Adjusted EBITDAX definition

Adjusted EBITDAX means for the calculations to be made for each fiscal quarter end, consolidated EBITDAX of Holdings and its Subsidiaries for the four-fiscal quarter period then ended.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Adjusted EBITDAX means, for any period, EBITDAX for such period adjusted (a) as permitted and in accordance with Article 11 of Regulation S-X promulgated by the SEC, and (b) to give effect to any acquisition or divestiture made by Borrower or any of its Consolidated subsidiaries during such period as if such transactions had occurred on the first day of such period, regardless of whether the effect is positive or negative.

Adjusted EBITDAX means for each fiscal quarter ending on or after December 31, 2019, the consolidated EBITDAX of the Borrower and the other Credit Parties for the twelve month period most recently then ended, provided that (i) EBITDAX for the three month period ended March 31, 2019, shall be deemed to be $254,807,281, (ii) EBITDAX for the three month period ended June 30, 2019, shall be deemed to be $306,462,121, (iii) EBITDAX for the three month period ended September 30, 2019, shall be deemed to be $303,854,286 and (iv) EBITDAX for the three month period ended December 31, 2019, shall be deemed to be $300,115,299.

Examples of Adjusted EBITDAX in a sentence

• Beginning with the Fiscal Quarter ending March 31, 2015, the Issuer shall not be required to comply with the Minimum Production Test so long as the Issuer’s Consolidated Adjusted EBITDAX is equal to or greater than $20,000,000 for the applicable Fiscal Quarter; provided that if the Issuer’s Consolidated Adjusted EBITDAX is less than $20,000,000 during any Fiscal Quarter after the Fiscal Quarter ending March 31, 2015, the Issuer shall comply with the Minimum Production Test each Fiscal Quarter thereafter.

• Commencing March 31, 2020, and for each fiscal quarter ending thereafter, but on or prior to December 31, 2021, the Borrower will not permit, as of the last day of any such fiscal quarter, the ratio (the “Secured Leverage Ratio”) of (i) the consolidated Total Secured Debt of the Borrower and the other Credit Parties as of such time to (ii) the Adjusted EBITDAX of the Borrower and the other Credit Parties, to be greater than 3.00 to 1.00.

• The Borrower shall not permit, as of the end of each fiscal quarter, beginning with the fiscal quarter ending June 30, 2010, the ratio of (a) the Adjusted EBITDAX to (b) the Interest Expense, to be less than 3.00 to 1.00.

• Beginning with the Fiscal Quarter ending September 30, 2008, the ratio of (a) Total Funded Debt to (b) Adjusted EBITDAX for the Four-Quarter Period then ended, will not be greater than 3.5 to 1.0 at the end of any Fiscal Quarter.

• Commencing June 30, 2017, and for each fiscal quarter ending thereafter, the Borrower will not permit, as of the last day of any such fiscal quarter, the ratio (the “Leverage Ratio”) of (i) the consolidated Total Debt of the Borrower and the other Credit Parties as of such time to (ii) the Adjusted EBITDAX of the Borrower and the other Credit Parties, to be greater than 4.00 to 1.00.

More Definitions of Adjusted EBITDAX

Adjusted EBITDAX means (a) for the calculations to be made for the fiscal quarter ending June 30, 2017, consolidated EBITDAX of the Borrower and its Subsidiaries for such fiscal quarter multiplied by four; (b) for the calculations to be made for the fiscal quarter ending September 30, 2017, consolidated EBITDAX of the Borrower and its Subsidiaries for the two-fiscal quarter period then ended multiplied by two; (c) for the calculations to be made for the fiscal quarter ending December 31, 2017, consolidated EBITDAX of the Borrower and its Subsidiaries for the three-fiscal quarter period then ended multiplied by 4/3; and (d) for the calculations to be made for each fiscal quarter ending on or after March 31, 2018, consolidated EBITDAX of the Borrower and its Subsidiaries for the four-fiscal quarter period then ended.

Adjusted EBITDAX means (a) for the fiscal quarter ended March 31, 2021, the consolidated EBITDAX of the Borrower and its Restricted Subsidiaries for the fiscal quarter period then ended multiplied by four, (b) for the fiscal quarter ending June 30, 2021, the consolidated EBITDAX of the Borrower and its Restricted Subsidiaries for the two fiscal quarter period then ended multiplied by two, (c) for the fiscal quarter ending September 30, 2021, the consolidated EBITDAX of the Borrower and its Restricted Subsidiaries for the three fiscal quarter period then ended multiplied by 4/3, and (d) for each fiscal quarter ending on or after December 31, 2021, the consolidated EBITDAX of the Borrower and its Restricted Subsidiaries for the four fiscal quarter period then ended.

Adjusted EBITDAX means net income,

Adjusted EBITDAX means net income, (1) less non-cash revenue or expense associated with Swap Agreements resulting from ASC 815, (2) less income or plus loss from discontinued operations and extraordinary items, (3) less cash received for the early termination of any swap, collar or other hedging or derivatives arrangements not otherwise attributable to monthly settlements or expirations in the ordinary course of business, (4) plus income taxes (including franchise taxes to the extent based upon that income), (5) plus interest expense, (6) plus depreciation, accretion of asset retirement obligations, depletion and amortization, (7) plus Intangible Drilling and Development Costs (as defined in Section 263 of the Code) and other exploration expenses deducted in determining net income under successful efforts accounting. For the purposes of calculating Adjusted EBITDAX for any period of four consecutive fiscal quarters (each, a “Reference Period”), (i) if during such Reference Period the Company or any Subsidiary shall have made a Material Disposition, Adjusted EBITDAX for such Reference Period shall be calculated on a pro forma basis as if such Material Disposition occurred on the first day of such Reference Period, and (ii) if during such Reference Period the Company or any Subsidiary shall have made a Material Acquisition, Adjusted EBITDAX for such Reference Period shall be calculated on a pro forma basis as if such Material Acquisition occurred on the first day of such Reference Period.

Adjusted EBITDAX has the meaning provided in the Compliance Certificate.

Adjusted EBITDAX means for each fiscal quarter end, the EBITDAX for the Borrower and its consolidated Restricted Subsidiaries for the four fiscal quarter period then ended.

Adjusted EBITDAX means (a) for the calculation of EBITDAX to be made for the fiscal quarter ending March 31, 2020, consolidated EBITDAX of the Borrower and the other Credit Parties for such fiscal quarter period then ended multiplied by four, (b) for the calculation of EBITDAX to be made for the two fiscal quarter period ending June 30, 2020, consolidated EBITDAX of the Borrower and the other Credit Parties for such two-fiscal quarter period then ended multiplied by two, (c) for the calculation of EBITDAX to be made for the three fiscal quarter period ending September 30, 2020, consolidated EBITDAX of the Borrower and the other Credit Parties for such three-fiscal quarter period then ended multiplied by 4/3, and (d) for the calculation of EBITDAX to be made for each fiscal quarter ending on or after December 31, 2020, consolidated EBITDAX of the Borrower and the other Credit Parties for the four-fiscal quarter period then ended.