Term Loan 1 Note means the promissory note from Borrowers to Bank in the principal amount of the Term Loan 1 Commitment, together with all extensions, renewals, modifications, substitutions and amendments thereof.
The Revolving Note, Term Loan 1 Note, Term Loan 2 Note and Term Loan 3 Note, together with any amendments thereto or refinancings thereof are hereinafter collectively referred to as the "Notes".
Borrower shall pay interest on the principal amount of the Term Loan 1 Note at the rate of 5.50% per annum (the "Term Loan 1 Interest Rate").
If Bank elects to implement a Modified Term Loan 1 Interest Rate, such Modified Term Loan 1 Interest Rate will take effect from and after the giving of notice to Borrower of its implementation and shall be applied to the principal amounts outstanding on the Term Loan 1 Note.
The term of the Term Loan 1 Note shall be three (3) years from the date hereof.
Term Loan 1 shall be evidenced by a promissory note (the "Term Loan 1 Note") of even date herewith payable to the order of Bank in the original principal amount of $14,000,000.