Common use of Drop Dead Fee Clause in Contracts

Drop Dead Fee. (a) If: (i) (x) no disbursement is made within 3 (three) months from the date of this Contract or (y) in case the Credit is cancelled in full under Article 2.6 (Cancellation) prior to the expiry of this term, the Borrower shall pay to the Bank a one-off contractual fee equal to 1% (100 basis points) of the Tranche A; and (ii) (x) in case Tranche B is not fully drawn on the Final Availability Date even though the conditions set out under paragraphs (j) to (m) of Part D of Schedule F (Tranche B – Conditions Precedent) have been fulfilled, or (y) in case Tranche B is cancelled in full under Article 2.6 (Cancellation) prior to the expiry of this term, the Borrower shall pay to the Bank a one-off contractual fee equal to 3% (three hundred basis points) of the then available undrawn and uncancelled balance of the Credit on that date. For the avoidance of doubt, this one-off contractual fee of 3% (three hundred basis points) will only apply to Tranche B where the conditions of disbursement set out under paragraphs (j) to (m) of Part D of Schedule F (Tranche B – Conditions Precedent) have been fulfilled but Tranche B is not fully drawn, (individually the “Drop Dead Fee” and together the “Drop Dead Fees”). (b) The Drop Dead Fees shall be payable by the Borrower to the Bank within 15 (fifteen) days of the Borrower’s receipt of the Bank’s demand or within any longer period specified in the Bank’s demand. (c) For the avoidance of doubt, any Drop Dead Fee payable under this Article 2.9 (Drop Dead Fee) is independent of any other fees stipulated in this Contract.

Drop Dead Fee. (a) If: (i) (x) no disbursement is made within 3 (three) [***] months from the date of this Contract or (y) in case the Credit is cancelled in full under Article 2.6 (Cancellation) prior to the expiry of this term, the Borrower shall pay to the Bank a one-off contractual fee equal to 1% (100 basis points) [***] of the Tranche A; and (ii) (x) in case Tranche B is not fully drawn on the Final Availability Date even though the conditions set out under paragraphs paragraph (j) to (m) of Part D of Schedule F (Tranche B – Conditions Precedent) have been fulfilled, or (y) in case Tranche B is cancelled in full under Article 2.6 (Cancellation) prior to the expiry of this termthe Final Availability Date, the Borrower shall pay to the Bank a one-off contractual fee equal to 3% (three hundred basis points) [***] of the then available undrawn and uncancelled balance of the Credit Tranche B on that date. For the avoidance of doubt, this one-off contractual fee of 3% (three hundred basis points) will only apply to Tranche B where the conditions of disbursement set out under paragraphs (j) to (m) of Part D of Schedule F (Tranche B – Conditions Precedent) have been fulfilled but Tranche B is not fully drawn, (each individually the “Drop Dead Fee” and together the “Drop Dead Fees”), provided that no Drop Dead Fee shall be due in case no disbursement is made due to the failure by the Borrower to obtain the authorization (to the extent necessary) of its shareholders to issue the relevant Warrants. (b) The Drop Dead Fees shall be payable by the Borrower to the Bank within 15 (fifteen) days of the Borrower’s receipt of the Bank’s demand or within any longer period specified in the Bank’s demand. (c) For the avoidance of doubt, any Drop Dead Fee payable under this Article 2.9 (Drop Dead Fee) is independent of any other fees stipulated in this Contract.