an Event of Default, (iv) Bank has received all Loan Documents
appropriately executed by Borrower and all other proper parties, (v) Bank has
received a one-time fee equal to $10,000.00 in consideration for the Revolving
Line of Credit, and a one-time fee equal to $2,500.00 in consideration for the
Term Loan Facility, (vi) Bank has received a notice of borrowing with
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respect to such requested advance, and (vii) Bank has received that certain
First Amendment to Letter Loan Agreement, of even date herewith, appropriately
executed by Borrower, which amends that certain Letter Loan Agreement dated
January 31, 1996 by and among Borrower, Bank and Banc One Leasing Corporation.
6. Affirmative Covenants. Until (i) the Notes and all other
obligations and liabilities of Borrower under this Loan Agreement and the other
Loan Documents are fully paid and satisfied, and (ii) Bank has any further
commitment to lend hereunder, Borrower agrees and covenants that it will,
unless Bank shall otherwise consent in writing:
6.(a) Maintain its books and records in accordance with
generally accepted accounting principles, applied on a consistent
basis, and permit Bank to visit its properties and installations to
examine, audit and make and take away copies or reproductions of
Borrower's books and records, at all reasonable times; and
6.(b) Furnish Bank with all financial statements and reports
required by this Loan Agreement within the time periods prescribed
therein; and
6.(c) Furnish Bank with such additional information and
statements, lists of assets and liabilities, tax returns, and other
reports with respect to Borrower's financial condition and business
operations as Bank may request from time to time; and
6.(d) Pay and discharge when due all of its indebtedness and
obligations, including without limitation, all assessments, taxes,
governmental charges, levies and liens, of every kind and nature,
imposed upon Borrower or its properties, income, or profits, prior to
the date on which penalties would attach, and all lawful claims that,
if unpaid, might become a lien or charge upon any of Borrower's
properties, income, or profits; provided, however, Borrower will not
be required to pay and discharge any such assessment, tax, charge,
xxxx, xxxx or claim so long as (i) the legality of the same shall be
contested in good faith by appropriate judicial, administrative or
other legal proceedings, and (ii) Borrower shall have established on
its books adequate reserves with respect to such contested assessment,
tax, charge, xxxx, xxxx or claim in accordance with generally accepted
accounting principles, consistently applied; and
6.(e) Perform and comply with all terms, conditions, and
provisions set forth in this Loan Agreement and in all other
instruments and agreements between Borrower and Bank, including
without limitation, the other Loan Documents; and
- 6 -
7
6.(f) Conduct its business in an orderly and efficient manner
consistent with good business practices, and perform and comply with
all statutes, rules, regulations and/or ordinances imposed by any
governmental unit upon Borrower or its businesses, operations and
properties (including without limitation, all applicable environmental
statutes, rules, regulations and ordinances); and
6.(g) Maintain its Tangible Net Worth at not less than
$11,000,000.00, such Tangible Net Worth to increase quarterly by 50%
of Borrower's net income after January 31, 1997. As used herein,
"Tangible Net Worth" means, as of any date, the total shareholders'
equity (including capital stock, additional paid-in capital and
retained earnings after deducting treasury stock) which would appear
on a balance sheet of Borrower prepared as of such date in accordance
with generally accepted accounting principles, consistently applied,
lessthe aggregate book value of intangible assets shown on such
balance sheet, as determined in accordance with generally accepted
accounting principles, consistently applied; and
6.(h) Maintain a ratio of total liabilities to Tangible Net
Worth of not more than 1.50 to 1.0. As used in this definition, total
liabilities shall mean, at a particular date, all amounts which, in
accordance with generally accepted accounting principles consistently
applied, would be included as liabilities on a balance sheet of the
Borrower and Tangible Net Worth shall have the meaning assigned
thereto in Subsection 6.(g).
6.(i) Maintain, as of the last day of each calendar quarter, a
ratio of (i) net income, plus depreciation, plus interest expense, and
other non-cash changes or income for the 12 month period ending with
such fiscal quarter, to (ii) current maturities of long-term debt,
plus interest expense, plus the current portion of capital lease
obligations, plus one-half (1/2) outstandings under the Revolving Line
of Credit, for such 12 month period of not less than 1.25 to 1.0.
6.(j) At all times keep all Collateral insured against loss,
damage, theft and other risks, in such amounts and with such companies
and under such policies and in such term as is customarily maintained
by well-insured companies similarly situated and operating like
property or assets which policies shall show Bank as loss payee.
6.(k) Maintain insurance, including but not limited to, fire
insurance, comprehensive property damage, public liability, and other
insurance deemed necessary or otherwise required by Bank; and
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8
6.(l) Promptly cure any defects in the execution and delivery
of any of the other Loan Documents and all other instruments executed
in connection with this transaction; and
6.(m) Provide Bank with quarterly consolidated financial
statements prepared in accordance with generally accepted accounting
principles consistently applied within forty-five (45) days of the
last day of each calendar quarter;
6.(n) Execute and deliver, or cause to be promptly executed
and delivered, any and all other agreements, instruments or documents
which Bank may reasonably request in order to give effect to the
transactions contemplated under this Loan Agreement and the other Loan
Documents including, but not limited to, any and all financing
statements required to perfect Bank's security interest in the
Collateral; and
6.(o) Permit such persons as Bank may designate to visit its
properties and installations and examine its records in order to
conduct a collateral audit, so long as Bank has a reasonable basis for
the necessity of such audit. Such audit(s) shall be conducted at the
expense of Borrower, but shall not exceed the sum of $4,000.00 per
audit.
7. Negative Covenants. Until (i) the Note and all other
obligations and liabilities of Borrower under this Loan Agreement and the other
Loan Documents are fully paid and satisfied, and (ii) Bank has no any further
commitment to lend hereunder, Borrower will not, without the prior written
consent of Bank:
7.(a) Make any material change in the nature of its business
as carried on as of the date hereof; or
7.(b) Liquidate, merge or consolidate with or into any other
entity; or
7.(c) Sell, transfer or otherwise dispose of any of its assets
or properties, other than in the ordinary course of business; or
7.(d) Create, incur or assume any lien or encumbrance on any
of its assets or properties, including without limitations, the
Collateral; or
7.(e) Create, incur or assume any indebtedness for borrowed
money or issue or assume any other note, debenture, bond or other
evidences of indebtedness, or guarantee any such indebtedness or such
evidences of indebtedness of others, other than (i) borrowings from
Bank, (ii) borrowings outstanding on the date hereof and disclosed in
writing to
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Bank, and (iii) unsecured debt not to exceed, in the aggregate,
$4,000,000; or
7.(f) Permit the sale or other transfer of any of the
ownership interest in Borrower held by Xxxxx X. Xxxxxxx, Xx., which
sale or other transfer would reduce the stock ownership interest of
Xxxxx X. Xxxxxxx, Xx. to an amount less than Two Million Five Hundred
Thousand Dollars ($2,500,000.00), without prior approval of Bank; or
7.(g) Permit a change in the position of President held by
Xxxxx X. Xxxxxxx, Xx., without prior approval of Bank; or
7.(h) Enter into any capital leases except for leases of the
Equipment that are disclosed to Bank in writing; or
7.(i) Declare or pay any dividends on any shares of Borrower's
capital stock, make any other distributions with respect to any
payment on account of the purchase, redemption, or other acquisition
or retirement of any shares of Borrower's capital stock, or make any
other distribution, sale, transfer or lease of any of Borrower's
assets other than in the ordinary course of business, unless any such
amounts are directly utilized for the payment of principal or interest
on indebtedness and obligations owing from time to time by Borrower to
Bank; or
7.(j) Make, or agree to make or allow to remain outstanding,
any loans or advanced to any person or entity except advances or
extensions of credit in the form of accounts receivable incurred in
the ordinary course of business; or
7.(k) Pay or cause to be paid any advance rentals for any
leased property except those rentals due to Bank, real or personal,
utilized by Borrower in the conduct and operation of its business; or
7.(l) Sustain a net loss for any two consecutive calendar
quarters as shown by the financial statements required under Section
6.(m), 8(b) and 8(c) hereof; or
7.(m) Cause or permit the removal of greater than fifty
percent (50%) of equipment being leased to third parties pursuant to
any Lease from the continental United States of America and Canada.
8. Reporting Requirements. Until (i) the Note and all other
obligations and liabilities of Borrower under this Loan Agreement and the other
Loan Documents are fully paid and satisfied, and (ii)
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Bank has no further commitment to lend hereunder Borrower will, unless Bank
shall otherwise consent in writing, furnish to Bank;
8.(a) As soon as possible and in any event within thirty (30)
days after the occurrence of each Event of Default (under Section 9(b)
hereof), as defined herein, or each event which, with the giving of
notice or lapse of time or both, would constitute an Event of Default,
continuing on the date of such statement, the written statement of the
President and/or the Chief Financial Officer of Borrower setting forth
the details of such Event of Default or event and the action which
Borrower proposes to take with respect thereto;
8.(b) As soon as available, and in any event within forty-five
(45) days after the end of each fiscal quarter of Borrower, a balance
sheet and income statement of Borrower as of the end of such fiscal
quarter, all in form and substance and in reasonable detail
satisfactory to Bank and duly certified (subject to normal recurring
adjustments) by the President and/or Chief Financial Officer of
Borrower (i) as being true and correct in all material aspects to the
best of his or her knowledge and (ii) as having been prepared in
accordance with generally accepted accounting principles, consistently
applied, except that such financial statements will not include
footnotes;
8.(c) As soon as available and in any event within one hundred
twenty (120) days after the end of each fiscal year of Borrower, a
balance sheet and income statement of Borrower as of the end of such
fiscal year, in each case audited by independent public accountants of
recognized standing acceptable to Bank, together with a certificate of
such accountants to Bank stating that in the course of the regular
audit of the business of Borrower, which audit compilation was
conducted by such accountants in accordance with generally accepted
standards, such accountants obtained no knowledge that an Event of
Default or an event which, with notice or lapse of time or both, would
constitute an Event of Default, has occurred and is continuing, or if,
in the opinion of such accountants, an Event of Default or such an
event has occurred and is continuing, a statement as to the nature
thereof;
8.(d) Promptly after the commencement thereof, notice of all
actions, suits and proceedings before any court or any governmental
department, commission or board affecting Borrower or any of its
properties;
8.(e) Promptly inform Bank of (i) any and all material adverse
changes in Borrower's financial condition, and (ii) all claims made
against Borrower which could materially affect the financial condition
of Borrower;
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8.(f) Promptly inform Bank of the creation, incurrence or
assumption by Borrower of any actual or contingent liabilities not
permitted under this Loan Agreement;
8.(g) Within forty-five (45) days after the end of each
calendar quarter, a certificate from the President or Chief Financial
Officer of Borrower stating that Borrower is in full compliance with
all of its obligations under this Loan Agreement and the other Loan
Documents and is not in default of any term or provision hereof or
thereof, and demonstrating compliance with all financial ratios and
covenants set forth in this Loan Agreement;
8.(h) Within forty-five (45) days after the end of each
calendar quarter, an equipment utilization report, in form and
substance satisfactory to Bank, and as attached hereto as Exhibit "B";
8.(i) Within forty-five (45) days after the end of each
calendar quarter, a current aging analysis of Borrower's accounts
receivable and accounts payable, in form and substance satisfactory to
Bank, and as attached hereto as Exhibit "C";
8.(j) Upon demand of Bank, provide Bank with evidence of
payment of all assessments, taxes, charges, levies, liens and claims
on or against Borrower's properties, income or profits, and authorize
the appropriate governmental official to deliver to Bank at any time a
written statement of any assessments, taxes, charges, levies, liens
and claims against Borrower's properties, income or profits; and
8.(k) Such other information respecting the business,
properties or condition or the operations, financial or otherwise, of
Borrower as Bank may from time to time reasonably request.
9. Events of Default. Each of the following shall constitute an
"Event of Default" under this Loan Agreement:
9.(a) The failure, refusal or neglect of Borrower to make any
payment of principal or interest on the Indebtedness or any other
amounts owing by Borrower to Bank, or any portion thereof, as the same
shall become due and payable; or
9.(b) The failure of Borrower to timely and properly observe,
keep or perform any covenant, agreement, warranty or condition
required herein or in any of the other Loan Documents and such failure
continues for a period of ten (10) days; or
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9.(c) The occurrence of an event of default under any of the
other Loan Documents or under any other agreement between Borrower and
Bank; or
9.(d) Any representation contained herein or in any of the
other Loan Documents made by Borrower is false or misleading in any
material respect; or
9.(e) The occurrence of any event which permits the
acceleration of the maturity of any indebtedness owing by Borrower to
any third party under any agreement or understanding; or
9.(f) If Borrower: (i) becomes insolvent, or makes a transfer
in fraud of creditors, or makes an assignment for the benefit of
creditors, or admits in writing its inability to pay its debts as they
become due; (ii) generally is not paying its debts as such debts
become due; (iii) has a receiver or custodian appointed for, or take
possession of, all or substantially all of the assets of such party,
either in a proceeding brought by such party or in a proceeding
brought against such party and such appointment is not discharged or
such possession is not terminated within thirty (30) days after the
effective date thereof or such party consents to or acquiesces in such
appointment or possession; (iv) files a petition for relief under the
United States Bankruptcy Code or any other present or future federal
or state insolvency, bankruptcy or similar laws (all of the foregoing
hereinafter collectively called "Applicable Bankruptcy Law") or an
involuntary petition for relief is filed against such party under any
Applicable Bankruptcy Law and such involuntary petition is not
dismissed within thirty (30) days after the filing thereof, or an
order for relief naming such party is entered under any Applicable
Bankruptcy Law, or any composition, rearrangement, extension,
reorganization or other relief of debtors now or hereafter existing is
requested or consented to by such party; (v) fails to have discharged
within a period of thirty (30) days any attachment, sequestration or
similar writ levied upon any property of such party; or (vi) fails to
pay within thirty (30) days any final money judgment against such
party; or
9.(g) The liquidation, dissolution, merger or consolidation of
Borrower; or
9.(h) The entry of any judgment against Borrower or the
issuance or entry of any attachment or other lien against any of the
property of Borrower for an amount in excess of $50,000.00, if
undischarged, unbonded or undismissed within thirty (30) days after
such entry.
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Nothing contained in this Loan Agreement shall be construed to limit the events
of default enumerated in any of the other Loan Documents and all such events of
default shall be cumulative.
10. Remedies. Upon the occurrence of any one or more of the
foregoing Events of Default, (a) the entire unpaid balance of principal of the
Notes and all other Indebtedness, together with all accrued but unpaid interest
thereon, and all other Indebtedness shall, at the option of Bank become
immediately due and payable without further notice, demand, presentation,
notice of dishonor, notice of intent to accelerate, notice of acceleration,
protest or notice of protest of any kind, all of which are expressly waived by
Borrower, and (b) Bank may, at its option, cease further advances under the
Revolving Line of Credit; provided, however, concurrently and automatically
with the occurrence of an Event of Default under subparagraph (f) in the
immediately preceding paragraph (i) further advances under the Revolving Line
of Credit shall cease, and (ii) the Notes and all other Indebtedness shall,
without any action by Bank, become due and payable, without further notice,
demand, presentation, notice of dishonor, notice of acceleration, notice of
intent to accelerate, protest or notice of protest of any kind, all of which
are expressly waived by Borrower. All rights and remedies of Bank set forth in
this Loan Agreement and in any of the other Loan Documents may also be
exercised by Bank, at its option to be exercised in its sole discretion, upon
the occurrence of an Event of Default.
11. Rights Cumulative. All rights of Bank under the terms
of this Loan Agreement shall be cumulative of, and in addition to, the rights
of Bank under any and all other agreements between Borrower and Bank
(including, but not limited to, the other Loan Documents), and not in
substitution or diminution of any rights now or hereafter held by Bank under
the terms of any other agreement.
12. Waiver and Agreement. Neither the failure nor any delay on
the part of Bank to exercise any right, power or privilege herein or under any
of the other Loan Documents shall operate as a waiver thereof, nor shall any
single or partial exercise of such right, power or privilege preclude any other
or further exercise thereof or the exercise of any other right, power or
privilege. No waiver of any provision in this Loan Agreement or in any of the
other Loan Documents and no departure by Borrower therefrom shall be effective
unless the same shall be in writing and signed by Bank, and then shall be
effective only in the specific instance and for the purpose for which given and
to the extent specified in such writing. No modification or amendment to this
Loan Agreement or to any of the other Loan Documents shall be valid or
effective unless the same is signed by the party against whom it is sought to
be enforced.
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14
13. Benefits. This Loan Agreement shall be binding upon and
inure to the benefit of Bank and Borrower, and their respective successors and
assigns, provided, however, that Borrower may not, without the prior written
consent of Bank, assign any rights, powers, duties or obligations under this
Loan Agreement or any of the other Loan Documents.
14. Notices. All notices, requests, demands or other
communications required or permitted to be given pursuant to this Agreement
shall be in writing and given by (i) personal delivery, (ii) expedited delivery
service with proof of delivery, or (iii) United States mail, postage prepaid,
registered or certified mail, return receipt requested, sent to the intended
addressee at the address set forth on the signature page hereof (if to Bank, to
the attention of Xxxxxx X. Xxxxx, III) and shall be deemed to have been
received either, in the case of expedited delivery service, as of the date of
first attempted delivery at the address and in the manner provided herein, or
in the case of mail, upon deposit in a depository receptacle under the care and
custody of the United States Postal Service. Any party shall have the right to
change its address for notice hereunder to any other location within the
continental United States by notice to the other party of such new address at
least thirty (30) days prior to the effective date of such new address.
15. Construction. This Loan Agreement and the other Loan
Documents have been executed and delivered in the State of Texas, shall be
governed by and construed in accordance with the laws of the State of Texas,
and shall be performable by the parties hereto in Houston, Xxxxxx County,
Texas.
16. Invalid Provisions. If any provision of this Loan Agreement
or any of the other Loan Documents is held to be illegal, invalid or
unenforceable under present or future laws, such provision shall be fully
severable and the remaining provisions of this Loan Agreement or any of the
other Loan Documents shall remain in full force and effect and shall not be
affected by the illegal, invalid or unenforceable provision or by its
severance.
17. Expenses. Borrower shall pay all costs and expenses
(including, without limitation, reasonable attorneys' fees) in connection with
(i) the preparation of this Loan Agreement and the other Loan Documents, and
any and all extensions, renewals, amendments, supplements, extensions or
modifications thereof, (ii) any action required in the course of administration
of the indebtedness and obligations evidenced by the Loan Documents, and (iii)
any action in the enforcement of Bank's rights upon the occurrence of Event of
Default.
18. Entire Agreement. This Loan Agreement (together with the
other Loan Documents) contains the entire agreement among the
- 14 -
15
parties regarding the subject matter hereof and supersedes all prior written
and oral agreements and understandings among the parties hereto regarding same.
19. Counterparts. This Loan Agreement may be separately executed
in any number of counterparts, each of which shall be an original, but all of
which, taken together, shall be deemed to constitute one and the same
agreement.
If the foregoing correctly sets forth our mutual agreement, please so
acknowledge by signing and returning this Loan Agreement to the undersigned.
Very truly yours,
BANK ONE, TEXAS, N.A.
By: /s/ XXXXXX X. XXXXX
-------------------------------------
Xxxxxx X. Xxxxx, III, Vice President
Bank's Address:
000 Xxxxxx
Xxxxxxx, Xxxxx 00000
Attn: Xxxxxx X. Xxxxx, III
ACCEPTED as of the date
first written above.
BORROWER:
MITCHAM INDUSTRIES, INC.
By: /s/ XXXXX X. XXXXXXX, XX.
---------------------------------
Name: Xxxxx X. Xxxxxxx, Xx.
-------------------------------
Title: President
------------------------------
Borrower's Address:
X.X. Xxx 0000
Xxxxxxxxxx, Xxxxx 00000
- 15 -
16
EXHIBIT "A"
ADVANCE NOTE
$______________________ ______________, 199___
FOR VALUE RECEIVED, the undersigned and if more than one, each of
them, jointly and severally (hereinafter referred to as "Borrower"), promises
to pay to the order of BANK ONE, TEXAS, N.A. ("Bank") at its offices in Xxxxxx
County, Texas, at 000 Xxxxxx, Xxxxxxx, Xxxxx 00000, the principal amount of
___________________________________________ AND ____/100 DOLLARS
($_________________) ("Total Principal Amount"), or such amount less than the
Total Principal Amount which has been advanced to Borrower if the total amount
advanced under this Promissory Note ("Note") is less than the Total Principal
Amount, together with interest on such portion of the Total Principal Amount
which has been advanced to Borrower from the date advanced until paid at a
fluctuating rate per annum which shall from day to day be equal to the lesser
of (a) the Maximum Rate (as hereinafter defined), or (b) a rate ("Contract
Rate"), calculated on the basis of actual days elapsed but computed as if each
year consisted of 365 days, equal to the sum of (i) the Bank One Base Rate of
interest ("Base Rate") as established from time to time by Bank (which may not
be the lowest, best or most favorable rate of interest which Bank may charge on
loans to its customers) plus (ii) one-half of one percent (0.5%), each change
in the rate to be charged on this Note to become effective without notice to
Borrower on the effective date of each change in the Maximum Rate or the Base
Rate, as the case may be; provided, however that if at any time the Contract
Rate shall exceed the Maximum Rate, thereby causing the interest on this Note
to be limited to the Maximum Rate, then any subsequent reduction in the Base
Rate shall not reduce the rate of interest on this Note below the Maximum Rate
until the total amount of interest accrued on this Note equals the amount of
interest which would have accrued on this Note if the Contract Rate had at all
times been in effect.
The principal of and all accrued but unpaid interest on this Note
shall be due and payable as follows:
(a) interest only shall be due and payable monthly
commencing on the ______ day of _______________, 1997 and continuing
monthly and regularly thereafter on the _____ day of each and every
month thereafter for five (5) months; and
(b) unless this note is extended to the Extended Maturity
Date (as defined herein) pursuant to the terms hereof, the outstanding
principal balance of this Note,
- 1 -
17
together with all accrued but unpaid interest, shall be due and
payable on the date that is six (6) months from the date hereof (the
"Maturity Date"), and which Maturity Date will coincide with the
maturity date of the equipment lease/purchase contract attached hereto
as Exhibit "A" (the "Contract").
On the Maturity Date, Borrower shall have the right to extend the
Maturity Date of this Note for an additional eighteen (18) months (the
"Extended Maturity Date") upon the following terms and conditions:
(a) The lessee under the Contract does not purchase the equipment
as of the Maturity Date;
(b) An Event of Default (as defined in the Loan Agreement) has not
occurred; and
(c) From and after the Maturity Date, the principal of and all
accrued but unpaid interest on this Note shall be due and
payable as follows:
(1) the interest rate will be the Contract Rate;
(2) principal and interest at the Contract Rate will be
payable in monthly installments sufficient to fully
amortize the loan evidenced by the Note over a term
of eighteen (18) months, to commence on the same day
of the following month after the Maturity Date;
(3) the final payment of all outstanding principal and
accrued but unpaid interest will be due on the
Extended Maturity Date.
All payments of principal and interest hereunder shall be made in
lawful money of the United States of America in freely transferable United
States Dollars.
"Highest Lawful Rate" shall mean the maximum nonusurious interest
rate, if any, that any time or from time to time may be contracted for, taken,
reserved, charged or received on this Note under laws applicable to the payee
which are presently in effect or, to the extent allowed by applicable law,
under such laws which may hereafter be in effect and which allow a higher
maximum nonusurious interest rate than applicable laws now allow.
Determination of the rate of interest for the purpose of determining whether
the Loans represented hereby are usurious under all applicable laws shall be
made by amortizing, prorating, allocating, and spreading, in equal parts during
the period of the full stated term of the Loans represented hereby, all
interest at
- 2 -
18
any time contracted for, charged, or received from the undersigned in
connection with such Loans.
It is the intention of the payee to conform strictly to usury laws
applicable to it. Accordingly, if the transactions contemplated hereby or the
Loans represented hereby would be usurious as to the payee under laws
applicable to it (including the laws of the United States of America and the
State of Texas or any other jurisdiction whose laws may be mandatorily
applicable to such payee notwithstanding the other provisions of this Note or
the Loan Agreement), then, in that event, notwithstanding anything to the
contrary in this Note, the Loan Agreement or any other instrument or agreement
entered into in connection with this Note, it is agreed as follows: (i) the
aggregate of all consideration which constitutes interest under laws applicable
to the payee that is contracted for, taken, reserved, charged or received by
the payee under this Note, the Loan Agreement or under any of the aforesaid
agreements or instruments entered into in connection with this Note or
otherwise shall under no circumstances exceed the Highest Lawful Rate, and any
excess shall be credited by the payee on the principal amount of this Note (or,
if the principal amount of this Note shall have been paid in full, refunded by
the payee to the undersigned); and (ii) in the event that the maturity of this
Note is accelerated by reason of an election of the holder or holders thereof
resulting from any Event of Default under the Loan Agreement or otherwise, or
in the event of any required or permitted prepayment, then such consideration
that constitutes interest under laws applicable to the payee may never include
more than the Highest Lawful Rate, and excess interest, if any, provided for in
this Note, the Loan Agreement or otherwise shall be automatically canceled by
the payee as of the date of such acceleration or prepayment and, if theretofore
paid, shall be credited by the payee on the principal amount of this Note (or
if the principal amount of this Note shall have been paid in full, refunded by
the payee to the undersigned), and in each case, to the extent permitted by
applicable law, the payee shall not be subject to any of the penalties provided
by law for contracting for, taking, reserving, charging or receiving interest
in excess of the Highest Lawful Rate. Payee hereby elects to determine the
applicable rate ceiling under Article 5069-1.04 of the Texas Revised Civil
Statutes by the indicated (weekly) rate ceiling from time to time in effect,
subject to payee's right subsequently to change such method in accordance with
applicable law. Chapter 15 of Article 5069 of the Texas Revised Civil
Statutes, which regulates certain revolving credit loan accounts and revolving
tri-party accounts, shall not apply to this Note.
This Note is one of the Advance Notes referred to in and is entitled
to the benefits of that certain Letter Loan Agreement of even date herewith (as
the same may be amended, modified, supplemented, extended, rearranged and/or
restated from time to
- 3 -
19
time, the "Loan Agreement"), entered into by and between the Borrower and
Lender. Reference is hereby made to the Loan Agreement for a statement of the
prepayment rights and obligations of the Borrower, and for a statement of the
terms and conditions under which the due date of this Note may be accelerated.
Upon the occurrence of any Event of Default as specified in the Loan Agreement,
the principal balance hereof and the interest accrued hereon may be declared to
be forthwith due and payable in accordance with the Loan Agreement, and any
indebtedness of the holder hereof to the Borrower may be appropriated and
applied hereon.
In addition to and not in limitation of the foregoing, the undersigned
further agrees, subject only to any limitation imposed by applicable laws, to
pay all reasonable expenses, including reasonable attorneys' fees and legal
expenses, incurred by the holder of this Note in endeavoring to collect any
amounts payable hereunder which are not paid when due, whether by acceleration
or otherwise.
All parties hereto, whether as makers, endorsees, or otherwise,
severally waive presentment for payment, demand, protest, notice of intent to
accelerate, notice of acceleration, notice of dishonor and all other notices
whatsoever.
THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE
STATE OF TEXAS AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS,
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.
MITCHAM INDUSTRIES, INC.
By:
-------------------------------------
Name:
-----------------------------------
Title:
----------------------------------
- 4 -
20
EXHIBIT "A"
COPY OF LEASE/PURCHASE CONTRACT
21
MITCHAM INDUSTRIES, INC.
CHANNEL BOX UTILIZATION SCHEDULE
February, 1996 - October, 1996
===============================================================================================================
COMPANY CONTRACT ITEM QTY FEB MAR APR 1ST QTR
===============================================================================================================
CAPILANO 92 RSX 18 DONE 18 18 18 54
MRX 62 DONE 62 62 62 186
DIGICON 536 MRX 25 DONE 0
535 MRX 60 0
GAPS 88 RSC 20 DONE 20 20 20 60
94 RSX 15 DONE 15 15 15 45
138 RSX 2 DONE 2 2 2 6
MRX 63 DONE 63 63 63 189
GECO/PRAKLA 153 MRX 00 XXXX 00 00 000
XXXXXX MRX 33 DONE 33 33
MRX 17 DONE 17 17
572 MRX 110
637 MRX 110
GECO/PRAKLA 567 MRX 50
USA 567 MRX 50
659 MRX 67
GRANT 149 MRX 40 40 40 40 120
27 MRX 14 14 14 14 42
64 RSC 35 35 35 35 105
54 MRX 50 50 50 50 150
509 MRX 60 60 60 120
594 RSC 15
601 SU 368 50
626 MRX 63
649 MRX 63
651 RSC 15
650 MRX 50
NORTHERN 66 RSX 5 DONE 5 5 10
MRX 25 DONE 25 25 50
87 MRX 25 DONE 25 25 50
91 MRX 28 DONE 28 28 56
581 MRX 90
? MRX 55
SCHLUMBERGER G.S. 136 MRX 18 DONE 18 18 18 54
120 MRX 26 DONE 26 26 26 78
127 MRX 67 DONE 67 67 67 201
116 MRX 20 DONE 20 20 20 60
SOLID STATE 90 MRX 2 DONE 2 2 2 6
MRX 1 DONE 1 1 1 3
MRX 4 DONE 4 4 8
MRX 43 DONE 43 43
80 MRX 3 DONE 3 3 6
MRX 17 DONE 17 17
158 MRX 5 DONE 5 5 10
UNION GEOFISICA 1A MRX 80 DONE 80 80 160
147 MRX 20 20 20 20 60
527 MRX 85 0
USA 542 MRX 15 0
==============================================================================================================
COMPANY MAY JUNE JULY 2ND QTR AUG SEP OCT 3RD QTR
==============================================================================================================
CAPILANO
DIGICON 25 25
60 60 60 180
GAPS
GECO/PRAKLA
CANADA
110 110 220
GECO/PRAKLA 50 50 50 50 50 150
USA 50 50 50 50 50 150
GRANT 40 40 40 120 40 40 40 120
14 14 3 31 5 2 2 9
35 35 35 105 35 35 35 105
50 50 3 103 3 3 3 9
60 60 51 171 51 51 51 153
15 15 30
50 50
NORTHERN
90 90 90 270
55 55 55 55 110
SCHLUMBERGER G.S.
SOLID STATE 2 2
UNION GEOFISICA
20 20 20 60 20 20 20 60
85 85 85 255 85 85 170
USA 15 15 30
22
===============================================================================================================
COMPANY CONTRACT ITEM QTY FEB MAR APR 1ST QTR
===============================================================================================================
579 RSX 23
588 MRX 35
VERITAS 133 MRX 12 DONE 12 12 24
503 RSC 50 50 50 100
? MRX 30
533 MRX 35 DONE
596 MRX 20
? MRX 50
? MRX 20
GEOITALIA 569 SU 295
? SU 000
XXXXXXXXX ? SU 348 80
GLOBAL CHARTER 595 RSR 156
XXXXXX 607 SU-6 32
PETROL DEV. 620 SU-6 19
652 SU-6 15
CGG 623 SU-6 40
TERRA-SCAN 630 SU-6 85
PERFORADATA 612 SU-1 2
660 SU-1 68
JRS EXPLORATION 643 SU-6 50
XXXXXX 658 MRX 140
SCHEDULE TOTAL 778 858 663 2,299
LEASE POOL TOTAL 867 867 867 2,601
UTILIZATION 90% 99% 76% 90%
============================================================================================================
COMPANY MAY JUNE JULY 2ND QTR AUG SEP OCT 3RD QTR
============================================================================================================
23 23 23 69
35 35 70
VERITAS
50 50 50 150 50 50
30 30
35 35
20 20 40
GEOITALIA 295 295 295 295 295 885
200 200 400
TIDELANDS 80 80 80 80
GLOBAL CHARTER 156 156 156 468
XXXXXX 32 32 64
PETROL DEV.
CGG
TERRA-SCAN
PERFORADATA
JRS EXPLORATION
XXXXXX
SCHEDULE TOTAL 491 429 877 1,797 1,118 1,367 1,277 3,762
LEASE POOL TOTAL 867 867 867 2,601 1,452 1,551 1,551 4,554
UTILIZATION 57% 49% 101% 69% 77% 88% 82% 83%
23
Date: Jan 21 97 Mitcham Industries, Inc. Page: 1
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------ ------------- ------- ---- -- ------- ------- ------- -------- -----
A0010 A & M CABLE 4249 Apr 01 95 IN 375.00
4673 Dec 29 95 IN 4,000.00
4674 Jan 28 96 IN 4,000.00
4708 Mar 13 96 IN 4,000.00
Customer Totals: 0.00 0.00 0.00 12,375.00 12,375.00
A0022 ALPHA TECH INTER. INC. 5196 Jan 08 97 IN 5,080.00
Customer Totals: 5,080.00 0.00 0.00 0.00 5,080.00
A0064 ASSOCIATED INT. TECHNOLOGY 4892 Jul 21 96 IN 81.19
Customer Totals: 0.00 0.00 0.00 81.19 81.19
B0105 BISON INSTRUMENTS, INC 5167 Dec 31 96 IN 811.88
50277 Oct 07 96 IN 750.00
50283 Oct 03 96 IN 6,250.00
50340 Oct 29 96 IN 750.00
50354 Nov 02 96 IN 4,550.00
50419 Nov 28 96 IN 750.00
50429 Dec 02 96 IN 4,550.00
50519 Jan 01 97 IN 4,550.00
Customer Totals: 15,211.88 7,750.00 0.00 0.00 22,961.88
B0109 XXXXX & XXX ENTERPRISES, INC. 5169 Dec 31 96 IN 615.00
Customer Totals: 615.00 0.00 0.00 0.00 615.00
B0110 XXXXX GEOPHYSICAL 4920 Jul 30 96 IN 2,952.24
5164 Dec 23 96 IN 5,396.00
50298 Oct 14 96 IN 16,237.50
50374 Nov 14 96 IN 8,605.87
50428 Dec 01 96 IN 25,275.00
50471 Dec 14 96 DR 974.25
5107A Dec 23 96 DR 5,100.00
Customer Totals: 45,351.12 16,237.50 0.00 2,952.24 64,540.86
B0126 XXXXXX, XXXXXX X. 4683 Feb 19 96 IN 1,621.05
Customer Totals: 0.00 0.00 0.00 1,621.05 1,621.05
C0202 C G G 5100 Nov 21 96 IN 100.00
50335 Oct 27 96 IN 24,610.64-
50473 Dec 15 96 IN 39,814.35
50473 Jan 14 97 CR 39,814.35-
Customer Totals: 100.00 24,610.64- 0.00 0.00 24,510.64-
C0206 COCHRANE TECHNOLOGIES, INC. 5117 Dec 12 96 IN 1,500.00
5117 Jan 17 97 CA 1,500.00-
Customer Totals: 0.00 0.00 0.00 0.00 0.00
C0212 COMPANIA DE INVESTIGACIONES 50393 Nov 22 96 IN 1,180.00
Customer Totals: 1,180.00 0.00 0.00 0.00 1,180.00
24
Date: Jan 21 97 Mitcham Industries, Inc. Page: 2
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------ ------------- ------- ---- -- ------- ------- ------- -------- -----
C0214 CHEVRON PETROLEUM 5104 Nov 27 96 IN 500.00
5104 Jan 13 97 CA 500.00-
Customer Totals: 0.00 0.00 0.00 0.00 0.00
C0216 COLORADO HELICOPTERS, INC. 5133 Dec 09 96 IN 55,280.00
5133 Jan 02 97 CA 42,000.00-
Customer Totals: 13,280.00 0.00 0.00 0.00 13,280.00
C0217 CHEVRON NIUGINI PTY LTD 5138 Dec 13 96 IN 153,750.00
Customer Totals: 153,750.00 0.00 0.00 0.00 153,750.00
C0219 COMPANIA MEXICANA DE GEOFISICA 5010 Oct 07 96 IN 40,000.00
5094 Nov 21 96 IN 130.00
5126 Dec 16 96 CR 1,001.00-
5144 Dec 19 96 IN 140.00
5144 Jan 17 97 CA 140.00-
50416 Nov 27 96 IN 1,100.00
Customer Totals: 229.00 40,000.00 0.00 0.00 40,229.00
C0222 COMPANIA MEXICAN DE EXPLOR 5126 Dec 16 96 IN 79,289.01
Customer Totals: 79,289.01 0.00 0.00 0.00 79,289.01
C0248 CAPILANO GEOPHYSICAL, INC. 4772 May 13 96 IN 277.89
4862 Jul 09 96 IN 420.42
4911 Jul 24 96 IN 64.43
4922 Jul 31 96 IN 487.13
5005 Sep 27 96 IN 162.38
5037 Oct 24 96 IN 175.08
10351 Feb 08 96 IN 3,037.22
10424 Mar 23 96 IN 30,456.29
10429 Apr 01 96 IN 727.26
Customer Totals: 0.00 175.08 162.38 35,470.64 35,808.10
C0249 CAPILANO INTERNATIONAL, INC. PREPAY Jul 15 96 IN 926.54-
Customer Totals: 0.00 0.00 0.00 926.54- 926.54-
C0261 COMESA 5011 Jan 16 97 IN 137.00
5053 Oct 29 96 IN 155.59
5054 Oct 29 96 IN 3,595.40
5055 Oct 29 96 IN 7,278.58
Customer Totals: 137.00 11,029.57 0.00 0.00 11,166.57
X0000 XXXXXXXX XXXXXXXXXX X.X. 50180 Aug 07 96 IN 9,750.00
50238 Sep 06 96 IN 9,750.00
50290 Oct 06 96 IN 9,750.00
50359 Nov 05 96 IN 9,750.00
50447 Dec 05 96 IN 9,750.00
Customer Totals: 19,500.00 9,750.00 9,750.00 9,750.00 48,750.00
D0291 DISCOVERY S.P.A. 5095 Nov 21 96 IN 263.66
25
Date: Jan 21 97 Mitcham Industries, Inc. Page: 3
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------- ------------- ------- ---- -- ------- -------- ------- --------- -----
Customer Totals: 263.66 0.00 0.00 0.00 263.66
D0297 DATATEK, INC 4166 Feb 22 95 IN 6,262.50
4722 Mar 20 96 IN 89.50
4759 May 08 96 IN 2,172.50
5136 Dec 12 96 IN 2,350.00
Customer Totals: 2,350.00 0.00 0.00 8,524.50 10,874.50
D0299 XXXXXX GEOPHYSICAL COMPANY 5029 Oct 15 96 IN 41,523.79
5192 Jan 07 97 IN 116.91
5200 Jan 14 97 IN 27.06
Customer Totals: 143.97 41,523.79 0.00 0.00 41,667.76
D0300 DIGICON, INC. & SUBSIDIARIES 50465 Dec 11 96 IN 2,237.17
Customer Totals: 2,237.17 0.00 0.00 0.00 2,237.17
D0304 XXXXXX EXPLORATION 5074 Nov 13 96 IN 2,724.99
5074 Jan 17 97 CA 2,724.99-
5157 Dec 19 96 IN 1,110.00
5203 Jan 16 97 IN 698.97
5207 Jan 16 97 IN 792.84
5208 Jan 16 97 IN 350.32
50292 Oct 17 96 IN 19,093.60
50490 Dec 27 96 IN 125,035.00
Customer Totals: 127,987.13 19,093.60 0.00 0.00 147,080.73
D0307 DIGICON GEOPHYSICAL CORP. 4468 Sep 30 95 IN 252.63
4893 Jul 21 96 IN 1,434.64
10102 Jul 14 95 IN 2,084.94
10104 Jul 21 95 IN 16,640.00
10256 Dec 11 95 IN 14,000.00
50061 May 23 96 IN 3,591.60
50372 Nov 13 96 IN 2,000.00
50388 Nov 11 96 IN 165.00
50469 Dec 13 96 IN 2,000.00
Customer Totals: 4,165.00 0.00 0.00 38,003.81 42,168.81
E0402 EOTVOS LORAND GEOPHYSICAL INST 5143 Dec 17 96 IN 61,400.00
5143 Jan 16 97 CA 61,400.00-
Customer Totals: 0.00 0.00 0.00 0.00 0.00
E0411 EAGLE GEOPHYSICAL 5081 Nov 13 96 IN 787.50
Customer Totals: 787.50 0.00 0.00 0.00 787.50
E0419 ENERTEC GEOPHYSICAL SER/TX 5160 Dec 19 96 IN 805.81
50148 Jun 19 96 IN 5,119.81
50318 Oct 17 96 IN 1,750.00
50318 Jan 15 97 CA 1,750.00-
50395 Nov 16 96 IN 1,750.00
50395 Jan 15 97 CA 1,750.00-
Customer Totals: 805.81 0.00 0.00 5,119.81 5,925.62
26
Date: Jan 21 97 Mitcham Industries, Inc. Page: 4
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------- ------------- ------- ---- -- ------- -------- ------- --------- -----
G0602 GEOPHYSICAL SALES & RENTALS 4347 Jul 27 95 IN 1,234.50
4540 Nov 17 95 IN 850.00
Customer Totals: 0.00 0.00 0.00 2,084.50 2,084.50
G0603 GEOPHYSICAL ACQ & PRO (GAPS) 3580 Oct 16 96 IN 4,095.25
4782 May 27 96 IN 286.00
4794 May 28 96 IN 155.00
4809 May 31 96 IN 160.00
4913 Jul 24 96 IN 9,601.96
4970 Sep 03 96 IN 80,125.00
4970 Jan 09 97 CA 80,125.00-
5018 Oct 15 96 IN 948.75
5028 Oct 16 96 IN 12,924.00
5075 Nov 13 96 IN 16,898.27
5078 Nov 13 96 IN 40.00
5105 Nov 27 96 IN 6,548.85
5129 Dec 05 96 IN 2,312.91
5132 Dec 06 96 IN 993.15
5132 Jan 09 97 CA 993.15-
50422 Nov 30 96 IN 68,800.00
50432 Nov 27 96 IN 7,685.00
50432 Jan 09 97 CA 7,685.00-
50520 Jan 02 97 IN 7,200.00
Customer Totals: 101,800.03 17,968.00 0.00 10,202.96 129,970.99
G0604 GLOBAL CHARTER CORPORATION 50510 Dec 31 96 IN 187,904.00
Customer Totals: 187,904.00 0.00 0.00 0.00 187,904.00
G0614 GECO-PRAKLA/BELLE XXXXXX 50517 Jan 01 97 IN 1,240.00
Customer Totals: 1,240.00 0.00 0.00 0.00 1,240.00
G0615 GECO/PRAKLA/CANADA 4624 Jan 22 96 IN 10,000.00
4652 Jan 23 96 IN 51.50
4901 Jul 24 96 IN 9,062.85
4926 Aug 12 96 IN 9,062.85
5202 Jan 16 97 IN 500.00
50299 Oct 01 96 IN 65,450.00
50383 Oct 31 96 IN 46,433.75
50391 Nov 23 96 IN 67,870.00
50391 Jan 17 97 CR 2,420.00-
50434 Dec 06 96 IN 9,000.00
50488 Dec 23 96 IN 58,190.00
50488 Jan 17 97 DR 7,260.00
50503 Jan 03 97 IN 11,650.00
50524 Jan 05 97 IN 9,000.00
Customer Totals: 161,050.00 46,433.75 65,450.00 28,177.20 301,110.95
G0616 GECO/PRAKLA/U.S.A. 5016 Oct 15 96 IN 1,175.00
5019 Oct 15 96 IN 172.50
5036 Oct 24 96 IN 110.25
27
Date: Jan 21 97 Mitcham Industries, Inc. Page: 5
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------ ------------- ------- ---- -- ------- ------- ------- ------- -----
5041 Oct 24 96 IN 542.25
5111 Nov 26 96 IN 465.11
5142 Dec 19 96 IN 378.88
50001 Feb 29 96 IN 11,366.25
50014 Mar 30 96 IN 14,824.84
50246 Sep 14 96 IN 17,449.90
50392 Nov 22 96 IN 1,006.73
50392 Jan 14 97 DR 0.00
50393 Nov 22 96 IN 1,256.73
50460 Dec 10 96 IN 45,480.16
Customer Totals: 48,587.61 2,000.00 17,449.90 26,191.09 94,228.60
G0623 GEOITALIA S.p.A. 4984 Sep 19 96 IN 9,562.50
5121 Dec 16 96 IN 12,532.50
5123 Dec 16 96 IN 25,100.00
5124 Dec 16 96 IN 25,100.00
5125 Dec 16 96 IN 12,550.00
5158 Dec 23 96 DR 86,077.50
50103 Dec 23 96 CR 1,875.00-
50146 Dec 23 96 CR 1,875.00-
50195 Dec 23 96 CR 2,375.00-
50255 Dec 23 96 CR 2,375.00-
50321 Oct 18 96 IN 24,975.00
50321 Jan 17 97 CA 24,975.00-
Customer Totals: 152,860.00 0.00 9,562.50 0.00 162,422.50
G0633 GEOPHYSICAL SERVICES, INC. 5195 Jan 03 97 IN 16,000.00
Customer Totals: 16,000.00 0.00 0.00 0.00 16,000.00
G0638 GEOPHYSICAL APPLICATIONS 5139 Dec 16 96 IN 1,456.00
Customer Totals: 1,456.00 0.00 0.00 0.00 1,456.00
G0643 GEOCOM LTD 4867 Jul 15 96 IN 264.84
Customer Totals: 0.00 0.00 0.00 264.84 264.84
G0646 GULF NAUTECH 4916 Jul 29 96 IN 81.19
4916 Jan 17 97 CA 81.19-
4917 Jul 29 96 IN 433.00
4917 Jan 17 97 CA 433.00-
50021 Dec 12 96 IN 2,219.13
50022 May 20 96 CR 144.34-
Customer Totals: 2,219.13 0.00 0.00 144.34- 2,074.79
G0651 GRANT GEOPHYSICAL, INC. PP1 Dec 31 96 CR 5,000.00-
PP2 Dec 31 96 CR 1,200.00-
PP3 Dec 31 96 CR 12,500.00-
4817 Dec 12 96 DR 8,617.00
4857 Dec 11 96 DR 162.38
4858 Dec 11 96 DR 226.38
4859 Dec 11 96 DR 665.99
4931 Aug 12 96 IN 1,718.80
28
Date: Jan 21 97 Mitcham Industries, Inc. Page: 6
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------ ------------- ------- ---- -- ------- ------- ------- ------- -----
4960 Aug 27 96 IN 40.59
4963 Aug 28 96 IN 364.05
4990 Sep 23 96 IN 557.49
4991 Sep 23 96 IN 584.55
4999 Sep 24 96 IN 5,000.00
5000 Sep 24 96 IN 5,867.15
5002 Sep 27 96 IN 353.30
5015 Oct 15 96 IN 3,305.00
5024 Oct 15 96 IN 1,825.00
5046 Oct 28 96 IN 186.00
5092 Nov 21 96 IN 3,600.00
5093 Nov 21 96 IN 187.48
5137 Dec 13 96 IN 4,725.00
5171 Dec 23 96 IN 8,803.43
5171 Jan 16 97 CR 3,929.77-
5173 Dec 30 96 IN 3,807.91
5174 Jan 01 97 IN 3,807.91
5188 Jan 15 97 IN 1,200.00
10121 Jul 24 95 IN 4,296.88
10472 Dec 11 96 DR 22,750.00
10482 May 25 96 IN 13,999.85
10492 Jun 09 96 IN 22,750.00
10493 Jun 09 96 IN 33,200.00
10494 Jun 18 96 IN 11,325.00
10498 Jun 24 96 IN 26,880.00
10506 Jul 09 96 IN 22,750.00
10511 Jul 24 96 IN 26,880.00
10518 Aug 08 96 IN 22,750.00
10523 Aug 23 96 IN 26,880.00
10529 Sep 07 96 IN 22,750.00
10532 Sep 07 96 IN 1,950.00
10533 Sep 16 96 IN 1,520.00
10537 Sep 22 96 IN 26,880.00
10540 Oct 07 96 IN 22,750.00
10543 Oct 07 96 IN 1,950.00
50037 Dec 00 00 XX 2,922.76
50052 Dec 11 96 CR 21.65-
50073 May 26 96 IN 43,792.54
50074 Dec 11 96 DR 3,599.31
50083 Jul 03 96 IN 3,957.91
50093 Jun 07 96 IN 194.85
50111 Dec 11 96 DR 825.00
50116 Jun 25 96 IN 43,792.54
50128 Jul 07 96 IN 194.85
50133 Jul 12 96 IN 2,056.76
50153 Jul 22 96 IN 825.00
50159 Aug 02 96 IN 3,807.91
50167 Jul 27 96 IN 274.31
50178 Aug 06 96 IN 194.85
50183 Aug 11 96 IN 1,894.38
50186 Aug 19 96 IN 568.31
29
Date: Jan 21 97 Mitcham Industries, Inc. Page: 7
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------- ------------- ------- ---- -- ------- -------- ------- --------- -----
50203 Aug 21 96 IN 825.00
50225 Sep 13 96 IN 5,000.00
50226 Sep 13 96 IN 17,000.00
50227 Oct 13 96 IN 17,000.00
50230 Sep 01 96 IN 3,807.91
50233 Sep 10 96 IN 1,894.38
50235 Sep 05 96 IN 194.85
50254 Sep 18 96 IN 541.25
50256 Sep 20 96 IN 825.00
50261 Sep 23 96 IN 35,884.88
50265 Oct 01 96 IN 3,807.91
50289 Oct 05 96 IN 194.85
50304 Oct 10 96 IN 1,894.38
50319 Oct 17 96 IN 8,250.00
50320 Oct 18 96 IN 189.45
50322 Oct 20 96 IN 825.00
50325 Oct 28 96 IN 100.00
50328 Oct 23 96 IN 35,884.88
50329 Oct 23 96 IN 2,435.63
50330 Oct 25 96 IN 3,599.31
50347 Nov 16 96 IN 24,945.57-
50351 Nov 15 96 IN 12,500.00
50352 Nov 01 96 IN 6,250.00
50357 Nov 04 96 IN 194.85
50365 Nov 08 96 IN 75,775.00
50368 Nov 09 96 IN 1,894.38
50370 Nov 12 96 IN 17,000.00
50371 Nov 12 96 IN 5,000.00
50379 Oct 31 96 IN 3,807.91
50396 Nov 16 96 IN 2,823.60
50398 Nov 18 96 IN 12,500.00
50400 Nov 19 96 IN 825.00
50405 Nov 22 96 IN 2,392.69
50406 Nov 23 96 IN 12,178.12-
50407 Nov 24 96 IN 11,871.24-
50415 Nov 27 96 IN 1,200.00
50421 Nov 30 96 IN 3,807.91
50427 Dec 01 96 IN 6,250.00
50427 Jan 07 97 CR 6,250.00-
50435 Dec 01 96 IN 11,457.18
50436 Dec 01 96 IN 42,628.85
50437 Dec 01 96 IN 8,325.00
50437 Jan 10 97 CR 75.00-
50446 Dec 04 96 IN 194.85
50453 Dec 08 96 IN 75,775.00
50458 Dec 09 96 IN 1,894.38
50458 Dec 30 96 CR 947.19-
50467 Dec 12 96 IN 17,000.00
50468 Dec 12 96 IN 5,000.00
50468 Jan 07 97 CR 5,000.00-
50474 Dec 15 96 IN 12,500.00
30
Date: Jan 21 97 Mitcham Industries, Inc. Page: 8
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------- ------------- ------- ---- -- ------- -------- ------- --------- -----
50474 Jan 07 97 CR 12,500.00-
50489 Dec 23 96 IN 19,250.00
50492 Dec 27 96 IN 22,880.00
50512 Dec 31 96 IN 6,250.00
50514 Dec 31 96 IN 37,216.35
50515 Dec 31 96 IN 8,250.00
50522 Jan 03 97 IN 194.85
10507A Aug 29 96 IN 24,362.53
10509A Aug 29 96 IN 6,298.00
10519A Aug 29 96 IN 1,950.00
10521A Aug 29 96 IN 1,520.00
50166A Aug 29 96 IN 37,540.37
50199A Aug 29 96 IN 35,884.88
C00594 Sep 07 96 CA 8,250.00-
***Over Credit Limit of 999999 Dollars Customer Totals: 386,711.90 104,197.41 122,360.76 427,578.07 1,040,848.14
G0653 GREAT LAKES GEOPHYSICAL 3853 Sep 08 94 IN 3,559.00
3854 Sep 08 94 IN 116.00
4720 Mar 18 96 IN 2,325.00
4977 Sep 06 96 IN 12,400.00
Customer Totals: 0.00 0.00 12,400.00 6,000.00 18,400.00
H0706 XXXXXX-XXXXX, INC. 50179 Aug 07 96 IN 185.62
Customer Totals: 0.00 0.00 0.00 185.62 185.62
H0707 XXXXXX, XXXXX 5072 Nov 13 96 IN 45.00
5072 Jan 06 97 CA 45.00-
Customer Totals: 0.00 0.00 0.00 0.00 0.00
H0710 HEBEI MACHINERY IMPORT EXPORT 4366 Jul 31 95 IN 6,869.92
Customer Totals: 0.00 0.00 0.00 6,869.92 6,869.92
H0711 HUMMINGBIRD EXPLORATION 4959 Dec 31 96 IN 19.48
5057 Oct 29 96 IN 632.99
Customer Totals: 19.48 632.99 0.00 0.00 652.47
H0730 HIGSCO 4755 Apr 10 96 IN 227.33
Customer Totals: 0.00 0.00 0.00 227.33 227.33
I0880 INPUT/OUTPUT, INC. 4650 Jan 29 96 IN 4,357.06
4795 May 28 96 IN 200.00
4897 Jul 24 96 IN 107.00
50410 Nov 08 96 IN 2,615.00
Customer Totals: 2,615.00 0.00 0.00 4,664.06 7,279.06
I0881 INPUT/OUTPUT - SENSOR 50457 Dec 08 96 IN 2,066.67
Customer Totals: 2,066.67 0.00 0.00 0.00 2,066.67
J0895 J.R.S. EXPLORATION CO., LTD. 50433 Dec 06 96 IN 36,110.00
50433 Jan 06 97 CA 36,110.00-
50526 Jan 06 97 IN 37,106.98
31
Date: Jan 21 97 Mitcham Industries, Inc. Page: 9
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------- ------------- ------- ---- -- ------- -------- ------- --------- -----
Customer Totals: 37,106.98 0.00 0.00 0.00 37,106.98
K0907 XXXXX-XXXXXXX CONSULTANTS LTD 5127 Dec 16 96 IN 6,800.00
Customer Totals: 6,800.00 0.00 0.00 0.00 6,800.00
M1211 XXXX PRODUCTS, LTD. 5145 Dec 19 96 IN 749.15
5146 Dec 19 96 IN 529.80
5147 Dec 19 96 IN 205.60
5148 Dec 19 96 IN 598.70
5149 Dec 19 96 IN 390.00
5150 Dec 19 96 IN 280.00
5151 Dec 19 96 IN 336.00
5152 Dec 19 96 IN 243.20
5153 Dec 19 96 IN 120.00
5154 Dec 19 96 IN 180.00
5155 Dec 19 96 IN 352.00
5156 Dec 19 96 IN 655.60
Customer Totals: 4,640.05 0.00 0.00 0.00 4,640.05
M1215 MACARTNEY, INC. 3972 Oct 31 94 IN 1,294.00-
Customer Totals: 0.00 0.00 0.00 1,294.00- 1,294.00-
M1216 MGGEC LTD. (MONGOLIAN) 4657 Jan 31 96 IN 42,139.66
Customer Totals: 0.00 0.00 0.00 42,139.66 42,139.66
M1218 M/S OIL & NATURAL GAS CORP 4981 Oct 25 96 IN 3,338.00
4981 Jan 17 97 CA 3,338.00-
Customer Totals: 0.00 0.00 0.00 0.00 0.00
M1219 MITCHAM INDUSTRIES, INC. PREPAY Oct 31 96 CA 4,249.00-
Customer Totals: 0.00 4,249.00- 0.00 0.00 4,249.00-
M1236 M.T.S. 4833 Jun 30 96 IN 757.75
5047 Oct 28 96 IN 66.00
5823 Jun 14 96 IN 1,299.00
Customer Totals: 0.00 66.00 0.00 2,056.75 2,122.75
M1237 MASTER OF M/V ODIN EXPLORER 5089 Nov 20 96 IN 204.00
Customer Totals: 204.00 0.00 0.00 0.00 204.00
X0000 XXXXXXXX XXXXXXXXXXX/XXXXXXX 4884 Jul 15 96 IN 2,598.96
4895 Jul 24 96 IN 3,775.00
4940 Aug 14 96 IN 130.08
4950 Aug 23 96 IN 333.55
4956 Aug 23 96 IN 737.81
4957 Aug 27 96 IN 29,440.00
4958 Aug 27 96 IN 22,460.00
5001 Sep 25 96 IN 1,620.00
5022 Oct 15 96 IN 1,675.00
5166 Dec 31 96 IN 139,746.86
5166 Jan 17 97 CR 35,946.86-
32
Date: Jan 21 97 Mitcham Industries, Inc. Page: 10
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------- ------------- ------- ---- -- ------- -------- ------- --------- -----
50123 Sep 10 96 IN 103,424.00
50187 Aug 16 96 IN 57,144.40
50247 Sep 15 96 IN 40,765.00
50247 Jan 16 97 CR 19,940.00-
50251 Sep 17 96 IN 7,650.00
50260 Sep 22 96 IN 7,300.00
50313 Oct 15 96 IN 60,705.00
50341 Oct 29 96 IN 1,516.65
50375 Nov 14 96 IN 60,705.00
50472 Dec 14 96 IN 51,705.00
Customer Totals: 216,210.00 63,896.65 140,819.00 116,619.80 537,545.45
N1302 NCS INTERNATIONAL 4314 Jun 20 95 IN 4,000.00
5026 Oct 15 96 IN 4,150.00
5026 Jan 06 97 CA 4,150.00-
Customer Totals: 0.00 0.00 0.00 4,000.00 4,000.00
N1308 NOREX GEOPHYSICAL 5069 Nov 13 96 IN 4,950.00
Customer Totals: 4,950.00 0.00 0.00 0.00 4,950.00
N1312 NATIONAL HELICOPTER CORP PREPAY Apr 22 96 CA 2,500.00-
Customer Totals: 0.00 0.00 0.00 2,500.00- 2,500.00-
N1314 N.G.A. 5012 Oct 14 96 IN 3,600.00
Customer Totals: 0.00 3,600.00 0.00 0.00 3,600.00
O1485 OMNIQUEST INTERNATIONAL bv 3780 Jul 26 94 IN 787.50
4436 Sep 27 95 IN 110.00
4689 Feb 26 96 IN 10.00
4968 Aug 28 96 IN 1,825.00
5097 Nov 21 96 IN 500.00
5141 Dec 17 96 IN 7,600.00
5209 Jan 16 97 IN 185.00
5210 Jan 16 97 IN 153.00
50301 Oct 08 96 IN 26,205.00
50364 Nov 07 96 IN 11,355.50
Customer Totals: 19,793.50 26,205.00 0.00 2,732.50 48,731.00
O1487 OCEONICS, INC 4915 Jul 29 96 IN 4,275.88
Customer Totals: 0.00 0.00 0.00 4,275.88 4,275.88
O1497 OSSERVATORIO GEOPHYSICAL 4751 May 06 96 IN 4,300.00
Customer Totals: 0.00 0.00 0.00 4,300.00 4,300.00
P1504 PGS EXPLORATION (U.S.), INC. 4819 Jun 12 96 IN 17.50
Customer Totals: 0.00 0.00 0.00 17.50 17.50
P1511 P. T. ELNUSA WIRE Dec 11 96 DR 56,875.00
PREPAY Oct 01 96 CA 56,875.00-
Customer Totals: 56,875.00 0.00 56,875.00- 0.00 0.00
33
Date: Jan 21 97 Mitcham Industries, Inc. Page: 11
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------- ------------- ------- ---- -- ------- -------- ------- --------- -----
P1514 P.T. EXLOG SARANA INDONESIA 4954 Aug 23 96 IN 300.00
Customer Totals: 0.00 0.00 0.00 300.00 300.00
P1515 PERFORADATA, S.A. DE C.V. 50307 Oct 16 96 IN 1,635.00
50461 Dec 11 96 IN 14,640.00
50477 Dec 16 96 IN 1,555.15
50482 Dec 20 96 IN 2,250.00
Customer Totals: 18,445.15 1,635.00 0.00 0.00 20,080.15
P1518 PETROLEUM DEVELOPMENT OMAN LLC 50345 Nov 08 96 IN 14,440.00
50438 Dec 03 96 IN 50,400.00
Customer Totals: 64,840.00 0.00 0.00 0.00 64,840.00
P1522 PROSOL TECHNOLOGY 4438 Sep 30 95 IN 810.00
4486 Oct 18 95 IN 100.00
4966 Aug 28 96 IN 100.00
4980 Sep 18 96 IN 1,500.00
Customer Totals: 0.00 0.00 1,500.00 1,010.00 2,510.00
P1525 PUBLIC PETROLEUM CORP/GREECE 4774 May 09 96 IN 320.00
4898 Jul 24 96 IN 160.00
Customer Totals: 0.00 0.00 0.00 480.00 480.00
R1789 RENTEC INTERNATIONAL 4986 Sep 23 96 IN 40.59
5007 Sep 24 96 IN 30.00
50107 Jun 01 96 IN 175.31
50213 Aug 30 96 IN 2,165.00
50273 Sep 29 96 IN 2,165.00
50339 Oct 29 96 IN 2,165.00
50418 Nov 28 96 IN 2,165.00
50500 Dec 28 96 IN 2,165.00
Customer Totals: 4,330.00 2,165.00 2,235.59 2,340.31 11,070.90
R1790 XXXX GEOPHYSICAL LTD. 50516 Jan 01 97 IN 17,456.09
50521 Jan 03 97 IN 10,416.00
Customer Totals: 27,872.09 0.00 0.00 0.00 27,872.09
S1806 SAGUARO GEOPHYSICAL, INC. 4411 Sep 14 95 IN 7,775.00
4506 Oct 31 95 IN 175.00
Customer Totals: 0.00 0.00 0.00 7,950.00 7,950.00
S1807 XXXXXXXXXXXX XXXXXXX XX XXXXX 00000 Jun 22 96 IN 1,500.00
10510 Jul 22 96 IN 1,500.00
10522 Aug 21 96 IN 1,500.00
10536 Sep 20 96 IN 1,500.00
Customer Totals: 0.00 0.00 1,500.00 4,500.00 6,000.00
S1821 SEISMIC & OILFIELD SERVICES 5050 Oct 28 96 IN 2,385.00
Customer Totals: 0.00 2,385.00 0.00 0.00 2,385.00
34
Date: Jan 21 97 Mitcham Industries, Inc. Page: 12
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------ ----------------------------- ----- --------- -- ----------- --------- -------- -------- ------------
S1823 SEISTEX (86), INC. 4972 Sep 17 96 IN 2,725.00
Customer Totals: 0.00 0.00 2,725.00 0.00 2,725.00
S1831 SEIS-TECH, INC. 4003 Nov 16 94 IN 926.59
4170 Feb 22 95 IN 386.45
Customer Totals: 0.00 0.00 0.00 1,313.04 1,313.04
X0000 XXXXX XXXXX XXXXXXXXXXX 00000 Dec 08 96 IN 258.33
Customer Totals: 258.33 0.00 0.00 0.00 258.33
S1843 SUELOPETROL 4761 Apr 26 96 IN 5,218.00
4761 Jan 03 97 CA 5,218.00-
4793 May 28 96 IN 356.40
4793 Jan 03 97 CA 356.40-
5013 Oct 14 96 IN 4,879.00
5013 Jan 03 97 CA 4,879.00-
Customer Totals: 0.00 0.00 0.00 0.00 0.00
S1844 SEISMIC SINGAPORE PTE LTD 5085 Nov 20 96 IN 1,060.00
5134 Dec 09 96 IN 98,947.50
5201 Jan 16 97 IN 1,009.55
50411 Nov 26 96 IN 2,220.00
50494 Dec 26 96 IN 2,108.00
Customer Totals: 105,345.05 0.00 0.00 0.00 105,345.05
S1845 SOLID STATE GEOPHYSICAL, INC. 4668 Jan 31 96 IN 845.00
4802 May 28 96 IN 150.00
4803 May 28 96 IN 1,824.02
4838 Jun 30 96 IN 2,249.40
4839 Jun 30 96 IN 1,057.64
4841 Jun 30 96 IN 1,375.00
4863 Jul 09 96 IN 1,855.00
4910 Jul 24 96 IN 30.00
4941 Aug 14 96 IN 75.00
4955 Aug 23 96 IN 330.00
5159 Dec 19 96 IN 25,899.50
10467 Apr 18 96 IN 2,006.45
50019 Apr 03 96 IN 2,000.00
50149 Jul 18 96 IN 54,000.00
50208 Aug 17 96 IN 54,000.00
50215 Aug 28 96 IN 2,000.00
50241 Sep 16 96 IN 3,950.00-
50241 Jan 10 97 DR 8,550.00
50316 Oct 16 96 IN 9,000.00-
50316 Jan 10 97 DR 9,000.00
50385 Nov 15 96 IN 20,400.00-
50385 Jan 10 97 DR 20,400.00
50389 Nov 08 96 IN 320.00
50401 Nov 20 96 IN 2,000.00
50491 Dec 27 96 IN 182,200.00
35
Date: Jan 21 97 Mitcham Industries, Inc. Page: 13
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------ ------------- ------- ---- -- ------- ------- ------- ------- -----
PREPAY Oct 23 96 CA 830.00-
Customer Totals: 210,419.50 830.00- 4,600.00 123,797.51 337,987.01
S1849 SIGNATURE GEOPHYSICAL 4555 Nov 28 95 IN 24,000.00
10074 Jun 30 95 IN 3,346.19
10122 Jul 30 95 IN 7,500.00
10145 Aug 29 95 IN 7,500.00
10336 Jan 29 96 IN 6,000.00
10391 Mar 01 96 IN 3,000.00
10528 Sep 01 96 IN 6,000.00
Customer Totals: 0.00 0.00 0.00 57,346.19 57,346.19
S1862 XXXXXXX CABLE 4973 Sep 17 96 IN 47.44
5098 Nov 21 96 IN 3,625.00
Customer Totals: 3,625.00 0.00 47.44 0.00 3,672.44
S1863 SERCEL, INC. 5130 Dec 17 96 IN 50.00-
Customer Totals: 50.00- 0.00 0.00 0.00 50.00-
S1864 SUB SURFACE EXPLORATION 5073 Nov 13 96 IN 1,600.00
5170 Dec 31 96 IN 1,600.00
Customer Totals: 3,200.00 0.00 0.00 0.00 3,200.00
S1866 SOLID STATE INT'L INCENIERIA 5168 Dec 31 96 IN 150.00
Customer Totals: 150.00 0.00 0.00 0.00 150.00
T2001 TOWHEE EXPLORATION 4450 Sep 30 95 IN 154.39
4620 Jan 01 96 IN 416.00
4864 Jul 09 96 IN 2,641.30
5116 Dec 07 96 IN 931.41
5116 Jan 04 97 CA 931.41-
5190 Jan 15 97 IN 1,728.84
5204 Jan 16 97 IN 4,963.20
5205 Jan 16 97 IN 1,067.22
5206 Jan 16 97 IN 580.64
50307 Dec 30 96 CR 1,564.63-
50378 Nov 01 96 IN 1,564.63
50378 Jan 04 97 CA 1,564.63-
50420 Dec 01 96 IN 1,564.63
50506 Jan 01 97 IN 1,564.63
PREPAY Nov 06 96 CA 5,662.40-
Customer Totals: 4,242.13 0.00 0.00 3,211.69 7,453.82
T2002 XXXX TECHNOLOGY, INC. 4424 Sep 20 95 IN 5,259.30
4428 Sep 20 95 IN 322.99
4429 Sep 20 95 IN 2,107.25
4430 Sep 20 95 IN 555.00
4431 Sep 20 95 IN 566.26
4432 Sep 20 95 IN 1,360.00
4433 Sep 20 95 IN 1,177.15
4434 Sep 20 95 IN 2,119.20
36
Date: Jan 21 97 Mitcham Industries, Inc. Page: 14
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------ ------------- ------- ---- -- ------- ------- ------- ------- -----
4607 Dec 29 95 IN 1,520.00
5086 Nov 20 96 IN 32,475.00
Customer Totals: 32,475.00 0.00 0.00 14,987.15 47,462.15
T2003 TRACE GEOPHYSICAL 4869 Jul 15 96 IN 187.50
4870 Jul 15 96 IN 200.94
4871 Jul 15 96 IN 2,475.00
Customer Totals: 0.00 0.00 0.00 2,863.44 2,863.44
T2010 TIDELANDS GEOPHYSICAL CO. 4767 Apr 12 96 IN 3,300.00
4889 Jul 21 96 IN 10,650.00
4928 Aug 12 96 IN 357.23
5061 Oct 31 96 IN 250.00
5061 Jan 02 97 CA 250.00-
5135 Dec 10 96 IN 135,600.00
5172 Dec 27 96 IN 132.07
5172 Jan 16 97 CR 132.07-
50140 Jun 27 96 IN 3,000.00
50197 Aug 26 96 IN 1,275.00
50326 Oct 29 96 IN 4,416.61
50377 Nov 07 96 IN 7,577.50
50417 Nov 28 96 IN 4,059.38
50431 Nov 27 96 IN 15,999.35
50452 Dec 07 96 IN 7,577.50
50452 Jan 17 97 CR 3,026.00-
50498 Dec 27 96 IN 11,433.19
50499 Dec 28 96 IN 4,059.38
Customer Totals: 183,280.30 4,416.61 0.00 18,582.23 206,279.14
T2011 TERRASCAN EXPLORATION LTD 50376 Nov 23 96 IN 87,450.00
50487 Dec 23 96 IN 90,364.99
Customer Totals: 177,814.99 0.00 0.00 0.00 177,814.99
X0000 X.X. XXXX CORP OF ENGINEERS 5131 Dec 06 96 IN 615.00
Customer Totals: 615.00 0.00 0.00 0.00 615.00
U2081 UNIVERSITY OF COPENHAGEN 4586 Dec 31 95 IN 7,490.00
Customer Totals: 0.00 0.00 0.00 7,490.00 7,490.00
X0000 XXXXX XXXXXXXXX XXXXXXXXX,X.X. 5103 Nov 27 96 IN 370.00
10517 Aug 08 96 IN 8,440.00-
10517 Jan 17 97 DR 8,440.00
10530 Sep 07 96 IN 13,440.00
10530 Jan 17 97 CR 13,440.00-
50192 Aug 15 96 IN 5,500.00-
50192 Jan 17 97 DR 5,500.00
50221 Dec 00 00 XX 4,033.36
50221 Jan 17 97 CR 4,033.36-
Customer Totals: 370.00 0.00 0.00 0.00 370.00
U2090 UNIVERSAL SEISMIC ACQUISITION 4113 Jan 17 95 IN 6,925.72
37
Date: Jan 21 97 Mitcham Industries, Inc. Page: 15
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------ ------------- ------- ---- -- ------- ------- ------- ------- -----
4789 May 28 96 IN 162.38
4790 May 28 96 IN 124.49
4796 May 28 96 IN 324.75
4797 May 28 96 IN 108.25
4844 Jun 30 96 IN 1,542.40
4845 Jun 30 96 IN 417.10
4846 Jun 30 96 IN 100.00
4847 Jun 30 96 IN 525.00
4848 Jun 30 96 IN 296.80
4849 Jun 30 96 IN 120.00
4850 Jun 30 96 IN 61.56
4905 Jul 24 96 IN 5,000.73
4951 Aug 23 96 IN 1,190.75
4967 Aug 28 96 IN 378.88
5009 Sep 27 96 IN 100.00
5020 Oct 15 96 IN 596.25
5045 Oct 28 96 IN 25.00
5128 Dec 05 96 IN 925.75
5161 Dec 19 96 IN 785.90
5191 Jan 16 97 IN 3,542.29
5199 Jan 09 97 IN 2,048.13
10020 Apr 20 95 IN 2,361.65
10105 Jul 19 95 IN 6,419.28
10110 Jul 18 95 IN 80.00
10111 Jul 18 95 IN 20.00
10290 Jan 03 96 IN 2,686.66
10433 Apr 03 96 IN 2,200.00
10475 May 05 96 IN 1,645.00
10485 Jul 05 96 IN 2,200.00
10487 Jun 03 96 IN 2,200.00
10488 Jun 04 96 IN 1,645.00
10501 Jul 05 96 IN 2,200.00
10502 Jul 04 96 IN 1,645.00
10503 Jul 05 96 IN 2,400.00
10520 Aug 03 96 IN 1,645.00
10527 Sep 05 96 IN 2,400.00
10539 Oct 05 96 IN 2,400.00
50007 Mar 23 96 IN 19,863.88
50015 Apr 03 96 IN 18,600.00
50027 Apr 19 96 IN 4,113.50
50034 Apr 22 96 IN 18,943.75
50036 Apr 23 96 IN 1,120.39
50057 May 15 96 IN 12,124.00
50060 May 19 96 IN 4,113.50
50075 May 03 96 IN 39,577.95
50076 May 22 96 IN 18,943.75
50077 May 14 96 IN 7,312.50
50091 Jun 02 96 IN 34,630.00
50097 Jun 14 96 IN 12,124.00
50100 Jun 18 96 IN 4,113.50
50110 Jun 21 96 IN 17,301.95
38
Date: Jan 21 97 Mitcham Industries, Inc. Page: 16
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------ ------------- ------- ---- -- ------- ------- ------- ------- -----
50127 Jul 02 96 IN 8,088.06
50150 Jul 18 96 IN 4,113.50
50152 Jul 21 96 IN 14,018.38
50174 Jul 22 96 IN 12,124.00
50185 Aug 15 96 IN 19,604.07
50193 Aug 17 96 IN 4,113.50
50205 Aug 21 96 IN 12,124.00
50210 Aug 02 96 IN 1,600.00
50217 Sep 03 96 IN 35,121.71
50236 Sep 01 96 IN 1,600.00
50245 Sep 14 96 IN 19,604.08
50248 Sep 16 96 IN 4,113.50
50257 Sep 20 96 IN 12,124.00
50270 Sep 26 96 IN 1,569.63
50271 Sep 27 96 IN 1,000.00
50278 Oct 07 96 IN 5,141.88
50286 Oct 01 96 IN 1,600.00
50288 Oct 03 96 IN 33,666.76
50312 Oct 14 96 IN 19,604.08
50317 Oct 16 96 IN 980.59
50323 Oct 20 96 IN 12,124.00
50331 Oct 26 96 IN 1,569.63
50334 Oct 27 96 IN 1,000.00
50336 Oct 28 96 IN 4,030.18
50355 Nov 02 96 IN 16,037.00
50355 Jan 16 97 CR 2,013.45-
50373 Nov 13 96 IN 5,800.50
50381 Oct 31 96 IN 1,600.00
50386 Nov 15 96 IN 681.98
50408 Nov 25 96 IN 332.37
50413 Nov 26 96 IN 1,000.00
50423 Nov 30 96 IN 1,600.00
50470 Dec 13 96 DR 64.94
50476 Dec 15 96 DR 681.98
50493 Dec 25 96 IN 487.13
50496 Dec 26 96 IN 1,000.00
50509 Dec 31 96 IN 1,732.00
50520 Jan 01 97 IN 619.19
51011 Nov 25 96 IN 3,247.50
10458A Aug 30 96 IN 2,400.00
10474A Aug 30 96 IN 1,397.10
10489A Aug 30 96 IN 2,400.00
10515A Aug 30 96 IN 2,400.00
PREPAY Feb 26 96 CA 1,199.06
Customer Totals: 38,573.21 82,738.37 77,632.92 346,690.74 545,635.24
U2095 USGS 5193 Jan 06 97 IN 349.00
Customer Totals: 349.00 0.00 0.00 0.00 349.00
X0000 XXXXXXXXXX XX XXXXX XXXXXXXX 4365 Jul 31 95 IN 1,200.00
4886 Jul 15 96 IN 527.52
39
Date: Jan 21 97 Mitcham Industries, Inc. Page: 17
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------- ------------- ------- ---- -- ------- -------- ------- --------- -----
50105 Jun 26 96 IN 600.00
Customer Totals: 0.00 0.00 0.00 2,327.52 2,327.52
V2102 VERITAS GEOPHYSICAL 4903 Jul 24 96 IN 193.42
4904 Jul 24 96 IN 1,231.23
4912 Jul 24 96 IN 1,488.44
4939 Aug 12 96 IN 7,520.00
5076 Nov 13 96 IN 443.80
5076 Jan 13 97 CA 443.80-
5079 Nov 13 96 IN 956.25
5079 Jan 13 97 CA 956.25-
5106 Nov 27 96 IN 188.64
5113 Dec 05 96 IN 6,250.00
5113 Jan 14 97 CR 6,250.00-
5118 Dec 13 96 IN 14,353.25
5119 Dec 13 96 IN 857.50
5119 Dec 13 96 IN 12,862.50
5119 Jan 14 97 CR 857.50-
5140 Dec 16 96 IN 385.00
5179 Jan 03 97 IN 43,280.00
5182 Jan 07 97 IN 13,892.08
5183 Jan 07 97 IN 12,897.45
5184 Jan 08 97 IN 19,722.50
5185 Jan 08 97 IN 18,315.00
5189 Jan 15 97 IN 81.19
5198 Jan 09 97 IN 132.61
10292 Jan 14 96 IN 8,064.00
50005 Mar 11 96 IN 27,942.00
50006 Mar 11 96 IN 2,925.76
50048 May 07 96 IN 27,111.22
50054 May 10 96 IN 2,500.00
50095 Jun 09 96 IN 2,500.00
50302 Oct 09 96 IN 6,040.22
50303 Oct 09 96 IN 5,683.13
50333 Nov 01 96 IN 2,776.32
50343 Nov 01 96 IN 13,233.56
50343 Jan 13 97 CA 13,233.56-
50366 Dec 23 96 DR 676.52
50367 Nov 08 96 IN 5,683.13
50369 Nov 11 96 IN 389.70
50384 Nov 15 96 IN 2,435.63
50384 Jan 13 97 CA 2,435.63-
50390 Nov 21 96 IN 2,435.63
50390 Jan 13 97 CA 2,435.63-
50412 Nov 26 96 IN 3,163.76
50412 Jan 13 97 CA 3,163.76-
50426 Dec 01 96 IN 14,045.44
50455 Dec 08 96 IN 5,683.13
50464 Dec 11 96 IN 389.70
50464 Jan 14 97 CR 194.85-
50475 Dec 15 96 IN 2,435.63
40
Date: Jan 21 97 Mitcham Industries, Inc. Page: 18
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------- ------------- ------- ---- -- ------- -------- ------- --------- -----
50486 Dec 21 96 IN 2,435.63
50495 Dec 26 96 IN 4,249.90
50511 Dec 31 96 IN 48.63
Customer Totals: 174,729.10 11,723.35 0.00 81,476.07 267,928.52
V2105 VENTURE SEISMIC, LTD. 5162 Dec 23 96 IN 190.00
PREPAY Dec 31 96 CA 73,704.07-
Customer Totals: 73,514.07- 0.00 0.00 0.00 73,514.07-
W2380 XXXXXX GEOPHYSICAL 10356 Feb 26 96 IN 2,072.74
Customer Totals: 0.00 0.00 0.00 2,072.74 2,072.74
W2392 XXXXXXX X.X. & ASSOCIATES 4526 Nov 17 95 IN 512.13
4526 Jan 14 97 CR 512.13-
4526 Jan 17 97 CA 512.13-
4529 Nov 17 95 IN 1,093.33
4529 Jan 14 97 CR 1,093.33-
4529 Jan 17 97 CA 1,093.33-
Customer Totals: 0.00 0.00 0.00 1,605.46- 1,605.46-
W2393 WESTERN GEOPHYSICAL CO/TX 4526 Dec 31 96 CR 512.13-
4526 Jan 14 97 DR 512.13
4529 Dec 31 96 CR 1,093.33-
4529 Jan 14 97 DR 1,093.33
4706 Feb 29 96 IN 1,000.00
4807 May 28 96 IN 647.33
4865 Jul 15 96 IN 1,237.50
4971 Sep 17 96 IN 378.87
4994 Sep 23 96 IN 259.80
4994 Jan 11 97 CA 240.00-
5070 Nov 13 96 IN 2,630.00
5070 Jan 11 97 CA 2,630.00-
5090 Nov 20 96 IN 30.00
5091 Nov 20 96 IN 265.00
5091 Jan 04 97 CA 265.00-
5108 Nov 26 96 IN 6,666.67
5109 Nov 26 96 IN 6,666.67
5110 Nov 26 96 IN 6,666.67
5194 Jan 03 97 IN 2,273.25
50479 Dec 13 96 IN 2,489.75
Customer Totals: 24,793.01 0.00 398.67 2,884.83 28,076.51
W2398 XXXXXXXXXX & ASSOCIATES, INC. 4678 Feb 09 96 IN 4,330.00
Customer Totals: 0.00 0.00 0.00 4,330.00 4,330.00
X0000 XXXXXXX XXXXX INTERNATIONAL 4830 Jun 30 96 IN 94.88
4936 Aug 12 96 IN 39,470.00
Customer Totals: 0.00 0.00 0.00 39,564.88 39,564.88
W2403 WELL SERVICES (MARINE) LTD 5163 Dec 23 96 IN 358.65
Customer Totals: 358.65 0.00 0.00 0.00 358.65
41
Date: Jan 21 97 Mitcham Industries, Inc. Page: 19
Detailed Aged Trial Balance for Customers [ ] to [zzzzzz] as of Nov 30 96
Customers with all control accounts.
Cust Invoice 30 - 60 60 - 90 Over 90
Number Customer Name Number Date TP Current Days Days Days Total
------ ------------- ------- ---- -- ------- ------- ------- ------- -----
------------- ------------- ------------- ------------- --------------
A/R - trade 2,886,094.04 485,933.03 411,719.16 1,521,533.92 5,305,280.15
A/R - employee 0.00 0.00 0.00 0.00 0.00
A/R - other 0.00 0.00 0.00 0.00 0.00
A/R - clearing 0.00 0.00 0.00 0.00 0.00
Allowance for doubtful 0.00 0.00 0.00 0.00 0.00
------------- ------------- ------------- ------------- --------------
2,886,094.04 485,933.03 411,719.16 1,521,533.92 5,305,280.15
============= ============= ============= ============= ==============
54.40 % 9.16 % 7.76 % 28.68 %
42
Date: Jan 21 97 7:53am MITCHAM INDUSTRIES INC. Page: 1
Open Payables - Detail by date
Calculate balance as of: Nov 30 96
Control account [ ] to [zzzzzz]
Vendor number [ ] to [zzzzzz]
Report group [ ] to [zzzzzz]
Vendor Vendor Name/ Disc. Post.
Number Doc. Number Doc. Date Due Date Disc Date Rate Reference Seq. Original Amount Current Amount
------ --------------- --------- -------- --------- ----- --------- ----- --------------- --------------
A0053 ANIMAL HOSPITAL
IN 102196 Oct 21 96 Nov 20 96 123 146.64 146.64
--------
146.64
A0423 AIR TIGER EXPRESS (USA) INC.
IN 6112046 Nov 07 96 Dec 07 96 115 125.00 125.00
--------
125.00
A0424 ADVERTISING, AGENCY THE
IN 2581 Nov 15 96 Dec 15 96 115 8,436.88 8,436.88
--------
8,436.88
X0000 XXX XXXXXX XXXXXXX
XX 000000 Nov 06 96 Nov 06 96 113 152.98 152.98
IN 829150 Nov 15 96 Nov 15 96 113 9.74 9.74
IN 408100 Nov 20 96 Nov 20 96 113 97.15 97.15
--------
259.87
X0000 XXXXX SALES, INC.
IN 115104 Nov 22 96 Dec 22 96 110 66.90 66.90
--------
66.90
X0000 XXXXXXXXX SCIENCE LTD
IN 30277572 Nov 19 96 Dec 19 96 115 231.20 231.20
--------
231.20
X0000 XXX XXXX XXXXXXXXXXX
XX 00000 Nov 25 96 Dec 25 96 110 53.50 53.50
--------
53.50
X0000 X & X XXXXXXXXXXX XXXXXXXXX
XX 00000 Nov 21 96 Dec 21 96 110 701.35 701.35
--------
701.35
C1350 C & H DISTRIBUTORS, INC.
IN 267070501 Nov 19 96 Dec 19 96 110 463.99 463.99
IN 267495700 Nov 22 96 Dec 22 96 110 464.05- 464.05-
--------
0.06-
C1375 COPY TIME, ETC.
IN 110696 Nov 06 96 Nov 16 96 113 500.12 500.12
IN 11-6-96 Nov 06 96 Nov 16 96 113 17.05 17.05
--------
517.17
C1406 CASE WINE CELLARS
IN 262 Nov 25 96 Dec 25 96 113 1,127.18 1,127.18
43
Date: Jan 21 97 7:53am MITCHAM INDUSTRIES INC. Page: 2
Open Payables - Detail by date
Vendor Vendor Name/ Disc. Post.
Number Doc. Number Doc. Date Due Date Disc Date Rate Reference Seq. Original Amount Current Amount
------ --------------- --------- -------- --------- ----- --------- ----- --------------- --------------
(Vendor C1406 continued) ----------
1,127.18
D2001 DIAL-A-CHECK PAYROLL SERVICE
IN 5275 Nov 30 96 Nov 30 96 113 78.82 78.82
----------
78.82
D2168 XXXXXXXX, INC.
IN 140-49004501 Nov 01 96 Dec 01 96 112 598.70 598.70
IN 140-49030701 Nov 06 96 Dec 06 96 112 390.00 390.00
IN 491836.1 Nov 07 96 Dec 07 96 112 205.60 205.60
IN 492586.1 Nov 23 96 Dec 23 96 112 529.80 529.80
IN 492725.1 Nov 25 96 Dec 25 96 112 749.15 749.15
IN 492948.1 Nov 27 96 Dec 27 96 113 655.60 655.60
----------
3,128.85
E2436 XXXXXXXX
XX 000000 Nov 21 96 Dec 21 96 110 333.00 333.00
----------
333.00
E2497 EXPEDITORS INTERNATIONAL INC.
IN 97008093 Nov 27 96 Dec 07 96 113 140.00 140.00
----------
140.00
F2730 FEDERAL EXPRESS CORPORATION
IN 1-905-82355 Sep 12 96 Sep 22 96 115 321.15 321.15
IN 1-923-83065 Nov 28 96 Dec 08 96 120 1,009.55 1,009.55
IN 1-923-88046 Nov 28 96 Dec 08 96 115 2,787.51 2,787.51
----------
4,118.21
X0000 XXX XXXXX XXXXXXXXXXX
XX 000000 Nov 13 96 Dec 13 96 102 79,160.11 79,160.11
IN 116353 Nov 19 96 Dec 19 96 110 29,711.74 29,711.74
IN 116354 Nov 19 96 Dec 19 96 104 270.00 270.00
IN 116391 Nov 26 96 Dec 26 96 111 5,915.00 5,915.00
IN 116419 Nov 27 96 Dec 27 96 111 15,245.00 15,245.00
----------
130,301.85
G3231 GLOBAL EQUIPMENT COMPANY
IN 46159594 Nov 22 96 Nov 22 96 113 354.95 354.95
----------
354.95
X0000 XXXXXXXXXX XXXX TOOLS, INC.
IN 1393 Nov 25 96 Dec 25 96 125 35,567.62 35,567.62
IN 1373 Nov 27 96 Dec 27 96 111 836.10 836.10
----------
36,403.72
H3843 HOUSTON GEOPHYSICAL PRODUCTS
IN 267 Nov 27 96 Dec 27 96 111 678.78 678.78
----------
678.78
H3850 HUMMINGBIRD EXPLORATION, INC
44
Date: Jan 21 97 7:53am MITCHAM INDUSTRIES INC. Page: 3
Open Payables - Detail by date
Vendor Vendor Name/ Disc. Post.
Number Doc. Number Doc. Date Due Date Disc Date Rate Reference Seq. Original Amount Current Amount
------ --------------- --------- -------- --------- ----- --------- ----- --------------- --------------
(Vendor H3850 continued)
IN 96-3012 Nov 30 96 Dec 30 96 123 5,317.00 5,317.00
----------
5,317.00
I4210 INPUT/OUTPUT, INC.
IN 54416 Nov 04 96 Dec 04 96 102 4,343.56 4,343.56
IN 54417 Nov 04 96 Dec 04 96 102 571.50 571.50
IN 54418 Nov 04 96 Dec 04 96 102 1,633.21 1,633.21
IN 54419 Nov 04 96 Dec 04 96 102 382.50 382.50
IN 54420 Nov 04 96 Dec 04 96 102 15.00 15.00
IN 54423 Nov 04 96 Dec 04 96 102 15.00 15.00
IN 54425 Nov 04 96 Dec 04 96 102 198.75 198.75
IN 54426 Nov 04 96 Dec 04 96 102 15.00 15.00
IN 54427 Nov 04 96 Dec 04 96 102 721.87 721.87
IN 54428 Nov 04 96 Dec 04 96 102 150.00 150.00
IN 54432 Nov 04 96 Dec 04 96 102 408.86 408.86
IN 54497 Nov 11 96 Dec 11 96 102 229.50 229.50
IN 54553 Nov 14 96 Dec 14 96 102 187.48 187.48
IN 54722 Nov 25 96 Dec 25 96 110 276.34 276.34
IN 54761 Nov 27 96 Dec 27 96 113 84,474.22 84,474.22
IN 54772 Nov 27 96 Dec 27 96 113 178.64 178.64
IN 54773 Nov 27 96 Dec 27 96 113 4,783.35 4,783.35
IN 54774 Nov 27 96 Dec 27 96 116 4,120.82 4,120.82
IN 54775 Nov 27 96 Dec 27 96 113 445.11 445.11
----------
103,150.71
J2494 XXXXXX TOOLS, INC.
IN 2005052 Jul 22 96 Aug 21 96 115 167.74 167.74
----------
167.74
L4848 LTI WIRE SERVICES
IN 3479 Nov 22 96 Nov 22 96 123 586.20 586.20
----------
586.20
L4863 XXX,XXX.
XX 00000 May 10 96 May 10 96 121 188.50 188.50
----------
188.50
M4958 XXXXXXX CORPORATION
IN 1903758 Oct 17 96 Oct 17 96 115 865.62 865.62
IN 1903770 Oct 17 96 Oct 17 96 115 521.85 521.85
IN 1904030 Nov 30 96 Nov 30 96 113 6,028.77 6,028.77
IN 1904033 Nov 30 96 Nov 30 96 113 313.93 313.93
IN 1904034 Nov 30 96 Nov 30 96 113 281.07 281.07
----------
8,011.24
M5069 XXXX PRODUCTS/CANADA
IN 12676 Nov 01 96 Dec 01 96 120 205,380.00 205,380.00
----------
205,380.00
M5071 XXXX XXXXXXXX/XXXXXXX
XX 00000 Nov 26 96 Dec 26 96 111 53,767.25 53,767.25
45
Date: Jan 21 97 7:53am MITCHAM INDUSTRIES INC. Page: 4
Open Payables - Detail by date
Vendor Vendor Name/ Disc. Post.
Number Doc. Number Doc. Date Due Date Disc Date Rate Reference Seq. Original Amount Current Amount
------ --------------- --------- -------- --------- ----- --------- ----- --------------- --------------
(Vendor M5071 continued)
----------
53,767.25
M5310 XXXXXXX, XXXXX X., XX.
IN 1195 Nov 08 95 Jan 08 97 113 531.53 531.53
----------
531.53
N6030 NORTON, JACOBS, XXXX & McTOPY
IN 2637 Oct 31 96 Nov 30 96 102 421.10 421.10
IN 2638 Oct 31 96 Nov 30 96 102 9.33 9.33
IN 2639 Oct 31 96 Nov 30 96 102 877.50 877.50
IN 2722 Oct 31 96 Nov 30 96 102 3,327.41 3,327.41
IN 2723 Oct 31 96 Nov 30 96 102 1,664.60 1,664.60
IN 2727 Oct 31 96 Nov 30 96 102 5,777.95 5,777.95
IN 2808 Nov 30 96 Dec 30 96 115 39.00 39.00
IN 2824 Nov 30 96 Dec 30 96 115 562.50 562.50
IN 2827 Nov 30 96 Dec 30 96 115 370.50 370.50
IN 2828 Nov 30 96 Dec 30 96 115 1,764.90 1,764.90
IN 2829 Nov 30 96 Dec 30 96 115 1,912.65 1,912.65
----------
16,727.44
O6221 O.R.E. INTERNATIONAL, INC.
IN 25000 Aug 31 96 Sep 30 96 114 22,850.00 22,850.00
IN 25001 Aug 31 96 Sep 30 96 114 31,205.00 31,205.00
IN 25009 Aug 31 96 Sep 30 96 114 1,380.00 1,380.00
IN 25063 Sep 30 96 Oct 30 96 114 1,800.00 1,800.00
----------
57,235.00
P6288 PELAGOS CORP.
IN 1232(2714) Nov 30 96 Dec 30 96 115 1,479.55 1,479.55
----------
1,479.55
Q6374 QUIK-PAK, INC.
IN 291196GNR Nov 29 96 Dec 14 96 113 45.90 45.90
----------
45.90
R6442 XXXX OFFICE SYSTEMS, INC.
IN 87734 Oct 09 96 Nov 08 96 120 13.79 13.79
----------
13.79
R6700 RELIABLE PARTS CO.
IN 4822 Nov 21 96 Dec 21 96 110 90.86 90.86
IN 5107 Nov 22 96 Dec 22 96 110 19.19- 19.19-
IN 5790 Nov 26 96 Dec 26 96 110 29.20 29.20
----------
100.87
S7101 SETON NAME PLATE COMPANY
IN B702650-01 Nov 27 96 Dec 27 96 110 739.95 739.95
----------
739.95
S7126 SERCEL, INC.
IN 96/11/0450 Nov 18 96 Dec 18 96 104 740,350.00 740,350.00
46
Date: Jan 21 97 7:53am MITCHAM INDUSTRIES INC. Page: 5
Open Payables - Detail by date
Vendor Vendor Name/ Disc. Post.
Number Doc. Number Doc. Date Due Date Disc Date Rate Reference Seq. Original Amount Current Amount
------ --------------- --------- -------- --------- ----- --------- ----- --------------- --------------
(Vendor S7126 continued)
IN 96/11/0451 Nov 18 96 Dec 18 96 105 1,021,751.00 1,021,751.00
IN 96/11/0452 Nov 18 96 Dec 18 96 105 204,561.00 204,561.00
IN 96/11/0458 Nov 21 96 Dec 21 96 111 2,574.99 2,574.99
IN 96/11/0466 Nov 30 96 Dec 30 96 111 627,376.00 627,376.00
IN 96/11/0467 Nov 30 96 Dec 30 96 113 75.50 75.50
IN 96/11/0468 Nov 30 96 Dec 30 96 113 2,188.36 2,188.36
IN 96/11/0482 Nov 30 96 Dec 30 96 113 857,618.00 857,618.00 H
------------
3,456,494.85
T8236 XXXXXX INSTRUMENTS INC.
IN 4554 Nov 22 96 Dec 22 96 110 92.50 92.50
------------
92.50
T8243 TERRASCAN EXPLORATION, LTD.
IN 10-19-95 Oct 19 95 Nov 18 95 58 150,000.00 22,500.00
AD 00-0 Xxx 00 00 0 22,500.00- 22,500.00-F
------------
0.00
T8246 TESCORP SEISMIC PRODUCTS
IN 8133 Nov 25 96 Dec 25 96 110 9,021.24 9,021.24
IN 3153 Nov 26 96 Dec 26 96 110 7,121.40 7,121.40
IN 8258 Nov 30 96 Dec 30 96 111 20,344.50 20,344.50
------------
36,487.14
T8739 TRACE VENTURES EXPLORATIONS,IN
IN 82-9611 Nov 30 96 Nov 30 96 115 3,420.00 3,420.00
------------
3,420.00
T8740 TRACE EXPLORATIONS LTD.
IN 736-9611 Nov 30 96 Dec 30 96 116 15,200.00 15,200.00
IN 737-9611 Nov 30 96 Dec 30 96 116 3,000.00 3,000.00
------------
18,200.00
T8742 XXXXXXXX
XX 000000 Nov 20 96 Dec 20 96 110 27.06 27.06
------------
27.06
W9339 WAGGONERS TRUCKING
IN 133405A Nov 07 96 Nov 17 96 112 280.00 280.00
IN 133450A Nov 16 96 Nov 26 96 112 180.00 180.00
IN 133495A Nov 16 96 Nov 26 96 112 120.00 120.00
IN 134763A Nov 25 96 Dec 05 96 112 243.20 243.20
IN 134785A Nov 25 96 Dec 05 96 112 352.00 352.00
IN 134823A Nov 27 96 Dec 07 96 112 336.00 336.00
------------
1,511.20
X0000 XXXXXX XXXXXX XXXXXXXXX XXXX
XX 00000 Oct 08 96 Jan 01 97 87 4,655.24 4,655.24
IN 16055 Oct 08 96 Jan 01 97 87 4,129.21 4,129.21
------------
8,784.45
47
Date: Jan 21 97 7:53am MITCHAM INDUSTRIES INC. Page: 6
Open Payables - Detail by date
Vendor Vendor Name/ Disc. Post.
Number Doc. Number Doc. Date Due Date Disc Date Rate Reference Seq. Original Amount Current Amount
------ --------------- --------- -------- --------- ----- --------- ----- --------------- --------------
W9344 XXXX ELECTRIC SUPPLY CO.
IN 224596-00 Nov 27 96 Dec 27 96 113 19.71 19.71
------------
19.71
X0000 XXXXXX XXXXXX XXX XXXXXXXX/
XX 0000000 Oct 25 96 Jan 01 97 91 2,190.77 2,190.77
IN 1908296 Oct 25 96 Jan 01 97 91 2,469.86 2,469.86
------------
4,660.63
W9349 XXXXXX,XXXXXX & XXXXXX
IN 55445076 Nov 14 96 Dec 14 96 115 85.00 85.00
------------
85.00
------------
Control account total ( 1) 4,170,429.02
------------
Total 4,170,429.02
============
F: indicates transaction forced for payment.
H: indicates transaction placed on hold.
48 vendor(s) printed.
