Switch Option definition

Switch Option means, if Change of Interest Basis and Issuer's Switch Option are specified as applicable in the applicable Final Terms, the option of the Issuer, at its sole absolute discretion, on one or more occasions and subject to the provisions of Condition 7(g), to change the Interest Basis of the Notes from Fixed Rate to Floating Rate, to Floating Rate to Fixed Rate or as otherwise specified in the applicable Final Terms, with effect from (and including) the Switch Option Effective Date specified in the applicable Final Terms to (but excluding) the Maturity Date;

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Switch Option shall have the meaning set forth in Section 2.05(a).

Switch Option means, if specified as applicable in the relevant Final Terms, the option of the Issuer, at its sole discretion, on one or more occasions and subject to the provisions of Condition 7(e) (Resetting at the option of the Issuer) to change the interest provisions applicable to the Notes from the Fixed Rate Note Provisions to the Floating Rate Note Provisions or vice versa;

Examples of Switch Option in a sentence

• The Issuer may (where a corresponding election has been made by the Swap Counterparty in respect of the Swap Agreement relating to the Notes) elect that the Rate of Interest (as defined in paragaraph 15(i) below) for the Notes will be amended (the "Switch Option") from the Rate of Interest specified in paragraph 15(i) below to the Switch Coupon (as defined below in this paragraph 11) on and after the relevant Switch Option Date (as defined below).

• For the avoidance of doubt, the Issuer will have the right to exercise the Switch Option only once.

• Following the Issuer having exercised the Switch Option and duly filed the corresponding Switch Option Notice, the Switch Coupon payable by the Issuer on each applicable Interest Payment Date(i) (as defined in paragraph 15(ii) below) shall be calculated as set out in the definition Switch Coupon below.

• Notice of exercise of the Switch Option (the “Switch Option Notice”) will be given to Noteholders in accordance with Condition 19 (Notices) and sent to the Clearing Systems within 3 Business Days following the corresponding Switch Option Date.

• Switch Option Expiry Date and Switch Option Effective Date shall mean any date specified as such in the applicable Final Terms provided that any date specified in the applicable Final Terms as a Switch Option Effective Date shall be deemed as such subject to the exercise of the relevant Switch Option having been notified by the Issuer pursuant to this Condition 4.5 and in accordance with Condition 13 (Notices) prior to the relevant Switch Option Expiry Date.

More Definitions of Switch Option

Switch Option means, if specified as applicable in the relevant Final Terms, the option of the Issuer, at its sole discretion, on one or more occasions and subject to the provisions of Condition

Switch Option shall have the meaning ascribed thereto in Section 5.06(a).

Switch Option means, if Change of Interest Basis and Issuer's Switch Option are specified as applicable in the applicable Final Terms, the option of the Issuer, at its sole absolute discretion, on one or more occasions and subject to the provisions of Condition 7(l) (Change of Interest Basis), to change the Interest Basis of the Notes from Fixed Rate to Floating Rate, to Floating Rate to Fixed Rate or as

Switch Option means the right of the holder (or holders in aggregate) of 100% of the Notes outstanding, on the Switch Exercise Date, by irrevocable written notice to the Issuer, the Paying Agent and the Calculation Agent substantially in the form set out in Schedule 3 to the Issue Memorandum, to amend the Interest Amount payable under the Notes as specified in this paragraph 48, provided that no Mandatory Redemption Event has occurred as at such Switch Exercise Date and the Reference CDS Spread on the Observation Date is greater than or equal to 150 basis points per annum.

Switch Option means the right at the Offeror’s discretion to elect to proceed by way of an Offer in lieu of proceeding with the Acquisition by way of the Scheme under the Implementation Agreement, which right may only be exercised in the manner provided for in Clause 3.1(a) of the Implementation Agreement, disregarding any subsequent amendments thereto unless we have consented to such amendments to apply to this Undertaking.

Switch Option has the meaning given to that term in Clause 8.5 (Interest Switch Option).

Switch Option means the option to elect to cease receiving AGGRASTAT Royalty Payments and instead receive MC-1 Royalty Payments.