Net Real Estate Value definition
Net Real Estate Value means the (i) value of the Qualifying Real Estate as set out in the most recent appraisal delivered to the Co-Collateral Agents, less (ii) the amount of any Debt secured by a Lien on such Qualifying Real Estate ranking in priority to the Liens granted to the Agent therein.
Net Real Estate Value means the sum of (i) Net Freehold Real Estate Value plus (ii) Net Leasehold Real Estate Value.