Common use of Payment Schedule and Maturity Date Clause in Contracts

Payment Schedule and Maturity Date. Accrued unpaid interest on the principal balance outstanding hereunder shall be due and payable semi-annually, in arrears, commencing on the first day of November following the Effective Date, and continuing on the 1st day of each succeeding November and May thereafter until all principal and accrued interest owing on this Note shall have been fully paid and satisfied. Borrower may, in its sole discretion, elect to make any interest payment by adding the amount of such payment, as of the date that such payment is due and owing, to the principal balance of this Note. The entire amount of this Note then unpaid shall be due and payable in full on the last day of the month which is the thirty-sixth month following the Effective Date (such date, or any earlier date on which such amounts may become due and payable pursuant to Section 7 hereof, the "Maturity Date").