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EXHIBIT 10.11
PROGRAMMED LENDING NOTE
$5,000,000.00 MAY 16, 1997
The undersigned jointly and severally promise(s) to pay to the order of
____FIRST NATIONAL BANK AND TRUST CO. OF KEARNEY__________________("Lender")
the sum of __FIVE MILLION AND NO/100________ DOLLARS, or so much thereof as may
be advanced from time to time, with interest at the rate set forth below
(calculated on the basis of actual days elapsed in a 365 day year) on the
unpaid principal balance until this Note is fully paid. Principal and interest
shall be payable at Xxxxxx's office, or at such other place as the holder
hereof may designate, in lawful money of the United States. Unless otherwise
provided herein all payments shall be applied first to accrued interest and the
balance to principal.
The interest rate of this Note shall be:
/ / an annual rate of ____%.
/ / an annual rate ____________ Xxxxxx's Reference Rate as
established from time to time, each change in the interest rate to
be effective on the day of a change in the Reference Rate. The
initial interest rate shall be ____%.
/ / an annual rate ___________ Xxxxxx's Reference Rate, to be
adjusted on the ____day of each _____________ during the term of this
Note. The initial interest rate shall be __%
/X/ an annual rate 0.00% ABOVE NEW YORK PRIME AS PUBLISHED IN THE
WALL STREET JOURNAL AS ESTABLISHED FROM TIME TO TIME . The initial
rate shall be 8.50__ %.
Interest after maturity (whether this Note matures by demand, acceleration or
lapse of time) shall be charged on the outstanding principal of default at / /
____ % above the rate at maturity or /X/ 16.0%__ ("Default Rate"). In no event
shall the interest charged on this Note exceed the maximum rate, if any,
allowed by law.
Principal and interest shall be due in a single payment on ____N/A___ or as
follows:_________ MONTHLY INTEREST PAYMENTS DUE BEGINNING JULY 1, 1997, AND
CONTINUING MONTHLY THEREAFTER;_______________
and, if not sooner paid, all unpaid principal and accrued interest shall be due
and payable on MAY 31, 1998
/X/ (Check if applicable) If any payment of principal or interest
is not paid within 15 days after the due date, a late charge of four percent(4%)
of the amount of the delinquent payment may be assessed by the holder;
provided, however, that nothing in this paragraph shall limit or affect the
holder's right to accelerate the sums owing under this Note as set forth below
or any other rights and remedies of the holder hereunder or under the Loan
Documents (as defined below).
The term "Lender's Reference Rate" shall mean a rate established by the
Lender from time to time for its internal use and guidance in the pricing of
loans. Lender may, at its sole discretion, change its Reference Rate and the
undersigned agree(s) that Lender is not obligated to give notice of changes in
Lender's Reference Rate or other index used for establishing the interest rate
of this Note. No representation is made that Xxxxxx's Reference Rate or other
index used for establishing the interest rate of this Note is either the
lowest, the best or a favored rate.
This obligation may be prepaid, in whole or in part, at any time without
penalty. Any partial prepayment shall not postpone the due date or change the
amount of any subsequent installments.
All advances under this Note made after maturity, if any, are subject to
all terms and conditions hereof and are due and payable on demand; provided
that Lender has no obligation to make any advances or readvances after
maturity.
Upon non-payment of any installment of principal or interest when due; or
if holder shall at any time believe that the prospect of timely payment of this
Note is impaired; or upon the death, dissolution, termination of existence,
insolvency, business failure or appointment of a receiver of any part of the
property of, or upon any assignment for the benefit of creditors by, any
maker(s), endorser(s), surety(ies) or guarantor(s) of this Note; or upon the
occurrence of any event of default under any of the Loan Documents; the holder
shall have the right to declare the entire balance due and payable without
notice. If this Note is payable on demand nothing contained herein shall
prevent the holder from demanding payment of this Note at any time and for any
reason without prior notice. The failure of the holder to exercise this option
to accelerate, or to exercise any other right or remedy hereunder or under the
Loan Documents, shall not constitute a waiver of such option, right or remedy,
and the holder may exercise such option, right or remedy during any existing or
subsequent default regardless of any prior forbearance.
The undersigned agree(s) to pay all costs, fees and expenses incurred by
the holder in connection with any action taken to collect any sums due
hereunder or under the Loan Documents, to enforce any provisions hereof or of
the Loan
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Documents, or to protect any of the holder's rights hereunder or under the Loan
Documents (collectively, "Costs"). Such Costs shall include, but not be
limited to, costs of title searches, commitments and policies, sums advanced to
discharge liens on or otherwise to protect any collateral for this Note, and
unless prohibited by law reasonable attorney fees. Such Costs shall be added
to the principal sum due hereunder and draw interest at the Default Rate.
Lender shall have at all times a security interest in and right of set-off
against the balances in any deposit account with respect to which the maker(s)
and endorser(s) hereof, or any of them, are parties, and may at any time,
without notice, apply the same against payment of this Note or any other
obligation of the undersigned to Lender, whether due or not, regardless of the
existence or amount of any other security held by Lender.
The holder hereof may without notice to or consent of, and without
releasing or diminishing the liability of, any maker or endorser of this Note:
(i) agree with any maker hereof to modify the rate or any terms of payment of
this Note, or any terms of the Loan Documents without limitation; (ii) sell,
exchange, cancel, release, surrender, realize upon or otherwise deal with in
any manner and in any order all or any part of any collateral securing this
Note; or (iii) release any party to this Note. Each maker and endorser waives
presentment, demand, notice of dishonor and
protest, and consents to any number of extensions and renewals for any periods
without notice. The undersigned agree(s) that each provision whose box is
checked is part of this Note. This Note shall be the joint and several
obligation of all makers, sureties, guarantors and endorsers and shall be
binding upon each of them, their successors and assigns. This Note shall be
governed by the laws of the State of Nebraska.
This Note is governed by, and Xxxxxx is entitled to the benefits of, any
and all loan agreement(s), security agreement(s), mortgage(s), deed(s) of
trust, and other security documents executed by the undersigned, or any of
them, in favor of Xxxxxx, including without limitation _____LOAN AGREEMENT DATED
5-16-97_____________ (collectively, "Loan Documents").
These funds are advanced for the purpose of WORKING CAPITAL
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THE BUCKLE, INC.
BY XXXXXX X, XXXXXX
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Note No. LINE 229351 Address PO BOX 0000 XXXXXXX XX 00000
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