Highest Ranking Class definition

Highest Ranking Class. Any outstanding Class rated by S&P with respect to which there is no Priority Class that is outstanding.

Highest Ranking Class means the Class of Outstanding Notes with respect to which there is no Higher Ranking Class, which, in the event that no Secured Notes remain Outstanding, shall be the Subordinated Notes.

Highest Ranking Class. Any outstanding Class rated by S&P with respect to which there is no Priority Class that is outstanding; provided, that as used in the definition of “S&P CDO Monitor Test” only, that on the Closing Date and thereafter to the extent any Class A Notes are outstanding, the Class A Notes will be the Highest Ranking Class.

Examples of Highest Ranking Class in a sentence

• With respect to the Highest Ranking Class, at any time, the rate calculated by subtracting the Class Scenario Default Rate at such time for such Class of Notes from the Class Break-even Default Rate for such Class of Notes at such time.

• Try to get a license plate if possible or drive straight to a Fire or Police Station.

• The test that will be satisfied on any date of determination if the Weighted Average S&P Recovery Rate for the Highest Ranking Class outstanding equals or exceeds the Weighted Average S&P Recovery Rate for such Class selected by the Portfolio Manager in connection with the S&P CDO Monitor Test.

• With respect to the Highest Ranking Class, at any time, an estimate of the cumulative default rate for the Current Portfolio or the Proposed Portfolio, as applicable, consistent with S&P’s Initial Rating of such Class of Notes, determined by application by the Collateral Manager and the Collateral Administrator of the S&P CDO Monitor at such time.

• The test that will be satisfied on any date of determination if the Weighted Average S&P Recovery Rate equals or exceeds the Weighted Average S&P Recovery Rate for the Highest Ranking Class selected by the Collateral Manager in connection with the S&P CDO Monitor Test.

More Definitions of Highest Ranking Class

Highest Ranking Class means, as of any date of determination, the Class of Secured Notes (other than the Class X Notes) that is rated by S&P and that has no Priority Class. For the avoidance of doubt, the Class X Notes will not constitute the Highest-Ranking Class at any time.

Highest Ranking Class. The Outstanding Class of Secured Debt rated by S&P (other than the Class A-1 Debt) that ranks higher in right of payment than each other Class of Secured Debt rated by S&P in accordance with the Debt Payment Priority.

Highest Ranking Class. The outstanding Class of Secured Notes rated by S&P that ranks higher in right of payment than each other Class of Secured Notes rated by S&P in the Debt Payment Sequence.

Highest Ranking Class. As of any date of determination, the Class of Secured Notes then rated by S&P that has no Priority Class Outstanding.

Highest Ranking Class. As of any date of determination, the Class of Secured Debt Outstanding and rated by S&P that has no Outstanding Priority Class rated by S&P.

Highest Ranking Class. Excluding the Class A-1 Notes, anyAny outstanding Class rated by S&P with respect to which there is no Priority Class (excludingthat is outstanding (other than the Class A-1 Notes) that is outstanding.. For the avoidance of doubt, the Highest Ranking Class on the First Refinancing Date shall be the Class A-2 Notes.

Highest Ranking Class. Solely with respect to any Class or Classes of Notes rated by S&P as of any date of determination, the outstanding Class of Notes that ranks higher in right of payment than each other Class of Notes in the Note Payment Sequence.