Common use of Ratio of Total Debt to EBITDAX Clause in Contracts

Ratio of Total Debt to EBITDAX. The Parent will not, at any time, permit its ratio of Total Debt 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 the amount set forth below for such period: Period: Ratio: Effective Date to 12/31/07 3.5 to 1.0 1/1/08 to 6/30/08 3.0 to 1.0 7/1/08 to 12/31/08 2.75 to 1.0 1/1/09 and thereafter 2.5 to 1.0 provided that for the fiscal quarter ending September 30, 2007, EBITDAX shall be the EBITDAX for such fiscal quarter multiplied by 4, for the fiscal quarter ending December 31, 2007, EBITDAX shall be EBITDAX for the six-month period then ended multiplied by 2; and for the fiscal quarter ending March 31, 2008, EBITDAX shall be EBITDAX for the nine-month period then ended multiplied by 4/3.

Ratio of Total Debt to EBITDAX. The Parent Borrower will not, at as of the last day of any timefiscal quarter commencing June 30, 2010, permit its ratio of Total Debt as of such time date to EBITDAX for the four fiscal quarters ending on the last day of the such fiscal quarter immediately preceding the date of determination for which financial statements are available to be greater than the amount applicable ratio set forth below in the following table for such periodthe applicable date set forth opposite thereto: Period: Ratio: Effective Applicable Ratio Applicable Date 5.0 to 12/31/07 1.0 June 30, 2010 5.0 to 1.0 September 30, 2010 3.5 to 1.0 1/1/08 December 31, 2010 3.5 to 6/30/08 1.0 March 31, 2011 3.0 to 1.0 7/1/08 to 12/31/08 2.75 to 1.0 1/1/09 and thereafter 2.5 to 1.0 Thereafter provided that for purposes of this Section 9.01(a), (i) EBITDAX for the fiscal quarter ending June 30, 2010 shall be EBITDAX for the three month period ending on such date multiplied by 4, (ii) EBITDAX for the fiscal quarter ending September 30, 2007, EBITDAX 2010 shall be the EBITDAX for the six month period ending on such fiscal quarter date multiplied by 4, 2 and (ii) EBITDAX for the fiscal quarter ending December 31, 2007, EBITDAX 2010 shall be EBITDAX for the six-nine month period then ended multiplied by 2; and for the fiscal quarter ending March 31, 2008, EBITDAX shall be EBITDAX for the nine-month period then ended on such date multiplied by 4/3.

Ratio of Total Debt to EBITDAX. The Parent Borrower will not, at as of the last day of any timefiscal quarter, commencing with the fiscal quarter ending March 31, 2011, permit its ratio of Total Debt as of such time day to EBITDAX for the four fiscal quarters ending on the last such day of the fiscal quarter immediately preceding the date of determination for which financial statements are available to be greater than the amount ratio set forth below for such periodbelow: PeriodFiscal Quarter ending: Ratio: Effective Date to 12/31/07 3.5 Ratio March 31, 2011 4.5 to 1.0 1/1/08 to 6/30/08 3.0 June 30, 2011 4.25 to 1.0 7/1/08 to 12/31/08 2.75 to 1.0 1/1/09 September 30, 2011 and thereafter 2.5 4.0 to 1.0 provided that for purposes of this Section 9.01(a), (i) EBITDAX for the fiscal quarter ending March 31, 2011 shall be EBITDAX for the three month period ending on such date multiplied by 4, (ii) EBITDAX for the fiscal quarter ending June 30, 2011 shall be EBITDAX for the six month period ending on such date multiplied by 2 and (iii) EBITDAX for the fiscal quarter ending September 30, 2007, EBITDAX shall be the EBITDAX for such fiscal quarter multiplied by 4, for the fiscal quarter ending December 31, 2007, EBITDAX 2011 shall be EBITDAX for the six-nine month period then ended multiplied by 2; and for the fiscal quarter ending March 31, 2008, EBITDAX shall be EBITDAX for the nine-month period then ended on such date multiplied by 4/3.

Ratio of Total Debt to EBITDAX. The Parent Borrower will not, at as of the last day of any timefiscal quarter, commencing with the fiscal quarter ending December 31, 2010, permit its ratio of Total Debt as of such time day to EBITDAX for the four fiscal quarters ending on the last such day of the fiscal quarter immediately preceding the date of determination for which financial statements are available to be greater than the amount ratio set forth below for such periodbelow: PeriodFiscal Quarter ending: Ratio: Effective Date to 12/31/07 3.5 Ratio December 31, 2010 4.5 to 1.0 1/1/08 to 6/30/08 3.0 March 31, 2011 4.5 to 1.0 7/1/08 to 12/31/08 2.75 June 30, 2011 4.25 to 1.0 1/1/09 September 30, 2011 and thereafter 2.5 4.0 to 1.0 provided that for the fiscal quarter ending September 30purposes of this Section 9.01(a), 2007, (i) EBITDAX shall be the EBITDAX for such fiscal quarter multiplied by 4, for the fiscal quarter ending December 31, 2007, EBITDAX 2010 shall be EBITDAX for the six-three month period then ended ending on such date multiplied by 2; and 4, (ii) EBITDAX for the fiscal quarter ending March 31, 2008, EBITDAX 2011 shall be EBITDAX for the nine-six month period then ended ending on such date multiplied by 2 and (iii) EBITDAX for the fiscal quarter ending June 30, 2011 shall be EBITDAX for the nine month period ending on such date multiplied by 4/3.