Innovative Industrial Entity

Innovative Industrial Entity. Or "Innovative Industrial Entities" means the Company, the Partnership, any of their Affiliates, and any other entities that along with the Company or the Partnership is considered a single employer pursuant to Code Section 414(b) or (c) and the Treasury regulations promulgated thereunder, determined by applying the phrase "at least 50 percent" in place of the phrase "at least 80 percent" each place it appears in such Treasury regulations or Code Section 1563(a).