Highest Ranking S&P Class definition

Highest Ranking S&P Class means any Class that is Outstanding and is rated by S&P with respect to which there is no Higher Ranking Class rated by S&P that is Outstanding.
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Highest Ranking S&P Class means, on any Measurement Date, the Highest Ranking Class of Outstanding Notes that is rated by S&P on such date.
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Highest Ranking S&P Class. Any Outstanding Class rated by S&P with respect to which there is no Priority Class; provided that the Class X Notes shall not constitute the Highest Ranking S&P Class at any time. “Holder” or “holder”: With respect to any Debt, the Person whose name appears in the Note Register or the Loan Register, as applicable, as the registered holder of such Debt; except where the context otherwise requires, “Holder” or “holder” will include the beneficial owner of such security. “IAI”: An Institutional Accredited Investor. “IAI/QP”: Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Debt is both an Institutional Accredited Investor and a Qualified Purchaser. “Incurrence Covenant”: A covenant by any borrower to comply with one or more financial covenants only upon the occurrence of certain actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture. “Indenture”: This instrument as originally executed and, if from time to time supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended. “Independent”: As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any material direct or any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, manager, director or Person performing similar functions. “Independent” when used with respect to any accountant may include an accountant who audits the books of such Person if in addition to satisfying the criteria set forth above, the accountant is independent with respect to such Person within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public Accountants. For purposes of this definition, no manager, director or independent review party of any Person will fail to be Independent solely because such Person acts as an independent manager, independent director or independent review party thereof or of any such Person’s affiliates. Any pricing service, certified public accountant or legal counsel that is required to be Independent of another Person...
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Examples of Highest Ranking S&P Class in a sentence

  • The results of the S&P CDO Monitor Test (with a statement as to whether it is passing or failing), including the Class Default Differential, the Class Break-Even Default Rate and the Class Scenario Default Rate for the Highest Ranking S&P Class, and the characteristics of the Current Portfolio.

  • For Collateral Obligations Domiciled in Group C* S&P Recovery Rating of the Senior Secured Debt Instrument Initial Liability Rating “AAA” “AA” “A” “BBB” “BB” “B” and below 1+ 10% 12% 14% 16% 18% 20% 1 10% 12% 14% 16% 18% 20% 2 10% 12% 14% 16% 18% 20% 3 5% 7% 9% 10% 11% 12% 4 2% 2% 2% 2% 2% 2% 5 0% 0% 0% 0% 0% 0% 6 0% 0% 0% 0% 0% 0% S&P Recovery Rate * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking S&P Class at the time of determination.

  • The S&P CDO Monitor Test will be considered to be improved if the Class Default Differential of the Highest Ranking S&P Class of the Proposed Portfolio is greater than the corresponding Class Default Differential of the Current Portfolio.

  • For Collateral Obligations Domiciled in Group C* S&P Recovery Rating of the Senior Secured Debt Instrument Initial Liability Rating “AAA” “AA” “A” “BBB” “BB” “B” and below 1+ 5% 5% 5% 5% 5% 5% 1 5% 5% 5% 5% 5% 5% 2 5% 5% 5% 5% 5% 5% 3 2% 2% 2% 2% 2% 2% 4 0% 0% 0% 0% 0% 0% 5 0% 0% 0% 0% 0% 0% 6 0% 0% 0% 0% 0% 0% S&P Recovery Rate * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking S&P Class at the time of determination.


More Definitions of Highest Ranking S&P Class

Highest Ranking S&P Class means, on any Measurement Date, the Highest Ranking Class of Outstanding Notes (other than the Class X Notes) that is rated by S&P on such date. For the avoidance of doubt, the Class X Notes will not constitute the Highest Ranking S&P Class at any time.
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Highest Ranking S&P Class. Any Outstanding Class rated by S&P with respect to which there is no Priority Class.
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Related to Highest Ranking S&P Class

  • Weighted Average Floating Spread means, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying, in the case of each Floating Rate Loan (excluding Defaulted Loans) on an annualized basis, the Spread of such Loans (including commitment, letter of credit and all other fees), by the Outstanding Loan Balance of such Loans as of such date and dividing such sum by the aggregate Outstanding Loan Balance of all such Floating Rate Loans and rounding the result up to the nearest 0.01%.

  • Class A-2a Interest Rate means [●]% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

  • Class A-4 Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Weighted Average Life Test means a test that is satisfied at any such time if the Weighted Average Life as calculated on the date of determination is less than or equal to 5.5 years.

  • Weighted Average Coupon means, with respect to Fixed Rate Obligations (excluding Defaulted Loans), as of any date, the number obtained by:

  • Class A-2b Interest Rate means LIBOR + 0.16% per annum (computed on the basis of the actual number of days elapsed, but assuming a 360-day year).

  • Class E Interest Rate means 4.99% per annum (computed on the basis of a 360-day year of twelve 30-day months).

  • Class A-1 Interest Rate means [ ]% per annum (computed on the basis of the actual number of days elapsed during the applicable Interest Period, but assuming a 360-day year).

  • Class A-3 Interest Rate means [ ]% per annum (computed on the basis of a 360-day year of twelve 30-day months).