Step Up Option. This Condition 5.3 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 in, the applicable Final Terms, provided that if a Step Up Event has occurred, then for any Interest Period commencing on or after the Interest Payment Date immediately 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 during the term of the Step Up Notes. The Rate of Interest (in the case of Fixed Rate Notes) or Margin (in the case of Floating Rate Notes) will not decrease to the Initial Rate of Interest or the Initial Margin, as applicable, regardless of any of the Recycled Materials Percentage, the Scope 1 and 2 GHG Emissions Percentage, the Scope 3 GHG Emissions Percentage for any other specified Reference Year following the occurrence of a Step Up. The Issuer will cause the occurrence of a Step Up Event and the related increase in the Rate of Interest (in the case of Fixed Rate Notes) or Margin (in the case of Floating Rate Notes) to be notified to the Principal Paying Agent, and, in accordance with Condition 14, the Noteholders as soon as reasonably practicable after such occurrence and in no event later than the relevant Notification Deadline. In this Condition:
Step Up Option. This Condition 4.3 (Step Up Option) is applicable to Notes (Step Up Notes) only if the Step Up Option is specified in the applicable Final Terms as being applicable. The Rate of Interest for Step Up Notes will be the Rate of Interest specified in the applicable Final Terms or otherwise determined in accordance with Condition 4 (Interest), provided that for any Interest Period commencing on or after the Interest Payment Date immediately following a Step Up Event, if any, the Initial Rate of Interest or, in the case of Floating Rate Notes, the Initial Margin, shall be increased by the Step Up Margin specified in the applicable Final Terms. The occurrence of a Step Up Event will be notified by the Issuer to the Agent and, in accordance with Condition 13 (Notices), the Noteholders on the Step Up Event Notification Date. Such notice shall be irrevocable and shall specify the Initial Rate of Interest (in the case of Fixed Rate Notes) or the Initial Margin (in the case of Floating Rate Notes), the Step Up Margin and the Step Up Date. For the avoidance of doubt, an increase in the Rate of Interest may occur no more than once in respect of the relevant Step Up Notes. For the purposes of this Condition 4.3 (Step Up Option): CH4 means methane.
Step Up Option. This Condition 5(c) applies to Notes in respect of which the applicable Final Terms indicate 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 the applicable Final Terms (in the case of Fixed Rate Notes) or otherwise determined in accordance with Condition 5 (Interest) and with the applicable Final Terms (in the case of Floating Rate Notes), provided that for any Interest Period commencing on or after the Interest Payment Date immediately following a Step Up Event, if any, 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 specified in the applicable Final Terms. For the avoidance of doubt, an increase in the Rate of Interest may occur no more than once in respect of the relevant Step Up Note. In this Condition:
Step Up Option. This Condition 4.3 (Step Up Option) is applicable to Notes (Step Up Notes) only if the Step Up Option is specified in the applicable Final Terms as being applicable. The Rate of Interest for Step Up Notes will be the Rate of Interest specified in the applicable Final Terms or otherwise determined in accordance with Condition 4 (Interest), provided that for any Interest Period commencing on or after the Interest Payment Date immediately following a Step Up Event (or a Step Up Event comprising the Cumulative Step Up Event if the applicable Final Terms specifies that a Cumulative Step Up Event is applicable), if any, the Initial Rate of Interest (in case of Fixed Rate Notes) or the Initial Margin (in the case of Floating Rate Notes) shall be increased by the relevant Step Up Margin (or Cumulative Step Up Margin if the applicable Final Terms specifies that a Cumulative Step Up Event is applicable) specified in the applicable Final Terms. The applicable Final Terms shall specify whether one or more Step Up Events shall apply in respect of each Series of Sustainability- Linked Notes and the relevant Step Up Margin in respect of each such event. The occurrence of a Step Up Event (or a Step Up Event comprising the Cumulative Step Up Event if the applicable Final Terms specifies that a Cumulative Step Up Event is applicable) will be notified by the Issuer to the Agent and, in accordance with Condition 13 (Notices), the Noteholders as soon as reasonably practicable after such occurrence and, in respect of the relevant Step Up Event, no later than the relevant Step Up Event Notification Date. Such notice shall be irrevocable and shall specify the Initial Rate of Interest (in the case of Fixed Rate Notes) or the Initial Margin (in the case of Floating Rate Notes) and the relevant Step Up Margin (or Cumulative Step Up Margin if the applicable Final Terms specifies that a Cumulative Step Up Event is applicable). For the avoidance of doubt, (i) an increase in the Rate of Interest following a Step Up Event (or a Step Up Event comprising the Cumulative Step Up Event if the applicable Final Terms specifies that a Cumulative Step Up Event is applicable) may occur no more than once in respect of the relevant Step Up Notes and (ii) if the applicable Final Terms specifies that a Cumulative Step Up Event is applicable, the Cumulative Step Up Event will occur and the Cumulative Step Up Margin will apply if the Step Up Events comprising the Cumulative Step Up Event occur. For the ...
Step Up Option. Upon the consummation of a Qualified Acquisition and until the completion of the fourth (4th) consecutive full Financial Quarter ending after the closing of such Qualified Acquisition (the "Increase Period"), at the Borrower's option (with prior written notice to the Administrative Agent), the maximum Total Net Leverage Ratio permitted under Section 6.04(a) shall be temporarily increased to 4.00:1.00 to accommodate permitted Debt associated with such Qualified Acquisition (the "Step-Up Option"); provided that, (i) Increase Periods may not be successive unless the Financial Covenant would have been complied with (calculated without regard to the utilization "trigger" contemplated by Section 6.04(a)) for at least two (2) consecutive Financial Quarters without giving effect to a Step-Up Option and (ii) there shall be a maximum of two (2) Increase Periods in the aggregate during the term of the Facility.
Step Up Option. This Condition 5(c) applies to Notes in respect of which the applicable Final Terms indicate that the Step Up Option is applicable (“Step Up Notes”). The Rate of Interest for Step Up Notes will be the Initial Rate of Interest specified in the applicable Final Terms, provided that for any Interest Period commencing on or after the Interest Payment Date immediately following a Step Up Event, if any, the Rate of Interest shall be increased by the Step Up Margin specified in the applicable Final Terms. For the avoidance of doubt, an increase in the Rate of Interest may occur no more than once in respect of the relevant Step Up Note. In this Condition:
