Relationship of Total Outstanding Indebtedness to Capitalization Value. As of the last day of any fiscal quarter, the ratio of Total Outstanding Indebtedness (net of, as of such date of determination, the amount of unrestricted Cash and Cash Equivalents to the extent that there is an equivalent amount of Total Outstanding Indebtedness that matures within twenty-four (24) months of such date of determination) to Capitalization Value to exceed 60%; provided that such ratio may exceed 60% from time to time following an acquisition by ▇▇▇▇▇▇▇▇ and its Affiliates of real property assets so long as (a) such ratio does not exceed 65%,
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Relationship of Total Outstanding Indebtedness to Capitalization Value. As of the last day of any fiscal quarter, the ratio of Total Outstanding Indebtedness (net of, as of such date of determination, the amount of unrestricted Cash and Cash Equivalents to the extent that there is an equivalent amount of Total Outstanding Indebtedness that matures within twenty-four (24) months of such date of determination) to Capitalization Value to exceed 60%; provided that such ratio may exceed 60% from time to time following an acquisition by ▇▇▇▇▇▇▇▇ Borrower and its Affiliates of real property assets so long as (a) such ratio does not exceed 65%,
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Sources: Revolving Loan Agreement (Avalonbay Communities Inc)