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

Ratio of Total Debt to EBITDAX. The Borrower will not, at any time, permit its ratio of Total Debt 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 (i) to be greater than 4.50 to 1.00 for the fiscal quarter ending December 31, 2010, and (ii) to be greater than 4.25 to 1.00 on the last day of any fiscal quarter ending on or after March 31, 2011. Notwithstanding the foregoing, for the purpose of determining EBITDAX of the Borrower and its Subsidiaries for this Section 9.01(a) for the four fiscal quarters ending (i) December 31, 2010, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the fiscal quarter ending on such date multiplied by 4, (ii) March 31, 2011, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the two fiscal quarters ending on such date multiplied by 2 and (ii) June 30, 2011, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the three fiscal quarters ending on such date multiplied by 4/3.

Ratio of Total Debt to EBITDAX. The Borrower will not, at as of the last day of any timefiscal quarter, permit its ratio of Total Debt 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 (i) to be greater than 4.50 (i) 4.0 to 1.00 for the fiscal quarter ending December 31, 2010, and (ii) to be greater than 4.25 to 1.00 on the last day of any fiscal quarter ending on or after March 31, 20111.0. Notwithstanding the foregoing, for the purpose of determining EBITDAX of the Borrower and its Subsidiaries for this Section 9.01(a) for the four fiscal quarters ending (i) December 31, 20102011, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the fiscal quarter ending on such date multiplied by 4, (ii) March 31, 20112012, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the two fiscal quarters ending on such date multiplied by 2 and (iiiii) June 30, 20112012, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the three fiscal quarters ending on such date multiplied by 4/3. To the extent, and only to the extent, such amount is held in escrow, the principal amount of Senior Notes shall not be included for purposes of calculating Total Debt for the fiscal quarter ending December 31, 2011.

Ratio of Total Debt to EBITDAX. The Borrower will not, at as of the last day of any timefiscal quarter, permit its ratio of Total Debt 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 (i) to be greater than 4.50 to 1.00 for the fiscal quarter ending December 31, 2010, and (ii) to be greater than 4.25 to 1.00 on the last day of any fiscal quarter ending on or after March 31, 20111.00. Notwithstanding the foregoing, for the purpose of determining EBITDAX of the Borrower and its Subsidiaries for this Section 9.01(a) for the four fiscal quarters ending (i) December 31, 20102011, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the fiscal quarter ending on such date multiplied by 4, (ii) March 31, 20112012, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the two fiscal quarters ending on such date multiplied by 2 and (iiiii) June 30, 20112012, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the three fiscal quarters ending on such date multiplied by 4/3.

Ratio of Total Debt to EBITDAX. The Borrower will not, at any time, permit its ratio of Total Debt 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 (i) to be greater than 4.50 3.75 to 1.00 for the fiscal quarter ending December 31, 2010, and (ii) to be greater than 4.25 to 1.00 on the last day of any fiscal quarter ending on or after March 31, 20111.0. Notwithstanding the foregoing, for the purpose of determining EBITDAX of the Borrower and its Subsidiaries for this Section 9.01(a) for the four fiscal quarters ending (i) December March 31, 2010, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the fiscal quarter ending on such date multiplied by 4, (ii) March 31June 30, 20112010, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the two fiscal quarters ending on such date multiplied by 2 and (ii) June September 30, 20112010, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the three fiscal quarters ending on such date multiplied by 4/3.

Ratio of Total Debt to EBITDAX. The Borrower will not, at as of the last day of any timefiscal quarter, permit its ratio of Total Debt 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 (i) to be greater than 4.50 (i) at the end of each of the two fiscal quarters ending December 31, 2011 and March 31, 2012, 4.75 to 1.00 for 1.0 (ii) at the end of the fiscal quarter ending December 31June 30, 20102012, 4.50 to 1.0, (iii) at the end of the fiscal quarter ending September 30, 2012, 4.25 to 1.0 and (ii) to be greater than 4.25 to 1.00 on at the last day end of any each fiscal quarter ending on or after March 31thereafter, 20114.0 to 1.0. Notwithstanding the foregoing, for the purpose of determining EBITDAX of the Borrower and its Subsidiaries for this Section 9.01(a) for the four fiscal quarters ending (i) (a) December 31, 20102011 and (b) March 31, 2012, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the fiscal quarter ending on such date multiplied by 4, (ii) March 31June 30, 20112012, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the two fiscal quarters ending on such date multiplied by 2 and (iiiii) June September 30, 20112012, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the three fiscal quarters ending on such date multiplied by 4/3.”

Ratio of Total Debt to EBITDAX. The Borrower will not, at as of the last day of any timefiscal quarter, permit its ratio of Total Debt 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 (i) to be greater than 4.50 (i) 4.0 to 1.00 for the fiscal quarter ending December 31, 2010, and (ii) to be greater than 4.25 to 1.00 on the last day of any fiscal quarter ending on or after March 31, 20111.0. Notwithstanding the foregoing, for the purpose of determining EBITDAX of the Borrower and its Subsidiaries for this Section 9.01(a) for the four fiscal quarters ending (i) December 31, 20102011, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the fiscal quarter ending on such date multiplied by 4, (ii) March 31, 20112012, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the two fiscal quarters ending on such date multiplied by 2 and (iiiii) June 30, 20112012, EBITDAX shall be equal to the EBITDAX of the Borrower and its Subsidiaries for the three fiscal quarters ending on such date multiplied by 4/3.