Debt to Capitalization Ratio

Debt to Capitalization Ratio. Means, as of any date, the ratio (stated as a percentage) of (a) Indebtedness of the Credit Parties (other than to the REITs, provided such REIT has complied with Section 6.1(h)) less (i) 50% of Qualified Subordinated Debt and (ii) all Unrestricted Cash held by the Credit Parties in excess of $25,000,000 but not to exceed $300,000,000 to (b) Capitalization.