WESTERN NATIONAL BANK 508 WEST WALL STREET, SUITE 1100 MIDLAND, TEXAS 79701 June 2, 2008Dawson Geophysical Co • June 5th, 2008 • Oil & gas field exploration services
Pursuant to the terms of a letter loan agreement, dated as of January 18, 2008 (the “Existing Loan Agreement”), Western National Bank, a national banking association (alternatively, “Western” 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 a Revolving Line of Credit Note, also dated as of January 18, 2008, executed by the Borrower on behalf of Western, in the original principal amount of Twenty Million and No/100 Dollars ($20,000,000.00) (the “Existing Note”). The Existing Note is secured by that certain Security Agreement, also dated as of January 18, 2008, covering those accounts receivable described therein (the “Existing Security Agreement”). From time to time, the Existing Security Agreement, and any fi
SECURITY AGREEMENTSecurity Agreement • June 5th, 2008 • 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 2008, 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”).
