Debt Service Coverage Ratio. As of December 31, 2022, and continuing on the same day and month of each year while the Loan remains outstanding (each, a “Calculation Date”), Borrower shall be obligated to have achieved and maintained a Debt Service Coverage Ratio (as defined below) of not less than 1.50 to 1.00. For the purposes hereof, the term “Debt Service Coverage Ratio” shall mean the ratio of # the Net Operating Income (as hereinafter defined) to # the aggregate amount of principal and interest payable by Borrower under the Loan for the next succeeding twelve (12) months based upon a 25-year amortization and the then current Interest Rate (as defined in the Note). For the purposes hereof, “Net Operating Income” shall mean all of the earnings derived from the operation and leasing of the Property, less ordinary expenses and less a 3% management fee and 2% replacement reserve, annualized.

Debt Service Coverage Ratio. Guarantor shall maintain a Debt Service Coverage Ratio of at least 1.50 to 1.00. The Debt Service Coverage Ratio will be tested on a quarterly basis commencing on the quarter ending March 31, 2021, and calculated as of the end of each fiscal quarter thereafter.

Debt Service Coverage Ratio. Through the term of each Loan, each Borrower shall maintain a Debt Service Coverage Ratio (as defined herein) of not less than 1.50 to 1.00. For the purposes hereof, the term “Debt Service Coverage Ratio” shall mean the net operating income of the Property, less a 3% management fee and 2% replacement reserve, divided by the maximum amount of principal to be borrowed under the applicable Loan, amortized over 25 years using the then-current Wall Street Journal Prime Rate.

Debt Service Coverage Ratio. Through the term of each Loan, each Borrower shall maintain a Debt Service Coverage Ratio (as defined herein) of not less than 1.50 to 1.00. For the purposes hereof, the term “Debt Service Coverage Ratio” shall mean the net operating income of the Property, less a 3% management fee and 2% replacement reserve, divided by the maximum amount of principal to be borrowed under the applicable Loan, amortized over 25 years using the then-current Wall Street Journal Prime Rate.

Debt Service Coverage. Borrower shall maintain at all times a minimum Debt Service Coverage Ratio (“DSCR”) of 1.50:1.00 as tested annually, beginning as of December 31, 2022, and each December 31st thereafter. If Borrower fails to maintain the DSCR as hereby required, Borrower shall promptly make payment to Lender to reduce the principal balance of the Loan to satisfy the foregoing DSCR requirement. DSCR is defined as the ratio of # trailing twelve months Net Operating Income before distributions to # the sum of actual trailing twelve-month debt service payments on all indebtedness of Borrower. For purposes of this Section, “Net Operating Income” is defined as net operating income and shall equal net profit before interest, income taxes, depreciation and amortization.

. Determined as of March 31, 2022 (the last day of the fiscal quarter ending at least twenty-four (24) months after Closing), the Property shall have a Debt Service Coverage Ratio of not less than 1.20 to 1.00. Such Debt Service Coverage Ratio shall be calculated by

Debt Service Coverage Ratio. The Borrower will not permit its Debt Service Coverage Ratio, determined for any period of four consecutive fiscal quarters ending on the last day of each applicable fiscal quarter to be less than 1.25:1.00.

Unencumbered Debt Service Coverage Ratio. [[Prologis:Organization]] shall not permit the Unencumbered Debt Service Coverage Ratio, as of the last day of any fiscal quarter, to be less than 1.50 to 1.0.

Minimum Debt Service Coverage Ratio. As of the first day of each fiscal quarter for the immediately preceding consecutive four fiscal quarters, the ratio of Combined EBITDA to Combined Debt Service shall not be less than 1.50 to 1.00.

Minimum Unencumbered Asset Debt Service Coverage Ratio. Maintain at all times an Unencumbered Asset Debt Service Coverage Ratio of not less than 1.75:1.00.