Applicable Leverage Level means the level set forth below that corresponds to the applicable Leverage Ratio: Applicable Leverage Level Leverage Ratio Level I Less than or equal to 3.00 to 1.0 Level II greater than 3.00 to 1.0 but less than or equal to 3.50 to 1.0 Level III greater than 3.50 to 1.0 but less than or equal to 4.00 to 1.0 Level IV greater than 4.00 to 1.00 On the effective date of this Agreement, the Applicable Leverage Level shall be Level II. Thereafter, the Applicable Leverage Level will be determined after each Quarterly Testing Date using the Consolidated Funded Debt of the Borrower outstanding on such day and using Consolidated EBITDA of the Borrower for the four Fiscal Quarter period ending on such day. On the date on which financial statements are delivered pursuant to Section 6.02(b), the Administrative Agent will confirm or determine the Leverage Ratio of the Borrower set forth in the Compliance Certificate delivered with such financial statements and determine the Applicable Leverage Level on or within two Business Days after such date. The Applicable Leverage Level shall become effective on the Business Day following such determination by the Administrative Agent and shall remain effective until the next such determination by the Administrative Agent. If the Borrower shall fail to deliver the financial statements by the time required pursuant to Section 6.02(b), the Applicable Leverage Level shall be deemed to be Level IV until such financial statements have been delivered to the Administrative Agent and the Administrative Agent has so confirmed or determined the Leverage Ratio.
Applicable Leverage Level means the level set forth below that ------------------------- corresponds to the ratio of (i) Consolidated Funded Indebtedness of Plains MLP and its Subsidiaries to (ii) the Consolidated EBITDA for the applicable period of four Fiscal Quarters (the "Leverage Ratio"): ================================================================ Applicable Leverage Level Leverage Ratio -------------- -------------- ---------------------------------------------------------------- Level I greater than or equal to 3.50 to 1.0 ---------------------------------------------------------------- Level II greater than or equal to 3.00 to 1.0 but less than 3.50 to 1.0 ---------------------------------------------------------------- Level III greater than or equal to 2.25 to 1.0 but less than 3.00 to 1.0 ---------------------------------------------------------------- Level IV greater than or equal to 1.75 to 1.0 but less than 2.25 to 1.0 ---------------------------------------------------------------- Level V less than 1.75 to 1.0 ================================================================ The Leverage Ratio will be determined quarterly by Administrative Agent within two (2) Business Days after Administrative Agent's receipt of Plains MLP's Consolidated financial statements for the immediate preceding Fiscal Quarter based upon: (i) Consolidated Funded Indebtedness as of the end of such Fiscal Quarter, and (ii) the Consolidated EBITDA for the four Fiscal Quarters ending with such Fiscal Quarter. The Applicable Leverage Level shall become effective upon such determination of the Leverage Ratio by Administrative Agent and shall remain effective until the next such determination by Administrative Agent of the Leverage Ratio.
Applicable Leverage Level means the level set forth below that corresponds to the applicable Leverage Ratio: ApplicableLeverage Level Leverage RatioLevel I Less than or equal to 3.00 to 1.0Level II greater than 3.00 to 1.0 but less than or equal to 3.50 to 1.0 Level III greater than 3.50 to 1.0 but less than or equal to 4.00 to 1.0 Level IV greater than 4.00 to 1.00On the Closing Date, the Applicable Leverage Level shall be Level III. Thereafter, the Applicable Leverage Level will be determined after each Quarterly Testing Date using the Consolidated Funded Debt of the Borrower outstanding on such day and using Consolidated EBITDA of the Borrower for the four Fiscal Quarter period ending on such day. On the date on which financial statements are delivered pursuant to Section 6.02(b), the Administrative Agent will confirm or determine the Leverage Ratio of the Borrower set forth in the Compliance Certificate delivered with such financial statements and determine the Applicable Leverage Level on or within two Business Days after such date. The Applicable Leverage Level shall become effective on the Business Day following such determination by the Administrative Agent and shall remain effective until the next such determination by the Administrative Agent. If the Borrower shall fail to deliver the financial statements by the time required pursuant to Section 6.02(b), the Applicable Leverage Level shall be deemed to be Level IV until such financial statements have been delivered to the Administrative Agent and the Administrative Agent has so confirmed or determined the Leverage Ratio.
Examples of Applicable Leverage Level in a sentence
On the date on which financial statements are delivered pursuant to Section 6.02(b), the Administrative Agent will confirm or determine the Leverage Ratio of the Borrower set forth in the Compliance Certificate delivered with such financial statements and determine the Applicable Leverage Level on or within two Business Days after such date.
If the Borrower shall fail to deliver the financial statements by the time required pursuant to Section 6.02(b), the Applicable Leverage Level shall be deemed to be Level IV until such financial statements have been delivered to the Administrative Agent and the Administrative Agent has so confirmed or determined the Leverage Ratio.
The Applicable Leverage Level shall become effective on the Business Day following such determination by the Administrative Agent and shall remain effective until the next such determination by the Administrative Agent.
More Definitions of Applicable Leverage Level
Applicable Leverage Level set forth in Section 1.1 of the Original Agreement is hereby amended in its entirety to read as follows: Applicable Leverage Level Leverage Ratio ----------------- ------------------------------------ Level I greater than or equal to 4.50 to 1.0 Level II greater than or equal to 4.25 to 1.0 but less than 4.50 to 1.0 Level III greater than or equal to 4.00 to 1.0 but less than 4.25 to 1.0 Level IV greater than or equal to 3.50 to 1.0 but less than 4.00 to 1.0 Level V greater than or equal to 3.00 to 1.0 but less than 3.50 to 1.0 Level VI greater than or equal to 2.25 to 1.0 but less than 3.00 to 1.0 Level VII greater than or equal to 1.75 to 1.0 but less than 2.25 to 1.0 Level VIII less than 1.75 to 1.0
Applicable Leverage Level means the level set forth below that ------------------------- corresponds to the ratio of (i) Consolidated Funded Indebtedness of Plains MLP and its Subsidiaries to (ii) the Consolidated EBITDA for the applicable period of four Fiscal Quarters (the "Leverage Ratio"): ========================================================== Applicable Leverage Level Leverage Ratio -------------- -------------- ---------------------------------------------------------- Level I greater than or equal to 4.50 to 1.0 ---------------------------------------------------------- Level II greater than or equal to 4.25 to 1.0 but less than 4.50 to 1.0 ---------------------------------------------------------- Level III greater than or equal to 4.00 to 1.0 but less than 4.25 to 1.0 ---------------------------------------------------------- Level IV greater than or equal to 3.50 to 1.0 but less than 4.00 to 1.0 ---------------------------------------------------------- Level V greater than or equal to 3.00 to 1.0 but less than 3.50 to 1.0 ---------------------------------------------------------- Level VI greater than or equal to 2.25 to 1.0 but less than 3.00 to 1.0 ---------------------------------------------------------- Level VII greater than or equal to 1.75 to 1.0 but less than 2.25 to 1.0 ---------------------------------------------------------- Level VIII less than 1.75 to 1.0 ========================================================== The Leverage Ratio will be determined as of the date hereof based upon the pro forma Initial Financial Statements, and shall be determined thereafter quarterly by Administrative Agent within two (2) Business Days after Administrative Agent's receipt of Plains MLP's Consolidated financial statements for the immediate preceding Fiscal Quarter based upon: (i) Consolidated Funded Indebtedness as of the end of such Fiscal Quarter, and (ii) the Consolidated EBITDA for the four Fiscal Quarters ending with such Fiscal Quarter. The Applicable Leverage Level shall become effective upon such determination of the Leverage Ratio by Administrative Agent and shall remain effective until the next such determination by Administrative Agent of the Leverage Ratio.
Applicable Leverage Level means the level set forth below that corresponds to the applicable Leverage Ratio of the Borrower: Applicable Leverage Level Leverage Ratio Level I less than or equal to 2.50 to 1.00 Level II greater than 2.50 to 1.00 but less than or equal to 3.50 to 1.00 Level III greater than 3.50 to 1.00 but less than or equal to 4.50 to 1.00 Level IV greater than 4.50 to 1.00 On the Closing Date, the Applicable Leverage Level will be Level II. Thereafter, the Applicable Leverage Level will be determined after each Quarterly Testing Date using the Consolidated Funded Debt of the Borrower outstanding on such day and using Consolidated EBITDA of the Borrower for the four Fiscal Quarter period ending on such day. On the date on which financial statements are delivered pursuant to Section 6.02(b), the Administrative Agent will confirm or determine the Leverage Ratio of the Borrower set forth in the Compliance Certificate delivered with such financial statements and determine the Applicable Leverage Level on or within two Business Days after such date. The Applicable Leverage Level shall become effective on the Business Day following such determination by the Administrative Agent and shall remain effective until the next such determination by the Administrative Agent. If the Borrower shall fail to deliver the financial statements by the time required pursuant to Section 6.02(b), the Applicable Leverage Level shall be deemed to be Level IV until such financial statements have been delivered to the Administrative Agent and the Administrative Agent has so confirmed or determined the Leverage Ratio.
Applicable Leverage Level means the level set forth below that corresponds to the ratio of (i) Consolidated Funded Indebtedness of Plains MLP and its Subsidiaries to (ii) the Consolidated EBITDA for the applicable period of four Fiscal Quarters (the "Leverage Ratio"): ===================================================================== Applicable Leverage Level Leverage Ratio -------------- -------------- ------------------------------------------------------------------ Level I greater than or equal to 4.50 to 1.0 ------------------------------------------------------------------ Level II greater than or equal to 4.25 to 1.0 but less than 4.50 to 1.0 ------------------------------------------------------------------ Level III greater than or equal to 4.00 to 1.0 but less than 4.25 to 1.0 ------------------------------------------------------------------ Level IV greater than or equal to 3.50 to 1.0 but less than 4.00 to 1.0 ===================================================================== ------------------------------------------------------------------ Level V greater than or equal to 3.00 to 1.0 but less than 3.50 to 1.0 ------------------------------------------------------------------ Level VI greater than or equal to 2.25 to 1.0 but less than 3.00 to 1.0 Level VII less than 2.25 to 1.0 ------------------------------------------------------------------
Applicable Leverage Level means the level set forth below that corresponds to the applicable Leverage Ratio: Applicable Leverage Level Leverage Ratio -------------- -------------- Level I greater than or equal to 3.25 to 1.0 Level II greater than or equal to 2.50 to 1.0 but less than 3.25 to 1.0 Level III greater than or equal to 2.00 to 1.0 but less than 2.50 to 1.0 Level IV less than 2.00 to 1.00 SECOND AMENDED AND RESTATED CREDIT AGREEMENT On the date hereof the Applicable Leverage Level shall be Level I. The Leverage Ratio shall be determined quarterly after the date hereof from time to time by Administrative Agent within two (2) Business Days after Administrative Agent's receipt of Borrower's Consolidated financial statements for the immediate preceding Fiscal Quarter beginning with its receipt of the financial statements for the Fiscal Quarter ended February 28, 2004. The Applicable Leverage Level shall become effective upon such determination of the Leverage Ratio by Administrative Agent and shall remain effective until the next such determination by Administrative Agent of the Leverage Ratio.
Applicable Leverage Level means the level set forth below that corresponds to the applicable Leverage Ratio of the Borrower: Applicable Leverage Level Leverage Ratio Level I less than or equal to 2.50 to 1.00 Level II greater than 2.50 to 1.00 but less than or equal to 3.00 to 1.00 Level III greater than 3.00 to 1.00 but less than or equal to 3.50 to 1.00 Level IV greater than 3.50 to 1.00 On the Restatement Effective Date, the Applicable Leverage Level will be Level II. Thereafter, the Applicable Leverage Level will be determined after each Quarterly Testing Date
Applicable Leverage Level means the level set forth below that corresponds to the applicable Leverage Ratio: Applicable Leverage Level Leverage Ratio Level I Less than or equal to 2.50 to 1.0 Level II greater than 2.50 to 1.0 but less than or equal to 3.00 to 1.0 Level III greater than 3.00 to 1.0 but less than or equal to 3.50 to 1.0 Level IV greater than 3.50 to 1.0 but less than or equal to 4.00 to 1.0 Level V greater than 4.00 to 1.0 but less than or equal to 4.50 to 1.0 Level VI greater than 4.50 to 1.00 On the effective date of this Agreement, the Applicable Leverage Level shall be Level III. Thereafter, the Leverage Ratio will be determined after each Quarterly Testing Date using the Consolidated Funded Indebtedness outstanding on such day and using Consolidated EBITDA for the four Fiscal Quarter period ending on such day. On the date on which financial statements are delivered pursuant to Section 6.02(b), the Administrative Agent will confirm or determine the Leverage Ratio set forth in the Compliance Certificate delivered with such financial statements and determine the Applicable Leverage Level Rate on or within two Business Days after such date. The Applicable Leverage Level shall become effective on the Business Day following such determination by the Administrative Agent and shall remain effective until the next such determination by the Administrative Agent.