Maximum permitted at any time: 60%

Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in this Agreement with respect to any period during which any Specified Transaction occurs, the Consolidated First Lien Net Leverage Ratio, the Consolidated Secured Net Leverage Ratio, the Consolidated Total Net Leverage Ratio and the Consolidated Interest Coverage Ratio shall be calculated with respect to such period and such Specified Transaction on a Pro Forma Basis.

Subsidiary made prior to the date of such election conditioned on the Lead Borrower and the Restricted Subsidiaries having been able to satisfy any Consolidated Total Net Leverage Ratio, Consolidated First Lien Net Leverage Ratio, Consolidated Secured Net Leverage Ratio, Consolidated Interest Coverage Ratio or any other test or action that was previously valid under this Agreement on the date made, incurred or taken and prior to such election, as the case may be.

Section #(c) – Consolidated Leverage Ratio

“Consolidated Net Leverage Ratio” means, as of any date of determination, the ratio of

(b) Consolidated SeniorTotal Leverage Ratio. Permit the Consolidated SeniorTotal Leverage Ratio as of the end of any Measurement Period ending as of the end of any fiscal quarter of the ​ set forth below to be greater than the ratio set forth below opposite such period:

SECTION # Consolidated Lease Adjusted Leverage to EBITDAR Ratio

determining compliance with any provision of this Agreement which requires the calculation of the Consolidated Interest Coverage Ratio, or the Consolidated Total Leverage Ratio;

Total Net Leverage Ratio. Commencing with the fiscal quarter ending on June 30, 2021, the Loan Parties will not permit the Total Net Leverage Ratio, determined for the Reference Period ending on the last day of each fiscal quarter, to be more than 3.00 to 1.00.

Maximum Unsecured Leverage Ratio. Permit Consolidated Unsecured Indebtedness at any time to exceed 60% of Unencumbered Asset Value; provided that such maximum ratio may exceed 60% during, or as of the end of, any fiscal quarter in which a Material Acquisition occurs and the consecutive two (2) fiscal quarters immediately thereafter, but in no event shall such ratio exceed 65% at any time or exceed 60% for more than three (3) consecutive fiscal quarters in any consecutive four (4) fiscal quarter period.