Common use of Maturity Extension Clause in Contracts

Maturity Extension. The Borrower may (subject to the sole discretion of the Lender) extend the Scheduled Maturity Date from time to time, by delivering written notice to Lender requesting an extension of the Scheduled Maturity Date and specifying the desired length of the extension not later than the 15th day prior to the then current Scheduled Maturity Date; provided that if the Scheduled Maturity is extended the outstanding principal shall bear interest as set forth herein.

Maturity Extension. The Borrower may (subject to the sole discretion of the Lender) extend the Scheduled Maturity Date from time to time, by delivering written notice to Lender requesting an extension of the Scheduled Maturity Date and specifying the desired length of the extension not later than the 15th day prior to the then current Scheduled Maturity Date; provided that if the Scheduled Maturity is extended the outstanding principal shall bear interest as set forth hereinin Section 2.4.