Step Up. The Employer may release the product in other forms covered by this Agreement upon payment of the difference between the educational rate paid and the applicable rate for the product under this Agreement. Step-up payments, pension payments and the appropriate B-form shall be due within fifteen (15) days after the step-up release.
Step Up. (a) If, following the end of any such 24 or 48-hour period, as the case may be, referred to in subsection (1) above and after giving effect to any arrangements for the purchase of the New Shares of a defaulting Underwriter or Underwriters by another party or other parties, as provided in subsection (1) above, the aggregate number of such New Shares for which the Subscription Price has not been paid does not exceed 1/10 of all the New Shares to be purchased at the relevant Closing Date, then the Company shall have the right (i) to require each non-defaulting Underwriter to pay the Subscription Price with respect to the number of New Shares which such Underwriter agreed to purchase hereunder at the relevant Closing Date, (ii) in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the number of New Shares which such Underwriter agreed to purchase hereunder relative to the aggregate number of New Shares which the non-defaulting Underwriters agreed to purchase hereunder) of New Shares of such defaulting Underwriter or Underwriters for which alternate purchase arrangements have not been made; provided, that no such non-defaulting Underwriter may be required to purchase New Shares in excess of 1/9 of the number of New Shares which such Underwriter agreed to purchase at the Closing Date (i.e. the increased obligation must not exceed 10/9 of the initial underwriting commitment).
(b) Nothing in subsection (2) above shall relieve a defaulting Underwriter from liability for its default.
Step Up. Cloud Services designated as Step Up are only available for existing IBM on-premises licensees with Subscription and Support for the associated IBM program that is active during the subscription of the Step Up Cloud Service and equivalent to the number of Cloud Service subscriptions.
Step Up. In the event that an individual employee temporarily substitutes in a position with a higher classification than his/her regular classification, the employee’s salary will be adjusted as follows:
a. No adjustment will be made for substitutions of less than three (3) working days duration.
b. When substitution exceeds three (3) working days: All employees substituting for position in a higher classification will be paid at the salary increment step in the higher classification which exceeds his/her regular salary or at the base pay rate of the substitute position, whichever is greater. This compensation will be retroactive to the initial three (3) days.
Step Up. 14 Subsidiary................................. 14
Step Up. 3.1 Subject to paragraph 3.2 and to clauses 9.14(c) and 9.14(d), in relation to any Financial Year commencing with or which comes after the Financial Year ending 31 March 2013, if:
a. there has been a reduction in the percentage of Free Cash Flow under paragraph 2; and
b. the Annual Contribution Amount for that Financial Year would be greater than that which would be otherwise required by clause 9 for that Financial Year, then the percentage of Free Cash Flow available for payments under clause 9 for that Financial Year shall be the percentage which applied in the previous year plus 5 percentage points.
3.2 If there has been an increase in the percentage of Free Cash Flow under paragraph 3.1, the percentage cannot be stepped up again from that level in any subsequent Financial Year.
Step Up. (a) The Step-Up will continue to apply only on each subsequent day that Issuer has not notified the Trustee and the Collateral Agent in accordance with this Indenture that it has created and perfected all Liens on the GeoPark Chile Share Collateral until the Stated Maturity of the principal under the Notes. The Step-Up will be payable as an increase in the interest rate payable on the Notes on each of the Interest Payment Dates.
(b) Issuer shall deliver to the Trustee and the Collateral Agent upon creation and perfection of a first-priority security interest on the GeoPark Chile Share Collateral: (x) an Officers’ Certificate to the effect that a first-priority security interest on the GeoPark Chile Share Collateral has been created and perfected; (y) the GeoPark Chile Share Pledge Agreement, duly executed, together with copies of the documents evidencing registration of the GeoPark Chile Share Pledge Agreement; and (z) an Opinion of Counsel independent of Issuer that a first- priority security interest on the GeoPark Chile Share Collateral has been created and perfected in accordance with Chilean law. Immediately upon delivery of such documents, the Step-Up will cease to be in effect. To the extent Issuer has not delivered such documents on or before the date that is 60 days after the Issue Date, the Trustee shall begin to calculate the interest payable on the Notes for each day thereafter by including the Step-Up, until, but not including, the day such documents are delivered. The Trustee shall have no duty to independently determine whether the Step-Up is no longer due.
(c) From and including the date that notice is given that a first-priority security interest on the GeoPark Chile Share Collateral has been created and perfected, together with the documents in clause 0, the Step-Up shall no longer apply and interest on the Notes for the remainder of such semi-annual period, and subsequently through the Stated Maturity of the principal under the Notes, will accrue at the Initial Interest Rate.
Step Up. (i) If the rating of the Debentures is downgraded below the Rating or a new rating is assigned to the Debentures that is below the Rating, then the Interest Rate shall be increased by 0.25% (zero decimal two five percent) ("Step Up") for each downgrade of 1 (one) notch from the Rating ("Step Up Rate"), and such increased Interest Rate shall be applicable on the Outstanding Principal Amounts with effect from the date of such downgrade. Any Step Up, in accordance with this sub-Clause (i) shall not require any notice, intimation or action on behalf of the Debenture Trustee or the Debenture Holders.
(ii) Following any Step Up until the rating of the Debentures is restored to the Rating, if the rating of the Debentures is upgraded, the prevailing Step Up Rate shall be decreased by 0.25% (zero decimal two five percent) for each upgrade of 1 (one) notch from the prevailing rating of the Debentures (until the rating of the Debentures is restored to the Rating) and such decreased rate of interest shall be applicable on the Outstanding Principal Amounts with effect from the date of such upgrade. PROVIDED THAT the decreased rate of interest in accordance with this sub-Clause (ii) cannot, in any case, be lower than the Interest Rate. The decrease in the rate of interest in accordance with this sub- Clause (ii) shall not require any notice, intimation or action on behalf of the Debenture Trustee or the Debenture Holders. It is clarified that, if following any Step Up, the rating of the Debentures is restored to the Rating, then the interest shall be payable at the Interest Rate, from the date that the rating of the Debentures is restored to the Rating.
(iii) Where the Company has obtained a rating in relation to the Debentures from more than one rating agency, the lowest rating issued by the rating agencies in relation to the Debentures shall be considered for the purpose of any Step Up.
(iv) Each of the actions mentioned in this Clause 6.1(c) (Step Up) are subject to Applicable Law and the prior approval of the RBI (if so required). Where the RBI or any person authorised by the RBI determines that the provisions of this Clause 6.1(c) (Step Up) are "restrictive covenants" for the purposes of the NBFC Directions, then this Clause 6.1(c) (Step Up) shall be deemed to be not applicable and omitted from this Deed and shall not apply in any manner in respect of the Debentures.
Step Up. 14 Indebtedness...............................9 Subsequent Step-Down Date.................14 Indenture..................................9
Step Up. 14 Subsequent Step-Down Date.................14
