Debt to EBITDAX Ratio. Commencing with the fiscal quarter ending March 31, 2017, the Borrower will not allow the Debt to EBITDAX Ratio to exceed 4.0 to 1.0 as of the end of each fiscal quarter.
Debt to EBITDAX Ratio. The ratio of Total Debt of the Companies as of such time to EBITDAX for the four fiscal quarters ending on the last day of the fiscal quarter immediately preceding the date of determination for which financial statements are available to be greater than (a) 4.25 to 1.0, for all fiscal quarters beginning with the fiscal quarter ending June 30, 2007 and ending with the fiscal quarter ending December 31, 2007 and (b) 3.5 to 1.0, commencing with the fiscal quarter ending March 31, 2008 and thereafter.”
Debt to EBITDAX Ratio. Permit the ratio of (i) Borrower’s consolidated Funded Indebtedness to (ii) Borrower’s consolidated pro forma EBITDAX to be greater than 3.50: 1.00. This ratio shall be tested as of the end of each calendar quarter during the term hereof. For the purposes hereof, this ratio shall be calculated on a rolling four quarter basis; provided, however that if, during any review period, Borrower or any Subsidiary shall have made a material Disposition or material acquisition, EBITDAX shall be calculated on a pro forma basis as if such material Disposition or acquisition occurred on the first day of any such review period. In such case, solely with respect to calculations made in connection with determining Borrower’s pro forma compliance with the covenants set forth in the Loan Documents, EBITDAX during such review period shall be calculated on a pro forma basis as if the material Dispositions and material acquisitions made during or after the end of the review period but on or before the date of determination had occurred on the first day of such review period.
Debt to EBITDAX Ratio. Borrower will not permit, as of the last day of any fiscal quarter, commencing with the fiscal quarter ending June 30, 2023, Parent’s Debt to EBITDAX Ratio to be less than 2.5 to 1.
Debt to EBITDAX Ratio. The undersigned further understand and agree that notwithstanding the definition of “EBITDAX” in the Credit Agreement and specifically the proviso thereto allowing pro forma adjustments with respect to acquisitions that have been consummated, from and after the date hereof until March 15, 2013, or such earlier time as the BP Purchase Agreement has been terminated and, in each case, the Special Redemption Price corresponding to a Special Mandatory Redemption or Special Optional Redemption has become due and payable under the Senior Indenture with respect to the Additional Senior Notes, in determining compliance by the Company with Section 9.01 of the Credit Agreement for any four quarter period, EBITDAX will be calculated with such pro forma adjustments as if the transaction contemplated by the BP Purchase Agreement had been consummated on the first day of such period notwithstanding the actual date on which the BP Purchase Agreement is consummated.
