Definition of Portfolio Loan-to-Value Ratio


Portfolio Loan-to-Value Ratio means, the ratio, as determined by Lender, of (I) the aggregate principal balance of (a) the Notes and all other indebtedness secured by liens or encumbrances against one or more of the Properties or against the direct or indirect ownership interests in one or more of the Borrowers and (b) the Cross-Collateralized Notes and all other indebtedness secured by liens or encumbrances against one or more of properties included in the Cross-Collateralized Portfolio or against the direct or indirect ownership interests in one or more of the Cross-Collateralized Borrowers to (II) the aggregate amount of (x) the fair market value of the Portfolio and (y) the fair market value of the Cross-Collateralized Portfolio, in each case, as such fair market value is determined by an Appraisal.