SECURITY AGREEMENTSecurity Agreement • June 23rd, 2011 • Dawson Geophysical Co • Oil & gas field exploration services • Texas
THIS SECURITY AGREEMENT (the “Security Agreement”) is made and entered into this 2nd day of June 2011, by and between DAWSON GEOPHYSICAL COMPANY, a Texas Corporation, whose address is 508 West Wall Street, Suite 800, Midland, Texas 79701 (the “Debtor”), and WESTERN NATIONAL BANK, a national banking association, whose address is 508 West Wall Street, Suite 1100, Midland, Texas 79701 (the “Secured Party”).
WESTERN NATIONAL BANK 508 WEST WALL STREET, SUITE 1100 MIDLAND, TEXAS 79701 June 2, 2011Western National • June 23rd, 2011 • Dawson Geophysical Co • Oil & gas field exploration services • Texas
Pursuant to the terms of a letter loan agreement, dated as of June 2, 2009 (the “Existing Loan Agreement”), Western National Bank, a national banking association (alternatively, “Western” the “Lender”, or the “Bank”), has previously committed to provide to Dawson Geophysical Company, a Texas corporation (alternatively, “Dawson Geophysical” or the “Borrower”), a revolving line of credit loan in the original principal amount of Twenty Million and No/Dollars ($20,000,000.00) (the Existing Loan”). The Existing Loan is evidenced by that certain Revolving Line of Credit Note, also dated as of June 2, 2009, in the original principal amount of Twenty Million and No/100 Dollars ($20,000,000.00), executed by the Borrower, as Maker, in favor of the Bank, as Payee, (the “Existing Note”). The Existing Note is secured by that certain Security Agreement, also dated as of June 2, 2009, executed by Borrower, covering those accounts receivable and other items of collateral described therein (the “Existi
