Step Up Option. This Condition 5(c) applies to Notes in respect of which the applicable Final Terms indicate that the Step Up Option is applicable (“Step Up Notes”). The Rate of Interest for Step Up Notes will be the Rate of Interest specified in the applicable Final Terms (in the case of Fixed Rate Notes) or otherwise determined in accordance with Condition 5 (Interest) and with the applicable Final Terms (in the case of Floating Rate Notes), 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 (in the case of Fixed Rate Notes) or the Initial Margin (in the case of Floating Rate Notes) shall be increased by the Step Up Margin specified in the applicable Final Terms. 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 Note. In this Condition:
Appears in 2 contracts
Sources: Agency Agreement, Agency Agreement