Maximum Leverage Ratio. Permit the Leverage Ratio to exceed 60% as of the last day of any fiscal quarter of the REIT; provided that, at Borrower’s option, for any fiscal quarter in which a member of the Consolidated Group consummates an acquisition of Real Estate and for up to the next three subsequent consecutive fiscal quarters, such maximum ratio may be increased to 65%; provided, further that in no event may such maximum ratio be more than 60% for more than four consecutive fiscal quarters in any five fiscal quarter period. For purposes of this covenant, # Total Indebtedness shall be adjusted by deducting therefrom, without duplication, the amount of the Secured Debt Reserve and the Unsecured Debt Reserve and # Total Asset Value shall be adjusted by deducting therefrom the amount by which Total Indebtedness is adjusted pursuant to [clause (i) above].

Maximum Leverage Ratio. Permit the Leverage Ratio to exceed 60% as of the last day of any fiscal quarter of the REIT; provided that, at Borrower’s option, for any fiscal quarter in which a member of the Consolidated Group consummates an acquisition of Real Estate and for up to the next three subsequent consecutive fiscal quarters, such maximum ratio may be increased to 65%; provided, further that in no event may such maximum ratio be more than 60% for more than four consecutive fiscal quarters in any five fiscal quarter period. For purposes of this covenant, # Total Indebtedness shall be adjusted by deducting therefrom the amount of Unrestricted Cash in excess of $35,000,000 to the extent that there is an equivalent amount of funded Indebtedness included in Total Indebtedness that matures within 24 months from the applicable date of the calculation and # Total Asset Value shall be adjusted by deducting therefrom the amount by which Total Indebtedness is adjusted pursuant to [clause (i) above].

Maximum Unsecured Leverage Ratio. Permit the Unsecured Leverage Ratio to exceed 60% as of the last day of any fiscal quarter of the REIT; provided that, at Borrower’s option, for any fiscal quarter in which a member of the Consolidated Group consummates an acquisition of Real Estate and for up to the next three subsequent consecutive fiscal quarters, such maximum ratio may be increased to 65%; provided, further that in no event may such maximum ratio be more than 60% for more than four consecutive fiscal quarters in any five fiscal quarter period. For purposes of this covenant, # Unsecured Indebtedness shall be adjusted by deducting therefrom the amount of Unrestricted Cash in excess of $35,000,000 to the extent that there is an equivalent amount of funded Indebtedness included in Unsecured Indebtedness that matures within 24 months from the applicable date of the calculation and # Unencumbered Asset Value shall be adjusted by deducting therefrom the amount by which Unsecured Indebtedness is adjusted pursuant to [clause (i) above].

Maximum Leverage Ratio. Permit Total Indebtedness to exceed 60% of the Total Asset Value as of the last day of each fiscal quarter of the REIT; provided that # such maximum ratio may be increased at the election of the Borrower to sixty-five percent (65%) for any fiscal quarter in which a Material Acquisition is completed and for up to the next two subsequent consecutive fiscal quarters and # such maximum ratio may not be increased to sixty-five percent (65%) for more than four fiscal quarters (whether or not consecutive) during the term of this Agreement.

Maximum Secured Leverage Ratio. Permit Total Secured Indebtedness to exceed 40% of the Total Asset Value as of the last day of each fiscal quarter of the REIT; provided that # such maximum ratio may be increased at the election of the Borrower to forty-five percent (45%) for any fiscal quarter in which a Material Acquisition is completed and for up to the next two subsequent consecutive fiscal quarters and # such maximum ratio may not be increased to forty-five percent (45%) for more than four fiscal quarters (whether or not consecutive) during the term of this Agreement.

Maximum Unencumbered Leverage Ratio. Permit Total Unsecured Indebtedness to exceed 60% of the Unencumbered Asset Value as of the last day of each fiscal quarter of the REIT; provided that # such maximum ratio may be increased at the election of the Borrower to sixty-five percent (65%) for any fiscal quarter in which a Material Acquisition is completed and for up to the next two subsequent consecutive fiscal quarters and # such maximum ratio may not be increased to sixty-five percent (65%) for more than four fiscal quarters (whether or not consecutive) during the term of this Agreement.

Maximum Secured Leverage Ratio. Permit the Secured Leverage Ratio to exceed 50% as of the last day of any fiscal quarter of the REIT. For purposes of this covenant, # Secured Indebtedness shall be adjusted by deducting therefrom the sum of # Unrestricted Cash and # escrow and other deposits, in each case under [clauses (x) and (y)])], to the extent available for the repayment of Secured Indebtedness that matures within 24 months of the applicable date of the calculation, to the extent that such sum exceeds $35,000,000 and there is an equivalent amount of funded Indebtedness included in Secured Indebtedness that matures within 24 months of the applicable date of the calculation (the “Secured Debt Reserve”), and without duplication of the Unsecured Debt Reserve and # Total Asset Value shall be adjusted by deducting therefrom the amount by which Secured Indebtedness is adjusted pursuant to [clause (i) above].

Maximum Unsecured Leverage Ratio. Permit the Unsecured Leverage Ratio to exceed 60% as of the last day of any fiscal quarter of the REIT; provided that, at Borrower’s option, for any fiscal quarter in which a member of the Consolidated

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.)

Maximum Leverage Ratio. The Borrower will not permit the ratio (the “Leverage Ratio”), determined as of the end of each of its fiscal quarters ending on and after June 30, 2021, of # Consolidated Total Indebtedness to # Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated for the Borrower and its Subsidiaries on a consolidated basis, to be greater than 3.75 to 1.00; provided that, notwithstanding the foregoing, the Borrower shall be permitted on up to three (3) occasions during the term of this Agreement to increase the maximum Leverage Ratio permitted under this [Section 6.12(a)] to 4.25 to 1.00 for a period of four consecutive fiscal quarters (such period, an “Adjusted Covenant Period”) in connection with a Permitted Acquisition occurring during the first of such four fiscal quarters if the aggregate consideration paid or to be paid in respect of such Permitted Acquisition and any other Permitted Acquisition consummated in the preceding six (6) months equals or exceeds $50,000,000 (and in respect of which the Borrower shall provide notice in writing to the Administrative Agent (for distribution to the Lenders) of such increase and a transaction description of such Permitted Acquisition (regarding the name of the Person or summary description of the assets being acquired and the approximate purchase price)), so long as the Borrower is in compliance on a pro forma basis with the maximum Leverage Ratio of 4.25 to 1.00 on the closing date of such Permitted Acquisition immediately after giving effect (including pro forma effect) to such Permitted Acquisition; provided, further, that it is understood and agreed that # the Borrower may not elect a new Adjusted Covenant Period for at least one (1) fiscal quarter following the end of an Adjusted Covenant Period and # at the end of an Adjusted Covenant Period, the maximum Leverage Ratio permitted under this [Section 6.12(a)] shall revert to 3.75 to 1.00 as of the end of such Adjusted Covenant Period and thereafter until another Adjusted Covenant Period (if any) is elected pursuant to the terms and conditions described in this [Section 6.12(a)].

Maximum Secured Leverage Ratio. Permit the Secured Leverage Ratio to exceed 50% as of the last day of any fiscal quarter of the REIT.