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. 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, on the Closing Date and thereafter to the extent any Class A Debt is outstanding, the Class A Debt will be the Highest Ranking Class.
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.
More Definitions of Highest Ranking Class
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, (i) other than for purposes of determining (x) the level of compliance with the Standard & Poor’s CDO Monitor Test and the Weighted Average S&P Recovery Rate Test and (y) the Standard & Poor’s Recovery Amount, the Class A-1 Debt, for so long as any Class A-1 Debt is Outstanding and (ii) for purposes of determining (x) the level of compliance with the Standard & Poor’s CDO Monitor Test and the Weighted Average S&P Recovery Rate Test and (y) the Standard & Poor’s Recovery Amount, the Class A-2 Notes, for so long as any Class A-2 Note is Outstanding and rated by S&P, and, in each case, thereafter the Class of Outstanding Debt that is most senior in right of payment of principal in the Debt Payment Sequence; provided that, in the event no Rated Debt remain Outstanding, the Highest Ranking Class will be the Subordinated Notes.
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 Class A-1b Debt, or if the Class A-1b Debt is no longer Outstanding, the Class or Classes of Secured Debt that ranks higher in right of payment than each other Class of Secured Debt in the Debt Payment Sequence so long as such Class is Outstanding and rated by S&P. With respect to such determination, Pari Passu Classes will be considered the same Class.
Highest Ranking Class. The Class or Classes of Secured Notes that rank higher in right of payment than each other Class of Secured Notes in the Note Payment Sequence so long as such Class is Outstanding and rated by S&P. With respect to such determination, Pari Passu Classes will be considered the same Class.
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. As of any date of determination, the Class A Notes, for so long as any Class A Note is Outstanding, and thereafter the Class of Secured Debt Outstanding and rated by S&P that has no Outstanding Priority Class rated by S&P.