Commonly called just classy gentleman. For when a guy wants to jack off covertly and needs a mop up rag but has nothing to use, So then the guy uses his boxers to clean up and then goes commando with the dirty boxers hanging out of a pants pocket. Usually done if a girl gives the guy major blue balls and he doesn't want to make a mess of her bathroom getting off. Thus the name from being classy enough to not make a cummy mess at a girls house.
Carl- Damn dude, Rebecca was being a prude bitch last night and wouldn't give me even a handjob. So I was stuck with blue balls and a major chubbs, so I went into her little sisters room to wham the ham, but I forgot mop up material so I had to beat it into my boxers. Then I just did the classy gentleman's handkerchief until I was able to get out of there.
Derek- What a bitch. That's a classy thing to do dude,