Global Geophysical Services Inc - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - April 7, 2014

Attached files

file filename
8-K - FORM 8-K - Global Geophysical Services Incf8k_040714.htm
EX-99.18 - EXHIBIT 99.18 - Global Geophysical Services Incexh_9918.htm
EX-99.9 - EXHIBIT 99.9 - Global Geophysical Services Incexh_999.htm
EX-99.12 - EXHIBIT 99.12 - Global Geophysical Services Incexh_9912.htm
EX-99.8 - EXHIBIT 99.8 - Global Geophysical Services Incexh_998.htm
EX-99.14 - EXHIBIT 99.14 - Global Geophysical Services Incexh_9914.htm
EX-99.5 - EXHIBIT 99.5 - Global Geophysical Services Incexh_995.htm
EX-99.1 - EXHIBIT 99.1 - Global Geophysical Services Incexh_991.htm
EX-99.10 - EXHIBIT 99.10 - Global Geophysical Services Incexh_9910.htm
EX-99.20 - EXHIBIT 99.20 - Global Geophysical Services Incexh_9920.htm
EX-99.17 - EXHIBIT 99.17 - Global Geophysical Services Incexh_9917.htm
EX-99.13 - EXHIBIT 99.13 - Global Geophysical Services Incexh_9913.htm
EX-99.16 - EXHIBIT 99.16 - Global Geophysical Services Incexh_9916.htm
EX-99.11 - EXHIBIT 99.11 - Global Geophysical Services Incexh_9911.htm
EX-99.7 - EXHIBIT 99.7 - Global Geophysical Services Incexh_997.htm
EX-99.3 - EXHIBIT 99.3 - Global Geophysical Services Incexh_993.htm
EX-99.6 - EXHIBIT 99.6 - Global Geophysical Services Incexh_996.htm
EX-99.15 - EXHIBIT 99.15 - Global Geophysical Services Incexh_9915.htm
EX-99.19 - EXHIBIT 99.19 - Global Geophysical Services Incexh_9919.htm
Exhibit 99.2
 
TPG SPECIALTY LENDING, INC.
888 7th Avenue, 4th Floor
New York, NY  10019
 
  April 4, 2014
 
VIA TELECOPIER and EMAIL
 
Global Geophysical Services, Inc.
13927 South Gessner Road
Missouri City, TX  77489
Attention:  James Brasher
Facsimile:  713-808-7810
Email:  sean.gore@globalgeophysical.com
 
Re:           Loan Statement
 
Ladies and Gentlemen:
 
Reference is made to (a) the Financing Agreement, dated as of September 30, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Financing Agreement”), by and among Global Geophysical Services, Inc., a Delaware corporation (“Company”) and certain Subsidiaries of Company, as Guarantors, the Lenders from time to time party thereto, and TPG Specialty Lending, Inc., as administrative agent for the Lenders (in such capacity, “Administrative Agent”), as collateral agent for the Lenders (in such capacity, “Collateral Agent”, and together with the Administrative Agent, each an “Agent” and collectively, the “Agents”), (b) the invoice, dated March 20, 2014 (the “Invoice”), from Cortland Capital Markets Services (on behalf of the Administrative Agent) to the Company. All capitalized terms used herein and not otherwise defined herein are used herein as defined in the Financing Agreement.
 
The Invoice provided that the amount of interest payable by the Company on March 31, 2014 was $2,221,850.31. As a result of the acceleration of the Obligations, the filing of the insolvency proceeding by the Company and the issuance of the related DIP financing bankruptcy court order, the interest rate (and the amount of the Obligations on which interest is calculated) changed, and, as a result, the amount of interest payable by the Company on March 31, 2014 changed to an amount not less than $2,295,817.44, resulting in a payment shortfall of $73,967.13 (the “Shortfall”). We have attached a spreadsheet detailing the calculation of this amount (the “Spreadsheet”) and request that the Shortfall be paid to the Administrative Agent promptly upon receipt of this letter.
 
The Agents and Lenders expressly reserve all of their rights, powers, privileges and remedies under the Financing Agreement, the other Loan Documents and applicable law, including, without limitation, the right to charge interest at the default rate with respect to all Obligations.

 
 
 
 
Global Geophysical Services, Inc.
April  4, 2014
Page 2 
 
  TPG SPECIALTY LENDING, INC., as
  Administrative  Agent
     
     
  By: /s/ PHIL WARREN________________________________
    Name: Phil Warren
   
Title: Authorized Signatory
     
 
cc:
Baker Botts L.L.P.
 
910 Louisiana Street
 
Houston, TX  77002-4495
 
Attention:  Joe S. Poff
 
Facsimile:  (713) 229-7710
 
Email:  joe.poff@bakerbotts.com

 
 
 
 
 
 
 

Global Geophysical Services Inc Reports