Common use of CLTV Clause in Contracts

CLTV. As of any date and as to any Second Lien Loan, the ratio, expressed as a percentage, of the (a) sum of (i) the outstanding principal balance of such Second Lien Loan and (ii) the outstanding principal balance as of such date of any mortgage loan or mortgage loans that are senior or equal in priority to such Second Lien Loan and which are secured by the same Mortgaged Property to (b) the appraised value of the Mortgaged Property.

CLTV. As of any date and as to any Second Lien Loan, the ratio, expressed as a percentage, of the (a) the sum of (i) the outstanding principal balance of such the Second Lien Loan and (ii) the outstanding principal balance as of such date of any mortgage loan or mortgage loans that are senior or equal in priority to such the Second Lien Loan and which are secured by the same Mortgaged Property to (b) the appraised value Appraised Value as determined pursuant to the Underwriting Guidelines of the related Mortgaged PropertyProperty as of the origination of the Second Lien Loan.