Common use of Up Event Clause in Contracts

Up Event. This Condition 8 applies to Notes in respect of which the relevant Final Terms indicate that the Step Up Option is applicable (the “Step Up Sustainability-Linked Notes”). The Rate of Interest for Step Up Sustainability-Linked Notes will be the Rate of Interest specified in, or determined in the manner specified in Condition 6 or Condition 7, as applicable, and in the relevant Final Terms, provided that if a Step Up Event has occurred (which for the avoidance of doubt includes the failure by the Issuer to comply with the applicable Reporting Requirements by no later than the relevant Notification Deadline), then for the calculation of the Interest Amount with respect to any Interest Period commencing following the occurrence of a Step Up Event, 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 applicable Step Up Margin specified in the relevant Final Terms. 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. 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. 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. 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.