BUSINESS LOAN AGREEMENT (ASSET BASED)Business Loan Agreement (Asset Based) • September 19th, 2008 • TGC Industries Inc • Oil & gas field exploration services • Texas
THIS BUSINESS LOAN AGREEMENT (ASSET BASED) dated September 16, 2008, is made and executed between TGC Industries, Inc. (“Borrower”) and Sovereign Bank (“Lender”) on the following terms and conditions- Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement (“Loan”). Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan. Lender is relying upon Borrower’s representations, warranties, and agreements as set forth in this Agreement: (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender’s sole judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement.
