Total Leverage Ratio. The Total Leverage Ratio for the fiscal quarter ending as of the Report Date is ​ to 1.00, as demonstrated by the calculations attached hereto as Exhibit D.

Total Leverage Ratio. Beginning December 31, 2020, as of the last day of each fiscal quarter of Borrower, Borrower shall not permit the Total Leverage Ratio to be greater than 3.5 to 1.0.

Total Leverage Ratio. Permit the ratio of (i) (A) Total Indebtedness (other than any such Indebtedness that has been Discharged) minus # as of such date of determination, unrestricted cash and Cash Equivalents of the Group Members in excess of $10,000,000 that is being held to repay that portion of Total Indebtedness that matures within twenty-four (24) months of such date of determination to # Total Asset Value (the “Total Leverage Ratio”) 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 to exceed 60%; provided that such ratio may exceed 60% in order to permit the Borrowers to consummate a Significant Acquisition so long as # such ratio does not exceed 60% as of the end of more than four (4) consecutive fiscal quarters and # such ratio does not exceed 65% as of such date of determination.

Total Leverage Ratio. The Borrowers shall not, as of the last day of each fiscal quarter of the Consolidated Group during such period, permit the Total Leverage Ratio to be greater than 5.25 to 1.00; provided that, notwithstanding anything in the foregoing to the contrary, during any Temporary Increase Period, the Borrowers shall not as of the last day of each such fiscal quarter of the Consolidated Group during such Temporary Increase Period permit the Total Leverage Ratio to be greater than 5.50 to 1.00.

Total Leverage Ratio. Permit the ratio of (i) (A) Total Indebtedness (other than any such Indebtedness that has been Discharged) minus # as of such date of determination, unrestricted cash and Cash Equivalents of the Group Members in excess of $10,000,000 that is being held to repay that portion of Total Indebtedness that matures within twenty-four (24) months of such date of determination to # Total Asset Value (the “Total Leverage Ratio”) 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 to exceed 60%; provided that such ratio may exceed 60% in order to permit the Borrower to consummate a Significant Acquisition so long as # such ratio does not exceed 60% as of the end of more than four (4) consecutive fiscal quarters and # such ratio does not exceed 65% as of such date of determination.

Total Leverage Ratio. Beginning December 31, 2021, as of the last day of each fiscal quarter of Borrower, Borrower shall not permit the Total Leverage Ratio to be greater than 3.5 to 1.0.

Total Leverage Ratio. The Borrower will not permit the Total Leverage Ratio, for any period of four consecutive fiscal quarters ending on the last day of any fiscal quarter, commencing with the fiscal quarter ending December 31, 2019, to be greater than 3.00 to 1.00.

Total Leverage Ratio. The Company will not permit the Total Leverage Ratio as of the last day of any Testing Period of the Company, beginning with the fiscal quarter ending April 30, 2020, to exceed the Maximum Total Leverage Ratio.

Total Leverage Ratio. Permit the Total Leverage Ratio on the last day of any period of four fiscal quarters of the Borrower (commencing with the period of four fiscal quarters ending September 30, 2020) set forth below to be greater than the ratio set forth below opposite such period:

Total Leverage Ratio. Permit the ratio of (i) (A) Total Indebtedness (other than any such Indebtedness that has been Discharged) minus # as of such date of determination, unrestricted cash and Cash Equivalents of the Group Members in excess of $10,000,000 that is being held to repay that portion of Total Indebtedness that matures within twenty-four (24) months of such date of determination to # Total Asset Value (the “Total Leverage Ratio”) 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 to exceed 60%; provided that such ratio may exceed 60% in order to permit the Borrower to consummate a Significant Acquisition so long as # such ratio does not exceed 60% as of the end of more than four (4) consecutive fiscal quarters and # such ratio does not exceed 65% as of such date of determination.