Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the last day of any fiscal quarter of the Parent REIT to exceed 60%; provided that, the Borrower may on two non-consecutive occasions elect a one-time step up to 65% for two consecutive quarters following a Material Acquisition. (For the avoidance of doubt, the Borrower may not elect a step-up to 65% for any four consecutive fiscal-quarter period.)

Consolidated Leverage Ratio ((Line II.A – Line II.B) ÷ Line II.C): to 1.00

Consolidated Leverage Ratio (Line I.A ¸ Line I.B): to 1.00

Consolidated Leverage Ratio (Line I.A ¸ Line I.B): to 1.00

Consolidated Leverage Ratio (Line I.A ¸ Line I.B): to 1.00

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. 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 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 (Line I.A ¸ Line I.B): to 1.00

Consolidated Leverage Ratio. Permit Consolidated Total Indebtedness at any time to exceed 55% of Total Asset Value; provided that # at any time that the Company maintains an Investment Grade Credit Rating, such maximum ratio shall thereafter be increased to 60% and # on up to two occasions during the term of this Agreement, such maximum ratio may be increased at the election of the Company to 60% (65% in the event the Company has obtained an Investment Grade Credit Rating), for any fiscal quarter in which a Material Acquisition is completed and for up to the next two subsequent consecutive full fiscal quarters.