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REVOLVING LINE OF CREDIT NOTE

Revolving Credit Agreement

REVOLVING LINE OF CREDIT NOTE | Document Parties: BUCKLE, INC | WELLS FARGO BANK, NATIONAL ASSOCIATION You are currently viewing:
This Revolving Credit Agreement involves

BUCKLE, INC | WELLS FARGO BANK, NATIONAL ASSOCIATION

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Title: REVOLVING LINE OF CREDIT NOTE
Governing Law: Nebraska     Date: 4/19/2007

REVOLVING LINE OF CREDIT NOTE, Parties: buckle  inc , wells fargo bank  national association
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EXHIBIT 10.11

 

WELLS FARGO

REVOLVING LINE OF CREDIT NOTE

 

 

$17,500,000.00

Lincoln, Nebraska

 

August 1, 2006



 

FOR VALUE RECEIVED, the undersigned THE BUCKLE, INC. ("Borrower") promises to pay to the order of WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank") at its office at Nebraska RCBO - Lincoln, 1248 0 Street, 3rd Floor, Lincoln, NE 68508, or at such other place as the holder hereof may designate, in lawful money of the United States of America and in immediately available funds, the principal sum of $17,500,000.00, or so much thereof as may be advanced and be outstanding, with interest thereon, to be computed on each advance from the date of its disbursement as set forth herein.

 

1.   INTEREST:

 

1.1 Interest. The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year, actual days elapsed) at a rate per annum equal to the Prime Rate in effect from time to time. The term "Prime Rate" means at any time the rate of interest most recently announced within Bank at its principal office as its Prime Rate, with the understanding that the Prime Rate is one of Bank's base rates and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto, and is evidenced by the recording thereof after its announcement in such internal publication or publications as Bank may designate. Each change in the rate of interest hereunder shall become effective on the date each Prime Rate change is announced within Bank.

 

 

1.2 Payment of Interest. Interest accrued on this Note shall be payable on the last day of each month, commencing August 31, 2006.

 

1.3 Default Interest. From and after the maturity date of this Note, or such earlier date as all principal owing hereunder becomes due and payable by acceleration or otherwise, the outstanding principal balance of this Note shall bear interest until paid in full at an increased rate per annum (computed on the basis of a 360-day year, actual days elapsed) equal to 4% above the rate of interest from time to time applicable to this Note.

 

2.   BORROWING AND REPAYMENT:

 

2.1 Borrowing and Repayment. Borrower may from time to time during the term of this Note borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions of this Note and of the Credit Agreement between Borrower and Bank defined below; provided however, that the total outstanding borrowings under this Note shall not at any time exceed the principal amount stated above. The unpaid principal balance of this obligation at any time shall be the total amounts advanced hereunder by the holder hereof less the amount of principal payments made hereon by or for Borrower, which balance may be endorsed hereon from time to time by the holder. The outstanding principal balance of this Note shall be due and payable in full on July 31, 2009.

 

2.2 Advances . Advances hereunder, to the total amount of the principal sum available hereunder, may be made by the holder at the oral or written request of (a) Dennis H. Nelson, Karen B Rhoads, anyone acting alone, who are authorized to request advances and direct the disposition of any advances until written notice of the revocation of such authority is received by the holder at the office designated above, or (b) any person, with respect to advances deposited to the credit of any deposit account of Borrower, which advances, when so deposited, shall be conclusively presumed to have been made to or for the benefit of Borrower regardless of the fact that persons other than those authorized to request advances may have authority to draw against such account. The holder shall have no obligation to determine whether any person requesting an advance is or has been authorized by Borrower.

 

2.3 Application of Payments . Each payment made on this Note shall be credited first, t


 
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