Minimum Unsecured Interest Coverage Ratio. Permit the ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for such period in respect of Consolidated Unsecured Indebtedness to be less than 2.00:1.00 as of the last day of each fiscal quarter of the Borrower for the period of four full fiscal quarters then ended to be less than # 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), 1.25 to 1.00, # for the period ending on the last day of the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election), 1.50:1.00, # 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), 1.75:1.00, and # for each period thereafter, 2.00:1.00.

Minimum Unsecured Interest Coverage Ratio. Permit the ratio, as of the last day of each fiscal quarter of the REIT, of # Unencumbered NOI to # the Unsecured Interest Expense to be less than 1.50:1.00.

Minimum Unsecured Interest Coverage Ratio. Permit the ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for such period in respect of Consolidated Unsecured Indebtedness to be less than 2.00:1.00 as of the last day of each fiscal quarter of the Borrower for the period of four full fiscal quarters then ended to be less than # 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), 1.25 to 1.00, # for the period ending on the last day of the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election), 1.50:1.00, # 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), 1.75:1.00, and # for each period thereafter, 2.00:1.00.

Minimum Unsecured Interest Coverage Ratio. Permit the ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense as of the last day of each fiscal quarter of the Borrower for the period of four full fiscal quarters then ended to be less than # 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), 1.25 to 1.00, # for the period ending on the last day of the fiscal quarter during which the Covenant Waiver Period Termination Date occurs (i.e., [[Unknown Identifier]] if no early election), 1.50:1.00, # 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), 1.75:1.00, and # for each period thereafter, 2.00:1.00.

Minimum Unsecured Interest Coverage Ratio. Permit the ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for such period in respect of Consolidated Unsecured Indebtedness to be less than 2.00:1.00 as of the last day of each fiscal quarter of [[Apple Hospitality REIT:Organization]] for the period of four full fiscal quarters then ended.

Unsecured Interest Coverage Ratio. Permit the ratio of Unencumbered NOI for any period of four consecutive fiscal quarters of the Borrower to Unsecured Interest Expense for such period to be less than 1.75 to 1.0 as at the last day of any period of four consecutive fiscal quarters of the Borrower or on the date of any incurrence of Indebtedness by the Borrower or its subsidiaries hereunder.

Unsecured Interest Coverage Ratio. Permit the ratio of Unencumbered NOI for any period of four consecutive fiscal quarters of the Borrower to Unsecured Interest Expense for such period to be less than 1.75 to 1.0 as at the last day of any period of four consecutive fiscal quarters of the Borrower or on the date of any incurrence of Indebtedness by the Borrower or its subsidiaries hereunder.

Unsecured Interest Coverage Ratio. Permit the ratio of Unencumbered NOI for any period of four (4) consecutive fiscal quarters of the Operating Partnership to Unsecured Interest Expense for such period to be less than 1.75 to 1.0 as at the last day of any period of four (4) consecutive fiscal quarters of the Operating Partnership or on the date of any incurrence of Indebtedness by the Operating Partnership or its Subsidiaries hereunder.

Minimum Unsecured Interest Coverage. The Loan Parties shall not permit at any time the Unsecured Interest Coverage Ratio to be less than 1.50 to 1.00.

Minimum Interest Coverage Ratio. The Loan Parties shall not as of the last day of any fiscal quarter permit the Interest Coverage Ratio to be less than 3.00 to 1.00. This covenant shall be calculated as of the end of each fiscal quarter for the four (4) fiscal quarters then ended.