Definition of Post-Defeasance Loan-to-Value Ratio

Post-Defeasance Loan-to-Value Ratio means, with respect to the Remaining Parcel, the ratio of (x) the principal amount of the Undefeased Note as of the Defeasance Date (immediately after giving effect to the Partial Defeasance Event) to (y) fair market value of the Remaining Parcel as of the Defeasance Date as determined, in Lender's sole discretion, by any commercially reasonably method permitted to a REMIC.
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