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NOTE 15 OTHER BORROWINGS (Detail) (USD $) |  |  |  | 3 Months Ended
--- | --- | --- | --- | ---
Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 Participation Agreement | Mar. 31, 2013 SSTL One Option a (i) | Mar. 31, 2013 SSTL One Option (a) ii | Mar. 31, 2013 SSTL One Option a (iii) | Mar. 31, 2013 SSTL One Option b | Mar. 31, 2013 SSTL One Rescap Acquisition
Proceeds from Secured Lines of Credit |  |  |  |  |  |  |  |  |  | $ 1,300,000
Debt instrument, unamortized discount | (6,337,000) | [1],[2] | (8,232,000) | [1],[2] |  |  |  |  |  | 6,500,000
Principal amount of borrowings in consecutive quarterly installments |  |  |  |  |  |  |  |  |  | 3,300,000
Line of credit facility, maximum borrowing capacity |  |  |  |  | $ 100,000,000 |  |  |  |  |
Borrowings, description of variable rate basis |  |  |  |  |  | the prime rate in effect on such day | the federal funds effective rate in effect on such day plus 0.50 | the one-month Eurodollar rate (1-Month LIBOR)], plus a margin of 2.75% and a base rate floor of 2.25 | the one month Eurodollar rate, plus a margin of 3.75% with a 1-Month LIBOR floor of 1.25 | One-month Eurodollar rate (1-Month LIBOR)
Borrowings, basis spread on variable rate |  |  |  |  |  |  | 0.50% | 2.75% | 3.75% | 2.75%
Borrowings, floor rate |  |  |  |  |  |  |  | 2.25% | 1.25% |
[1] | In February 2013, we repaid this loan in full and wrote off the remaining discount as part of the loss on extinguishment.
[2] | On February 15, 2013, we entered into a new SSTL facility agreement and borrowed $1.3 billion that was used principally to fund the ResCap Acquisition and repay the balance of the previous SSTL. The loan was issued with an original issue discount of $6.5 million that we are amortizing over the term of the loan. We are required to repay the principal amount of the borrowings in consecutive quarterly installments of $3.3 million. In addition, we are required to use the net cash proceeds (as defined) from any asset sale (as defined) to repay loan principal. Generally, this provision applies to non-operating sales of assets, such as the HLSS Transactions, and generally, net cash proceeds represent the proceeds from the sale of the assets, net of the repayment of any debt secured by a lien on the assets sold. The borrowings are secured by a first priority security interest in substantially all of the assets of Ocwen. Borrowings bear interest, at the election of Ocwen, at a rate per annum equal to either (a) the base rate [the greatest of (i) the prime rate in effect on such day, (ii) the federal funds rate in effect on such day plus 0.50% and (iii) the one-month Eurodollar rate (1-Month LIBOR)], plus a margin of 2.75% and a base rate floor of 2.25% or (b) the one month Eurodollar rate, plus a margin of 3.75% with a 1-Month LIBOR floor of 1.25%.

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