Retail Appraised Value definition
Retail Appraised Value means the value (determined by an appraiser if such value was so determined in connection with Senior Debt or otherwise requested by ▇▇▇▇▇▇) of the real property securing the loans and equity interests for land development and/or land acquisition owned by Borrower based on the market value of the finished sites sold to a merchant builder reflecting all estimated costs to carry and sell the finished building lots.