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

Ratio of Total Debt to EBITDAX. Parent and the Borrower will not, as of the last day of any fiscal quarter, commencing with the quarter ending December 31, 2019, permit the ratio of (i) (A) Total Debt minus the lesser of (B) (I) unrestricted Cash Equivalents of the Loan Parties on such day that are subject to a perfected Lien in favor of the Administrative Agent and (II) $20,000,000 to (ii) EBITDAX for the four fiscal quarters ending on such day to be greater than 3.50 to 1.0.

Ratio of Total Debt to EBITDAX. The Parent and the Borrower will notnot permit, as of the last day of any fiscal quarter, commencing with the fiscal quarter ending December 31September 30, 20192021, permit the ratio of (i) (A) Total Debt minus the lesser as of such day to (B) (I) unrestricted Cash Equivalents of the Loan Parties on such day that are subject to a perfected Lien in favor of the Administrative Agent and (II) $20,000,000 to (ii) EBITDAX for the period of four fiscal quarters ending on such day (the “Leverage Ratio”) to be greater than 3.50 3.00 to 1.0.1.00. (b)

Ratio of Total Debt to EBITDAX. Parent and the Borrower will not, as of the last day of any fiscal quarter, commencing with first full quarter following the quarter ending December 31, 2019Effective Date, permit the ratio of (i) (Ai)(A) Total Debt minus the lesser of (B) (IB)(I) unrestricted Cash Equivalents of the Loan Parties on such day that are subject to a perfected Lien in favor of the Administrative Agent and (II) $20,000,000 10,000,000 to (ii) EBITDAX for the four fiscal quarters ending on such day to be greater than 3.50 to 1.01.00.

Ratio of Total Debt to EBITDAX. Parent and the Borrower will not, as of the last day of any fiscal quarterFiscal Quarter, commencing with the quarter ending December 31, 20192017, permit the ratio of (i) (A) Total Debt minus the lesser of (B) (I) unrestricted Cash Equivalents Parent and its Consolidated Subsidiaries as of the Loan Parties on such day that are subject to a perfected Lien in favor EBITDAX of the Administrative Agent Parent and (II) $20,000,000 to (ii) EBITDAX its Consolidated Subsidiaries for the four fiscal quarters Fiscal Quarters ending on such day to be greater than 3.50 4.00 to 1.01.00.

Ratio of Total Debt to EBITDAX. The Parent and the Borrower will notnot permit, as of the last day of any fiscal quarter, commencing with the fiscal quarter ending December 31September 30, 20192021, permit the ratio of (i) (A) Total Debt minus the lesser as of such day to (B) (I) unrestricted Cash Equivalents of the Loan Parties on such day that are subject to a perfected Lien in favor of the Administrative Agent and (II) $20,000,000 to (ii) EBITDAX for the period of four fiscal quarters ending on such day (the “Leverage Ratio”) to be greater than 3.50 3.00 to 1.01.00.

Ratio of Total Debt to EBITDAX. The Parent and the Borrower will notnot permit, as of the last day of any fiscal quarter, commencing with the fiscal quarter ending December 31September 30, 20192021, permit the ratio of (i) (A) Total Debt minus the lesser as of such day to (B) (I) unrestricted Cash Equivalents of the Loan Parties on such day that are subject to a perfected Lien in favor of the Administrative Agent and (II) $20,000,000 to (ii) EBITDAX for the period of four fiscal quarters ending on such day (the “Leverage Ratio”) to be greater than 3.50 the ratio set forth in the table below for such last day of a fiscal quarter: Fiscal Quarters Ending Maximum Ratio From September 30, 2021 to 1.0.and including March 31, 2023 3.00 to 1.00 June 30, 2023 and thereafter 2.75 to 1.00

Ratio of Total Debt to EBITDAX. Parent The Parent, OP LLC and the Borrower will not, as of the last day of any fiscal quarter, quarter commencing with the first full fiscal quarter ending December 31, 2019after the Trigger Date, permit the ratio of (i) (A) Total Debt minus the lesser as of (B) (I) unrestricted Cash Equivalents of the Loan Parties on such day that are subject time to a perfected Lien in favor of the Administrative Agent and (II) $20,000,000 to (ii) Annualized EBITDAX for the four fiscal quarters ending on such day to be greater than 3.50 (i) 4.25 to 1.01.0 for the first two full fiscal quarters ending after the Trigger Date and (ii) 4.00 to 1.00 for each fiscal quarter thereafter.

Ratio of Total Debt to EBITDAX. Parent and the Borrower will not, as of the last day of any fiscal quarter, commencing with the quarter ending December 31June 30, 20192018, permit the ratio of (i) (A) Total Debt minus the lesser of (B) (I) unrestricted Cash Equivalents of the Loan Parties on such day that are subject to a perfected Lien in favor of the Administrative Agent and (II) $20,000,000 to (ii) EBITDAX for the four fiscal quarters ending on such day to be greater than 3.50 4.0 to 1.0.