{"component": "definition", "props": {"groups": [{"size": 15, "snippet": "means, at any time, the sum of (1) with respect to Real Property Businesses (other than UJVs), individually determined, the greater of (x) Combined EBITDA from such businesses (a) in the case of all Real Property Businesses other than hotels or trade show space, for the most recently ended calendar quarter, annualized (i.e., multiplied by four), and (b) in the case of hotels or trade show space, for the most recently ended four consecutive calendar quarters, in both cases, capitalized at a rate of 6.0% per annum, and (y) the Gross Book Value of such businesses; (2) with respect to Other Investments, which do not have publicly traded shares, the Net Equity Value of such Other Investments; (3) with respect to Real Property UJVs, which do not have publicly traded shares, individually determined, the greater of (x) Combined EBITDA from such Real Property UJVs (a) in the case of all Real Property UJVs other than those owning hotels or trade show space, for the most recently ended calendar quarter, annualized (i.e., multiplied by four), and (b) in the case of Real Property UJVs owning hotels or trade show space, for the most recently ended four consecutive calendar quarters, in both cases, capitalized at the rate of 6.0%, less Borrower\u2019s Pro Rata Share of any Indebtedness attributable to such Real Property UJVs, and (y) the Net Equity Value of such Real Property UJVs (subject to the last sentence of this definition); and (4) without duplication, Borrower\u2019s Pro Rata Share of Unrestricted Cash and Cash Equivalents, the book value of notes and mortgage loans receivable and capitalized development costs (exclusive of tenant improvements and tenant leasing commission costs), and the fair market value of publicly traded securities, at such time, all as determined in accordance with GAAP. For clarity, the parties acknowledge and agree that the calculations pursuant to clause (1)(x) and (y) and clause (3)(x) and (y) above in this definition are intended to be made on a Real-Property-Asset-by-Real-Property-Asset basis. For the purposes of this definition, (1) for any Disposition of Real Property Assets by a Real Property Business during any calendar quarter, Combined EBITDA will be reduced by actual Combined EBITDA generated from such asset or assets, (2) the aggregate contribution to Capitalization Value in excess of 35% of the total Capitalization Value from all Real Property Businesses and Other Investments owned by UJVs shall not be included in Capitalization Value, and (3) the aggregate contribution to Capitalization Value from leasing commissions and management and development fees in excess of 15% of Combined EBITDA shall not be included in Capitalization Value. 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quarters then ended, capitalized at a rate of 5.75% per annum (i.e., divided by 5.75%), (3) such leasing commissions and management and development fees for such period of four quarters as were subtracted from Combined EBITDA pursuant to clauses (1) and (2) above, capitalized at a rate of 15% per annum (i.e., divided by 15%), (4) unrestricted Cash and Cash Equivalents of Borrower and its Consolidated Businesses, as of the end of such quarter, as reflected in Borrower\u2019s Consolidated Financial Statements; provided that no such unrestricted Cash and Cash Equivalents will be added to Capitalization Value if such unrestricted Cash and Cash Equivalents have been deducted from Total Outstanding Indebtedness or Secured Indebtedness in the calculation of the financial covenants in Section 8.01 or Section 8.04, (5) the aggregate book value (on a cost basis) of land held for future development and Construction-in-Process of Borrower and its Consolidated Businesses plus Borrower\u2019s beneficial interest in the book value (on a cost basis) of land held for future development and Construction-in-Process of the UJVs (after taking into account any impairments recognized in Borrower\u2019s financial statements in the immediately preceding fiscal quarter), (6) the aggregate book value (on a cost basis) of Acquisition Assets of Borrower and its Consolidated Businesses plus Borrower\u2019s beneficial interest in the book value (on a cost basis) of Acquisition Assets of the UJVs (after taking into account any impairments recognized in Borrower\u2019s financial statements in the immediately preceding fiscal quarter), (7) the value (at the lower of cost or market in accordance with GAAP) of Performing Notes held by Borrower and its Consolidated Businesses, (8) Eligible Cash 1031 Proceeds, plus (9) without duplication of amounts included in items (2), (3), (6) and (7) that are attributable to UJVs, the aggregate book value of the Borrower\u2019s and its Consolidated 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true}, {"hash": "j0ZIHOVwOOO", "uri": "/contracts/j0ZIHOVwOOO#capitalization-value", "label": "Credit Agreement (Simon Debartolo Group Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "sum-of", "type": "clause", "offset": [10, 16]}, {"key": "combined-ebitda", "type": "definition", "offset": [21, 36]}, {"key": "annual-interest-rate", "type": "clause", "offset": [55, 75]}, {"key": "equal-to", "type": "definition", "offset": [76, 84]}, {"key": "cash-and-cash-equivalents", "type": "definition", "offset": [101, 126]}, {"key": "construction-asset-cost", "type": "definition", "offset": [138, 161]}], "hash": "27577d0401def252a2f59d6ea3bee89a", "id": 5}, {"size": 9, "snippet": "means, at any time, the sum (without duplication) of the Borrower\u2019s Ownership Share of (a) with respect to Properties of the Borrower and its Subsidiaries, individually determined and aggregated, NOI (excluding NOI attributable to Properties the value of which is to be included in Capitalization Value under the immediately following clause (b)) of each such Property for the most recently ended calendar quarter, annualized (i.e., multiplied by four), capitalized at the Capitalization Rate; (b) the GAAP book value of (i) all Properties of the Borrower and its Subsidiaries acquired during the four fiscal quarters most recently ended and (ii) all Transition Properties (except in the case of either clause (i) or (ii), of any such Property which the Borrower has elected in a written notice to the Administrative Agent be included in determinations of Capitalization Value under the immediately preceding clause (a)); (c) all Unrestricted Cash and Cash Equivalents of the Borrower and its Subsidiaries; (d) the fair market value of publicly traded securities and the book value of notes and mortgage loans receivable, Capitalized Development Costs, Equity Interests in Non-Real Estate Affiliates which do not have publicly traded securities, other Stock Holdings and Unimproved Land of the Borrower and its Subsidiaries at such time, all as determined in accordance with GAAP; and (e) leasing commissions, management fees and development fees paid by third parties to the Borrower or a Wholly Owned Subsidiary of the Borrower in respect of any Property owned by another Subsidiary (other than a Wholly Owned Subsidiary) or an Unconsolidated Affiliate to the extent that the Borrower\u2019s or such Wholly Owned Subsidiary\u2019s share of such commissions and fees exceeds the Borrower\u2019s Ownership Share of such Subsidiary or Unconsolidated Affiliate, for the most recently ended calendar quarter, annualized (i.e., multiplied by four), capitalized at the Capitalization Rate. The Borrower\u2019s Ownership Share of assets held by (A) Unconsolidated Affiliates (excluding assets of the type described in the immediately preceding clause (c)) will be included in the calculation of Capitalization Value consistent with the above described treatment for assets owned by the Borrower or a Subsidiary and (B) Public Affiliates the publicly traded securities of which, or Non-Real Estate Affiliates (other than Public Affiliates) the Equity Interest of which, are included in Capitalization Value under the immediately preceding clause (d) shall not be included under any of the other preceding clauses. For the purposes of this definition, (1) for any Disposition of Property by the Borrower or any Subsidiary during any calendar quarter, NOI will be reduced by actual NOI generated from such Property, (2) the aggregate contribution to Capitalization Value in excess of 35% of the aggregate of notes and mortgage loans receivable, Capitalized Development Costs, publicly traded securities, other Stock Holdings and Unimproved Land of the Borrower and its Subsidiaries, and leasing commissions and management and development fees (determined after giving effect to any exclusion required under the immediately following clause (3)) shall not be included in Capitalization Value, (3) the aggregate amount of leasing commissions and management and development fees in excess of 15% of NOI included in the determination of Capitalization Value under the immediately preceding clause (e) shall not be included in Capitalization Value and (4) if the amount otherwise included pursuant to the above terms of this definition in Capitalization Value derived from Unconsolidated Affiliates that are not Public Affiliates, less the Borrower\u2019s Ownership Share of the Total Outstanding Indebtedness of such Unconsolidated Affiliates, exceeds 25% of the Capitalization Value (determined without giving effect to this clause (4)), Capitalization Value shall be reduced by the amount of such excess.", "samples": [{"hash": "8JmtxRjoVzh", "uri": "/contracts/8JmtxRjoVzh#capitalization-value", "label": "Revolving Credit Agreement (Urban Edge Properties)", "score": 26.0540733337, "published": true}, {"hash": "kjHMM7I68G", "uri": "/contracts/kjHMM7I68G#capitalization-value", "label": "Revolving Credit Agreement (Urban Edge Properties)", "score": 25.9418201447, "published": true}], "snippet_links": [{"key": "at-any-time", "type": "clause", "offset": [7, 18]}, {"key": "without-duplication", "type": "clause", "offset": [29, 48]}, {"key": "of-the-borrower", "type": "clause", "offset": [50, 65]}, {"key": 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"/contracts/basAI0MmKra#capitalization-value", "label": "Credit Agreement (Nationwide Health Properties Inc)", "score": 21.0, "published": true}, {"hash": "7aT8Vx0fNkT", "uri": "/contracts/7aT8Vx0fNkT#capitalization-value", "label": "Credit Agreement (Nationwide Health Properties Inc)", "score": 21.0, "published": true}], "snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [27, 42]}, {"key": "nationwide-entities", "type": "definition", "offset": [47, 66]}, {"key": "sum-of", "type": "clause", "offset": [72, 78]}, {"key": "without-duplication", "type": "clause", "offset": [80, 99]}], "hash": "af01701c3036120b65f27145365a933e", "id": 8}, {"size": 6, "snippet": "means the sum of (i) Combined EBITDA capitalized at an annual interest rate equal to 6.0%, and (ii) Cash and Cash Equivalents, and (iii) Construction Asset Cost, and (iv) undeveloped land, valued, in accordance with GAAP, at the lower of cost and market value, and (v) the Borrower\u2019s economic interest in 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{"size": 6, "snippet": "means, at any time, the sum of (1) Combined EBITDA (excluding Properties described in clauses (3) and (4) below) for the twelve (12)-month period ending with the most recently ended calendar quarter, capitalized at an annual rate equal to 6.0%, (2) the Borrower\u2019s beneficial share of unrestricted Cash and Cash Equivalents (i.e., Cash and Cash Equivalents that are not pledged or the use of which is not restricted by the terms of any document or agreement; for the avoidance of doubt, cash collateral pledged to support LC Exposure pursuant to Section 2.06(j) shall not be considered unrestricted) of the Borrower and its Consolidated Businesses and UJVs, (3) without duplication, the Borrower\u2019s beneficial share of the cost basis of all Development Properties of the Borrower and its Consolidated Businesses and UJVs and (4) without duplication, the Borrower\u2019s beneficial share of the book value (after impairments) of all Acquisition Properties of the Borrower, and its Consolidated Businesses and UJVs. For the purposes of this definition, in no event shall (x) Development Properties contribute in excess of 20% to Capitalization Value or (y) leasing commissions payable by third parties and/or management and development fees contribute in excess of 3% to Capitalization Value. For avoidance of doubt, and as an illustrative example, if the Borrower owns a 50% interest in a UJV and thereafter acquires the other 50% interest in such UJV from its partner, then, the Borrower\u2019s 50% interest in the UJV that it acquired from its Partner will be considered an Acquisition Property for purposes of determining Capitalization Value.", "samples": [{"hash": "9vrSv6AbE4V", "uri": "/contracts/9vrSv6AbE4V#capitalization-value", "label": "Revolving Credit and Term Loan Agreement (Taubman Centers Inc)", "score": 31.6064338684, "published": true}, {"hash": "bu7jwbOH4Oa", "uri": "/contracts/bu7jwbOH4Oa#capitalization-value", "label": "Revolving Credit and Term Loan Agreement (Taubman Centers Inc)", "score": 28.8316230774, "published": true}, {"hash": "cjLQgGAt39K", "uri": "/contracts/cjLQgGAt39K#capitalization-value", "label": "Revolving Credit and Term Loan Agreement (Taubman Centers Inc)", "score": 28.101984024, "published": true}], "snippet_links": [{"key": "at-any-time", "type": "clause", "offset": [7, 18]}, {"key": "sum-of", "type": "clause", "offset": [24, 30]}, {"key": "combined-ebitda", "type": "definition", "offset": [35, 50]}, {"key": "in-clauses", "type": "clause", "offset": [83, 93]}, {"key": "period-ending", "type": "definition", "offset": [139, 152]}, {"key": "most-recently-ended", "type": "definition", "offset": [162, 181]}, {"key": "calendar-quarter", "type": "clause", "offset": [182, 198]}, {"key": "annual-rate", "type": "clause", "offset": [218, 229]}, {"key": "equal-to", "type": "definition", "offset": [230, 238]}, {"key": "unrestricted-cash-and-cash-equivalents", "type": "definition", "offset": [284, 322]}, {"key": "terms-of", "type": "clause", "offset": [422, 430]}, {"key": "document-or-agreement", "type": "clause", "offset": [435, 456]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [458, 484]}, {"key": "cash-collateral", "type": "definition", "offset": [486, 501]}, {"key": "lc-exposure", "type": "definition", "offset": [521, 532]}, {"key": "pursuant-to-section", "type": "definition", "offset": [533, 552]}, {"key": "of-the-borrower", "type": "clause", "offset": [599, 614]}, {"key": "consolidated-businesses", "type": "definition", "offset": [623, 646]}, {"key": "without-duplication", "type": "clause", "offset": [661, 680]}, {"key": "basis-of", "type": "clause", "offset": [726, 734]}, {"key": "development-properties", "type": "definition", "offset": [739, 761]}, {"key": "book-value", "type": "definition", "offset": [887, 897]}, {"key": "acquisition-properties", "type": "clause", "offset": [925, 947]}, {"key": "for-the-purposes-of", "type": "clause", "offset": [1007, 1026]}, {"key": "in-no-event-shall", "type": "clause", "offset": [1044, 1061]}, {"key": "commissions-payable", "type": "clause", "offset": [1156, 1175]}, {"key": "by-third-parties", "type": "clause", "offset": [1176, 1192]}, {"key": "development-fees", "type": "definition", "offset": [1215, 1231]}, {"key": "for-avoidance-of-doubt", "type": "clause", "offset": [1284, 1306]}, {"key": "illustrative-example", "type": "definition", "offset": [1318, 1338]}, {"key": "acquisition-property", "type": "definition", "offset": [1563, 1583]}, {"key": "for-purposes-of", "type": "clause", "offset": [1584, 1599]}], "hash": "e8065b75cd6c847efba863dc8d935e14", "id": 10}], "next_curs": "CmESW2oVc35sYXdpbnNpZGVyY29udHJhY3Rzcj0LEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiIdY2FwaXRhbGl6YXRpb24tdmFsdWUjMDAwMDAwMGEMogECZW4YACAA", "definition": {"title": "Capitalization Value", "size": 180, "snippet": "means, at any time, the sum of (1) with respect to Real Property Businesses (other than UJVs), individually determined, the greater of (x) Combined EBITDA from such businesses (a) in the case of all Real Property Businesses other than hotels or trade show space, for the most recently ended calendar quarter, annualized (i.e., multiplied by four), and (b) in the case of hotels or trade show space, for the most recently ended four consecutive calendar quarters, in both cases, capitalized at a rate of 6.0% per annum, and (y) the Gross Book Value of such businesses; (2) with respect to Other Investments, which do not have publicly traded shares, the Net Equity Value of such Other Investments; (3) with respect to Real Property UJVs, which do not have publicly traded shares, individually determined, the greater of (x) Combined EBITDA from such Real Property UJVs (a) in the case of all Real Property UJVs other than those owning hotels or trade show space, for the most recently ended calendar quarter, annualized (i.e., multiplied by four), and (b) in the case of Real Property UJVs owning hotels or trade show space, for the most recently ended four consecutive calendar quarters, in both cases, capitalized at the rate of 6.0%, less Borrower\u2019s Pro Rata Share of any Indebtedness attributable to such Real Property UJVs, and (y) the Net Equity Value of such Real Property UJVs (subject to the last sentence of this definition); and (4) without duplication, Borrower\u2019s Pro Rata Share of Unrestricted Cash and Cash Equivalents, the book value of notes and mortgage loans receivable and capitalized development costs (exclusive of tenant improvements and tenant leasing commission costs), and the fair market value of publicly traded securities, at such time, all as determined in accordance with GAAP. For clarity, the parties acknowledge and agree that the calculations pursuant to clause (1)(x) and (y) and clause (3)(x) and (y) above in this definition are intended to be made on a Real-Property-Asset-by-Real-Property-Asset basis. For the purposes of this definition, (1) for any Disposition of Real Property Assets by a Real Property Business during any calendar quarter, Combined EBITDA will be reduced by actual Combined EBITDA generated from such asset or assets, (2) the aggregate contribution to Capitalization Value in excess of 35% of the total Capitalization Value from all Real Property Businesses and Other Investments owned by UJVs shall not be included in Capitalization Value, and (3) the aggregate contribution to Capitalization Value from leasing commissions and management and development fees in excess of 15% of Combined EBITDA shall not be included in Capitalization Value. To the extent that liabilities of a Real Property UJV are Recourse to Borrower or the General Partner, then for purposes of clause (3)(y) above, the Net Equity Value of such Real Property UJV shall not be reduced by such Recourse liabilities.", "id": "capitalization-value", "examples": ["Ratio of Secured Indebtedness to <strong>Capitalization Value</strong> ......................................", "Ratio of Unsecured Indebtedness to <strong>Capitalization Value</strong> of Unencumbered Assets .......................................................................................................", "Ratio of Total Outstanding Indebtedness to <strong>Capitalization Value</strong> ......................"], "related": [["capitalization-rate", "Capitalization Rate", "Capitalization Rate"], ["acquisition-value", "Acquisition Value", "Acquisition Value"], ["transaction-value", "Transaction Value", "Transaction Value"], ["capitalization-ratio", "Capitalization Ratio", "Capitalization Ratio"], ["consolidated-capitalization-ratio", "Consolidated Capitalization Ratio", "Consolidated Capitalization Ratio"]], "related_snippets": [], "updated": "2026-02-28T06:15:34+00:00"}, "json": true, "cursor": ""}}