Common use of Up Option Clause in Contracts

Up Option. This Condition 5(k) (Step Up Option) applies to Notes in respect of which the applicable Final Terms indicates 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, or determined in the manner specified above in this Condition 5 (Interest and Other Calculations) and in the applicable Final Terms, provided that if a Step Up Event has occurred, then for the calculation of the Interest Amount with respect to any Interest Payment Date following the first Notification Deadline after the Reference Year, 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 (such increase, a “Step Up”). For the avoidance of doubt, a Step Up may only occur once in respect of multiple ACA Accreditation Level Events, only occur once in respect of multiple Scope 1 and 2 Emissions Events and/or only occur once in respect of multiple Scope 3 Emissions Events, as applicable. The Issuer will cause the occurrence of a Step Up Event and the related increase in the Initial Rate of Interest (in the case of Fixed Rate Notes) or Initial Margin (in the case of Floating Rate Notes) to be notified to the Trustee, the Principal Paying Agent, and, in accordance with Condition 18 (Notices), the Noteholders as soon as reasonably practicable after such occurrence and in no event later than the relevant Notification Deadline. Such notice shall be irrevocable. Neither the Trustee nor any Agent shall be obliged to monitor or inquire as to whether a Step Up Event has occurred or have any liability in respect thereof and the Trustee shall be entitled to rely absolutely on any notice given to it by the Issuer pursuant to this Condition 5(k) (Step Up Option) without further enquiry or liability. In this Condition:

Up Option. This Condition 5(k) (Step Up Option) applies to Notes in respect of which the applicable Final Terms indicates 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, or determined in the manner specified above in this Condition 5 (Interest and Other Calculations) and in the applicable Final Terms, provided that if a Step Up Event has occurred, then for the calculation of the Interest Amount with respect to any Interest Payment Date following the first Notification Deadline after the Reference Year, 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 (such increase, a “Step Up”). For the avoidance of doubt, a Step Up may only occur once in respect during the term of multiple ACA Accreditation Level Events, only occur once in respect of multiple Scope 1 and 2 Emissions Events and/or only occur once in respect of multiple Scope 3 Emissions Events, as applicablethe Step Up Notes. The Issuer will cause the occurrence of a Step Up Event and the related increase in the Initial Rate of Interest (in the case of Fixed Rate Notes) or Initial Margin (in the case of Floating Rate Notes) to be notified to the Trustee, the Principal Paying Agent, and, in accordance with Condition 18 (Notices), the Noteholders as soon as reasonably practicable after such occurrence and in no event later than the relevant Notification Deadline. Such notice shall be irrevocable. Neither the Trustee nor any Agent shall be obliged to monitor or inquire as to whether a Step Up Event has occurred or have any liability in respect thereof and the Trustee shall be entitled to rely absolutely on any notice given to it by the Issuer pursuant to this Condition 5(k) (Step Up Option) without further enquiry or liability. In this Condition:

Up Option. This Condition 5(k) (Step Up Option) applies to Notes in respect of which the applicable Final Terms indicates 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, or determined in the manner specified above in this Condition 5 (Interest and Other Calculations) and in the applicable Final Terms, provided that if a Step Up Event has occurred, then for the calculation of the Interest Amount with respect to any Interest Payment Date following the first Notification Deadline after the Reference Year, 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 applicable Step Up Margin (such increase, a “Step Up”). For the avoidance of doubt, a The applicable Final Terms shall specify whether one or more Step Up may only occur once Events shall apply in respect of multiple ACA Accreditation Level Events, only occur once each Series of Step Up Notes and the Step Up Margin applicable in respect of multiple Scope 1 and 2 Emissions Events and/or only occur once in respect of multiple Scope 3 Emissions Events, as applicableeach such event. The Issuer will cause the occurrence of a Step Up Event and the related increase in the Initial Rate of Interest (in the case of Fixed Rate Notes) or Initial Margin (in the case of Floating Rate Notes) to be notified to the Trustee, the Principal Paying Agent, and, in accordance with Condition 18 (Notices), the Noteholders as soon as reasonably practicable after such occurrence and in no event later than the relevant Notification Deadline. Such notice shall be irrevocable. Neither the Trustee nor any Agent shall be obliged to monitor or inquire as to whether a Step Up Event has occurred or have any liability in respect thereof and each of the Trustee and any Agent shall be entitled to rely absolutely on any notice given to it by the Issuer pursuant to this Condition 5(k) (Step Up Option) without further enquiry or liability. In this Condition: