WESTERN NATIONAL BANK 508 WEST WALL STREET, SUITE 1100 MIDLAND, TEXAS 79701 December 22, 2004Western National • December 23rd, 2004 • Dawson Geophysical Co • Oil & gas field exploration services
Western National Bank (“Western” or the “Bank”) hereby commits to provide to Dawson Geophysical Company (alternatively “Dawson Geophysical” or the "Borrower”) a revolving line of credit loan in the amount of TEN MILLION AND NO/DOLLARS ($10,000,000.00) (the Loan”). The Loan will be evidenced by a Revolving Line of Credit Note, of even date herewith, in the original face amount of TEN MILLION AND NO/Dollars ($10,000,000.00) (the “Note”) and secured by that certain Security Agreement, dated December 22, 2004 covering those accounts receivables described therein (the “Security Agreement”). From time to time, the Security Agreement, and any financing statements filed to perfect the security interest created thereunder, may be collectively referred to herein as the “Security Instruments”.
Dawson Geophysical Executes Loan Agreement Midland, Texas, December 23, 2004/PR Newswire/Loan Agreement • December 23rd, 2004 • Dawson Geophysical Co • Oil & gas field exploration services
On December 22, 2004 Dawson Geophysical Company (NASDAQ-DWSN) established a $10.0 million revolving line of credit loan agreement with Western National Bank. Interest on borrowed amounts is payable at a rate equal to the greater of the prime rate or 5%. Borrowed amounts will be secured by the Company’s accounts receivable.
