Examples of Highest Priority Class in a sentence
Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.02, the Majority Highest Priority Class Noteholders may waive any past Default or Event of Default and its consequences except a Default (a) in the payment of interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be modified or amended without the consent of the Holder of each Note, as applicable.
In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than the Majority Highest Priority Class Noteholders, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.
Prior to the declaration of the ----------------------- acceleration of the maturity of the Notes as provided in Section 5.02, the Majority Highest Priority Class Noteholders may waive any past Default or Event of Default and its consequences except a Default (a) in the payment of interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be modified or amended without the consent of the Holder of each Note, as applicable.
With respect to a Collateral Obligation, the recovery rate set forth in Section 1 of Schedule 6 using the Initial Rating of the Highest Priority Class at the time of determination.
As of any date of determination, the number, expressed as a percentage and determined separately for eachthe Highest Priority Class of Rated Notes, obtained by summing the products obtained by multiplying the outstanding Principal Balance of each Collateral Obligation by its corresponding recovery rate as determined in accordance with Section 1 of Schedule 6 hereto, dividing such sum by the Aggregate Principal Balance of all Collateral Obligations, and rounding to the nearest tenth of a percent.
Pending appointment as successor Servicer, the Backup Servicer (or such other Person as shall have been appointed by the Controlling Note Purchaser and the Majority Noteholders of the Highest Priority Class) shall act as successor Servicer unless it is legally unable to do so, in which event the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and accepted such appointment.
The Trustee may be removed by the Controlling Note Purchaser and the Majority Noteholders of the Highest Priority Class at any time, with or without cause, by an instrument or concurrent instruments in writing delivered to the Trustee and the Issuer.
The test that will be satisfied on any date of determination if the Weighted Average S&P Recovery Rate for the Highest Priority Class equals or exceeds the Weighted Average S&P Weighted Average Recovery Rate Input for such Class selected by the Investment Manager in connection with the S&P CDO Monitor Test.
If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee acceptable to the Controlling Note Purchaser and the Majority Noteholders of the Highest Priority Class.
The Controlling Note Purchaser and the Majority Noteholders of the Highest Priority Class shall have the sole right to appoint each successor Trustee.