Common use of Payment Schedule and Maturity Date Clause in Contracts

Payment Schedule and Maturity Date. (a) The entire Principal Debt then unpaid and all accrued interest then unpaid shall be due and payable in full on the Maturity Date. Accrued unpaid interest shall be due and payable in arrears on the first day of the first calendar month after the Closing Date and on the same day of each succeeding calendar month thereafter until all principal and accrued interest owing on the Loan shall have been fully paid and satisfied. (b) Subject to the conditions set forth in Exhibit “I”, Borrowers shall have two (2) option(s) to extend the then Maturity Date. The first option shall extend the Maturity Date from the Initial Maturity Date to the First Extended Maturity Date (such extension period is referred to herein as the “First Extension Term”). The second option shall extend the Maturity Date from the First Extended Maturity Date to the Second Extended Maturity Date (such extension period is referred to herein as the “Second Extension Term”, and together with the First Extension Term, each an “Extension Term”).