Ratio of EBITDAX to Interest. The Borrower will not permit its ratio of EBITDAX to interest expense (determined in accordance with GAAP) for the four fiscal quarters then ended (i) as of the last day of the fiscal quarters ending on or after March 31, 2016 but prior to December 31, 2016, to be less than 2.5 to 1.00, (ii) as of the last day of the fiscal quarter ending on December 31, 2016, to be less than 1.75 to 1.00, (iii) as of the last day of the fiscal quarter ending on March 31, 2017, to be less than 1.5 to 1.00, (iv) as of the last day of the fiscal quarters ending on or after June 30, 2017 but prior to December 31, 2017, to be less than 1.25 to 1.00, (v) as of the last day of the fiscal quarters ending on or after December 31, 2017 but prior to June 30, 2018, to be less than 1.00 to 1.00 and (vi) as of the last day of the fiscal quarters ending on or after June 30, 2018, to be less than 2.5 to 1.00; provided however, if, in accordance with GAAP, the Borrower realizes any non-cash charges categorized as interest expense (including any such charges resulting from the accelerated realization of amortizing fees paid to the Administrative Agent or any Lender in connection with this Agreement in any given fiscal quarter as a result of a Borrowing Base reduction), then such non-cash charges shall be excluded from the calculation of interest expense for purposes of this Section 9.01(c).” Section 2.10
Ratio of EBITDAX to Interest. The Borrower will not permit, as of the last day of any fiscal quarter, its ratio of EBITDAX to interest expense (determined in accordance with GAAP) for the four fiscal quarters then ended to be less than 2.5 to 1.0.”
Ratio of EBITDAX to Interest. The Borrower will not permit, as of the last day of any fiscal quarter, its ratio of EBITDAX to interest expense (determined in accordance with GAAP) for the four fiscal quarters then ended to be less than 2.5 to 1.0.” Section 2.05 Amendment to Section 9.02(f) of the Credit Agreement. Section 9.02(f) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: (f) the Existing Notes, and any refinancing of such Existing Notes (any such refinancing, a “Permitted Refinancing”), provided that (i) such Permitted Refinancing has a maturity date no earlier than the maturity date of the Existing Notes; (ii) such Permitted Refinancing has an aggregate principal amount (or if incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or if incurred with original issue discount, the aggregate accreted value) then outstanding (plus fees and expenses, including any premium and defeasance costs) under the Existing Notes; and (iii) such Permitted Refinancing, by its terms, shall otherwise satisfy the requirements of the definition of Permitted Additional Debt. ARTICLE III Reaffirmation of the Borrowing Base Section 3.01
Ratio of EBITDAX to Interest. The Borrower will not permit its ratio of EBITDAX to interest expense (determined in accordance with GAAP) for the four fiscal quarters then ended (i) as of the last day of the fiscal quarters ending on or after March 31, 2016 but prior to December 31, 2016, to be less than 2.5 to 1.00, (ii) as of the last day of the fiscal quarter ending on December 31, 2016, to be less than 1.75 to 1.00, (iii) as of the last day of the fiscal quarters ending on or after March 31, 2017 but prior to June 30, 2018, to be less than 1.50 to 1.00 and (iv) as of the last day of the fiscal quarters ending on or after June 30, 2018, to be less than 1.75 to 1.00; provided however, if, in accordance with GAAP, the Borrower realizes any non-cash charges categorized as interest expense (including any such charges resulting from the accelerated realization of amortizing fees paid to the Administrative Agent or any Lender in connection with this Agreement in any given fiscal quarter as a result of a Borrowing Base reduction), then such non-cash charges shall be excluded from the calculation of interest expense for purposes of this Section 9.01(c).”
Ratio of EBITDAX to Interest. The Borrower will not permit, as of the last day of any fiscal quarter, its ratio of EBITDAX to interest expense (determined in accordance with GAAP) for the four fiscal quarters then ended to be less than 2.5 to 1.0; provided however, if, in accordance with GAAP, the Borrower realizes any non-cash charges categorized as interest expense (including any such charges resulting from the accelerated realization of amortizing fees paid to the Administrative Agent or any Lender in connection with this Agreement in any given fiscal quarter as a result of a Borrowing Base reduction), then such non-cash charges shall be excluded from the calculation of interest expense for purposes of this Section 9.01(c).”
