Common use of Payment Extension Clause in Contracts

Payment Extension. Upon the payment by Maker to Payee of a principal amount greater than or equal to Twenty Five Million Dollars ($25,000,000) in immediately available funds on or prior to the Maturity Date, Maker may elect, in its sole discretion, to extend the Maturity Date for a period of thirty-one (31) days at which time the outstanding principal amount under this Note shall be due and payable in full on January 31, 2007 (the “Extended Maturity Date”); provided, further, that Maker shall pay at least Five Million Five Hundred Thousand Dollars ($5,500,000) of the outstanding principal amount of this Note in cash on or prior to the Extended Maturity Date (the “Extended Maturity Date Cash Payment”).