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.
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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.

Related to Net Mortgage Value

  • Net Mortgage Interest Rate As to any Mortgage Loan and Distribution Date, such Mortgage Loan's Mortgage Interest Rate thereon on the first day of the month preceding the month of the related Distribution Date reduced by (i) the Servicing Fee Rate and (ii) the Trustee Fee Rate.

  • Net Mortgage Rate With respect to any Mortgage Loan (or the related REO Property) as of any date of determination, a per annum rate of interest equal to the then applicable Mortgage Rate for such Mortgage Loan minus the Servicing Fee Rate.

  • Adjusted Net Mortgage Interest Rate As to each Mortgage Loan and at any time, the per annum rate equal to the Mortgage Interest Rate less the Expense Fee Rate.

  • Weighted Average Net Mortgage Interest Rate As to any Distribution Date, a rate per annum equal to the average, expressed as a percentage of the Net Mortgage Interest Rates of all Mortgage Loans that were Outstanding Mortgage Loans as of the Due Date in the month preceding the month of such Distribution Date, weighted on the basis of the respective Scheduled Principal Balances of such Mortgage Loans.

  • Minimum Mortgage Interest Rate With respect to each Adjustable Rate Mortgage Loan, a rate that is set forth on the related Mortgage Loan Schedule and in the related Mortgage Note and is the minimum interest rate to which the Mortgage Interest Rate on such Mortgage Loan may be decreased on any Adjustment Date.