WESTERN NATIONAL BANK 508 WEST WALL STREET, SUITE 1100 MIDLAND, TEXAS 79701 January 18, 2007Dawson Geophysical Co • February 9th, 2007 • Oil & gas field exploration services • Texas
Pursuant to the terms of a letter loan agreement, dated as of January 18, 2006, (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 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 as of January 18, 2006, covering those accounts receivable described therein (the “Existing Security Agreement”). From time to time, the Security Agreement, and any financing statements filed to perf
