Common use of Unencumbered Property Pool Criteria Clause in Contracts

Unencumbered Property Pool Criteria. Borrower shall comply with the following requirements regarding Unencumbered Properties: (i) There must be a minimum of $100,000,000 in Total Unencumbered Property Pool Value at all times; (ii) There must be at least ten (10) Unencumbered Properties; (iii) No single Unencumbered Property shall account for more than twenty-five percent (25%) of Total Unencumbered Property Pool Value and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder; (iv) The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property NOI from a single tenant shall not exceed twenty-five percent (25%) if the tenant has an Investment Grade Rating (or another comparable tenant reasonably approved by the Required Lenders for treatment as an investment grade tenant for the purpose of this provision) and twenty percent (20%) for all other tenants and any amount in excess of twenty-five percent (25%) (or twenty percent (20%), as applicable) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (v) No single metropolitan statistical area shall compromise more than twenty-five percent (25%) of the aggregate Unencumbered Property NOI for all Unencumbered Properties and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.

Unencumbered Property Pool Criteria. Borrower shall comply Comply with the following requirements regarding Unencumbered Properties: (i) There must be a minimum of $100,000,000 250,000,000 in Total Unencumbered Property Pool Value at all times; (ii) There must be at least ten fifteen (1015) Unencumbered Properties; (iii) Each Unencumbered Property must be located in the continental United States and be either (x) directly or indirectly wholly owned by the Borrower or (y) at least ninety-five percent (95%) directly or indirectly owned by Borrower in the event such Unencumbered Property owner is a real estate investment trust (or owned directly or indirectly by a real estate investment trust); provided that, no more than ten percent (10%) of the Total Unencumbered Property Pool Value may be attributable to Unencumbered Property included pursuant to this clause (y), and any amount in excess of ten percent (10%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder; (iv) No single Unencumbered Property shall account for more than twenty-five percent (25%) of Total Unencumbered Property Pool Value and any amount in excess of ​ twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder; (ivv) The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property NOI from a single tenant shall not exceed (x) twenty-five percent (25%) if the tenant has an Investment Grade Rating (or another comparable tenant reasonably approved by the Required Lenders for treatment as an investment grade tenant for the purpose of this provision) and or (y) twenty percent (20%) for all other tenants tenants, and any amount in excess of twenty-five percent (25%) (or twenty percent (20%), as applicable) respectively, shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (vvi) No single metropolitan statistical area (x) If Total Asset Value is less than $1,000,000,000, then no more than ten percent (10%) of Total Unencumbered Property Pool Value may be attributable to (A) Assets Under Development, (B) Unencumbered Property that is non-industrial improved property or incidental thereto and (C) Land, and any amount in excess of ten percent (10%) shall compromise be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder, or (y) if Total Asset Value is more than or equal to $1,000,000,000, then no more than twenty-five percent (25%) of the aggregate Total Unencumbered Property NOI for all Pool Value may be attributable to (A) Assets Under Development, (B) Unencumbered Properties Property that is non-industrial (or uses incidental thereto) improved property, and (C) Land, and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (vii) No more than ten percent (10%) of Total Unencumbered Property Pool Value may be attributable to Unencumbered Properties that are ground leased under Financeable Ground Leases (as opposed to being owned in fee simple by the Borrower or a Subsidiary Guarantor), and any amount in excess of ten percent (10%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (viii) The Total Unencumbered Property Pool Value attributable to Exchange Debt Investments shall not exceed twelve and one half percent (12.5%), and any amount in excess of twelve and one half percent (12.5%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (ix) The Total Unencumbered Property Pool Value attributable to Exchange Properties shall not exceed fifteen percent (15%), and any amount in excess of fifteen percent (15%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (x) The Total Unencumbered Property Pool Value attributable to (A) Debt Instruments shall not exceed ten percent (10%) and (B) Debt Instruments other than Mortgage Receivables shall not exceed seven and one half percent (7.5%) (it being understood that any Debt Instruments described in clause (B) above are also to be included in the calculation of the aggregate 10% Debt Instruments limitation under clause (A) above), and any amount in excess of ten percent (10%) or seven and one half percent

Unencumbered Property Pool Criteria. Borrower shall comply with the following requirements regarding Unencumbered Properties: (i) There must be a minimum of $100,000,000 in Total Unencumbered Property Pool Value at all times; (ii) There must be at least ten (10) Unencumbered Properties; (iii) No single Unencumbered Property shall account for more than twenty-twenty five percent (25%) of Total Unencumbered Property Pool Value except that with respect to the Properties occupied by Sybase and Northrop and any Property leased to tenant(s) with an Investment Grade Rating, any such Property may account for up to thirty percent (30%) of Total Unencumbered Property Pool Value, and any amount in excess of twenty-five percent (25%) such applicable percentage set forth above shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder; (iv) The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property NOI from a single tenant shall not exceed twenty-five thirty percent (2530%) if the tenant has an Investment Grade Rating (or another comparable tenant reasonably approved by the Required Lenders for treatment as an investment grade tenant for the purpose of this provision) and twenty percent (20%) for all other tenants (other than Sybase, which shall be deemed to have an Investment Grade Rating for purposes of this Section) and any amount in excess of twenty-five thirty percent (2530%) (or twenty percent (20%), as applicable) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (v) No single metropolitan statistical area shall compromise comprise more than twentythirty-five percent (2535%) of the aggregate Unencumbered Property NOI for all Unencumbered Properties and any amount in excess of twentythirty-five percent (2535%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (vi) The percentage of the Total Unencumbered Property Pool Value attributable to unencumbered First Mortgage Investments shall not exceed ten percent (10%) and any amount in excess of ten percent (10%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.

Unencumbered Property Pool Criteria. The Borrower shall comply with the following requirements regarding Unencumbered Properties: (i) There must be a minimum of $100,000,000 in Total Unencumbered Property Pool Value at all times; (ii) There must be at least ten (10) Unencumbered Properties; (iii) No single Unencumbered Property shall account for more than twenty-twenty five percent (25%) of Total Unencumbered Property Pool Value and except that with respect to any amount in excess of twenty-five Property leased to tenant(s) with an Investment Grade Rating, any such Property may account for up to thirty percent (2530%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunderValue; (iv) The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property NOI from a single tenant shall not exceed twenty-five thirty percent (2530%) if the tenant has an Investment Grade Rating (or another comparable tenant reasonably approved by the Required Lenders for treatment as an investment grade tenant for the purpose of this provision) and twenty percent (20%) for all other tenants and any amount in excess of twentytenants; (v) No single metropolitan statistical area shall comprise more than thirty-five percent (2535%) of the aggregate Unencumbered Property NOI for all Unencumbered Properties; (or twenty vi) The percentage of the Total Unencumbered Property Pool Value attributable to unencumbered First Mortgage Investments shall not exceed twelve and one half percent (2012.5%), as applicable; (vii) The Total Unencumbered Property Pool Value attributable to Exchange Debt Investments shall not exceed twelve and one half percent (12.5%); and (viii) The Total Unencumbered Property Pool Value attributable to Exchange Properties shall not exceed fifteen percent (15%). Any amounts in excess of the limitations. above (other than clauses (i) and (ii)) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (v) No single metropolitan statistical area shall compromise more than twenty-five percent (25%) of the aggregate Unencumbered Property NOI for all Unencumbered Properties and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.

Unencumbered Property Pool Criteria. Borrower shall Commencing with the first calendar quarter end date following the Effective Date, comply with the following requirements regarding Unencumbered Properties: (i) There must be a minimum of $100,000,000 50,000,000 in Total Unencumbered Property Pool Value at all times; (ii) There must be at least ten five (105) Unencumbered Properties; (iii) No single Unencumbered Property shall account for more than twenty-five percent (25%) of Total Unencumbered Property Pool Value and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder; (iv) The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property NOI from a single tenant shall not exceed twenty-five percent (25%) if the tenant has an Investment Grade Rating (or another comparable tenant reasonably approved by the Required Lenders for treatment as an investment grade tenant for the purpose of this provision) and twenty percent (20%) for all other tenants and any amount in excess of twenty-five percent (25%) (or twenty percent (20%), as applicable) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (v) No single metropolitan statistical area The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property that is non-industrial improved property shall compromise more than twenty-five not exceed ten percent (2510%) of the aggregate Unencumbered Property NOI for all Unencumbered Properties ), and any amount in excess of twenty-five ten percent (2510%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (vi) Through June 30, 2015, no more than twenty-five percent (25%) of Total Unencumbered Property Pool Value may be attributable to (A) Assets Under Development, or (B) Unencumbered Properties that are ground leased under Financeable Ground Leases (as opposed to being owned in fee simple by the Borrower or a Subsidiary Guarantor), or (C) Unencumbered Value-Add Properties. (vii) Commencing on July 1, 2015 and thereafter, no more than (i) twenty percent (20%) of Total Unencumbered Property Pool Value prior to release of the Equity Pledge, and (ii) twenty-five percent (25%) of Total Unencumbered Property Pool Value after release of the Equity Pledge, may be attributable to (A) Assets Under Development, or (B) Unencumbered Properties that are ground leased under Financeable Ground Leases (as opposed to being owned in fee simple by the Borrower or a Subsidiary Guarantor).

Unencumbered Property Pool Criteria. Borrower shall comply with the following requirements regarding Unencumbered Properties: (i) There must be a minimum of $100,000,000 in Total Unencumbered Property Pool Value at all times; (ii) There must be at least ten (10) Unencumbered Properties; (iii) No single Unencumbered Property shall account for more than twenty-twenty five percent (25%) of Total Unencumbered Property Pool Value except that with respect to the Properties occupied by Sybase annd Northrop and any Property leased to tenant(s) with an Investment Grade Rating, any such Property may account for up to thirty percent (30%) of Total Unencumbered Property Pool Value, and any amount in excess of twenty-five percent (25%) such applicable percentage set forth above shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder; (iv) The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property NOI from a single tenant shall not exceed twenty-five thirty percent (2530%) if the tenant has an Investment Grade Rating (or another comparable tenant reasonably approved by the Required Lenders for treatment as an investment grade tenant for the purpose of this provision) and twenty percent (20%) for all other tenants (other than Sybase, which shall be deemed to have an Investment Grade Rating for purposes of this Section) and any amount in excess of twenty-five thirty percent (2530%) (or twenty percent (20%), as applicable) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (v) No single metropolitan statistical area shall compromise more than twentythirty-five percent (2535%) of the aggregate Unencumbered Property NOI for all Unencumbered Properties and any amount in excess of twentythirty-five percent (2535%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (vi) The percentage of the Total Unencumbered Property Pool Value attributable to unencumbered First Mortgage Investments shall not exceed ten percent (10%) and any amount in excess of ten percent (10%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.

Unencumbered Property Pool Criteria. Borrower shall comply with the following requirements regarding Unencumbered Properties: (i) There must be a minimum of $100,000,000 in Total Unencumbered Property Pool Value at all times; (ii) There must be at least ten (10) Unencumbered Properties; (iii) No single Unencumbered Property shall account for more than twenty-five percent (25%) of Total Unencumbered Property Pool Value and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder; (iv) The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property NOI from a single tenant shall not exceed twenty-five percent (25%) if the tenant has an Investment Grade Rating (or another comparable tenant reasonably approved by the Required Lenders for treatment as an investment grade tenant for the purpose of this provision) and twenty percent (20%) for all other tenants and any amount in excess of twenty-five percent (25%) (or twenty percent (20%), as applicable) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (v) No single metropolitan statistical area shall compromise more than twenty-five percent (25%) of the aggregate Unencumbered Property NOI for all Unencumbered Properties and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.

Unencumbered Property Pool Criteria. Borrower The Company shall comply with the following requirements regarding Unencumbered Properties: (i) There must be a minimum of $100,000,000 in Total Unencumbered Property Pool Value at all times; (ii) There must be at least ten (10) Unencumbered Properties; (iii) No single Unencumbered Property shall account for more than twenty-twenty five percent (25%) of Total Unencumbered Property Pool Value and except that with respect to any amount in excess of twenty-five Property leased to tenant(s) with an Investment Grade Rating, any such Property may account for up to thirty percent (2530%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunderValue; (ivii) The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property NOI from a single tenant shall not exceed twenty-five thirty percent (2530%) if the tenant has an Investment Grade Rating (or another comparable tenant reasonably approved by the Required Lenders for treatment as an investment grade tenant for the purpose of this provision) and twenty percent (20%) for all other tenants and any amount in excess of twentytenants; (iii) No single metropolitan statistical area shall comprise more than thirty-five percent (2535%) of the Total Unencumbered Property Pool Value; (iv) The percentage of the Total Unencumbered Property Pool Value attributable to Other Debt Investments shall not exceed seven and one half percent (7.5%) or to First Mortgage Investments and Other Debt Investments in the aggregate shall not exceed seventeen and one half percent (17.5%); (v) The Total Unencumbered Property Pool Value attributable to Exchange Debt Investments shall not exceed twelve and one half percent (12.5%); (vi) The Total Unencumbered Property Pool Value attributable to Exchange Properties shall not exceed fifteen percent (15%); and (vii) The Total Unencumbered Property Pool Value attributable to Unencumbered Properties located in Non-US Jurisdictions shall not exceed twenty percent (20%), as applicable) . Any amounts in excess of the limitations above shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (v) No single metropolitan statistical area shall compromise more than twenty-five percent (25%) of the aggregate Unencumbered Property NOI for all Unencumbered Properties and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.. ​

Unencumbered Property Pool Criteria. Borrower shall Commencing with the first calendar quarter end date following the Effective Date, comply with the following requirements regarding Unencumbered Properties: (i) There must be a minimum of $100,000,000 250,000,000 in Total Unencumbered Property Pool Value at all times; (ii) There must be at least ten twenty (1020) Unencumbered Properties; (iii) No single Unencumbered Property shall account for more than twenty-five percent (25%) of Total Unencumbered Property Pool Value and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder; (iv) The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property NOI from a single tenant shall not exceed twenty-five percent (25%) if the tenant has an Investment Grade Rating (or another comparable tenant reasonably approved by the Required Lenders for treatment as an investment grade tenant for the purpose of this provision) and twenty percent (20%) for all other tenants and any amount in excess of twenty-five percent (25%) (or twenty percent (20%), as applicable) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (v) No single metropolitan statistical area The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property that is non-industrial improved property shall compromise more than twenty-five not exceed ten percent (2510%) of the aggregate Unencumbered Property NOI for all Unencumbered Properties ), and any amount in excess of twenty-five ten percent (2510%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (vi) No more than twenty-five percent (25%) of Total Unencumbered Property Pool Value may be attributable to (A) Assets Under Development, (B) Unencumbered Properties that are ground leased under Financeable Ground Leases (as opposed to being owned in fee simple by the Borrower or a Subsidiary Guarantor), and (C) Lease-Up Properties that are being valued at Property Investment Value after the applicable Lease-Up Property has been owned for more than 18 months.

Unencumbered Property Pool Criteria. The Borrower shall comply with the following requirements regarding Unencumbered Properties: (i) There must be a minimum of $100,000,000 in Total Unencumbered Property Pool Value at all times; (ii) There must be at least ten (10) Unencumbered Properties; (iii) No single Unencumbered Property shall account for more than twenty-twenty five percent (25%) of Total Unencumbered Property Pool Value except that with respect to the Properties occupied by Sybase and Northrop and any Property leased to tenant(s) with an Investment Grade Rating, any such Property may account for up to thirty percent (30%) of Total Unencumbered Property Pool Value, and any amount in excess of twenty-five percent (25%) such applicable percentage set forth above shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder; (iv) The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property NOI from a single tenant shall not exceed twenty-five thirty percent (2530%) if the tenant has an Investment Grade Rating (or another comparable tenant reasonably approved by the Required Requisite Lenders for treatment as an investment grade tenant for the purpose of this provision) and twenty percent (20%) for all other tenants (other than Sybase, which shall be deemed to have an Investment Grade Rating for purposes of this Section) and any amount in excess of twenty-five thirty percent (2530%) (or twenty percent (20%), as applicable) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (v) No single metropolitan statistical area shall compromise comprise more than twentythirty-five percent (2535%) of the aggregate Unencumbered Property NOI for all Unencumbered Properties and any amount in excess of twentythirty-five percent (2535%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (vi) The percentage of the Total Unencumbered Property Pool Value attributable to unencumbered First Mortgage Investments shall not exceed ten percent (10%) and any amount in excess of ten percent (10%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.

Unencumbered Property Pool Criteria. Borrower shall comply Comply with the following requirements regarding Unencumbered Properties: (i) There must be a minimum of $100,000,000 250,000,000 in Total Unencumbered Property Pool Value at all times; (ii) There must be at least ten fifteen (1015) Unencumbered Properties; (iii) Each Unencumbered Property must be located in the continental United States and be either (x) directly or indirectly wholly owned by the Borrower or (y) at least ninety-five percent (95%) directly or indirectly owned by Borrower in the event such Unencumbered Property owner is a real estate investment trust (or owned directly or indirectly by a real estate investment trust); provided that, no more than ten percent (10%) of the Total Unencumbered Property Pool Value may be attributable to Unencumbered Property included pursuant to this clause (y), and any amount in excess of ten percent (10%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder; (iv) No single Unencumbered Property shall account for more than twenty-five percent (25%) of Total Unencumbered Property Pool Value and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder; (ivv) The percentage of Total Unencumbered Property Pool Value attributable to Unencumbered Property NOI from a single tenant shall not exceed (x) twenty-five percent (25%) if the tenant has an Investment Grade Rating (or another comparable tenant reasonably approved by the Required Lenders for treatment as an investment grade tenant for the purpose of this provision) and or (y) twenty percent (20%) for all other tenants tenants, and any amount in excess of twenty-five percent (25%) (or twenty percent (20%), as applicable) respectively, shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (vvi) No single metropolitan statistical area (x) If Total Asset Value is less than $1,000,000,000, then no more than ten percent (10%) of Total Unencumbered Property Pool Value may be attributable to (A) Assets Under Development, (B) Unencumbered Property that is non-industrial improved property or incidental thereto and (C) Land, and any amount in excess of ten percent (10%) shall compromise be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder, or (y) if Total Asset Value is more than or equal to $1,000,000,000, then no more than twenty-five percent (25%) of the aggregate Total Unencumbered Property NOI for all Pool Value may be attributable to (A) Assets Under Development, (B) Unencumbered Properties Property that is non-industrial (or uses incidental thereto) improved property, and (C) Land, and any amount in excess of twenty-five percent (25%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. ​ ​ (vii) No more than ten percent (10%) of Total Unencumbered Property Pool Value may be attributable to Unencumbered Properties that are ground leased under Financeable Ground Leases (as opposed to being owned in fee simple by the Borrower or a Subsidiary Guarantor), and any amount in excess of ten percent (10%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (viii) The Total Unencumbered Property Pool Value attributable to Exchange Debt Investments shall not exceed twelve and one half percent (12.5%), and any amount in excess of twelve and one half percent (12.5%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (ix) The Total Unencumbered Property Pool Value attributable to Exchange Properties shall not exceed fifteen percent (15%), and any amount in excess of fifteen percent (15%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (x) Investments of the type described in clauses (vi) through (ix) above shall not exceed an aggregate of thirty percent (30%) of Total Unencumbered Property Pool Value (determined after giving effect to any deductions for amounts that exceed the thresholds described in clauses (vi) through (ix) above), and any amount in excess of such thirty percent (30%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder. (xi) No more than ten percent (10%) of Total Unencumbered Property Pool Value may be attributable to Unencumbered Properties that are leased pursuant to Tax Incentive Lease Agreements (as opposed to being owned in fee simple by the Borrower or a Subsidiary Guarantor), and any amount in excess of ten percent (10%) shall be disregarded for purposes of determining Total Unencumbered Property Pool Value and Unencumbered Property NOI, but shall not constitute a Default hereunder.