Ratably or Ratable definition
Ratably or Ratable means, with respect to each Creditor at any time, a fraction whose numerator is the amount of Credit Obligations and Swap Obligations owing to such Creditor at such time and whose denominator is the Total Obligations owing to all Creditors at such time.
Ratably or Ratable means as to any Secured Creditor, an amount equal to a fraction, (a) the numerator of which is (i) the Loan Obligations or (ii) the Approved Hedge Counterparty Obligations, in each case owed to such Secured Creditor, and (b) the denominator of which is the sum of (i) all Loan Obligations and (ii) all Approved Hedge Counterparty Obligations. For purposes of this definition, Approved Hedge Counterparty Obligations shall exclude the undrawn face amount of any Exempt LC or the proceeds thereof that are being held by the relevant Approved Hedge Counterparty.
Ratably or Ratable means, with respect to any amount to be allocated between the Holder Parties and BP as of any date of determination, the allocation of a portion of such amount to (a) the Holder Parties such that the ratio that the amount allocated to the Holder Parties bears to the total amount to be so allocated equals the ratio of the Note Obligations to the Total Obligations and (b) BP such that the ratio that the amount allocated to BP bears to the total amount to be so allocated equals the ratio of the BP Swap Obligations to the Total Obligations.
More Definitions of Ratably or Ratable
Ratably or Ratable means as to any Secured Party: (1) with respect to Section 5(c)(ii), an amount equal to a fraction, (a) the numerator of which is the Secured Hedge Obligations owed to such Secured Party, and (b) the denominator of which is the sum of all Secured Hedge Obligations; (2) with respect to Section 5(c)(iii), an amount equal to a fraction, (a) the numerator of which is (i) all the Note Obligations (if the Secured Party is the Trustee) or (ii) the Permitted LC Obligations, in each case owed to such Secured Party, and (b) the denominator of which is the sum of (i) all Note Obligations and (ii) all Permitted LC Obligations; and (3) with respect to Section 6, an amount equal to a fraction, (a) the numerator of which is (i) the Secured Hedge Obligations, or (ii) all the Note Obligations (if the Secured Party is the Trustee) or (iii) the Permitted LC Obligations, in each case owed to such Secured Party, and (b) the denominator of which is the sum of (i) all Secured Hedge Obligations, (ii) all Note Obligations and (iii) all Permitted LC Obligations. For purposes of this definition, the undrawn face amount of letters of credit issued under a Permitted Letter of Credit Facility will not be treated as a Permitted LC Obligation. Reserve Report has the meaning assigned to such term in the Indenture. Right or Rights means rights, remedies, powers, privileges and benefits.