Common use of Principal and Term Clause in Contracts

Principal and Term. The term of this Bond shall be three (3) years from the date first written above. The Outstanding Principal Balance (as defined herein) shall be due and payable in full on [●] (the “Maturity Date”), subject to the provisions of Section 2(c) hereof. On or prior to the Maturity Date, and upon election by the Payee on Payee’s account on the Maker’s website at wxx.xxxxxxxxxxx.xxx (“Payee’s Account”), the Payee may extend the Maturity Date of this Bond for up to two (2) additional three (3) year terms. The term “Outstanding Principal Balance” means, as of any date of determination, the principal amount of this Bond that remains unpaid.