Combined LTV means, with respect to any Loan, the percentage obtained by dividing (i) the sum of (a) the current principal balance of such Loan, plus (b) the outstanding principal balance, as of the date of origination of such Loan, of any loan secured by a prior lien on the property which secures the Loan (the "Collateral"), by (ii) the lesser of (a) the appraised value of the Collateral based on an appraisal made for the originator of the Loan by an independent fee appraiser (or by an employee of the Originator who is a licensed appraiser) at the time of origination of the Loan, and (b) the sales price of the Collateral at the time of origination of the Loan; provided that, in the case of a Loan the proceeds of which were used to refinance an existing mortgage loan, the amount described in clause (ii)(a) shall be the amount to be used for purposes of clause (ii).
Combined LTV or "CLTV" shall mean with respect to any Mortgage Loan, the ratio of (a) the outstanding principal balance as of the related Cut-off Date of (i) the Mortgage Loan plus (ii) the mortgage loan constituting superior liens to (b) the Appraised Value of the Mortgaged Property.
Examples of Combined LTV in a sentence
Except as approved by one of the Agencies, FHA, VA, RHS or HUD, no Loan (other than a Second Lien Loan) has an LTV greater than 100% and no Second Lien Loan has a Combined LTV greater than 90%.
More Definitions of Combined LTV
Combined LTV or “CLTV” or “Combined Loan-to-Value Ratio” means (a) with respect to any Mortgage Loan other than HELOCs, as of the date of origination, the ratio (expressed as a percentage) on such date of (x) the outstanding principal amount of such Mortgage Loan, plus the outstanding principal balance of any senior or junior lien mortgage loan which is secured by a lien on the same Mortgaged Property, to (y) the lesser of (i) the most recently obtained Appraised Value of the Mortgaged Property and (ii) if such Mortgage Loan was made to finance the acquisition of the related Mortgaged Property, the purchase price of the Mortgaged Property, and (b) with respect to any HELOC, the ratio (expressed as a percentage) as of any date of (x) the Credit Limit for such HELOC, plus the outstanding principal balance of any first lien mortgage loan which is secured by a lien on the same Mortgaged Property, to (y) the lesser of (i) the most recently obtained Appraised Value of the Mortgaged Property and (ii) if such HELOC was made in conjunction with the acquisition of the related Mortgaged Property, the purchase price of the Mortgaged Property.
Combined LTV means, with respect to any Loan, the percentage obtained by dividing (i) the sum of (a) the original principal balance of such Loan, plus (b) the outstanding principal balance, as of the date of origination of such Loan, of any loan secured by a prior lien on the property which secures the Loan (the "Collateral"), by (ii) the lesser of (a) the appraised value of the Collateral based on an appraisal made for the originator of the Loan by an independent fee appraiser (or by an employee of the Company who is a licensed appraiser) at the time of origination of the Loan, and (b) the sales price of the Collateral at the time of origination of the Loan; provided that, in the case of a Loan the proceeds of which were used to refinance an existing mortgage loan, the amount described in clause (ii)(a) shall be the amount to be used for purposes of clause (ii).
Combined LTV means the ratio of (i) the sum of (a) the outstanding principal balance of a Second Lien Loan on the origination date and (b) the outstanding principal balance of any other Loan with respect to the same Mortgaged Property on the origination date to (ii) the Appraised Value of the related Mortgaged Property.
Combined LTV means, with respect to any Loan, the percentage obtained by ------------ dividing (i) the sum of (a) the current principal balance of such Loan, plus (b) the outstanding principal balance, as of the date of origination of such Loan, of any loan secured by a prior lien on the property which secures the Loan (the "Collateral"), by (ii) the lesser of (a) the appraised value of the Collateral based on an appraisal made for the originator of the Loan by an independent fee appraiser (or by an employee of the Originator who is a licensed appraiser) at the time of origination of the Loan, and (b) the sales price of the Collateral at the time of origination of the Loan; provided that, in the case of a Loan the proceeds of which were used to -------- refinance an existing mortgage loan, the amount described in clause (ii)(a) shall be the amount to be used for purposes of clause (ii).
Combined LTV or "CLTV" shall mean with respect to any Mortgage Loan ------------ ---- that is a Second Lien Mortgage Loan, the ratio of (a) the outstanding principal balance on the date of origination of (i) the Mortgage Loan constituting the first lien plus (ii) the Mortgage Loan constituting the second lien to (b) the lesser of (i) the Appraised Value of the Mortgaged Property and (ii) if the Mortgaged Property was purchased within 6 months of the origination of the Mortgage Loan, the purchase price of the Mortgaged Property.
Combined LTV means the ratio of the sum of (i) the outstanding ------------ principal balance of the Loan, plus (ii) the outstanding principal balance of the Senior Loan, plus (iii) the amount of all other outstanding indebtedness of Borrower permitted pursuant to Section 8.3 (including without limitation, the capitalized amount of any indebtedness for Capital Leases in accordance with GAAP), divided by the values of the Inns as set forth in Exhibit I. ---------
Combined LTV for any Junior Participation Interest, Mezzanine Loan of Whole Loan shall be the ratio (expressed as a percentage) of (A) the unpaid principal amount of such Junior Participation Interest, Mezzanine Loan or Whole Loan plus the unpaid principal amount of any debt senior to or pari passu with such Junior Participation Interest, Mezzanine Loan or Whole Loan divided by (B) the fair market value of the real property, properties or other collateral directly securing such Junior Participation Interest, Mezzanine Loan or Whole Loan, as determined by Buyer in its sole discretion, exercised in good faith.