Total Debt to EBITDAX Ratio. The Parent will not, at any time, permit its ratio of Total Debt as of such time to EBITDAX (i) for any period of four consecutive fiscal quarters ending on or prior to June 30, 2011, for which financial statements are available to be greater than 4.0 to 1.0, and (ii) for any period of four consecutive fiscal quarters ending on or after September 30, 2011, for which financial statements are available to be greater than 3.5 to 1.0. For purposes of calculating Total Debt, at any time that the aggregate Credit Exposure is less than $20,000,000, Total Debt shall be reduced by the aggregate amount of all cash and Permitted Investments held at such time by the Parent, the Borrower or any Restricted Subsidiary.
Total Debt to EBITDAX Ratio. The Borrower will not permit at any time its ratio of Total Debt to EBITDAX (calculated quarterly at the end of each Fiscal Quarter on a rolling four quarter basis) to be more than 3.0 to 1.0.
Total Debt to EBITDAX Ratio. The ratio of Total Debt of the Companies (excluding the Convertible Notes) 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 3.0 to 1.0.
Total Debt to EBITDAX Ratio. Borrower shall maintain at all times, as determined on June 30 of each year, a ratio of (i) the aggregate amount of all Debt, to (ii) EBITDAX of not less than: Testing Period: Ratio Period ending June 30, 2015* 4.5:1 Period ending June 30, 2016 3.5:1 Period ending June 30, 2017 and thereafter 2.5:1 For the period ending June 30, 2015, the foregoing calculation shall be aggregated over the six (6) month period then ending, multiplied by two (2). For the period ending June 30, 2016 and each period thereafter, the foregoing calculation shall be aggregated over the twelve (12) month period then ending.
Total Debt to EBITDAX Ratio. The ratio of Total Debt of the Companies as of any day 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; provided, however, if Borrower enters into the Second Lien Term Loan Agreement, the ratio of Total Debt (excluding the Convertible Notes) as of any day 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 3.0 to 1.0, commencing with the fiscal quarter in which Borrower enters into the Second Lien Term Loan Agreement and thereafter.”
2.7 Section 11.12. Section 11.12 is hereby amended and restated in its entirety as follows: “The Intercreditor Agreement, after delivery thereof shall for any reason, except to the extent permitted by the terms thereof, cease to be in full force and effect and valid, binding and enforceable in accordance with its terms against Borrower or any party thereto or holder of any Second Lien Notes or shall be repudiated by any of them, or cause the Liens of the Second Lien Term Loan Documents to be senior or pari passu in right to the Liens of this agreement, or any payment by Borrower or any guarantor in violation of the terms of the Intercreditor Agreement.”
2.8 Schedule 9.2. Item #8 on Schedule 9.2 is hereby amended and restated as follows:
Total Debt to EBITDAX Ratio. The Parent will not, at any time, permit its ratio of Total Debt as of such time to EBITDAX (i) for any period of four consecutive fiscal quarters ending on or prior to December 31, 2013, for which financial statements are available, to be greater than 4.5 to 1.0, (ii) for any period of four consecutive fiscal quarters ending on or after March 31, 2014 but on or prior to June 30, 2014, for which financial statements are available, to be greater than 4.25 to 1.0 and (iii) for any period of four consecutive fiscal quarters ending after June 30, 2014, for which financial statements are available, to be greater than 4.0 to 1.0. For purposes of calculating Total Debt, at any time that the aggregate Credit Exposure is less than $20,000,000, Total Debt shall be reduced by the aggregate amount of all cash and Permitted Investments held at such time by the Parent, the Borrower or any Restricted Subsidiary.
Total Debt to EBITDAX Ratio total Debt of the Borrower and the Restricted Subsidiaries as of such date to
Total Debt to EBITDAX Ratio. The Parent will not permit, at any time, its ratio of Total Debt as of such time to EBITDAX (i) for any period of four consecutive fiscal quarters ending on or prior to June 30, 2014, for which financial statements are available, to be greater than 4.5 to 1.0, (ii) for any period of four consecutive fiscal quarters ending after June 30, 2014, but on or prior to December 31, 2014, for which financial statements are available, to be greater than 4.25 to 1.0, (iii) for the period of four consecutive fiscal quarters ending March 31, 2015, for which financial statements are available, to be greater than 4.0 to 1.0, (iv) for any period of four consecutive fiscal quarters ending after March 31, 2015, but on or prior to March 31, 2016, for which financial statements are available, to be greater than 4.75 to 1.0, (v) for the period of four consecutive fiscal quarters ending on June 30, 2016, for which financial statements are available, to be greater than 5.25 to 1.0, (vi) for the period of four consecutive fiscal quarters ending September 30, 2016 and December 31, 2016, for which financial statements are available, to be greater than 5.50 to 1.0, (vii) for the period of four consecutive fiscal quarters ending on March 31, 2017, for which financial statements are available, to be greater than 4.50 to 1.0, and (viii) for any period of four consecutive fiscal quarters ending after March 31, 2017, for which financial statements are available, to be greater than 4.0 to 1.0. For purposes of calculating Total Debt, at any time that the aggregate Credit Exposure is less than $20,000,000, Total Debt shall be reduced by the aggregate amount of all cash and Permitted Investments held at such time by the Parent, the Borrower or any Restricted Subsidiary.
Total Debt to EBITDAX Ratio. The Borrower will not permit its Total Debt to EBITDAX Ratio as of the last day of any Test Period ending (i) prior to March 31, 2015 or on or after March 31, 2017 to be greater than 4.0 to 1.0, (ii) on or after March 31, 2015 but prior to September 30, 2016 to be greater than 5.0 to 1.0., and (iii) on September 30, 2016 and December 31, 2016 to be greater than 5.5 to 1.0.
Total Debt to EBITDAX Ratio. As of any day, the ratio of Companies’ Total Debt as of such day to Companies’ EBITDAX for the most recent period of four fiscal quarters for which financial statements are available to be greater than 4.0 to 1.0.
