Combined Loan to Value Ratio

Combined Loan to Value Ratio. The ratio of (i) all Senior Debt and all other debt (senior or subordinated to this Note) issued by Borrower to (ii) the Retail Appraised Value of the Borrowing Base. For purposes of the definition of Combined Loan-to-Value Ratio, Senior Debt shall include all asset-specific debt, including any asset specific Senior Debt and indebtedness senior to the loans and equity interests owned by Borrower and shall exclude any unfunded portions of the Senior Debt.

Combined Loan to Value Ratio. Shall mean, with respect to any Second Lien Mortgage Loan, the sum of the original principal balance of such Mortgage Loan and the outstanding principal balance of any related first lien as of the date of origination of the Mortgage Loan, divided by the Appraised Value of the Mortgaged Property as of the origination date.