Consolidated Leverage Ratio. [[Prologis:Organization]] shall not permit the Consolidated Leverage Ratio, as of the last day of any fiscal quarter, to exceed 0.60 to 1.0; provided that as of the last day of the four consecutive fiscal quarters immediately following any acquisition of real property or a portfolio of assets or businesses, such ratio may exceed 0.60 to 1.0 so long as it does not exceed 0.65 to 1.0.

Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any Measurement Period ending as of the end of any fiscal quarter of the Borrower to be

Consolidated Leverage Ratio. The Consolidated Leverage Ratio as of the last day of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending March 31, 2020, to be greater than 3.25:1.00.

Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as at the end of any Measurement Period to be greater than # 3.50 : 1.00, or # 4.00 : 1.00 at the Borrowers’ option for the four (4[[Holdings:Organization]] consecutive quarters following a Designated Acquisition; provided, that this clause (ii[[Holdings:Organization]] may not be exercised more than two (2[[Holdings:Organization]] times.

Consolidated Leverage Ratio. Commencing with the Fiscal Quarter ending DecemberMarch 31, 20202022, permit the Consolidated Leverage Ratio as of the end of any Measurement Period (other than during a Covenant Holiday Period) ending as of the last day of any Fiscal Quarter of the Borrower to be greater than the ratio set forth below opposite such period: (or 4.50:1.00 during any Covenant Holiday Period):

Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any Measurement Period, commencing with the Measurement Period ending December 31, 2020, to be greater than the ratio set forth below opposite such date for the Measurement Period ending on such day:

Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the last day of any fiscal quarter of the Borrower to be greater than # 3.50:1.00 or # upon the occurrence of a Material Permitted Acquisition, at the Borrower’s option and upon written notice to the Administrative Agent within five (5) days after the occurrence of such Material Permitted Acquisition, 4.00:1.00 for four (4) consecutive fiscal quarters commencing with the first full fiscal quarter after such Material Permitted Acquisition occurs; provided that this step-up with respect to a Material Permitted Acquisition may not be exercised more than two (2) times; and

Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than: # with respect to any fiscal quarter of the Borrower ending prior to September 30, 2020, 5.00:1.00, # with respect to any fiscal quarter of the Borrower ending during the period commencing on September 30, 2020 and continuing through and including December 31, 2021, 5.60:1.00, and # with respect to any fiscal quarter of the Borrower ending thereafter, 5.00:1.00.

Consolidated Leverage Ratio. In the case of Borrower, permit the Consolidated Leverage Ratio at any time during any period of four consecutive fiscal quarters of the Borrower to be greater than 2.75 to 1.00.

Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any Measurement Period to be greater than 2.25 to 1.00.