Property Equity Value definition
Property Equity Value means, with respect to any Property held by the Company or a Subsidiary, the Property Value less (1) the aggregate outstanding indebtedness secured by such Property, (2) the aggregate unsecured debt of any Subsidiary with a direct or indirect interest in a Property, and (3) the aggregate debt secured by the Company's direct or indirect interest in any Subsidiary, and, if the subject Property be held in a Subsidiary, further multiplied by the Company's proportionate interest in such Subsidiary; provided, however, for purposes of this Indenture, the minimum Property Equity Value of any Property shall be deemed to be $0.00.
Property Equity Value means, with respect to any Property held by the Company or a Subsidiary, the Property Value less (1) the aggregate outstanding indebtedness secured by such Property, (2) the aggregate unsecured debt of any Subsidiary with a direct or indirect interest in a Property, and (3) the aggregate debt secured by the Company’s direct or indirect interest in any Subsidiary, and, if the subject Property be held in a Subsidiary, further multiplied by the Company’s proportionate interest in such Subsidiary; provided, however, for purposes of this Indenture, the minimum Property Equity Value of any Property shall be deemed to be $0.00.