Unencumbered Asset Pool Debt Yield. The quotient of (a) Adjusted Net Operating Income of the Unencumbered Asset Pool divided by (b) the sum of (i) Consolidated Total Unsecured Debt plus (ii) all Capitalized Lease Obligations of Borrower and its Subsidiaries with respect to any of the Unencumbered Asset Pool Properties, expressed as a percentage. For the purposes of calculating Unencumbered Asset Pool Debt Yield, when calculating Adjusted Net Operating Income for Unencumbered Asset Pool Properties not owned and operated by the Borrower or a Guarantor for two (2) full fiscal quarters, the Adjusted Net Operating Income attributable to such Unencumbered Asset Pool Properties shall be calculated by using the actual historical results for such Unencumbered Asset Pool Properties (x) for the two (2) full fiscal quarters most recently ended as if the Unencumbered Asset Pool Properties had been owned by the Borrower or a Guarantor during such period; provided, however, to the extent actual historical Adjusted Net Operating Income attributable to such Unencumbered Asset Pool Properties is unavailable, the Borrower may include such calculation of Adjusted Net Operating Income attributable to such Unencumbered Asset Pool Properties calculated on a proforma basis, so long as the Agent shall have given its prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Additionally, for Unencumbered Asset Pool Properties that have been disposed of during the period of two fiscal quarters most recently ended, the Adjusted Net Operating Income attributable to such Unencumbered Asset Pool Properties shall be excluded from the calculation of Adjusted Net Operating Income. For purposes of this definition, to the extent that Adjusted Net Operating Income attributable to (i) Unencumbered Asset Pool Properties which are Leased Properties (excluding any Tax Driven Lease) would exceed ten percent (10%) of the Adjusted Net Operating Income, (ii) Unencumbered Asset Pool Properties which are on Ground Leases (excluding any Tax Driven Lease) would exceed twenty percent (20%) of the Adjusted Net Operating Income, (iii) Unencumbered Asset Pool Properties which are Development Properties would exceed twenty-five percent (25%) of the Adjusted Net Operating Income, (iv) Unencumbered Asset Pool Properties which are International Investments would exceed seven and one-half (7.5%) of Adjusted Net Operating Income, or (v) Unencumbered Asset Pool Properties which are Leased Properties, Ground Leas...
