SECOND MODIFICATION AGREEMENTAddendum or Modifications |
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Natural Gas Services Group, Inc. | Western National Bank. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.7
Advancing Line of Credit Note
dated November 3, 2003
SECOND MODIFICATION AGREEMENT
This Second Modification Agreement ("Second Modification Agreement") is
effective as of May 1, 2005. The parties to the Second Modification Agreement
are Natural Gas Services Group, Inc. ("Borrower") and Western National Bank
("Lender").
RECITALS
On November 3, 2003, Borrower executed and delivered to Lender that certain
Advancing Line of Credit Promissory Note in the original principal sum of
$10,000,000.00, bearing interest at the rate stated therein, with a stated final
maturity date of November 15, 2009, as modified in Modification Agreement dated
December 15, 2004 (the "Note"). The Note was made pursuant to that certain
Second Amended and Restated Loan Agreement dated November 3, 2003, as
subsequently amended and restated in that certain Third Amended and Restated
Loan Agreement dated January 3, 2005, and 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 Second
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, as modified
in Modification Agreement dated December 15, 2004:
"...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) five and one-quarter percent (5.25%), 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






