Common use of Prepayment and cancellation fee Clause in Contracts

Prepayment and cancellation fee. (a) Subject to paragraphs (c) and (d) below, the Borrower must pay to the Agent for each Lender a prepayment fee (the Prepayment Fee) on the date of prepayment, cancellation, redemption or discharge (Prepayment Date) of all or any part of the Loan (each a Prepayment). (b) The amount of the Prepayment Fee is: (i) if the Prepayment occurs on or before the fourth Interest Payment Date to occur immediately following the Utilisation Date, 2.00 per cent. of the amount (if any) by which the principal amount prepaid, when aggregated with any other prepayment of the Loan which is potentially subject to the Prepayment Fee under this Clause 12.5 and which has been made prior to the Prepayment Date, exceeds the De Minimis Amount; and (ii) if the Prepayment or cancellation occurs after the fourth Interest Payment Date to occur immediately following the Utilisation Date but on or before the eighth Interest Payment Date to occur immediately following the Utilisation Date, 1.00 per cent. of that amount (if any) by which the principal amount prepaid, when aggregated with any other prepayment of the Loan which is potentially subject to the Prepayment Fee under this Clause 12.5 and which has been made prior to the Prepayment Date, exceeds the De Minimis Amount. (c) No Prepayment Fee shall be payable in respect of any Prepayment made after the eighth Interest Payment Date to occur immediately following the Utilisation Date. (d) No Prepayment Fee shall be payable under this Clause 12.5 and any Prepayment of the Loan shall be disregarded for the purposes of calculating whether the De Minimis Amount has been exceeded if the Prepayment in question is made under Clause 8.1 (Illegality), Clause 8.7 (Right of repayment and cancellation in relation to a single Lender) or sub-paragraphs (a)(ii) to (v) (inclusive) of Clause 8.3 (Mandatory prepayment).