1 SECURITY AGREEMENT THIS SECURITY AGREEMENT ("Agreement") is made as of the 16th day of January, 1997, by MITCHAM INDUSTRIES, INC., a Texas corporation (hereinafter called "Debtor"), in favor of BANK ONE, TEXAS, N.A. (hereinafter called "Secured...Security Agreement • January 31st, 1997 • Mitcham Industries Inc • Wholesale-industrial machinery & equipment • Texas
1 - 2 hereunder, together with all accrued but unpaid interest thereon, shall be due and payable in full on the Termination Date. The sums advanced under the Revolving Line of Credit shall be used for working capital and general corporate purposes....Letter Loan Agreement • January 31st, 1997 • Mitcham Industries Inc • Wholesale-industrial machinery & equipment • Texas
1- 2 2. As collateral security for all of its agreements, obligations and indemnities under the Agreement, Borrower hereby assigns to Lender, and hereby grants to Lender a continuing first priority security interest in, all of Borrower's right, title...Mitcham Industries Inc • January 31st, 1997 • Wholesale-industrial machinery & equipment
2 - 3 Interest on the Notes shall accrue at the rates set forth therein. The principal of and interest on the Notes shall be due and payable in accordance with the terms and conditions set forth in the Notes and in this Loan Agreement.Letter Loan Agreement • January 31st, 1997 • Mitcham Industries Inc • Wholesale-industrial machinery & equipment • Texas
