Aggregate LTV Ratio definition
Aggregate LTV Ratio means the ratio of (a) (i) the Outstanding Loan Amount as of the closing date of the New Mezzanine Loan, plus (ii) the principal amount of the New Mezzanine Loan (including any undisbursed funds) to (b) the aggregate value of the Properties as determined pursuant to appraisals ordered by ▇▇▇▇▇▇ in connection with the closing of the New Mezzanine Loan.
Aggregate LTV Ratio means the ratio of (a) (i) the Outstanding Loan Amount as of the date of the closing of the Mezzanine Loan, plus (ii) the principal amount of the Mezzanine Loan (including any undisbursed funds) to (b) the aggregate value of the Properties as determined pursuant to appraisals ordered by Lender in connection with the closing of the Mezzanine Loan.