3L Funds definition
3L Funds means those Investment Funds (i) that are designated as “3L Funds” by the Administrative Agent on Schedule 1 attached hereto (as may be updated from time to time by the Administrative Agent in its sole discretion) based on the Lenders’ due diligence and (ii) for which the Private REIT Risk Ratio of such Investment Fund does not exceed the Maximum Private REIT Risk Ratio set forth on Schedule 1 for such Investment Fund, as assigned and as may be updated by the Administrative Agent from time to time in its sole discretion.