Step Up Event definition

Step Up Event means a failure to meet the Minimum Rating Requirement at any time, unless:

Step Up Event means a No Rating Step Up Event or a Downgrade Step Up Event.

Step Up Event means the first public announcement by any Rating Agency of a Rating Decrease.

Examples of Step Up Event in a sentence

• Accordingly, if a Step Up Event occurs, the Rate of Interest, in the case that the Fixed Rate Note Provisions are applicable, or the Margin, in the case that the Floating Rate Note Provisions are applicable, shall be increased by the Step Up Margin from the Interest Period commencing following the occurrence of a Step Up Event, but there shall be no further change to the Step Up Margin regardless of whether or not either such condition is subsequently satisfied or ceases to be satisfied.

• For the avoidance of doubt, an increase in the Rate of Interest resulting from a Step Up Event may occur only once in respect of Sustainability-Linked Notes and the Step Up Margin will not subsequently increase or decrease.

• The Fiscal Agent shall not be obliged to monitor or inquire as to whether a Step Up Event has occurred or have any liability in respect thereof.

• The Issuer will give notice of the occurrence of a Step Up Event or satisfaction of the relevant Sustainability-Linked Condition, as specified in the relevant Final Terms, to the Noteholders in accordance with Condition 21 as soon as reasonably practicable after such occurrence and, in respect of a Step Up Event, by no later than the Step Up Date.

• Such notice shall be irrevocable and shall specify the Rate of Interest (in the case that the Fixed Rate Note Provisions are applicable) or the Margin (in the case that the Floating Rate Note Provisions are applicable) and, in the case of a Step Up Event, the Step Up Margin and the Step Up Date.

More Definitions of Step Up Event

Step Up Event means that the Carbon Intensity Reduction Rate of the Issuer’s loan portfolio as defined in the Sustainability-Linked Bond Framework falls short of the percentage of [insert relevant percentage level] as of 31 December [insert relevant year], as further set out in the Annual Sustainability-Linked Bond Report, as certified in the relevant Verification Assurance Certification.

Step Up Event means a failure to meet the Minimum Rating Requirement at any time; and "Step Up Margin" has the meaning given to it in the Final Terms.

Step Up Event means the occurrence of either (a) a Renewable Installed Capacity Event; and/or (b) a Net Carbon Footprint Upstream Event; and/or (c) a Net GHG Lifecycle Emissions Event; and/or (d) a Net Carbon Intensity Event, in each case, as so specified in the relevant Final Terms.

Step Up Event means, where the Step Up Option is selected as Applicable in the relevant Final Terms, the occurrence of one or more of a Scope 1 and 2 GHG Emissions and Scope 3 GHG Emissions from Fuel and Energy-related Activities Event, a Scope 3.1 and 3.2 GHG Emissions from Purchased Goods and Services and Capital Goods Event, a Renewable Electricity Sourcing Event and/or Gender Diversity Performance Event, as specified in the relevant Final Terms;

Step Up Event means either an Installed Capacity Event or a Direct Green House Gas Emissions Event, as specified in the applicable Final Terms;

Step Up Event occurs if one or more of a Material Efficiency Event, a Scope 1 and 2 CO₂e Emissions Event or a Scope 3 CO₂e Emissions Event occurs; and

Step Up Event means the occurrence of one or more of an ACA Accreditation Level Event and/or a Scope 1 and 2 Emissions Event and/or a Scope 3 Emissions Event, as specified in the applicable Final Terms;