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

Ratio of Net Debt to EBITDAX. Commencing December 31, 2008, the Borrower will not, at any time, permit its ratio of Net Debt as of such time to EBITDAX to be greater than (i) 4.5 to 1.0 the fiscal quarters ending December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, and (ii) 4.0 to 1.0 for all fiscal quarters ending thereafter.

Ratio of Net Debt to EBITDAX. Commencing December 31, 2008, the The Borrower will not, at any time, permit its ratio of Net Debt as of such time to EBITDAX as of the last day of the most recent fiscal quarter for which financial statements are then available to be greater than (iA) 4.5 6.5 to 1.0 the for all fiscal quarters ending December 31in the 2009 calendar year, 2008, March 31, 2009, June 30, 2009 and September 30, 2009(B) 6.0 to 1.0 for all fiscal quarters ending in the 2010 calendar year, and (iiC) 4.0 5.0 to 1.0 for all fiscal quarters ending thereafter.

Ratio of Net Debt to EBITDAX. Commencing December 31, 2008, the The Borrower will not, at any time, permit its ratio of Net Debt as of such time to EBITDAX as of the last day of the most recent fiscal quarter for which financial statements are then available to be greater than (i) 4.5 6.5 to 1.0 the for any fiscal quarters quarter ending on or before December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, 2010 and (ii) 4.0 5.5 to 1.0 for all fiscal quarters ending thereafter.

Ratio of Net Debt to EBITDAX. Commencing December 31, 2008, the Borrower will not, at any time, permit its ratio of Net Debt as of such time to EBITDAX to be greater than (i) 4.5 to 1.0 the fiscal quarters ending December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009, and (ii) 4.0 3.5 to 1.0 for all fiscal quarters ending thereafter.