Net Mortgage Value definition
Net Mortgage Value means the fair market value of any property (determined as specified in this Agreement) less the maximum aggregate amount of obligations secured by any mortgage or other consensual lien or encumbrance that has or would have priority over, or be pari passu with, the applicable Mortgage or proposed additional mortgage in favor of TPSI with respect to such property.
Examples of Net Mortgage Value in a sentence
In addition, TPSI shall have the right, exercisable in its sole discretion, and not as a condition to the consummation of such merger, consolidation or sale of assets, to obtain (at its sole cost and expense) an appraisal demonstrating whether the Mortgaged Premises have an aggregate Net Mortgage Value in excess of 150% of the aggregate amount of the Indebtedness then outstanding.