Triple-B Rating definition

Triple-B Rating will occur if as of the last day of the then current Six-Month Interest Period:

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Triple-B Rating has the meaning specified in Section 301.

Triple-B Rating will occur ((a) in the case of determining the Applicable Rate, as of the last day of the then current Six-Month Interest Period or (b) in all other cases) if: (i) assuming the Notes are rated by only one NRSRO, the then most recent Rating from such NRSRO is no lower than a BBB- and no higher than a BBB+; (ii) assuming the Notes are rated by only two NRSROs, the then lower of the most recent Ratings from such NRSROs is no lower than a BBB- and no higher than a BBB+; or (iii) assuming the Notes are rated by three or more NRSROs, the then second lowest of the most recent Ratings from such NRSROs is no lower than a BBB- and no higher than a BBB+. The Ratings categories referred to in this definition are those used by E▇▇▇-▇▇▇▇▇ but are deemed to refer also to the equivalent Ratings of any other NRSRO.

Examples of Triple-B Rating in a sentence

• The annual interest rate on the Notes will increase by 0.25% beginning on the first day of any Six-Month Interest Period (as defined below) if as of such day the Notes have a Triple-B Rating (as defined below), and likewise it will increase by 0.50% in excess of the initial rate beginning on the first day of any Six-Month Interest Period if as of such day the Notes have either a Non-IG Rating (as defined below) or no rating from any NRSRO.

• In the event that the annual interest rate on the Notes increases due to one or more downgrades, the rate will revert to the initial interest rate beginning on the first day of any Six-Month Interest Period if as of such day the Notes have a Single-A Rating (as defined below), and it will revert to 0.25% over the initial interest rate beginning on the first day of any Six-Month Interest Period if as of such day the Notes have been upgraded from a Non-IG Rating to a Triple-B Rating.

• In the event that the annual interest rate on the Notes increases due to one or more downgrades, the rate will revert to the initial interest rate beginning on the first day of any Six-Month Interest Period if as of such day the notes have a Single-A Rating (as defined below), and it will revert to 0.25% over the initial interest rate beginning on the first day of any Six-Month Interest Period if as of such day the notes have been upgraded from a Non-IG Rating to a Triple-B Rating.

• In the event the annual interest rate on the Notes increases due to one or more downgrades, the annual interest rate will revert to the initial interest rate of 6.125% beginning on the first day of any six-month interest period if as of such day the Notes have been upgraded from a Non-IG Rating to a Triple-B Rating or better.

• In the event the annual interest rate on the Notes increases due to a downgrade or because the Notes have no rating from any Designated NRSRO, the rate will revert to the initial annual interest rate beginning on the first day of any Six-Month Interest Period if as of such day the Notes have at least a Triple-B Rating (as defined below).

More Definitions of Triple-B Rating

Triple-B Rating has the meaning specified in Section 301. “TRUPs Indebtedness” means, with respect to the Parent, as of any date, all amounts that would be included under junior subordinated notes on the balance sheet of the Parent and its Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP, consistent with the Parent’s past practices.

Triple-B Rating will occur if, as of any date of determination:

Triple-B Rating will occur as of the last day of the immediately preceding six-month interest period (i) assuming the Notes are rated by only one NRSRO, the then most recent rating from such NRSRO is no lower than a BBB- and no higher than a BBB+, (ii) assuming the Notes are rated by only two NRSROs, the then lower of the most recent ratings from such NRSROs is no lower than a BBB- and no higher than a BBB+, or (iii) assuming the Notes are rated by three or more NRSROs, the then second lowest of the most recent ratings from such NRSROs is no lower than a BBB- and no higher than a BBB+.

Triple-B Rating has the meaning specified in Section 3.1 of this Indenture.