Step Down Event definition

Step Down Event means the reinstatement of the Minimum Rating Requirement following the occurrence of a Step Up Event;

Step Down Event means, where the rate of interest has previously been subject to an Interest Rate Adjustment following a Step Up Event, the first public announcement by either a Rating Agency or two Rating Agencies that it has, or they have, assigned a solicited Rating equal to or higher than the Investment Grade Rating such that two Rating Agencies have assigned a solicited Rating equal to or higher than the Investment Grade Rating.

Step Down Event means the satisfaction of the Minimum Rating Requirement following the occurrence of a Step Up Event;

Examples of Step Down Event in a sentence

• The Issuer shall cause each Rate Adjustment to be notified to the Trustee and the Principal Paying Agent and notice thereof to be published in accordance with Condition 20 ( Notices) as soon as possible after the occurrence of the relevant Step Up Event or Step Down Event, as the case may be, but in no event later than the tenth Business Day thereafter.

• If a Step Up Event or Step Down Event is specified in the relevant Final Terms, the Rate of Interest applicable to the Notes shall be the Rate of Interest at any time determined in accordance with Condition 6 or Condition 7, as the case may be, (the “ applicable Rate of Interest”), subject to adjustment in accordance with the Interest Ratchet (each such adjustment, a “Rate Adjustment”).

• Agency position: ConcurAccomplishments• Performance indicators for 01-03 contractPlan• Ensuring data consistency• Using data to manage the system ACCOMPLISHMENTS • Performance indicators – MHD has incorporated twelve of the JLARC performance indicators into the 01-03 RSN contracts, with plans to develop four more over the course of the contracts.

• For the avoidance of doubt, if a Step Up Event and a Step Down Event occur during the same Interest Period, there shall be no adjustment to the rate of interest applicable to the next following Interest Period.

• Any Rate Adjustment shall apply in respect of the Interest Period commencing on the Interest Payment Date immediately following the date of the relevant Step Up Event or Step Down Event or, in the case of an Initial Step Up Event, on the Issue Date, as the case may be, until either a further Rate Adjustment becomes effective or to the date on which the Bonds cease to bear interest, as the case may be.

More Definitions of Step Down Event

Step Down Event means, where the rate of interest has previously been subject to an Interest Rate Adjustment following a Step Up Event, the first public announcement by a Rating Agency that it has assigned a Rating equal to an Investment Grade Rating.

Step Down Event means (i) where the Rate of Interest has previously been subject to an increase in accordance with the Interest Ratchet following a Rating Decrease by any Rating Agency, the first public announcement by such Rating Agency that it has assigned a Rating equal to or higher than the Specified Threshold, and as a consequence at least two Rating Agencies have assigned a Rating equal to or higher than the Specified Threshold, or (ii) the occurrence of an Alternative Agency Compensation Event.

Step Down Event means that the Carbon Intensity Reduction Rate of the Issuer’s loan portfolio as defined in the Sustainability-Linked Bond Framework exceeds the percentage of [insert relevant percentage level] as of 31 December [insert relevant year] by a certain threshold, as further set out in the Annual Sustainability-Linked Bond Report, as certified in the relevant Verification Assurance Certification.] [In case of Step-up Notes where a step-up may also occur in relation to a further Step- Up Event insert:

Step Down Event means where the Rate of Interest has previously been subject to an increase in accordance with the Interest Ratchet following a Rating Decrease by a Rating Agency, the first public announcement by such Rating Agency that it has assigned a Rating equal to or higher than the Specified Threshold.

Step Down Event means the First Step Down Event, Second Step Down Event, Third Step Down Event, Fourth Step Down Event or Fifth Step Down Event, each as defined in the Certificate of Designation.

Step Down Event means, in relation to a Target Observation Date, the delivery of the Sustainability Certificate relating to that Target Observation Date to the Sustainability Agent;

Step Down Event means that the Carbon Intensity Reduction Rate of the Issuer’s loan portfolio as defined in the Sustainability-Linked Bond Framework exceeds the percentage of [insert relevant percentage level] as of 31 December [insert relevant year] by a certain threshold, as further set out in the Annual Sustainability-Linked Bond Report, as certified in the relevant Verification Assurance Certification.]