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

• If the applicable Final Terms indicates that the Step Down Option is also applicable, the Initial Rate of Interest or the Initial Margin, as the case may be, shall be the Initial Rate of Interest or the Initial Margin as adjusted following the prior occurrence of a Step Down Event.

• A Step Up Event may only occur once during the term of a Series of Sustainability- Linked Step Up Notes, unless the applicable Final Terms indicates that the Step Down Option is also applicable and the Step Up Event occurs again after the occurrence of a Step Down Event.

• After the First Step Down Event, the Non-Affiliated Directors serving on the Governance Committee shall consult in good faith with the Investor Affiliated Directors on the Governance Committee in respect of any and all Non-Affiliated Directors nominated by the Governance Committee to serve on the Board.

• The Paying Agent shall not be obliged to monitor or inquire as to whether a Step Down Event has occurred or have any liability in respect thereof and it shall be entitled to rely absolutely on any notice given to it by the Issuer pursuant to this Condition 4(d) without further enquiry or liability.

• Prior to the First Step Down Event, the Investor Affiliated Directors serving on the Governance Committee shall consult in good faith with the Non-Affiliated Directors on the Governance Committee in respect of any and all Non-Affiliated Directors nominated by the Governance Committee to serve on the Board.

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 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.] [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 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.]