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EXHIBIT 10.2
REVOLVING NOTE
$20,000,000 San Antonio, Texas
March 26, 1999
For value received, the undersigned, EAGLE GEOPHYSICAL, INC.,
a Delaware corporation (the "Borrower"), hereby promises to pay on the
Termination Date under the Credit Agreement (defined below), to the order of
Norwest Business Credit, Inc., a Minnesota corporation (the "Lender"), at its
main office in Minneapolis, Minnesota, or at any other place designated at any
time by the holder hereof, in lawful money of the United States of America and
in immediately available funds, the principal sum of Twenty Million Dollars and
No Cents ($20,000,000) or, if less, the aggregate unpaid principal amount of all
Revolving Advances made by the Lender to the Borrowers under the Credit
Agreement (defined below) together with interest on the principal amount
hereunder remaining unpaid from time to time, computed on the basis of the
actual number of days elapsed and a 360-day year, from the date hereof until
this Note is fully paid at the rate from time to time in effect under the Credit
and Security Agreement of even date herewith (as the same may hereafter be
amended, supplemented or restated from time to time, the "Credit Agreement") by
and between the Lender and the Borrowers. The principal hereof and interest
accruing thereon shall be due and payable as provided in the Credit Agreement.
This Note may be prepaid only in accordance with the Credit Agreement.
This Note is issued pursuant, and is subject, to the Credit
Agreement, which provides, among other things, for acceleration hereof. This
Note is the Revolving Note referred to in the Credit Agreement. This Note is
secured, among other things, pursuant to the Credit Agreement and the Security
Documents as therein defined, and may now or hereafter be secured by one or more
other security agreements, mortgages, deeds of trust, assignments or other
instruments or agreements.
The Borrowers hereby agree to pay all costs of collection,
including attorneys' fees and legal expenses in the event this Note is not paid
when due, whether or not legal proceedings are commenced.
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Presentment or other demand for payment, notice of dishonor
and protest are expressly waived.
EAGLE FRONT END SERVICES, LTD.
By EAGLE GEOPHYSICAL MANAGEMENT, INC.
Its General Partner
By /s/ Xxxxxxx X. XxXxxxx
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Xxxxxxx X. XxXxxxx
Its Vice President
EAGLE GEOPHYSICAL, INC., EAGLE GEOPHYSICAL
ONSHORE, INC., EAGLE GEOPHYSICAL OFFSHORE, INC.,
EAGLE GEOPHYSICAL ROYALTY, INC. (F/K/A EAGLE
GEOPHYSICAL LEASING, INC.), EAGLE GEOPHYSICAL
DE MEXICO, INC., EAGLE FRONT END SERVICES, INC.,
EAGLE GEOPHYSICAL MANAGEMENT, INC., EAGLE
GEOPHYSICAL GOM, INC., EAGLE GEOPHYSICAL DE
COLOMBIA, INC., EAGLE GEOPHYSICAL DE PERU, INC.,
AUSTRAL HORIZON, INC., ATLANTIC HORIZON, INC.,
EAGLE GEOPHYSICAL DE BOLIVIA, INC., EAGLE
GEOPHYSICAL DE ARGENTINA, INC. AND EAGLE
GEOPHYSICAL DE ECUADOR, INC.
By /s/ Xxxxxxx X. XxXxxxx
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Xxxxxxx X. XxXxxxx
Its Vice President