Maximum Unsecured Leverage Ratio. Permit Consolidated Unsecured Debt at any time to exceed 60% of Unencumbered 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%

Maximum Unsecured Leverage Ratio. Permit Consolidated Unsecured Indebtedness to exceed 60% of the Unencumbered Asset Value as of the last day of each fiscal quarter of [[Apple Hospitality REIT:Organization]]; provided that, notwithstanding the foregoing, Consolidated Unsecured Indebtedness may exceed 60% of the Unencumbered Asset Value, but not exceed 65% of the Unencumbered Asset Value, as of the last day of each fiscal quarter that occurs during a Surge Period.

Maximum Unsecured Leverage Ratio. Permit the ratio (expressed as a percentage) of Consolidated Unsecured Indebtedness to exceed 60% of the Unencumbered Asset Value as of the last day of each fiscal quarter of the Borrower 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), 65%, and # for each period thereafter, 60%; provided that, notwithstanding the foregoing, the ratio of Consolidated Unsecured Indebtedness may exceed 60% ofto the Unencumbered Asset Value may exceed 60%, but not exceed 65% of the Unencumbered Asset Value, as of the last day of each fiscal quarter that occurs during a Surge Period.

Maximum Unsecured Leverage Ratio. Maintain at all times an Unsecured Leverage Ratio of not greater than 60%; provided, however, that the Unsecured Leverage Ratio may be increased to 65% for the four consecutive fiscal quarters following the fiscal quarter in which a Material Acquisition occurs.

Maximum Unsecured Leverage Ratio. Permit Consolidated Unsecured Debt at any time to exceed 60% of Unencumbered 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 Unsecured Leverage Ratio. Permit Consolidated Unsecured Debt at any time to exceed 55% of Unencumbered Asset Value; provided that # at any time that the Company 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 Company to 60% (65% in the event the Company 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 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

Maximum Unsecured Leverage Ratio. Permit Consolidated Unsecured Debt at any time to exceed 55% of Unencumbered Asset Value; provided that # at any time that the Company 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 Company to 60% (65% in the event the Company 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 Unsecured Leverage Ratio. Permit the ratio (expressed as a percentage) of Consolidated Unsecured Indebtedness to the Unencumbered Asset Value as of the last day of each fiscal quarter of the Borrower 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), 65%, and # for each period thereafter, 60%; provided that, notwithstanding the foregoing, the ratio of Consolidated Unsecured Indebtedness to the Unencumbered Asset Value may exceed 60%, but not exceed 65%, as of the last day of each fiscal quarter that occurs during a Surge Period.

Maximum Unsecured Leverage Ratio. Permit the ratio (expressed as a percentage) of Consolidated Unsecured Indebtedness to exceed 60% of the Unencumbered Asset Value as of the last day of each fiscal quarter of the Borrower 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), 65%, and # for each period thereafter, 60%; provided that, notwithstanding the foregoing, the ratio of Consolidated Unsecured Indebtedness may exceed 60% ofto the Unencumbered Asset Value may exceed 60%, but not exceed 65% of the Unencumbered Asset Value, as of the last day of each fiscal quarter that occurs during a Surge Period.