Common use of Up Event Clause in Contracts

Up Event. Under the terms and conditions of Sustainability-Linked Notes, any Scope 1 and 2 CO₂e Emissions Baseline, any Scope 3 CO₂e Emissions Baseline and any Material Efficiency Baseline may be recalculated by Vestas if there has been a significant or structural change in the Group during the relevant Reporting Year or Reference Year, as appliable, which warrants a recalculation of the relevant baseline in line with its recalculation policy. Any recalculation of the relevant baselines may impact, positively or negatively, the ability of the Group to satisfy the relevant target and may mean the relevant Issuer is able to avoid the occurrence of a Step Up Event, which could in turn adversely affect the market price of any Sustainability-Linked Notes.

Up Event. Under the terms and conditions of Sustainability-Linked Notes, any Scope 1 and 2 CO₂e Emissions Baseline, any Scope 3 CO₂e Emissions Baseline and any Material Efficiency Baseline may be recalculated by Vestas if there has been a significant or structural change in the Group during the relevant Reporting Year or Reference Year, as appliable, which warrants a recalculation of the relevant baseline in line with its recalculation policy. Any recalculation of the relevant baselines may impact, positively or negatively, the ability of the Group to satisfy the relevant target target, and may mean the relevant Issuer is able to avoid the occurrence of a Step Up Event, which could in turn adversely affect the market price of any Sustainability-Linked Notes.