Beginning on August 1, 2017, and continuing on each Monthly Payment Date thereafter until the Maturity Date, the Borrower shall pay to the Lender monthly payments of accrued interest on the outstanding principal balance of the Term Loan. Beginning on June 30, 2018, and continuing on each Bi-Annual Payment Date thereafter until the Maturity Date, the Borrower shall pay to the Lender equal payments of principal in the amount of Three Million and no/100 dollars ($3,000,000.00). Each principal payment on the Term Loan shall include payment of accrued and unpaid interest on the Term Loan through the date of such payment. The outstanding principal balance of the Term Loan, together with all accrued interest, if not paid sooner, shall be due and payable in full on the Maturity Date.