Exhibit 10.2
RENEWAL REVOLVING NOTE
$45,000,000.00
Brookings, South Dakota
January 23, 2007
FOR
VALUE RECEIVED, Daktronics, Inc. , a South Dakota
corporation (“Borrower”), promises to pay to U.S.
Bank National Association , a national banking association
(“Lender”, which term shall include any future holder
hereof), at 141 North Main Avenue, Post Office Box 5308, Sioux
Falls, South Dakota 57117-5308 or at such other place as Lender may
from time to time designate in writing, the principal sum of
Forty-five Million and No/100 Dollars ($45,000,000.00) or so much
thereof as may be advanced hereunder and to pay interest on the
outstanding principal balance hereof from time to time at a daily
fluctuating rate tied to the One-Month Reserve Adjusted Reuters
London Inter-Bank Offering Rate (“LIBOR”), with the
rate tiers determined on the last day of each fiscal quarter of
Borrower’s accounting year, and based upon the following rate
tiers:
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1
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Total IBD /
EBITDA ratio < 0.50x
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LIBOR + 75
basis points
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2
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Total IBD /
EBITDA ratio = or > 0.50x and < 1.25x
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LIBOR + 100
basis points
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3
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Total IBD /
EBITDA ratio = or > 1.25x
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LIBOR + 125
basis points
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Lender will tell Borrower the
current LIBOR rate interest rate and rate tier upon
Borrower’s request. The initial rate tier shall be #1 above.
The rate tier shall not be adjusted more often than quarterly.
Interest shall be computed on the basis of actual days elapsed and
a year of 360 days.
Interest
is payable beginning February 1, 2007, and on the same date of each
consecutive month thereafter, plus a final interest payment with
the final payment of principal. Principal is payable on November
15, 2008, the “Revolving Loan Maturity
Date”.
Borrower
may prepay this Note in whole at any time, or in part from time to
time, without penalty or premium. No p
