MODIFICATION AGREEMENTAddendum or Modifications |
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Natural Gas Services Group, Inc. | Western National Bank | Deborah K. Tullos. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.5
Revolving Line Credit Note
dated January 3, 2005
MODIFICATION AGREEMENT
This Modification Agreement ("Modification Agreement") is effective as of May 1,
2005. The parties to the Modification Agreement are Natural Gas Services Group,
Inc. ("Borrower") and Western National Bank ("Lender").
RECITALS
On January 3, 2005, Borrower executed and delivered to Lender that certain
Revolving Line of Credit Promissory Note in the original principal sum of
$2,000,000.00, bearing interest at the rate stated therein, with a stated final
maturity date of January 1, 2006 (the "Note"), pursuant to that certain Third
Amended and Restated Loan Agreement dated January 3, 2005, as subsequently
amended and restated in that certain Fourth Amended and Restated Loan Agreement
dated March 14, 2005 (the "Loan Agreement"). All liens, security interests and
assignments securing the Note are collectively called the "Liens". Terms defined
in the Note or the Loan Agreement and not otherwise defined herein shall have
the same meanings here as in those documents.
At Borrower's request, Borrower and Lender have agreed to enter into this
Modification Agreement to modify the interest provisions of the Note and to
ratify the Liens. Said modified interest provisions shall be effective as of May
1, 2005.
AGREEMENT
1. Modification of Interest Provisions of the Note. In lieu of the following
provisions which were contained in the first paragraph of the Note:
"...at a rate per annum which shall from day to day be equal
to the lesser of (a) a rate per annum (the "Established Rate") equal to
the greater of (i) one percent (1%) over the Prime Rate in effect from
day to day, or (ii) six percent (6.0%), or (b) the Highest Lawful Rate,
in each case calculated on the basis of actual days elapsed, but
computed as if each calendar year consisted of 360 days."
such provisions of the Note are changed to read in their entirety as follows:
"...at a rate per annum which shall from day to day be equal
to the lesser of (a) a rate per annum (the "Established Rate") equal to
the greater of (i) one-half percent (0.5%) over the Prime Rate in
effect from day to day, or (ii) six percent (6.0%), or (b) the Highest
Lawful Rate, in each case calcu






