Common use of Payment Schedule and Maturity Date Clause in Contracts

Payment Schedule and Maturity Date. (a) Prior to final maturity, the First Replacement Note shall be due and payable in installments of $21,221.38 each, inclusive of interest, based on a twenty (20) year amortization schedule for $2,500,000 in principal and interest accruing at a fixed rate of eleven percent (11%) per annum. The first installment shall be due and payable on May 1, 1997 and a like installment shall be due and payable on the first day of each succeeding month thereafter; provided, however, that on December 31, 1997, the final maturity of the First Replacement Note, the entire principal balance of the First Replacement Note then unpaid and all accrued interest then unpaid shall be finally due and payable. (b) Prior to final maturity, the Second Replacement Note shall accrue interest at a fixed rate of eleven percent (11%) per annum which shall be due and payable commencing on May 1, 1997 and on the first day of each succeeding month thereafter. On December 31, 1997, the final maturity of the Second Replacement Note, the entire principal balance of the Second Replacement Note then unpaid and all accrued interest then unpaid shall be finally due and payable.