ITV Ratio definition
ITV Ratio means a fraction, (i) the numerator of which is the sum of (x) the then principal balance of the Note, plus (y) the aggregate amount of outstanding principal due and payable under the Mortgage Loans for all of the Properties (in the case of Mortgage Loans in respect of JVs, the pro rata portion of such aggregate amount based upon the portion of such JV owned by the Company and/or any of its Subsidiaries), and (ii) the denominator of which is the aggregate Fair Market Value of all of the Properties (in the case of Properties in respect of JVs, the pro rata portion of such Fair Market Value of such Property based upon the portion of such JV owned by the Company and/or any of its Subsidiaries).
ITV Ratio means a fraction, (i) the numerator of which is the sum of (x) the aggregate amount of capital contributions made by the Investor in respect of Investor Preferred Stock (inclusive of amounts distributed by the Company for Approved Costs (as such term is defined in the Purchase Agreement) but exclusive of any amounts on deposit in the Investment Reserve (as such term is defined in the Preferred Stock Purchase Agreement)), plus (y) the aggregate amount of outstanding principal due and payable under the Senior Loans for all of the Properties (in the case of Senior Loans in respect of JVs, the pro rata portion of such aggregate amount based upon the portion of such JV owned by the Company and/or any of its Subsidiaries), and (ii) the denominator of which is the aggregate Fair Market Value of all of the Properties (in the case of Properties in respect of JVs, the pro rata portion of such Fair Market Value of such Property based upon the portion of such JV owned by the Company and/or any of its Subsidiaries).