Common use of Ratio of Total Outstanding Indebtedness to Capitalization Value Clause in Contracts

Ratio of Total Outstanding Indebtedness to Capitalization Value. Total Outstanding Indebtedness to exceed sixty percent (60%) of Capitalization Value, each measured as of the most recently ended fiscal quarter; provided, however, with respect to any fiscal quarter in which Borrower or any of its Consolidated Businesses or UJVs have acquired Real Property Assets, the ratio of Total Outstanding Indebtedness to Capitalization Value as of the end of such fiscal quarter and the next three (3) succeeding fiscal quarters may increase to 65%, provided that such ratio does not exceed 60% as of the end of the fiscal quarter immediately thereafter. For purposes of this Section 8.01 only: (i) Total Outstanding Indebtedness shall be adjusted by deducting therefrom an amount equal to Unrestricted Cash and Cash Equivalents; (ii) Capitalization Value shall be adjusted by deducting therefrom the amount by which Total Outstanding Indebtedness is reduced under the immediately preceding clause (i); (iii) for purposes of determining Capitalization Value costs and expenses incurred during the applicable period with respect to acquisitions that failed to close and were abandoned during such period shall not be deducted in determining EBITDA; and (iv) for purposes of clause (i) above, Unrestricted Cash and Cash Equivalents shall be (x) adjusted to deduct therefrom $10,000,000 and (y) calculated without inclusion of Borrower’s Pro Rata Share of any Cash or Cash Equivalents owned by any UJV.

Ratio of Total Outstanding Indebtedness to Capitalization Value. Total Outstanding Indebtedness to exceed sixty percent (60%) of Capitalization Value, each measured as of the most recently ended fiscal calendar quarter; provided, however, with respect to any fiscal quarter in which Borrower or any of its Consolidated Businesses or UJVs have acquired Real Property Assets, the ratio of Total Outstanding Indebtedness to Capitalization Value as of the end of such fiscal quarter and the next succeeding three (3) succeeding fiscal quarters may increase to 65%, provided that such ratio does not exceed 60% as of the end of the fiscal quarter immediately thereafter. For ; for purposes of this Section 8.01 only: covenant, (i) Total Outstanding Indebtedness shall be adjusted by deducting therefrom an amount equal to the lesser of (x) Total Outstanding Indebtedness that by its terms is either (1) scheduled to mature (including by reason of the election of the borrower of such debt to call such debt prior to its maturity) on or before the date that is 24 months from the date of calculation, or (2) convertible Debt with the right to put all or a portion thereof on or before the date that is 24 months from the date of calculation, and (y) Unrestricted Cash and Cash Equivalents; , and (ii) Capitalization Value shall be adjusted by deducting therefrom the amount by which Total Outstanding Indebtedness is reduced adjusted under the immediately preceding clause (i); (iii) ; for purposes of determining Capitalization Value for this covenant only, (A) costs and expenses incurred during the applicable period with respect to acquisitions that failed to close and were abandoned during such period shall not be deducted in determining EBITDA; and , and (ivB) for purposes of clause (i) above, Unrestricted Cash and Cash Equivalents shall be (x) adjusted to deduct therefrom $10,000,000 35,000,000 and (y) calculated without inclusion of Borrower’s Pro Rata Share of any Cash or Cash Equivalents owned by any UJV.

Ratio of Total Outstanding Indebtedness to Capitalization Value. Total Outstanding Indebtedness to exceed sixty percent (60%) of Capitalization Value, each measured as of the most recently ended fiscal calendarfiscal quarter; provided, however, with respect to any fiscal quarter in which Borrower or any of its Consolidated Businesses or UJVs have acquired Real Property Assets, the ratio of Total Outstanding Indebtedness to Capitalization Value as of the end of such fiscal quarter and the next three (3) succeeding fiscal quarters may increase to 65%, provided that such ratio does not exceed 60% as of the end of the fiscal quarter immediately thereafter. For purposes of this Section 8.01 only:: ​ (i) Total Outstanding Indebtedness shall be adjusted by deducting therefrom an amount equal to Unrestricted Cash and Cash Equivalents; (ii) Capitalization Value shall be adjusted by deducting therefrom the amount by which Total Outstanding Indebtedness is reduced under the immediately preceding clause (i); (iii) for purposes of determining Capitalization Value costs and expenses incurred during the applicable period with respect to acquisitions that failed to close and were abandoned during such period shall not be deducted in determining EBITDA; and (iv) for purposes of clause (i) above, Unrestricted Cash and Cash Equivalents shall be (x) adjusted to deduct therefrom $10,000,000 and (y) calculated without inclusion of Borrower’s Pro Rata Share of any Cash or Cash Equivalents owned by any UJV.