Common use of Payment Deferral Clause in Contracts

Payment Deferral. Notwithstanding anything contained herein to the contrary, in the event the Term II Advance is made under this Agreement within ten days prior to the date upon which the first regularly scheduled payment of principal and interest on the Term II Advance (“First Monthly Payment”) would otherwise have been due as specified in Section 2.1(c), then Borrower shall make the first regularly scheduled monthly payment of principal and interest on the same day of the calendar month immediately following the date on which the Term II Advance is made, and the Term II Maturity Date shall be extended for a period that is equal to the time difference between the regularly scheduled date of the First Monthly Payment as specified in Section 2.1(c) and the date on which the First Monthly Payment is actually due as a result of the application of this Section.

Payment Deferral. Notwithstanding anything contained herein to the contrary, in the event the Term II Advance is made under this Agreement within ten days prior to the date upon which the first regularly scheduled payment of principal and interest on the Term II Advance (“First Monthly Payment”) would otherwise have been due as specified in Section 2.1(c2.1(b), then Borrower shall make the first regularly scheduled monthly payment of principal and interest on the same day of the calendar month immediately following the date on which the Term II Advance is made, and the Term II Maturity Date shall be extended for a period that is equal to the time difference between the regularly scheduled date of the First Monthly Payment as specified in Section 2.1(c2.1(b) and the date on which the First Monthly Payment is actually due as a result of the application of this Section.