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. 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 Noteholders in accordance with Condition 13 as soon as reasonably practicable after such occurrence and no later than the relevant Notification Deadline. For the purposes of these Terms and Conditions:
Up Event. This Condition 8 applies to Notes in respect of which the relevant Final Terms indicate that the Step Up Option is applicable (the “Step Up Sustainability-Linked Notes”). The Rate of Interest for Step Up Sustainability-Linked Notes will be the Rate of Interest specified in, or determined in the manner specified in Condition 6 or Condition 7, as applicable, and in the relevant Final Terms, provided that if a Step Up Event has occurred (which for the avoidance of doubt includes the failure by the Issuer to comply with the applicable Reporting Requirements by no later than the relevant Notification Deadline), then for the calculation of the Interest Amount with respect to any Interest Period commencing following the occurrence of a Step Up Event, the Rate of Interest, in the case that the Fixed Rate Note Provisions are applicable, or the Margin, in the case that the Floating Rate Note Provisions are applicable, shall be increased by the applicable Step Up Margin specified in the relevant Final Terms. The Issuer will give notice of the occurrence of a Step Up Event or satisfaction of the relevant Sustainability-Linked Condition, as specified in the relevant Final Terms, to the Noteholders in accordance with Condition 21 as soon as reasonably practicable after such occurrence and, in respect of a Step Up Event, by no later than the Step Up Date. Such notice shall be irrevocable and shall specify the Rate of Interest (in the case that the Fixed Rate Note Provisions are applicable) or the Margin (in the case that the Floating Rate Note Provisions are applicable) and, in the case of a Step Up Event, the Step Up Margin and the Step Up Date. For the avoidance of doubt, an increase in the Rate of Interest resulting from a Step Up Event may occur only once in respect of Sustainability-Linked Notes and the Step Up Margin will not subsequently increase or decrease. Accordingly, if a Step Up Event occurs, the Rate of Interest, in the case that the Fixed Rate Note Provisions are applicable, or the Margin, in the case that the Floating Rate Note Provisions are applicable, shall be increased by the Step Up Margin from the Interest Period commencing following the occurrence of a Step Up Event, but there shall be no further change to the Step Up Margin regardless of whether or not either such condition is subsequently satisfied or ceases to be satisfied. The Fiscal Agent shall not be obliged to monitor or inquire as to whether a Step Up Event has occurred or have any liabilit...
