WESTERN NATIONAL BANK 508 WEST WALL STREET, SUITE 1100 MIDLAND, TEXAS 79701 January 18, 2006Dawson Geophysical Co • February 9th, 2006 • Oil & gas field exploration services • Texas
Pursuant to the terms of a letter loan agreement, dated December 22, 2004, (the “Original Loan Agreement”), Western National Bank (alternatively, “Western” or the “Bank”) has previously committed to provide to Dawson Geophysical Company (alternatively “Dawson Geophysical” or the “Borrower”), a revolving line of credit loan in the original principal amount of Ten Million and No/Dollars ($10,000,000.00) (the “Existing Loan”). The Existing Loan is evidenced by a revolving line of credit note, of even date herewith, executed by the Borrower on behalf of Western in the original principal amount of Ten Million and No/100 Dollars ($10,000,000.00) (the “Existing Note”). The Existing Note is secured by that certain Security Agreement, dated December 22, 2004, covering those accounts receivables described therein (the “Existing Security Agreement”). From time to time, the Security Agreement, and any financing statements filed to perfect the security interest created thereunder, may be collective
