Total Debt to EBITDAX. The Borrower will not permit, as of the last day of any fiscal quarter, its ratio of (i) total Debt 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 (such ratio, the “Leverage Ratio”) to exceed (A) 4.75 to 1.0 for the fiscal quarter ending December 31, 2012, (B) 4.50 to 1.0 for the fiscal quarter ending March 31, 2013, (C) 4.25 to 1.0 for the fiscal quarter ending June 30, 2013 and (D) 4.25 to 1.0 for the fiscal quarter ending September 30, 2013 and for each fiscal quarter thereafter, unless, in the case of this (D) only, a Material Asset Sale shall have occurred during any such fiscal quarter in which case the Leverage Ratio shall not exceed 4.00 to 1.0 for such fiscal quarter.”
Appears in 1 contract
Total Debt to EBITDAX. The Borrower will not permit, as of the last day of any fiscal quarter, its ratio of (i) total Debt 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 (such ratio, the “Leverage Ratio”) to exceed (A) 4.75 4.5 to 1.0 for the fiscal quarter quarters ending September 30, 2012 and December 31, 2012, (B) 4.50 4.25 to 1.0 for the fiscal quarter ending March 31, 2013, 2013 and (C) 4.25 4.0 to 1.0 for the fiscal quarter ending June 30, 2013 and (D) 4.25 to 1.0 for the fiscal quarter ending September 30, 2013 and for each fiscal quarter thereafter, unless, in the case of this (D) only, a Material Asset Sale shall have occurred during any such fiscal quarter in which case the Leverage Ratio shall not exceed 4.00 to 1.0 for such fiscal quarter.”
Appears in 1 contract