Ratio of Total Net Debt to EBITDAX. Beginning with the Fiscal Quarter ending September 30, 2022, the Borrower will not, as of the last day of any Fiscal Quarter, permit its ratio of Total Net Debt as of such last day to EBITDAX for the period of four Fiscal Quarters then ending on such day to exceed 3.25 to 1.00.
Ratio of Total Net Debt to EBITDAX. The Parent, OP LLC and the Borrower will not, as of the last day of any Test Period (commencing with the Test Period ending March 31, 2021), permit the ratio of Total Net Debt as of such date to EBITDAX (or, in the case of the Test Periods ending on March 31, 2021, June 30, 2021 and September 30, 2021, Annualized EBITDAX), in each case for the Parent and the Consolidated Restricted Subsidiaries for the Test Period ending on such date (the “Leverage Ratio”), to be greater than 3.00 to 1.00.
Ratio of Total Net Debt to EBITDAX. The Borrower will not permit, as of the last day of any fiscal quarter (commencing with the fiscal quarter ending December 31, 2019) its ratio of Total Net Debt as of the last day of such fiscal quarter to EBITDAX for the four fiscal quarters ending on the last day of such fiscal quarter, to be greater than 4.0 to 1.0; provided that the Borrower shall not permit, (i) on any date on or after May 1, 2020, on which the board of directors of the Borrower declares, approves or agrees to pay or make, directly or indirectly, any Restricted Payment pursuant to clause (c) of Section 6.8, its ratio of (x) Total Net Debt as of the date of such declaration, approval or agreement after giving pro forma effect to such Restricted Payment to (y) EBITDAX as of the last day of the most recent period of four consecutive fiscal quarters for which financial statements have been provided in accordance with clause (a) or (b) of Section 5.1, to be greater than 2.25 to 1.0 (notwithstanding any other ratio requirement in this Agreement), (ii) on any date during the period from February 17, 2021 until December 31, 2021, on which the board of directors of the Borrower declares, approves or agrees to pay or make, directly or indirectly, any Restricted Payment pursuant to clause (d) of Section 6.8, the amount of unused borrowing capacity that could be accessed under this Agreement by the Borrower on such date after giving pro forma effect to such Restricted Payment to be less than 25% of the amount of the Loan Limit in effect at such time, or (iii) on any date on or after January 1, 2022, on which the board of directors of the Borrower declares, approves or agrees to pay or make, directly or indirectly, any Restricted Payment pursuant to clause (d) of Section 6.8, (A) its ratio of (x) Total Net Debt as of the date of such declaration, approval or agreement after giving pro forma effect to such Restricted Payment to (y) EBITDAX as of the last day of the most recent period of four consecutive fiscal quarters for which financial statements have been provided in accordance with clause (a) or (b) of Section 5.1, to be greater than 3.0 to 1.0 (notwithstanding any other ratio requirement in this Agreement) or (B) the amount of unused borrowing capacity that could be accessed under this Agreement by the Borrower on such date after giving pro forma effect to such Restricted Payment to be less than 20% of the amount of the Loan Limit in effect at such time.
Ratio of Total Net Debt to EBITDAX. The Borrower will not permit, as of the last day of any fiscal quarter (commencing with the fiscal quarter ending December 31, 2018) its ratio of Total Net Debt as of the last day of such fiscal quarter to EBITDAX for the four fiscal quarters ending on the last day of such fiscal quarter, to be greater than 4.0 to 1.0. For the purposes of calculating the Total Net Debt to EBITDAX Ratio for the fiscal quarters ending on December 31, 2018, March 31, 2019 and June 30, 2019, EBITDAX shall be deemed to equal (i) in the case of the fiscal quarter ending on December 31, 2018, EBITDAX for such fiscal quarter multiplied by four (4), (ii) in the case of the fiscal quarter ending on March 31, 2019, the aggregate EBITDAX for such the fiscal quarters ended December 31, 2018 and March 31, 2019 multiplied by two (2) and (iii) in the case of the fiscal quarter ending on June 30, 2019, the aggregate EBITDAX for the fiscal quarters ended December 31, 2018, March 31, 2019 and June 30, 2019 multiplied by four-thirds (4/3).
Ratio of Total Net Debt to EBITDAX. The Borrower will not, as of the last day of any Fiscal Quarter commencing with the Fiscal Quarter ending December 31, 2018, permit its ratio of Total Net Debt as of such last day to EBITDAX for the period of four Fiscal Quarters then ending on such day to exceed 3.75 to 1.00; provided that for purposes of this Section 9.01(a), Section 9.02(i), Section 9.04(a) and Section 9.04(b), EBITDAX for the four Fiscal Quarters ending (i) December 31, 2018, shall equal EBITDAX for the Fiscal Quarter then ending multiplied by 4, (ii) March 31, 2019, shall equal EBITDAX for the two Fiscal Quarters then ending multiplied by 2 and (iii) June 30, 2019, shall equal EBITDAX for the three Fiscal Quarters then ending multiplied by 4/3.
Ratio of Total Net Debt to EBITDAX. Each Parent and the Borrower will not, at any time, permit the ratio of Total Net 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 4.0 to 1.0.
