Common use of Scheduled Payments/Commitment Reductions Clause in Contracts

Scheduled Payments/Commitment Reductions. The principal amounts of the Term Loans shall be repaid in consecutive installments (each, an “Installment”) on each of the dates (each, an “Amortization Date”) and in the aggregate amounts set forth in the table below: Amortization Date Installment July 31, 2012 US$ 55,000,000 July 31, 2013 US$ 60,000,000 July 31, 2014 US$ 65,000,000 September 15, 2015 US$ 60,000,000 Total US$ 240,000,000 Notwithstanding the foregoing, (x) such Installments shall be reduced in connection with any voluntary or mandatory prepayments of the Term Loans in accordance with Sections 2.9, 2.10 and 2.11, as applicable; (y) such Installments shall be reduced pro rata if the Borrower fails to borrow the full amounts of the Term Loan Commitments on the Closing Date; and (z) all principal amounts of the Term Loans, together with all other amounts owed hereunder with respect thereto, shall, in any event, be paid in full no later than the Final Maturity Date.

Appears in 2 contracts

Sources: Credit Agreement, Credit Agreement (Home Inns & Hotels Management Inc.)