Multiemployer Plan means a multiemployer plan defined as such in Section 3(37) of ERISA to which contributions have been or are required to be made by Borrower or any ERISA Affiliate and that is covered by Title IV of ERISA.
Net Income shall mean, for any Person for any period, the net income of such Person for such period as determined in accordance with GAAP, excluding the effect of fair market value adjustments MSR Value with respect to Servicing Rights retained by Borrower (but not the effect of gain or loss upon the sale of any such Servicing Rights).
Net Worth shall mean, with respect to any Person, an amount equal to, on a consolidated basis, such Persons stockholder equity (determined in accordance with GAAP).
Non-Excluded Taxes shall have the meaning set forth in Section 3(k) hereof.
Non-Utilization Fee has the meaning provided in Section 3(p) hereof.
Obligations means any and all debts, obligations and liabilities of Borrower to Bank (whether now existing or hereafter arising, voluntary or involuntary, whether or not jointly owned with others, direct or indirect, absolute or contingent, liquidated or unliquidated, and whether or not from time to time decreased or extinguished and later increased, created or incurred), arising out of or related to the Loan Documents.
OFAC shall have the meaning set forth in Section 2(a)(26) hereof.
Other Taxes shall have the meaning set forth in Section 3(k) hereof.
Permitted Other Debt means that Indebtedness identified on Exhibit II [Omitted pursuant to Item 601(a)(5) of Regulation S-K] attached hereto, as well as such other debt as may be approved by Bank as Permitted Other Debt.
Person means any corporation, natural person, firm, joint venture, partnership, limited liability company, limited liability partnership, trust, unincorporated organization, Governmental Authority or other entity.
Plan means an employee benefit or other plan established or maintained by either Borrower or any ERISA Affiliate that is covered by Title IV of ERISA, other than a Multiemployer Plan.
Pledged Deposit Accounts shall have the meaning set forth in Section 4(e).
Pledged Servicing Rights means all of Borrowers rights and interests under any Approved Servicing Agreements, including without limitation the rights to (a) service the Serviced Loans that are the subject matter of such Approved Servicing Agreement and (b) be compensated, directly or indirectly, for doing so; together with all Servicing Rights described in any subservicing agreement. As to Freddie Mac, Pledged Servicing Rights shall mean the indivisible, conditional, non-delegable right of Borrower to service Mortgage Loans owned or guaranteed by Freddie Mac pursuant to the Freddie Mac Single-Family Seller/Servicer Guide, as the same may be amended from time to time, (the Freddie Mac Guide) and the Purchase Documents (as defined in the Freddie Mac Guide).