Maximum Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio for each fiscal quarter of the Domestic Borrower to be greater than # 3.50 to 1.00, for any fiscal quarter ending during the period from the Closing Date to and including September 30, 2021 and # 3.25 to 1.00, for any fiscal quarter ending thereafter.

Maximum Consolidated Leverage Ratio. As of the last day of any Fiscal Quarter ending during the periods specified below, beginning with the Fiscal Quarter ending on or about March 28, 2021, the Borrower shall not permit the Consolidated Leverage Ratio to be greater than the corresponding ratio set forth below:

Maximum Consolidated Leverage Ratio. Permit Consolidated Total Indebtedness at any time to exceed 60% of Total 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 fiscal quarters immediately thereafter, but in no event shall such ratio exceed 65% at any time or exceed 60% for more than three consecutive fiscal quarters in any consecutive four fiscal quarter period.

Maximum Consolidated Leverage Ratio. Permit, as of the last day of each fiscal quarter of [[Apple Hospitality REIT:Organization]], the Consolidated Leverage Ratio to exceed 7.25 to 1.00.

Maximum Consolidated Leverage Ratio. As of the last day of any Fiscal Quarter ending during the periods specified below, beginning with the Fiscal Quarter ending on or about June 27, 2021, the Borrower shall not permit the Consolidated Leverage Ratio to be greater than the corresponding ratio set forth below:

Maximum Consolidated Leverage Ratio. Permit, as of the last day of each fiscal quarter of the Borrower, the Consolidated Leverage Ratio to exceed # for the period ending on the last day of the fiscal quarter immediately preceding the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election) and for the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election), 8.50 to 1.00, # for the period ending on the last day of the fiscal quarter immediately following the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election) and for the period ending on the last day of the second fiscal quarter following the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election), 8.00 to 1.00, # for the period ending on the last day of the third fiscal quarter following the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election), 7.50 to 1.00, and # for each period thereafter, 6.50 to 1.00; provided that, notwithstanding the foregoing, the Consolidated Leverage Ratio may exceed 6.50 to 1.0, but not exceed 7.0 to 1.0, as of the last day of each fiscal quarter that occurs during a Surge Period.

Maximum Consolidated Leverage Ratio. As of the last day of any Fiscal Quarter (including, for the avoidance of doubt, the Fiscal Quarter ending on or about September 26, 2021), the Borrower shall not permit the Consolidated Leverage Ratio to be greater than 3.00 to 1.00.

Maximum Consolidated Leverage Ratio. Permit Consolidated Total Indebtedness at any time to exceed 60% of Total 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 fiscal quarters immediately thereafter, but in no event shall such ratio exceed 65% at any time or exceed 60% for more than three consecutive fiscal quarters in any consecutive four fiscal quarter period.

Maximum Consolidated Leverage Ratio. As of the last day of any Fiscal Quarter ending during the periods specified below, beginning with the Fiscal Quarter ending on or about June 27, 2021, the Borrower shall not permit the Consolidated Leverage Ratio to be greater than the corresponding ratio set forth below:

Maximum Consolidated Leverage Ratio. Permit, as of the last day of each fiscal quarter of the Borrower, the Consolidated Leverage Ratio to exceed # for the period ending on the last day of the fiscal quarter immediately preceding the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election) and for the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election), 8.50 to 1.00, # for the period ending on the last day of the fiscal quarter immediately following the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election) and for the period ending on the last day of the second fiscal quarter following the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election), 8.00 to 1.00, # for the period ending on the last day of the third fiscal quarter following the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election), 7.50 to 1.00, and # for each period thereafter, 6.50 to 1.00; provided that, notwithstanding the foregoing, the Consolidated Leverage Ratio may exceed 6.50 to 1.0, but not exceed 7.0 to 1.0, as of the last day of each fiscal quarter that occurs during a Surge Period.