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

Maximum Secured Debt Leverage Ratio. Maintain at all times a Secured Debt Leverage Ratio of not greater than 40%.

Maximum Secured Leverage Ratio. Permit Consolidated Secured Indebtedness to exceed 45% of Consolidated Total Assets as of the last day of each fiscal quarter of the Borrower.

Maximum Secured Leverage Ratio. Permit Consolidated Secured Indebtedness to exceed 45% of Consolidated Total Assets as of the last day of each fiscal quarter of [[Apple Hospitality REIT:Organization]].

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 Secured Leverage Ratio. The Company will not permit the Secured Leverage Ratio as of the last day of each fiscal quarter of the Company to exceed 30%.

Maximum Secured Leverage Ratio. Permit Consolidated Secured Indebtedness to exceed 45% of Consolidated Total Assets as of the last day of each fiscal quarter of the Borrower.

Maximum Secured Leverage Ratio. Permit Consolidated Secured Indebtedness to exceed 45% of Consolidated Total Assets as of the last day of each fiscal quarter of the Borrower.

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 Secured Leverage Ratio. The Company will not permit the Secured Leverage Ratio as of the last day of each fiscal quarter of the Company to exceed 30%.