AMENDED NOTE AND PLEDGE AGREEMENTAmended Note and Pledge Agreement • May 3rd, 2002 • Belk Inc • Retail-department stores • North Carolina
FOR VALUE RECEIVED, the undersigned, John R. Belk, a resident of the State of North Carolina (the "Maker"), promises to pay to the order of Belk, Inc., a Delaware corporation (the "Company"), the principal sum of Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) in accordance with the terms set forth in this Amended Note and Pledge Agreement ("Agreement"). The principal amount outstanding from time to time under this Agreement will bear interest at a rate per annum equal to the 30 day LIBOR rate as published in the Wall Street Journal on the last business day of the month plus one hundred fifty (150) basis points for the entire following month. The principal amount outstanding under this Agreement will be payable in five equal annual installments of Five Hundred Thousand and 00/100 Dollars ($500,000.00) each, plus all accrued and unpaid interest, on January 3, 2003 and on January 3 of each year thereafter to and including January 3, 2007.
