PROMISSORY NOTE (Floating Rate)Pioneer Drilling Co • June 3rd, 2003 • Drilling oil & gas wells • Texas
For value received, PIONEER DRILLING SERVICES, LTD., a Texas limited partnership (formerly known as Pioneer Drilling Co., Ltd.), as principal (“Borrower”), promises to pay to the order of THE FROST NATIONAL BANK, a national banking association (“Lender”) at P.O. Box 1600, San Antonio, Texas 78296, or at such other address as Lender shall from time to time specify in writing, the principal sum of FIVE MILLION SIX HUNDRED SEVENTY-SEVEN THOUSAND EIGHT HUNDRED EIGHTY-EIGHT AND 84/100 DOLLARS ($5,677,888.84), in legal and lawful money of the United States of America, with interest on the outstanding principal from the date advanced until paid at the rate set out below. Interest shall be computed on a per annum basis of a year of 360 days and for the actual number of days elapsed, unless such calculation would result in a rate greater than the highest rate permitted by applicable law, in which case interest shall be computed on a per annum basis of a year of 365 days or 366 days in a leap ye
AMENDMENT NO. 1 DATED MARCH 31, 2003 TO THE TERM LOAN AND SECURITYLoan and Security • June 3rd, 2003 • Pioneer Drilling Co • Drilling oil & gas wells
This Amendment is made part of and modifies the Term Loan and Security Agreement (the “Agreement”) between Pioneer Drilling Services, Ltd. (“Customer”) and Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc. (“MLC”). Terms otherwise not defined herein shall have the meaning ascribed to them in the Agreement.
Between2003 Consolidated Loan Agreement • June 3rd, 2003 • Pioneer Drilling Co • Drilling oil & gas wells • Texas
THIS 2003 CONSOLIDATED LOAN AGREEMENT (the “Loan Agreement”) will serve to set forth the terms of the financing transactions by and between PIONEER DRILLING SERVICES, LTD., a Texas limited partnership (formerly known as Pioneer Drilling Co., Ltd.) (“Pioneer Services”), PIONEER DRILLING COMPANY, a Texas corporation (formerly known as South Texas Drilling & Exploration, Inc.) (“Pioneer Company”), (Pioneer Services and Pioneer Company being collectively referred to herein as “Pioneer”) and THE FROST NATIONAL BANK, a national banking association (“Lender”). This Loan Agreement hereby amends and restates (i) that certain Loan Agreement dated August 11, 2000, executed by and between Pioneer Company and Lender, as amended; (ii) that certain Loan Agreement dated March 30, 2001, executed by and between Pioneer Services and Lender, as amended; and (iii) that certain First Amended and Restated Loan Agreement dated March 19, 2002, executed by and between Pioneer Services and Lender, as amended.
