Common use of Unsecured Leverage Ratio Clause in Contracts

Unsecured Leverage Ratio. A. Unsecured Debt on the Statement Date: $ B. Consolidated Unencumbered Asset Value on the Statement Date: 1. Unencumbered Asset Value of the Borrower and its Subsidiaries on a Consolidated basis: $ 2. Borrower’s Pro Rata Share of Unencumbered Asset Value of each Joint Venture: $ 3. Consolidated Unencumbered Asset Value (Line IV.B.1 + IV.B.2 (without duplication)): $ $ C. Unsecured Leverage Ratio (Line IV.A÷IV.B.3): ___ to 1.00 Maximum permitted Unsecured Leverage Ratio as of the end of each fiscal quarter: 0.60 to 1.00 4 For purposes of determining Scheduled Principal Payments, Indebtedness shall not include security deposits, accrued liabilities or prepaid rent, each as defined in accordance with GAAP 5 For purposes of calculating Consolidated Fixed Charges, there shall be excluded, (i) gains and losses from unwinding or break-funding of Swap Contracts, (ii) write-offs of unamortized deferred financing fees, (iii) prepayment fees, premiums and penalties, and (iv) other unusual or non-recurring items as are reasonably acceptable to the Administrative Agent and the Required Lenders. Notwithstanding the foregoing, from and after the consummation of a Significant Acquisition, so long as no Default or Event of Default shall then exist or would exist after giving effect to such Significant Acquisition, the Unsecured Leverage Ratio may be increased to not more than 0.65 to 1.00 for the full fiscal quarter in which such Significant Acquisition is consummated and the two consecutive full fiscal quarters immediately succeeding such fiscal quarter.

Unsecured Leverage Ratio. A. Enterprise Unsecured Debt outstanding on the Statement Date: $________ B. Consolidated Enterprise Unencumbered Asset Value on the Statement Date: 1. Unencumbered Asset Value of the Borrower and its Subsidiaries on a Consolidated consolidated basis: $________ 2. The Borrower’s Pro Rata Share of Unencumbered Asset Value of each Material Joint Venture: $ 3. Consolidated Unencumbered Asset Value (Line IV.B.1 + IV.B.2 (without duplication)): $ $ C. Unsecured Leverage Ratio (Line IV.A÷IV.B.3): ________ to 1.00 Maximum permitted Unsecured Leverage Ratio as of the end of each fiscal quarter: 0.60 to 1.00 4 13 For purposes of determining Scheduled Principal Payments, Indebtedness shall not include accounts payable, intracompany debt, dividends and distributions declared but not payable, security deposits, accrued liabilities or prepaid rent, each as defined in accordance with GAAP 5 For purposes of calculating Consolidated GAAP. 14 Enterprise Fixed Charges, there Charges shall be excludednot include (i) any amounts with respect to any Intercompany Indebtedness, (iii) gains and losses from unwinding or break-funding of Swap Contracts, (iiiii) write-offs of unamortized deferred financing fees, (iiiiv) prepayment fees, premiums and penalties, and (ivv) other unusual or non-recurring items as are reasonably acceptable to the Administrative Agent and the Required Lenders. 3. Enterprise Unencumbered Asset Value (Line IV.B.1 + IV.B.2 (without duplication)): $________ C. Unsecured Leverage Ratio (Line IV.A ÷ IV.B.3): 15 ____ to 1.00 Maximum Permitted as of the end of any fiscal quarter: 0.60 to 1.00 Notwithstanding the foregoing, from and after in connection with the consummation of a Significant Acquisition, so long as no Default or Event of Default the Borrower shall then exist or would exist after giving effect be permitted to such Significant Acquisition, increase the maximum Unsecured Leverage Ratio may be increased to not more than 0.65 to 1.00 for the full any fiscal quarter in which such a Significant Acquisition is consummated occurs and for the two three (3) consecutive full fiscal quarters immediately succeeding such thereafter; provided that, solely in the case of any increase pursuant to this sentence, in no event shall the Unsecured Leverage Ratio exceed 0.65 to 1.00 as of the end of any fiscal quarterquarter or exceed 0.60 to 1.00 for more than four (4) consecutive fiscal quarters in any consecutive five (5) fiscal quarter period. V. Section 7.10(e)

Unsecured Leverage Ratio. A. Unsecured Debt outstanding on the Statement Date: $________ B. Consolidated Unencumbered Asset Value on the Statement Date: 1. Unencumbered Asset Value of the Borrower and its Subsidiaries on a Consolidated consolidated basis: $________ 2. The Borrower’s Pro Rata Share of Unencumbered Asset Value of each Material Joint Venture: $________ 3. Consolidated Unencumbered Asset Value (Line IV.B.1 + IV.B.2 (without duplication)): $ $________ C. Unsecured Leverage Ratio (Line IV.A÷IV.B.3IV.A ÷ IV.B.3): 12 ____ to 1.00 Maximum permitted Unsecured Leverage Ratio Permitted as of the end of each any fiscal quarter: 0.60 to 1.00 4 For purposes of determining Scheduled Principal Payments, Indebtedness shall not include security deposits, accrued liabilities or prepaid rent, each as defined in accordance with GAAP 5 For purposes of calculating Consolidated Fixed Charges, there shall be excluded, (i) gains and losses from unwinding or break-funding of Swap Contracts, (ii) write-offs of unamortized deferred financing fees, (iii) prepayment fees, premiums and penalties, and (iv) other unusual or non-recurring items as are reasonably acceptable to the Administrative Agent and the Required Lenders. Notwithstanding the foregoing, from and after in connection with the consummation of a Significant Acquisition, so long as no Default or Event of Default the Borrower shall then exist or would exist after giving effect be permitted to such Significant Acquisition, increase the maximum Unsecured Leverage Ratio may be increased to not more than 0.65 to 1.00 for a ________________________________________________________ 10 Scheduled Principal Payments to be calculated without giving effect to any reduction in such scheduled principal payments as a result of any voluntary or mandatory prepayment with respect thereto made in the full same period in which such principal payment was scheduled to be made. 11 Consolidated Fixed Charges shall not include any amounts with respect to any Intercompany Indebtedness. 12 For purposes of calculating the Unsecured Leverage Ratio, the aggregate amount of all unrestricted cash and cash equivalents on such date deducted from Unsecured Debt pursuant to the definition of Consolidated Total Indebtedness shall exclude the aggregate amount of all such unrestricted cash and cash equivalents used to determine the Secured Debt Ratio as of the Statement Date. maximum of four (4) consecutive fiscal quarter quarterly periods commencing with the quarterly period in which such Significant Acquisition is consummated and the two consecutive full fiscal quarters immediately succeeding such fiscal quarterwas consummated. V. Section 7.10

Unsecured Leverage Ratio. A. Unsecured Debt on the Statement Date: $ B. Consolidated Unencumbered Asset Value on the Statement Date: 1. Unencumbered Asset Value of the Borrower and its Subsidiaries on a Consolidated basis: $ 2. Borrower’s Pro Rata Share of Unencumbered Asset Value of each Joint Venture: $ 3. Consolidated Unencumbered Asset Value (Line IV.B.1 + IV.B.2 (without duplication)): $ $ C. Unsecured Leverage Ratio (Line IV.A÷IV.B.3): ___ to 1.00 Maximum permitted Unsecured Leverage Ratio as of the end of each fiscal quarter: 0.60 to 1.00 4 For purposes of determining Scheduled Principal Payments, Indebtedness shall not include security deposits, accrued liabilities or prepaid rent, each as defined in accordance with GAAP 5 For purposes of calculating Consolidated Fixed Charges, there shall be excluded, (i) gains and losses from unwinding or break-funding of Swap Contracts, (ii) write-offs of unamortized deferred financing fees, (iii) prepayment fees, premiums and penalties, and (iv) other unusual or non-recurring items as are reasonably acceptable to the Administrative Agent and the Required Lenders. Notwithstanding the foregoing, from and after the consummation of a Significant Acquisition, so long as no Default or Event of Default shall then exist or would exist after giving effect to such Significant Acquisition, the Unsecured Leverage Ratio may be increased to not more than 0.65 to 1.00 for the full fiscal quarter in which such Significant Acquisition is consummated and the two three consecutive full fiscal quarters immediately succeeding such fiscal quarter.