Equity Value means the amount by which the true and fair value of a residence exceeds the total amount of all liens, obliga- tions, and encumbrances against the property, excluding deferral liens. As used in this context, the "true and fair value" of a resi- dence is the value shown on the county tax rolls maintained by the as- sessor for the assessment year in which the deferral claim is made.
LTM Fee Revenue has the meaning set forth in Section 7.2.2(c).
Liquidity Event means a Change of Control or an IPO.
Performance Option means an Incentive Stock Option or Nonqualified Stock Option, the grant of which or the exercisability of all or a portion of which is contingent upon the attainment of specified Performance Measures within a specified Performance Period.
Intrinsic Value means reinstatement value of insured property or item less due allowance for betterment, wear and tear and/or depreciation