Common use of Scheduled Payments/Commitment Reductions Clause in Contracts

Scheduled Payments/Commitment Reductions. The principal amount of the Term Loans shall be repaid in consecutive quarterly installments (each, an “Installment”) of 0.25% of the original aggregate principal amount thereof, each on the last day of each calendar quarter of each year commencing on June 30, 2007. 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 2.14, 2.15 and 2.16, as applicable; and (y) 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 Term Loan Maturity Date.

Appears in 1 contract

Sources: First Lien Credit and Guaranty Agreement (Movie Gallery Inc)

Scheduled Payments/Commitment Reductions. The principal amount amounts of the Term Loans shall be repaid in consecutive quarterly installments (each, an “Installment”) of 0.25% of the original aggregate principal amount thereof, each on the last day Business Day of each calendar quarter of each year Fiscal Quarter (each, an “Installment Date”), commencing on June 30, 2007. Each Installment shall be equal to 0.25% (1% per annum) of the outstanding principal balance of the Loans on the Closing Date. Notwithstanding the foregoing, (x) such Installments shall be reduced in connection with any voluntary or mandatory prepayments of the Tranche B Term Loans, Loans in accordance with Sections 2.142.13, 2.15 2.14 and 2.162.15, as applicable; and (y) the Tranche B Term Loans, together with all other amounts owed hereunder with respect thereto, shall, in any event, be paid in full no later than the Term Loan Maturity Date.

Appears in 1 contract

Sources: Credit and Guaranty Agreement (Global Crossing LTD)

Scheduled Payments/Commitment Reductions. The principal amount of the Term Loans shall be repaid in consecutive quarterly installments (each, an “Installment”) of 0.25% of the original aggregate principal amount thereof, each on the last day of each calendar quarter of each year commencing on June 30, 20072008. Notwithstanding the foregoing, (x) such Installments shall be reduced in inverse order of maturity in connection with any voluntary or mandatory prepayments of the Term Loans, in accordance with Sections 2.14, 2.15 and 2.16, as applicable; and (y) 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 Term Loan Maturity Date.

Appears in 1 contract

Sources: First Lien Credit and Guaranty Agreement (Movie Gallery Inc)