NonBorrowing Base Subsidiary

NonBorrowing Base Subsidiary. Shall mean (a) any Subsidiary of the REIT that (i) does not own all or any portion of any Eligible Investment Property included in the Borrowing Pool and (ii) does not, directly or indirectly, own any Equity Interests of any Subsidiary of the REIT who owns an Eligible Investment Property included in the Borrowing Pool, (b) any Person that is not a Subsidiary of the REIT, (c) the Operating Partnership and (d) the Borrower.