Total Secured 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, 2014, the ratio of (i) the amount equal to the aggregate principal amount of all Secured Debt of the Borrower and the Restricted Subsidiaries as of such date minus (x) for each fiscal quarter ending prior to March 31, 2016, the aggregate unencumbered balance sheet cash of the Borrower and the Restricted Subsidiaries as of such date and (y) for the fiscal quarter ending March 31, 2016 and for each fiscal quarter ending thereafter, up to $100,000,000 of the aggregate unencumbered balance sheet cash of the Borrower and the Restricted Subsidiaries as of such date to (ii) EBITDAX of the Borrower and the Restricted Subsidiaries for the trailing four-quarter period then ended to exceed (A) 2.50 to 1.0 for the fiscal quarter ending December 31, 2014, (B) 2.25 to 1.0 for the fiscal quarter ending March 31, 2015 and (C) 2.00 to 1.0 for the fiscal quarter ending June 30, 2015 and for each fiscal quarter ending thereafter.
