Common use of Step Up Option Clause in Contracts

Step Up Option. This Condition 4.3 (Step Up Option) is applicable to Notes (Step Up Notes) only if the Step Up Option is specified in the applicable Final Terms as being applicable. The Rate of Interest for Step Up Notes will be the Rate of Interest specified in the applicable Final Terms or otherwise determined in accordance with Condition 4 (Interest), provided that for any Interest Period commencing on or after the Interest Payment Date immediately following a Step Up Event, if any, the Initial Rate of Interest or, in the case of Floating Rate Notes, the Initial Margin, shall be increased by the Step Up Margin specified in the applicable Final Terms. The occurrence of a Step Up Event will be notified by the Issuer to the Agent and, in accordance with Condition 13 (Notices), the Noteholders on the Step Up Event Notification Date. Such notice shall be irrevocable and shall specify the Initial Rate of Interest (in the case of Fixed Rate Notes) or the Initial Margin (in the case of Floating Rate Notes), the Step Up Margin and the Step Up Date. For the avoidance of doubt, an increase in the Rate of Interest may occur no more than once in respect of the relevant Step Up Notes. For the purposes of this Condition 4.3 (Step Up Option): CH4 means methane.