Document:

Exhibit 4.2 

		
		

		  For Bank Use Only          Reviewed by 

		
  Due      JULY 31, 2007
		
  Customer # __________                         Loan #_____________
		

REVOLVING CREDIT NOTE 

		
	$  3,500,000.00	MAY 26, 2006

        FOR
VALUE RECEIVED, the undersigned borrower (the “Borrower”), promises to pay to the order
of U.S. BANK N.A.                                                           (the “Bank”),
the principal sum of THREE MILLION FIVE HUNDRED THOUSAND AND NO/100 Dollars ($
 3,500,000.00        ), payable JULY 31, 2007          (the “Maturity Date”). 

        Interest. 

	 	
The
unpaid  principal  balance will bear interest at an annual rate  described in the
Interest  Rate Rider  attached to       this Note.  

        Payment
Schedule. 

	 	
Interest
is payable beginning JUNE 30, 2006, and on the same date of each consecutive month
thereafter  (except that if       a given month does not have such a date,  the last day
of such  month),  plus a final  interest  payment with the final       payment of
principal.  

        Interest
will be computed for the actual number of days  principal is unpaid,  using a daily
factor  obtained by dividing the stated interest rate by 360. 

        Notwithstanding
 any  provision of this Note to the  contrary,  upon any default or at any time during
the  continuation thereof  (including  failure to pay upon maturity),  the Bank may, at
its option and subject to applicable law,  increase the interest  rate on this Note to a
rate of 5% per annum plus the interest rate  otherwise  payable  hereunder.
 Notwithstanding the  foregoing and subject to applicable  law,  upon the  occurrence of
a default by the Borrower or any guarantor  involving bankruptcy,  insolvency,
 receivership  proceedings or an assignment for the benefit of creditors,  the interest
rate on this Note shall automatically increase to a rate of 5% per annum plus the rate
otherwise payable hereunder. 

        In
no event will the interest rate  hereunder  exceed that  permitted by applicable  law. If
any interest or other charge is finally  determined by a court of competent  jurisdiction
 to exceed the maximum amount  permitted by law, the interest or charge  shall be reduced
to the maximum  permitted  by law, and the Bank may credit any excess  amount  previously
 collected against the balance due or refund the amount to the Borrower. 

        Subject
to  applicable  law,  if any payment is not made on or before its due date,  the Bank may
 collect a  delinquency charge of 0.00%,  of the unpaid  amount.  Collection of the late
payment fee shall not be deemed to be a waiver of the Bank's right to declare a default
hereunder. 

        Without
affecting the liability of any Borrower,  endorser,  surety or guarantor,  the Bank may,
without notice, renew or extend the time for payment,  accept  partial  payments,
 release or impair any  collateral  security for the payment of this Note, or agree not
to sue any party liable on it. 

        This
Revolving  Credit Note  constitutes the Note issued under a Revolving  Credit  Agreement
dated as of the date hereof between the Borrower and the Bank, to which  Agreement
 reference is hereby made for a statement of the terms and  conditions under  which
 loans  evidenced  hereby  were or may be made and a  description  of the terms and
 conditions  upon  which the maturity of this Note may be accelerated, and for a
description of the collateral securing this Note. 

        This
Note is a  "transferablerecord"  as defined in applicable law relating to electronic
 transactions.  Therefore,  the holder of this Note may, on behalf of Borrower,  create a
microfilm or optical  disk or other  electronic  image of this Note that is an
 authoritative  copy as defined  in such law.  The  holder of this Note may store the
 authoritative  copy of such Note in its  electronic  form and then destroy the paper
 original as part of the holder's  normal  business  practices.  The holder, on its own
behalf, may control and transfer such authoritative copy as permitted by such law. 

        All
documents attached hereto, including any appendices,  schedules,  riders, and exhibits to
this Revolving Credit Note, are hereby expressly incorporated by reference. 

The Borrower hereby
acknowledges the receipt of a copy of this Note. 

		
	(Individual Borrower)	National Research Corporation       
                 
                   
		Borrower Name (Organization)
	
________________________________________	a   Wisconsin Corporation       
                       
                     
	
Borrower Name           N/A      
                        
               	By /s/ Patrick E. Beans
                   
                   
                   
	
________________________________________	Name and Title   Patrick E. Beans, CFO       
                 
     
		By ________________________________________
	Borrower Name           N/A      
                        
               	Name and Title _______________________________

LOGO 

INTEREST RATE RIDER 

        This
Rider is made part of the Revolving Credit Note (the “Note”) in the
original amount of $ 3,500,000.00 by the undersigned borrower (the
“Borrower”) in favor of U.S. BANK N.A. (the “Bank”) as
of the date identified below. The following interest rate description is hereby added to
the Note: 

Interest Rate Options. Interest on
each advance hereunder shall accrue at one of the following per annum rates selected by
the Borrower (“n/a” indicates rate option is not available, but Prime Rate Loan
option must always be selected) (i) upon notice to the Bank, -0.500% plus the prime rate
announced by the Bank from time to time, as and when such rate changes (a “Prime Rate
Loan”); (ii) upon a minimum of two New York Banking Days prior notice, 2.200% plus
the 1, 2, 3, 6 or 12 month LIBOR rate quoted by the Bank from Telerate Page 3750 or any
successor thereto (which shall be the LIBOR rate in effect two New York Banking Days prior
to commencement of the advance), adjusted for any reserve requirement and any subsequent
costs arising from a change in government regulation (a “LIBOR Rate Loan”); or
(iii) upon notice to the Bank, n/a % plus the rate, determined solely by the Bank, at
which the Bank would be able to borrow funds of comparable amounts in the Money Markets
for a 1, 2, 3, 6 or 12 month period, adjusted for any reserve requirement and any
subsequent costs arising from a change in government regulation (a “Money Market Rate
Loan”). The term “New York Banking Day” means any day (other than a
Saturday or Sunday) on which commercial banks are open for business in New York, New York.
The term “Money Markets” refers to one or more wholesale funding markets
available to the Bank, including negotiable certificates of deposit, commercial paper,
eurodollar deposits, bank notes, federal funds, interest rate swaps or others. No LIBOR
Rate Loan or Money Market Rate Loan may extend beyond the maturity of this Note. In any
event, if the Loan Period for a LIBOR Rate Loan or Money Market Rate Loan should happen to
extend beyond the maturity of this Note, such loan must be prepaid at the time this Note
matures. If a LIBOR Rate Loan or Money Market Rate Loan is prepaid prior to the end of the
Loan Period for such loan, whether voluntarily or because prepayment is required due to
the Note maturing or due to acceleration of this Note upon default or otherwise, the
Borrower agrees to pay all of the Bank’s costs, expenses and Interest Differential
(as determined by the Bank) incurred as a result of such prepayment. The term “Loan
Period” means the period commencing on the advance date or the applicable LIBOR Rate
Loan or Money Market Rate Loan and ending on the numerically corresponding day 1, 2, 3, 6
or 12 months thereafter matching the interest rate term selected by the Borrower;
provided, however, (a) if any Loan Period would otherwise end on a day which is not a New
York Banking Day, then the Loan Period shall end on the next succeeding New York Banking
Day unless the next succeeding New York Banking Day falls in another calendar month, in
which case the Loan Period shall end on the immediately preceding New York Banking Day; or
(b) if any Loan Period begins on the last New York Banking Day of a calendar month (or on
a day for which there is no numerically corresponding day In the calendar month at the end
of the Loan Period), then the Loan Period shall end on the last New York Banking Day of
the calendar month at the end of such Loan Period. The term “Interest
Differential” shall mean that sum equal to the greater of zero or the financial loss
incurred by the Bank resulting from prepayment, calculated as of the difference between
the amount of interest the Bank would have earned (from like investments in the Money
Markets as of the first day of the LIBOR Rate Loan or Money Market Rate Loan) had
prepayment not occurred and the interest the Bank will actually earn (from like
investments in the Money Markets as of the date of prepayment) as a result of the
redeployment of funds from the prepayment. Because of the short-term nature of this
facility, the Borrower agrees that the Interest Differential shall not be discounted to
its present value. Any prepayment of a LIBOR Rate Loan or Money Market Rate Loan shall be
in an amount equal to the remaining entire principal balance of such loan. 

In the event the Borrower does not
timely select another interest rate option at least two New York Banking Days before the
end of the Loan Period for a LIBOR Rate Loan or Money Market Rate Loan, the Bank may at
any time after the end of the Loan Period convert the LIBOR Rate Loan or Money Market Rate
Loan to a Prime Rate Loan, but until such conversion, the funds advanced under the LIBOR
Rate Loan or Money Market Rate Loan shall continue to accrue interest at the same rate as
the interest rate in effect for such LIBOR Rate Loan or Money Market Rate Loan prior to
the end of the Loan Period. 

The Bank’s internal records of
applicable interest rates shall be determinative in the absence of manifest error. Each
LIBOR Rate Loan and each Money Market Rate Loan shall be in a minimum principal amount or
$100,000. 

Dated as of:     MAY 26,
2006      

		
	(Individual Borrower)	National Research Corporation       
                 
                   
		Borrower Name (Organization)
	
________________________________________	a   Wisconsin Corporation       
                       
                     
	
Borrower Name           N/A      
                        
               	By /s/ Patrick E. Beans
                     
                   
                
	
________________________________________	Name and Title   Patrick E. Beans, CFO       
                 
     
		By ________________________________________
	Borrower Name           N/A      
                        
               	Name and Title _______________________________

		
	[GRAPHIC OMITTED]	

ADDENDUM TO AGREEMENT 

NOTICE PURSUANT TO
NEBRASKA REVISED STATUTES 45-1, 112 et. seq. 

This Notice is Provided Pursuant to
Nebraska Revised Statutes 45-1, 112 et. seq. 

NOTICE – WRITTEN AGREEMENTS. A credit
agreement must be in writing to be enforceable under Nebraska law. To protect you and us
from any misunderstandings or disappointments, any contract, promise, undertaking, or
offer to forebear repayment of money or to make any other financial accommodation in
connection with this loan of money or grant or extension of credit, or any amendment of,
cancellation of, waiver of, or substitution for any or all of the terms or provisions of
any instrument or document executed in connection with this loan of money or grant or
extension of credit, must be in writing to be effective. 

IN WITNESS WHEREOF, the undersigned
have executed and acknowledged this NOTICE PURSUANT TO NEBRASKA REVISED STATUTES 45-1, 112
et. seq. as of May 26, 2006. 

		
	(Individual Borrower)	National Research Corporation       
                 
                   
		Borrower Name (Organization)
	
________________________________________	a Wisconsin Corporation
	
Borrower Name           N/A      
                        
               	By /s/ Patrick E. Beans
                       
                    
              
		Name and Title: Patrick E. Beans, CFO
	
________________________________________	By ________________________________________
		Name and Title:
	Borrower Name           N/A      
                        
               	
		U.S. Bank N.A.       
                 
                   
                   
       
		(Bank)
		
By /s/ Beth Morgan
                    
                   
                     
		Name and Title: Elizabeth A. Morgan, Vice President

Borrower Address:1245 Q
Street, Lincoln, NE 68508 

Borrower Telephone No.:______________________Exhibit 4.3 

[GRAPHIC OMITTED]  

		
		

		  For Bank Use Only          Reviewed by _________________

		
  Due MAY 31, 2013
		
  Customer # ____________                Loan #_____________
		

INSTALLMENT OR SINGLE
PAYMENT NOTE 

		
	$  9,000,000.00	MAY 26,2006

        FOR
VALUE RECEIVED, the undersigned borrower (the “Borrower”), promises to
pay to the order of U.S. BANK N. A. (the “Bank”), the principal
sum of NINE MILLION AND NO/100 Dollars ($9,000,000.00) (the “Loan Amount). 

    1.   Terms
for Advance(s). [Choose One:] 

                Single
Advance  

                Multiple
Advances. Prior to   n/a   or the earlier termination hereof, the Borrower may obtain
advances from the Bank under this Installment or Single Payment Note (the “Note”)
in an aggregate amount not exceeding the Loan Amount. Although this Note is expressed as
payable in the full Loan Amount, the Borrower will be obligated to pay only the amounts
actually disbursed hereunder, together with accrued interest on the outstanding balance
at the rates and on the dates specified therein and such other charges provided for
herein.  

         2.       
          Interest. 

  The
unpaid principal balance will bear interest at an annual rate of 7.210%. 

    3.        Payment
Schedule.  

  See
Attached Payment Schedule Rider 

    4.  Closing
Fee.  If checked here, the Borrower will pay the Bank a one-time
               closing fee of $        n/a                     contemporaneously
with execution of this Note. This fee is in addition to all                other fees,
expenses and other amounts due hereunder.  

    5.  Late
Payment Fee. Subject to applicable law, if any payment is not made                on
or before its due date, the Bank may collect a delinquency charge of 0.00% of the
unpaid amount. Collection of the late payment fee shall not                be deemed to
be a waiver of the Bank’s right to declare a default                hereunder.  

    6.  Calculation
of Interest. Interest will be computed for the actual number                of days
principal is unpaid, using a daily factor obtained by dividing the                stated
interest rate by 360.  

    7.  Default
Interest Rate. Notwithstanding any provision of this Note to the
               contrary, upon any default or at any time during the continuation thereof
               (including failure to pay upon maturity), the Bank may, at its option and
               subject to applicable law, increase the interest rate on this Note to a
rate of                5% per annum plus the interest rate otherwise payable hereunder.
Notwithstanding                the foregoing and subject to applicable law, upon the
occurrence of a default by                the Borrower or any guarantor involving
bankruptcy, insolvency, receivership                proceedings or an assignment for the
benefit of creditors, the interest rate on                this Note shall automatically
increase to a rate of 5% per annum plus the rate                otherwise payable
hereunder.  

    8.  Maximum
Rate. In no event will the interest rate hereunder exceed that
               permitted by applicable law. If any interest or other charge is finally
               determined by a court of competent jurisdiction to exceed the maximum
amount                permitted by law, the interest or charge shall be reduced to the
maximum                permitted by law, and the Bank may credit any excess amount
previously collected                against the balance due or refund the amount to the
Borrower.  

			
	2451A    us bancopr 2001	Page 1 of 4	8/04

         9.  
          Additional Terms. This note may be prepaid in full or in part at any time
          without prepayment penalty or fee. Prepayments of less than all the outstanding
          principal amount of this Note shall be applied upon principal payments in the
          inverse order of their maturities. 

    Notice/Cure
Period. In the event default shall be made by the Borrower in the due observance or
performance of any covenant, condition or agreement contained herein (other than those
specified in sections 13(a), 13(c) and 13(f) below), the Borrower shall have a period of
thirty (30) days following the earlier to occur of (i) Borrower’s actual knowledge of
such default or (ii) written notice provided by the Bank to Borrower which shall specify
the claimed default and shall be provided in accordance with section 6.7of the Revolving
Credit Agreement in which to cure such default. During such cure period, the Bank shall
have the right to cease making additional advances to Borrower pursuant to the Note. 

         10.  
          Financial Information. The Borrower will (i) maintain accounting records
          in accordance with generally recognized and accepted principles of accounting
          consistently applied throughout the accounting periods involved; (ii) provide
          the Bank with such information concerning its business affairs and financial
          condition (including insurance coverage) as the Bank may reasonably request; and
          (iii) without request, provide the Bank with annual financial statements
          prepared by an accounting firm acceptable to the Bank within 120 days of the end
          of each fiscal year. 

         11.  
          Credit Balances; Setoff. As additional security for the payment of the
          obligations described in this Note or any document securing or related to the
          loan evidenced by this Note (collectively the “Loan Documents’)
          and any other obligations of the Borrower to the Bank of any nature whatsoever
          (collectively the “Obligations)', the Borrower hereby grants to the
          Bank a security interest in, a lien on and an express contractual right to set
          off against all depository account balances, cash and any other property of the
          Borrower now or hereafter in the possession of the Bank and the right to refuse
          to allow withdrawals from any account (collectively “Setoff”).
          The Bank may, at any time upon the occurrence of a default hereunder and after
          expiration of any applicable cure period, Setoff against the Obligations whether
          or not the Obligations (including future installments) are then due or have been
          accelerated, all without any advance or contemporaneous notice or demand of any
          kind to the Borrower, such notice and demand being expressly waived. 

         12.  
          Advances and Paying Procedure. The Bank is authorized and directed to
          credit any of the Borrower’s accounts with the Bank (or to the account the
          Borrower designates in writing) for all loans made hereunder, and the Bank is
          authorized to debit such account or any other account of the Borrower with the
          Bank for the amount of any principal, interest or expenses due under the Note or
          other amount due hereunder on the due date with respect thereto. Payments due
          under the Note and other Loan Documents will be made in lawful money of the
          United States. All payments may be applied by the Bank to principal, interest
          and other amounts due under the Loan Documents in any order which the Bank
          elects. If, upon any request by the Borrower to the Bank to issue a wire
          transfer, there is an inconsistency between the name of the recipient of the
          wire and its identification number as specified by the Borrower, the Bank may,
          without liability, transmit the payment via wire based solely upon the
          identification number. 

         13.  
          Defaults. Notwithstanding any cure periods described below, the Borrower
          shall immediately notify the Bank in writing when the Borrower obtains
          knowledge of the occurrence of any default specified below. Regardless of
          whether the Borrower has given the required notice, the occurrence of one or
          more of the following shall constitute a default: 

	    (a) 	Nonpayment.
The Borrower shall fail to pay (i) any interest due on this           Note or any fees,
charges, costs or expenses under the Loan Documents when due;           or (ii) any
principal amount of this Note when due, except principal amount due           at
maturity, and such nonpayment shall remain unremedied for a period of ten           (10)
days.  

	    (b)	Nonperformance.
The Borrower or any guarantor of the Borrower’s           Obligations to the Bank (“Guarantor”)
shall fail to perform or           observe any agreement, term, provision, condition, or
covenant (other than a           default occurring under (a), (c), (d), (e), (f) or (g)
of this paragraph 13)           required to be performed or observed by the Borrower or
any Guarantor hereunder           or under any other Loan Document or other agreement
with or in favor of the           Bank.  

	    (c) 	Misrepresentation.
Any financial information, statement, certificate,           representation or warranty
given to the Bank by the Borrower or any Guarantor           (or any of their
representatives) in connection with entering into this Note or           the other Loan
Documents and/or any borrowing thereunder, or required to be           furnished under
the terms thereof, shall prove untrue or misleading in any           material respect (as
determined by the Bank in the exercise of its judgment) as           of the time when
given.  

	    (d)	Default
on Other Obligations. The Borrower or any Guarantor shall be in           default
under the terms of any loan agreement, promissory note, lease,           conditional sale
contract or other agreement, document or instrument evidencing,           governing or
securing any indebtedness owing by the Borrower or any Guarantor to           the Bank or
any indebtedness in excess of $100,000 owing by the Borrower to any           third
party, and the period of grace, if any, to cure said default shall have           passed,  

	    (e)	Judgments.
Any judgment shall be obtained against the Borrower or any           Guarantor which,
together with all other outstanding unsatisfied judgments           against the Borrower
(or such Guarantor), shall exceed the sum of $100,000 and           shall remain
unvacated, unbonded or unstayed for a period of 30 days following           the date of
entry thereof.  

	    (f)	Inability
to Perform; Bankruptcy/insolvency. (i) The Borrower or any           Guarantor shall
die or cease to exist; or (ii) any Guarantor shall attempt to           revoke any
guaranty of the Obligations described herein, or any guaranty becomes
          unenforceable in whole or in part for any reason; or (iii) any bankruptcy,
          insolvency or receivership proceedings, or an assignment for the benefit of
          creditors, shall be commenced under any Federal or state law by or against the
          Borrower or any Guarantor; or (iv) the Borrower or any Guarantor shall become
          the subject of any out-of-court settlement with its creditors; or (v) the
          Borrower or any Guarantor is unable or admits in writing its inability to pay
          its debts as they mature; or (vi) if the Borrower is a limited liability
          company, any member thereof shall withdraw or otherwise become disassociated
          from the Borrower.  

	    (g)	Adverse
Change; Insecurity. (i) There is a material adverse change in the           business,
properties, financial condition or affairs of the Borrower or any           Guarantor, or
in any collateral securing the Obligations; or (ii) the Bank in           good faith
deems itself insecure.  

         14.  
          Termination of Loans; Additional Bank Rights. Upon the occurrence of any
          of the events identified in paragraph 13, the Bank may at any time (subject to
          any notice requirements or grace/cure periods and the Bank’s right to cease
          making additional advances to Borrower, all pursuant to section 9 above) (i)
          immediately terminate its obligation, if any, to make additional loans to the
          Borrower; (ii) Setoff; and/or (iii) take such other steps to protect or preserve
          the Bank’s interest in any collateral, including without limitation,
          notifying account debtors to make payments directly to
the Bank, advancing funds to protect any collateral and insuring collateral at the
Borrower’s expense; all without demand or notice of any kind, all of which are hereby
waived. 

		
	2451A	Page 2 of 4

         15.  
          Acceleration of Obligations. Upon the occurrence of any of the events
          identified in paragraph 13(a) through 13(e) and 13(g), and the passage of any
          applicable cure periods, the Bank may at any time thereafter, by written notice
          to the Borrower, declare the unpaid principal balance of any Obligations,
          together with the interest accrued thereon and other amounts accrued hereunder
          and under the other Loan Documents, to be immediately due and payable; and the
          unpaid balance shall thereupon be due and payable, all without presentation,
          demand, protest or further notice of any kind, all of which are hereby waived,
          and notwithstanding anything to the contrary contained herein or in any of the
          other Loan Documents. Upon the occurrence of any event under paragraph 13(f),
          the unpaid principal balance of any Obligations, together with all interest
          accrued thereon and other amounts accrued hereunder and under the other Loan
          Documents, shall thereupon be immediately due and payable, all without
          presentation, demand, protest or notice of any kind, all of which are hereby
          waived, and notwithstanding anything to the contrary contained herein or in any
          of the other Loan Documents. Nothing contained in paragraph 13 or 14 or this
          paragraph shall limit the Bank’s right to Setoff as provided in this Note. 

         16.  
          Collateral. This Note is secured by any and all security interests,
          pledges, mortgages/deeds of trust (except any mortgage/deed of trust expressly
          limited by its terms to a specific obligation of Borrower to Bank) or liens now
          or hereafter in existence granted to the Bank to secure indebtedness of the
          Borrower to the Bank (unless prohibited by law), including, without limitation,
          as described in the following documents: Mortgage/Deed of Trust dated 05/26/06; Security Agreement dated 05/26/06        
                                
                   
                     
                  

                       
                             
                   
                     
                  
                       
                   
                   
     
                             
                   
  

                       
                             
                   
                     
                  
                       
                   
                   
        
                             
                
  .

         17.  
          Guaranties. This Note is guarantied by each and every guaranty now or
          hereafter in existence guarantying the indebtedness of the Borrower to the Bank
          (except for any guaranty expressly limited by its terms to a specific separate
          obligation of Borrower to the Bank) including, without limitation, the
          following:        
                             
                             
                             
                                      
                           

               
                             
                   
                     
                  
                       
                   
                   
        
                             
                   
           

                       
                             
                   
  N/A              
            
                     
                   
                   
        
                             
                
           

                 
                             
                   
                     
                  
                       
                   
                   
        
                             
                   
          
  

         18.  
          Additional Bank Rights. Without affecting the liability of any Borrower,
          endorser, surety or guarantor, the Bank may, without notice, renew or extend the
          time for payment, accept partial payments, release or impair any collateral
          security for the payment of this Note, or agree not to sue any party liable on
          it. 

         19.  
          Warranties. The Borrower makes the following warranties: (A) This Note
          and the other Loan Documents are the legal, valid and binding obligations of the
          Borrower, enforceable against the Borrower in accordance with their terms. (B)
          The execution, delivery and performance of this Note and all other Loan
          Documents to which the Borrower is a party (i) are within the borrower’s
          power; (ii) have been duly authorized by all appropriate entity action; (iii) do
          not require the approval of any governmental agency; and (iv) will not violate
          in any material respect any law, agreement or restriction by which the Borrower
          is bound. (C) If the Borrower is not an individual, the Borrower is validly
          existing and in good standing under the laws of its state of organization, has
          all requisite power and authority and possesses all licenses necessary to
          conduct its business and own its properties. 

         20.  
          Waivers; Relationship to Other Documents. All Borrowers, endorsers,
          sureties and guarantors waive presentment, protest, demand, and notice of
          dishonor. No delay on the part of the Bank in exercising any right, power or
          privilege hereunder or under any of the other Loan Documents will operate as a
          waiver thereof, nor will any single or partial exercise of any right, power or
          privilege hereunder preclude other or further exercise thereof or the exercise
          of any other right, power or privilege. The warranties, covenants and other
          obligations of the Borrower (and rights and remedies of the Bank) in this Note
          and all related documents are intended to be cumulative and to supplement each
          other. 

         21.  
          Expenses and Attorneys’Fees. Upon demand, the Borrower will
          immediately reimburse the Bank and any participant in the Obligations
          (“Participant”) all attorneys’ fees and all other
          costs, fees and out-of-pocket disbursements incurred by the Bank or any
          Participant in connection with the preparation, execution, delivery,
          administration, defense and enforcement of this Note or any of the other Loan
          Documents, including attorneys’ fees and all other costs and fees (a)
          incurred before or after commencement of litigation or at trial, on appeal or in
          any other proceeding, (b) incurred in any bankruptcy proceeding and (c) related
          to any waivers or amendments with respect thereto (examples of costs and fees
          include but are not limited to fees and costs for: filing, perfecting or
          confirming the priority of the Bank’s lien, title searches or insurance,
          appraisals, environmental audits and other reviews related to the Borrower, any
          collateral or the loans, if requested by the Bank). The Borrower will also
          reimburse the Bank and any Participant for all costs of collection before and
          after judgment, and the costs of preservation and/or liquidation of any
          collateral. 

         22.  
          Applicable Law and Jurisdiction; Interpretation; Joint Liability;
          Severability. This Note and all other Loan Documents shall be governed by
          and interpreted in accordance with the internal laws of the State of Nebraska
          except to the extent superseded by Federal law. THE BORROWER HEREBY CONSENTS TO
          THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT SITUATED IN THE COUNTY
          OR FEDERAL JURISDICTION OF THE BANK’S BRANCH WHERE THE LOAN WAS ORIGINATED,
          AND WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, WITH REGARD TO
          ANY ACTIONS, CLAIMS, DISPUTES OR PROCEEDINGS RELATING TO THIS NOTE, THE
          COLLATERAL, ANY OTHER LOAN DOCUMENT, OR ANY TRANSACTIONSARISINGTHEREFROM, OR
          ENFORCEMENT AND/OR INTERPRETATION OF ANY OF THE FOREGOING. Nothing herein shall
          affect the Bank’s rights to serve process in any manner permitted by law,
          or limit the Bank’s right to bring proceedings against the Borrower in the
          competent courts of any other jurisdiction or jurisdictions. This Note, the
          other Loan Documents and any amendments hereto (regardless of when executed)
          will be deemed effective and accepted only upon the Bank’s receipt of the
          executed originals thereof. If there is more than one Borrower, the liability of
          the Borrowers shall be joint and several, and the reference to
          “Borrower” shall be deemed to refer to all Borrowers. Invalidity of
          any provision of this Note shall not affect the validity of any other provision. 

		
	2451A	Page 3 of 4

         23.  
          Successors. The rights, options, powers and remedies granted in this Note
          and the other Loan Documents shall be binding upon the Borrower and the Bank and
          their respective successors and assigns, and shall inure to the benefit of the
          Borrower and the Bank and the successors and assigns of the Bank, including
          without limitation any purchaser of any or all of the rights and obligations of
          the Bank under the Note and the other Loan Documents. The Borrower may not
          assign its rights or obligations under this Note or any other Loan Documents
          without the prior written consent of the Bank. 

         24.  
          Disclosure. The Bank may, in connection with any sale or potential sale
          of all or any interest in the Note and other Loan Documents, disclose any
          financial information the Bank may have concerning the Borrower to any purchaser
          or potential purchaser. From time to time, the Bank may, in its discretion and
          without obligation to the Borrower, any Guarantor or any other third party,
          disclose information about the Borrower and this loan to any Guarantor, surety
          or other accommodation party. This provision does not obligate the Bank to
          supply any information or release the Borrower from its obligation to provide
          such information, and the Borrower agrees to keep all Guarantors, sureties or
          other accommodation parties advised of its financial condition and other matters
          which may be relevant to their obligations to the Bank. 

         25.  
          Copies; Entire Agreement; Modification. The Borrower hereby acknowledges
          the receipt of a copy of this Note and all other Loan Documents. This Note is a
          “transferable record” as defined in applicable law relating to
          electronic transactions. Therefore, the holder of this Note may, on behalf of
          Borrower, create a microfilm or optical disk or other electronic image of this
          Note that is an authoritative copy as defined in such law. The holder of this
          Note may store the authoritative copy of such Note in its electronic form and
          then destroy the paper original as part of the holder’s normal business
          practices. The holder, on its own behalf, may control and transfer such
          authoritative copy as permitted by such law. 

    IMPORTANT:
READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY
THOSE TERMS IN WRITING, EXPRESSING CONSIDERATION AND SIGNED BY THE PARTIES ARE
ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT MAY BE
LEGALLY ENFORCED. THE TERMS OF THIS AGREEMENT MAY ONLY BE CHANGED BY ANOTHER WRITTEN
AGREEMENT. THIS NOTICE SHALL ALSO BE EFFECTIVE WITH RESPECT TO ALL OTHER CREDIT AGREEMENTS
NOW IN EFFECT BETWEEN BORROWER AND THE BANK. A MODIFICATION OF ANY OTHER CREDIT AGREEMENTS
NOW IN EFFECT BETWEEN BORROWER AND THE BANK, WHICH OCCURS AFTER RECEIPT BY BORROWER OF
THIS NOTICE, MAY BE MADE ONLY BY ANOTHER WRITTEN INSTRUMENT. ORAL OR IMPLIED MODIFICATIONS
TO SUCH CREDIT AGREEMENTS ARE NOT ENFORCEABLE AND SHOULD NOT BE RELIED UPON. 

         26.  
          Waiver of Jury Trial. TO THE EXTENT PERMITTED BY LAW, THE BORROWER AND THE
          BANK HEREBY JOINTLY AND SEVERALLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN
          ANY ACTION OR PROCEEDING RELATING TO ANY OF THE LOAN DOCUMENTS, THE OBLIGATIONS
          THEREUNDER, ANY COLLATERAL SECURING THE OBLIGATIONS, OR ANY TRANSACTION ARISING
          THEREFROM OR CONNECTED THERETO. THE BORROWER AND THE BANK EACH REPRESENTS TO THE
          OTHER THAT THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY GIVEN. 

         27.  
          Attachments. All documents attached hereto, including any appendices, schedules,
          riders, and exhibits to this Installment or Single Payment Note, are hereby
          expressly incorporated by reference. 

		
	(Individual Borrower)	National Research Corporation       
                 
                   
		Borrower Name (Organization)
	
________________________________________	a Wisconsin Corporation       
                       
                       
	
Borrower Name N/A                
                        
               	By /s/ Patrick E. Beans
                  
                   
                   
	
________________________________________	Name and Title Patrick E. Beans, CFO
                 
               
	
Borrower Name N/A              
                          
               	By ________________________________________
		
Name and Title _______________________________

Borrower Address:   1245 Q Street,
Lincoln, NE 68508        

Borrower Telephone Number: ____________________ 

		
	2451A	Page 4 of 4

		
	[GRAPHIC OMITTED]	

ADDENDUM TO AGREEMENT 

NOTICE PURSUANT TO
NEBRASKA REVISED STATUTES 45-1, 112 et. seq. 

This Notice is Provided Pursuant to
Nebraska Revised Statutes 45-1, 112 et. seq. 

NOTICE – WRITTEN AGREEMENTS. A credit
agreement must be in writing to be enforceable under Nebraska law. To protect you and us
from any misunderstandings or disappointments, any contract, promise, undertaking, or
offer to forebear repayment of money or to make any other financial accommodation in
connection with this loan of money or grant or extension of credit, or any amendment of,
cancellation of, waiver of, or substitution for any or all of the terms or provisions of
any instrument or document executed in connection with this loan of money or grant or
extension of credit, must be in writing to be effective. 

IN WITNESS WHEREOF, the undersigned
have executed and acknowledged this NOTICE PURSUANT TO NEBRASKA REVISED STATUTES 45-1, 112
et. seq. as of May 26, 2006. 

		
	(Individual Borrower)	National Research Corporation       
                 
                   
		Borrower Name (Organization)
	
________________________________________	a Wisconsin Corporation
	
Borrower Name           N/A      
                        
               	By /s/ Patrick E. Beans
                  
                  
                    
		Name and Title: Patrick E. Beans, CFO
	
________________________________________	By ________________________________________
		Name and Title:
	Borrower Name           N/A      
                        
               	
		U.S. Bank N.A.       
                 
                   
                   
       
		(Bank)
		
By /s/ Beth Morgan
                   
                  
                        
		Name and Title: Elizabeth A. Morgan, Vice President

Borrower Address: 1245 Q Street,
Lincoln, NE 68508  

Borrower Telephone No.: ____________________ 

		
	[GRAPHIC OMITTED]	

PAYMENT SCHEDULE RIDER 

        This
Rider is made part of the Installment or Single Payment Note   (the
“Note”) in the original amount of $ 9,000, 000.00 by the undersigned
borrower (the “Borrower”) in favor of U.S. BANK N.A. (the
“Bank”) as of the date identified below. The following payment schedule is
hereby added to the Note: 

Principal and interest are payable in
83 installments of $106,077.71 each, beginning JUNE 30, 2006, and on the last date of each
consecutive month thereafter, plus a balloon payment equal to all unpaid principal and
accrued interest on MAY 31, 2013, the maturity date. 

Dated as of    MAY 26,
2006         . 

		
	(Individual Borrower)	National Research Corporation       
                  
                   
		Borrower Name (Organization)
	
________________________________________	A   Wisconsin Corporation       
                       
                     
	
Borrower Name           N/A      
                        
               	By /s/ Patrick E. Beans
                    
                  
                   
		Name and Title   Patrick E. Beans, CFO       
                 
      
	
________________________________________	By ________________________________________
		Name and Title _______________________________
	Borrower Name           N/A      
                        
               	

		
	[GRAPHIC OMITTED]	

ADDENDUM TO NOTE 

        This
Addendum is made part of the  Installment or Single Payment Note dated as of
the date of this Addendum (the “Note”) by the undersigned borrower (the
“Borrower”) in favor of  U.S. BANK N.A.  (the
“Bank”) in the original principal amount of $9,000,000.00 . The
warranties, covenants and other terms described below are hereby added to the Note. 

	 	
Incorporation
of Loan Agreement. Borrower and Bank entered into a loan agreement dated MAY
26, 2006 (as amended, extended, or restated from time
to time, the “Loan Agreement”)which Loan Agreement remains in
full force and effect and is incorporated in its entirety herein by reference as though
fully set forth herein. The warranties, covenants and other obligations of Borrower (and
the rights and remedies of Bank) that are outlined in the Note and the Loan Agreement are
intended to supplement each other. In the event of any inconsistencies in any of the
terms of the Note and the Loan Agreement, all terms will be cumulative so as to give Bank
the most favorable rights set forth in the conflicting documents, except that if there is
a direct conflict between the Note and the Loan Agreement, the terms of the Note shall
control as to the loan covered by the Note and the terms of the Loan Agreement shall
control as to the loans specifically covered by the Loan Agreement. The provisions of the
Loan Agreement shall continue in full force and effect with respect to the Note
notwithstanding termination of the Loan Agreement subsequent to the date hereof unless
the documentation terminating the Loan Agreement expressly states that the
representations, warranties and covenants of the Borrower as set forth in the Loan
Agreement no longer apply to the Note. The Note is in addition to any notes referred to
in the Loan Agreement.  

Every instance on this page that
references “Loan Agreement” will instead read “Revolving Credit Agreement
as Amended.” 

Dated as of:   May
26, 2006    . 

		
	(Individual Borrower)	National Research Corporation       
                 
                   
		Borrower Name (Organization)
	
________________________________________	a Wisconsin Corporation       
                       
                       
	
Borrower Name N/A                
                        
               	By /s/ Patrick E. Beans
                   
                   
                  
	
________________________________________	Name and Title Patrick E. Beans, CFO
                   
           
	
Borrower Name N/A              
                          
               	By ________________________________________
		
Name and Title _______________________________

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