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13D Filing: Whitebox Advisors and Saexploration Holdings Inc. (SAEX)

Published on January 5, 2018 at 10:59 am by Insider Monkey Staff in Hedge Funds

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Page 16 of 26 – SEC Filing

I.

Each
of the Lenders party hereto and, at the direction of the Required Lenders, the Agent
desires to consent to the Transactions.

J.

Each
of the Lenders party hereto and, at the direction of the Required Lenders, the Agent
desires to waive compliance with any provision in the Term Loan Agreement that might
prohibit the Transactions, including those provisions set forth in Sections 7.7, 7.8,
7.12 and 7.14 of the Term Loan Agreement.

K.

The
exchange of certain Indebtedness may extend beyond the next interest installment date
with respect to such Indebtedness and such interest may not be paid on such interest
installment date (the “Specified Interest Payment Default”).

L.

Borrower
has executed and delivered that certain letter agreement dated September 8, 2017 to Agent
(the “Specified Letter Agreement”), for the benefit of each
Lender party to the Term Loan Agreement, pursuant to which Borrower agreed not to incur
more than $16 million aggregate principal amount of obligations secured by liens that
are senior to the liens securing the Obligations without the consent of the Required
Lenders (the “Senior Obligations Cap”).

M.

Borrower
desires to increase the amount of the Senior Obligations Cap to $20 million.

NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration the receipt and sufficiency of
which is hereby acknowledged, the undersigned agree as follows:

1. Waiver
and Consent.

(a) Each
of the undersigned Lenders and, at the direction of the Required Lenders, the Agent hereby irrevocably consents to the Transactions.

(b) Each
of the undersigned Lenders and, at the direction of the Required Lenders, the Agent hereby waives compliance with any provision
in the Term Loan Agreement that might prohibit the Transactions, including those provisions set forth in Sections 7.7, 7.8, 7.12
and 7.14 of the Term Loan Agreement.

(c) Except
as expressly provided by this Consent, the Term Loan Agreement shall remain in full force and effect and none of the rights, interests,
or obligations existing and to exist under the Term Loan Agreement are hereby released, diminished, or impaired.

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NASDAQ:SAEX SEC 13D Filing Whitebox Advisors SAExploration Holdings Inc. (SAEX)