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. Permit the Consolidated Leverage Ratio, determined as of the last day of any fiscal quarter period of the Borrower specified below, to exceed the ratio set forth below opposite such fiscal quarter period:

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. 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. Permit Consolidated Total Indebtedness at any time to exceed 55% of Total Asset Value; provided that # at any time that the Borrower 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 Borrower to 60% (65% in the event the Borrower 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.

Maximum Consolidated Leverage Ratio. Permit Consolidated Total Indebtedness at any time to exceed 55% of Total Asset Value; provided that # at any time that the Borrower 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 Borrower to 60% (65% in the event the Borrower 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.

Maximum Consolidated Total Leverage Ratio. The Borrower will not permit the Consolidated Total Leverage Ratio of Holdings at any time to exceed 0.60 to 1.00 (with compliance certified as of the last day of each fiscal quarter for the Measurement Period then ended in a Compliance Certificate delivered pursuant to Section 6.1).

The Loan Parties shall not permit the Consolidated Modified Leverage Ratio, calculated as of the end of each fiscal quarter then ended commencing September 30, 2018 and for each fiscal year then ending commencing December 31, 2018, to be more than 3.50 to 1.00.

Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the last day of any fiscal quarter, commencing with the fiscal quarter ended September 30, 2020, to be greater than 3.25 to 1.00; provided that the Consolidated Leverage Ratio may be greater than 3.25:1.00 for two (consecutive or non-consecutive) quarters so long as it is not greater than 3.50:1.00 as of the last day of any such quarter.