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Intellectual Property Security Agreement Dated As of December 22, 2009

This is an actual contract by Seitel.

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Sectors: Energy
Governing Law: New York, View New York State Laws
Effective Date: December 22, 2009
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EXHIBIT 10.3

INTELLECTUAL PROPERTY SECURITY AGREEMENT

This INTELLECTUAL PROPERTY SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, the " IP Security Agreement" ) dated December 22, 2009, is made by the Person listed on the signature pages hereof (collectively, the " Grantors" ) in favor of ValueAct Capital Management, L.P. (" VAC" ), as collateral agent (the " Collateral Agent" ) for the Secured Parties (as defined in the Credit Agreement referred to below).

WHEREAS, Seitel, Inc., a Delaware corporation, has entered into a Credit Agreement dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the " Credit Agreement" ), with VAC, as Administrative Agent and the Lenders party thereto. Terms defined in the Credit Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement.

WHEREAS, as a condition precedent to the making of Loans under the Credit Agreement, each Grantor has executed and delivered that certain Security Agreement dated as of the date hereof made by the Grantors to the Collateral Agent (as amended, amended and restated, supplemented or otherwise modified from time to time, the " Security Agreement" ).

WHEREAS, under the terms of the Security Agreement, the Grantors have granted to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in, among other property, certain intellectual property of the Grantors, and have agreed as a condition thereof to execute this IP Security Agreement for recording with the U.S. Patent and Trademark Office, the United States Copyright Office and other governmental authorities.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor agrees as follows:

SECTION 1. Grant of Security . Each Grantor hereby grants to the Collateral Agent for the ratable benefit of the Secured Parties a security interest in all of such Grantor' s right, title and interest in and to the following (the " Collateral" ): (i) the pate
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