Common use of Unencumbered Debt Service Coverage Ratio Clause in Contracts

Unencumbered Debt Service Coverage Ratio. 5 NOI of Unencumbered Properties (see Schedule 3)6 $ (1 ) Management fees of the Companies less related expenses7 $ (2 ) Allowed Unconsolidated Affiliate Earnings8 $ (3 ) Subtotal of (1) + (2) + (3) $ (4 ) Amount by which (2) + (3) exceeds 40% of (4) $ (5 ) Unencumbered NOI (Subtotal of (4) – (5)) $ (6 ) Unencumbered Capital Expenditures9 $ (7 ) Subtotal (6) - (7) $ (8 ) Unencumbered Debt Service $ (9 ) Ratio of (8) to (9) Required Minimum 1.50 to 1.00

Unencumbered Debt Service Coverage Ratio. 5 NOI of Unencumbered Properties (see Schedule 3)6 $ (1 1) Management fees of the Companies less related expenses7 expenses 7 $ (2 2) Allowed Unconsolidated Affiliate Earnings8 $ (3 3) Subtotal of (1) + (2) + (3) $ (4 4) Amount Less the amount by which (2) + (3) exceeds 40% of (4) $ (5 5) Unencumbered NOI (Subtotal of (4) – (5)) $ (6 6) Unencumbered Capital Expenditures9 $ (7 7) Subtotal (6) - (7) $ (8 ) 8) Unencumbered Debt Service $ (9 9) Ratio of (8) to (9) Required Minimum 1.50 to 1.00

Unencumbered Debt Service Coverage Ratio. 5 NOI of Unencumbered Properties (see Schedule 3)6 $ (1 ) Management fees of the Companies less related expenses7 $ (2 ) Allowed Unconsolidated Affiliate Earnings8 $ (3 ) Subtotal of (1) + (2) + (3) $ (4 ) Amount Less the amount by which (2) + (3) exceeds 40% of (4) $ (5 ) Unencumbered NOI (Subtotal of (4) – - (5)) $ (6 ) Unencumbered Capital Expenditures9 $ (7 ) Subtotal (6) - (7) $ (8 ) Unencumbered Debt Service $ (9 ) Ratio of (8) to (9) Required Minimum 1.50 to 1.00

Unencumbered Debt Service Coverage Ratio. 5 10 NOI of Unencumbered Properties (see Schedule 3)6 3)11 $ (1 ) Management fees of the Companies less related expenses7 expenses 12 $ (2 ) Allowed Unconsolidated Affiliate Earnings8 Earnings13 $ (3 ) Subtotal of (1) + (2) + (3) $ (4 ) Amount by which (2) + (3) exceeds 40% of (4) $ (5 ) Unencumbered NOI (Subtotal of (4) – (5)) $ (6 ) Unencumbered Capital Expenditures9 Expenditures14 $ (7 ) Subtotal (6) - (7) $ (8 ) Unencumbered Debt Service $ (9 ) Ratio of (8) to (9) Required Minimum 1.50 to 1.00

Unencumbered Debt Service Coverage Ratio. 5 NOI of Unencumbered Properties (see Schedule 3)6 $ (1 1) Management fees of the Companies less related expenses7 $ (2 2) Allowed Unconsolidated Affiliate Earnings8 $ (3 3) Subtotal of (1) + (2) + (3) $ (4 4) Amount Less the amount by which (2) + (3) exceeds 40% of (4) $ (5 5) Unencumbered NOI (Subtotal of (4) – — (5)) $ (6 6) Unencumbered Capital Expenditures9 $ (7 7) Subtotal (6) - — (7) $ (8 ) 8) Unencumbered Debt Service $ (9 9) Ratio of (8) to (9) Required Minimum 1.50 to 1.00

Unencumbered Debt Service Coverage Ratio. 5 NOI of Unencumbered Properties (see Schedule 3)6 $ (1 ) Management fees of the Companies less related expenses7 expenses 7 $ (2 ) Allowed Unconsolidated Affiliate Earnings8 $ (3 ) Subtotal of (1) + (2) + (3) $ (4 ) Amount Less the amount by which (2) + (3) exceeds 40% of (4) $ (5 ) Unencumbered NOI (Subtotal of (4) – — (5)) $ (6 ) Unencumbered Capital Expenditures9 $ (7 ) Subtotal (6) - — (7) $ (8 ) Unencumbered Debt Service $ (9 ) Ratio of (8) to (9) Required Minimum 1.50 to : 1.00

Unencumbered Debt Service Coverage Ratio. 5 NOI of Unencumbered Properties (see Schedule 3)6 $ (1 ) Management fees of the Companies less related expenses7 expenses 7 $ (2 ) Allowed Unconsolidated Affiliate Earnings8 $ (3 ) Subtotal of (1) + (2) + (3) $ (4 ) Amount Less the amount by which (2) + (3) exceeds 40% of (4) $ (5 ) Unencumbered NOI (Subtotal of (4) – (5)) $ (6 ) Unencumbered Capital Expenditures9 $ (7 ) Subtotal (6) - (7) $ (8 ) Unencumbered Debt Service $ (9 ) Ratio of (8) to (9) Required Minimum 1.50 to 1.001.00 5 Calculated for the four fiscal quarters ending on the date of determination.