Total Debt. The Company will not permit Consolidated Total Debt as at the end of any fiscal quarter of the Company to exceed: (i) during the period ending December 31, 2018, 400% of Consolidated EBITDA for the 12 month period ending on such date; (ii) during the period beginning January 1, 2019 and ending on December 31, 2019, 425% of Consolidated EBITDA; provided that for the purposes of this covenant, Consolidated EBITDA for the fiscal quarter ending on (i) March 31, 2019, shall be Consolidated EBITDA determined for the 3 month period commencing January 1, 2019 and ending on March 31, 2019, multiplied by four; (ii) June 30, 2019, shall be Consolidated EBITDA determined for the 6 month period commencing January 1, 2019 and ending on June 30, 2019, multiplied by two; (iii) September 30, 2019, shall be Consolidated EBITDA determined for the 9 month period commencing January 1, 2019 and ending on September 30, 2019, multiplied by 1.3333; and December 31, 2019, shall be Consolidated EBITDA determined for the 12 month period commencing January 1, 2019 and ending on December 31, 2019; and (iii) at all times thereafter, 400% of Consolidated EBITDA for the 12 months ending on the last day of such fiscal quarter.
Appears in 6 contracts
Samples: Note Purchase Agreement (Obsidian Energy Ltd.), Note Purchase Agreement (Obsidian Energy Ltd.), Note Purchase Agreement (Obsidian Energy Ltd.)
