RAT 5: "set climb thrust bug up"
"Set Climb thrust" = push the N1 switch on the glareshield Mode Control Panel to engage N1 mode (from THR HLD or ARM), initiating FMC commanded climb thrust. Engaging an autopilot above 400 feet or selecting another pitch mode terminates the takeoff mode, and does this automatically. Some airlines hit the switch as an SOP to cover all takeoffs (manual control etc).
"Bug 'UP' " = Adjust the IAS/Mach selector until the magenta speed bug covers the green 'up' manoeuvring speed reference on the speed tape. Some airlines call "Set clean speed" to cover this.