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Borrowings | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
Borrowings | Note 11 – Borrowings Match Funded Liabilities Match funded liabilities are comprised of the following at the dates indicated:
Borrowing Type |  | Interest Rate |  | Maturity (1) |  | Amortization Date (1) |  | Available Borrowing Capacity (2) |  | September 30, 2016 |  | December 31, 2015
Advance Receivables Backed Notes - Series 2014-VF3, Class A (4) |  | 1ML (3) + 185 bps |  | Aug. 2047 |  | Aug. 2017 |  | $ | 35,768 |  |  | $ | 77,411 |  |  | $ | 132,651 |
Advance Receivables Backed Notes - Series 2014-VF3, Class B (4) |  | 1ML + 250 bps |  | Aug. 2047 |  | Aug. 2017 |  | 1,634 |  |  | 3,703 |  |  | 6,330 |
Advance Receivables Backed Notes - Series 2014-VF3, Class C (4) |  | 1ML + 380 bps |  | Aug. 2047 |  | Aug. 2017 |  | 1,808 |  |  | 4,097 |  |  | 6,977 |
Advance Receivables Backed Notes - Series 2014-VF3, Class D (4) |  | 1ML + 545 bps |  | Aug. 2047 |  | Aug. 2017 |  | 4,733 |  |  | 10,846 |  |  | 18,427 |
Borrowing Type |  | Interest Rate |  | Maturity (1) |  | Amortization Date (1) |  | Available Borrowing Capacity (2) |  | September 30, 2016 |  | December 31, 2015
Advance Receivables Backed Notes - Series 2014-VF4, Class A (4) |  | 1ML + 185 bps |  | Aug. 2047 |  | Aug. 2017 |  | 35,768 |  |  | 77,411 |  |  | 132,651 |
Advance Receivables Backed Notes - Series 2014-VF4, Class B (4) |  | 1ML + 250 bps |  | Aug. 2047 |  | Aug. 2017 |  | 1,634 |  |  | 3,703 |  |  | 6,330 |
Advance Receivables Backed Notes - Series 2014-VF4, Class C (4) |  | 1ML + 380 bps |  | Aug. 2047 |  | Aug. 2017 |  | 1,808 |  |  | 4,097 |  |  | 6,977 |
Advance Receivables Backed Notes - Series 2014-VF4, Class D (4) |  | 1ML + 545 bps |  | Aug. 2047 |  | Aug. 2017 |  | 4,733 |  |  | 10,846 |  |  | 18,427 |
Advance Receivables Backed Notes - Series 2015-VF5, Class A (4) |  | 1ML + 185 bps |  | Aug. 2047 |  | Aug. 2017 |  | 35,768 |  |  | 77,411 |  |  | 132,652 |
Advance Receivables Backed Notes - Series 2015-VF5, Class B (4) |  | 1ML + 250 bps |  | Aug. 2047 |  | Aug. 2017 |  | 1,634 |  |  | 3,703 |  |  | 6,330 |
Advance Receivables Backed Notes - Series 2015-VF5, Class C (4) |  | 1ML + 380 bps |  | Aug. 2047 |  | Aug. 2017 |  | 1,808 |  |  | 4,097 |  |  | 6,977 |
Advance Receivables Backed Notes - Series 2015-VF5, Class D (4) |  | 1ML + 545 bps |  | Aug. 2047 |  | Aug. 2017 |  | 4,733 |  |  | 10,846 |  |  | 18,427 |
Advance Receivables Backed Notes - Series 2015-T1, Class A (5) |  | 2.5365% |  | Sep. 2046 |  | Sep. 2016 |  | — |  |  | — |  |  | 244,809 |
Advance Receivables Backed Notes - Series 2015-T1, Class B (5) |  | 3.0307% |  | Sep. 2046 |  | Sep. 2016 |  | — |  |  | — |  |  | 10,930 |
Advance Receivables Backed Notes - Series 2015-T1, Class C (5) |  | 3.5240% |  | Sep. 2046 |  | Sep. 2016 |  | — |  |  | — |  |  | 12,011 |
Advance Receivables Backed Notes - Series 2015-T1, Class D (5) |  | 4.1000% |  | Sep. 2046 |  | Sep. 2016 |  | — |  |  | — |  |  | 32,250 |
Advance Receivables Backed Notes - Series 2015-T2, Class A (5) |  | 2.5320% |  | Nov. 2046 |  | Nov. 2016 |  | — |  |  | — |  |  | 161,973 |
Advance Receivables Backed Notes - Series 2015-T2, Class B (5) |  | 3.3720% |  | Nov. 2046 |  | Nov. 2016 |  | — |  |  | — |  |  | 7,098 |
Advance Receivables Backed Notes - Series 2015-T2, Class C (5) |  | 3.7660% |  | Nov. 2046 |  | Nov. 2016 |  | — |  |  | — |  |  | 8,113 |
Advance Receivables Backed Notes - Series 2015-T2, Class D (5) |  | 4.2580% |  | Nov. 2046 |  | Nov. 2016 |  | — |  |  | — |  |  | 22,816 |
Advance Receivables Backed Notes - Series 2015-T3, Class A (5) |  | 3.2110% |  | Nov. 2047 |  | Nov. 2017 |  | — |  |  | 310,195 |  |  | 310,195 |
Advance Receivables Backed Notes - Series 2015-T3, Class B (5) |  | 3.7040% |  | Nov. 2047 |  | Nov. 2017 |  | — |  |  | 17,695 |  |  | 17,695 |
Borrowing Type |  | Interest Rate |  | Maturity (1) |  | Amortization Date (1) |  | Available Borrowing Capacity (2) |  | September 30, 2016 |  | December 31, 2015
Advance Receivables Backed Notes - Series 2015-T3, Class C (5) |  | 4.1960% |  | Nov. 2047 |  | Nov. 2017 |  | — |  |  | 19,262 |  |  | 19,262 |
Advance Receivables Backed Notes - Series 2015-T3, Class D (5) |  | 4.6870% |  | Nov. 2047 |  | Nov. 2017 |  | — |  |  | 52,848 |  |  | 52,848 |
Advance Receivables Backed Notes - Series 2016-T1, Class A (5) |  | 2.5207% |  | Aug. 2048 |  | Aug. 2018 |  | — |  |  | 216,700 |  |  | — |
Advance Receivables Backed Notes - Series 2016-T1, Class B (5) |  | 3.0643% |  | Aug. 2048 |  | Aug. 2018 |  | — |  |  | 9,000 |  |  | — |
Advance Receivables Backed Notes - Series 2016-T1, Class C (5) |  | 3.6067% |  | Aug. 2048 |  | Aug. 2018 |  | — |  |  | 10,800 |  |  | — |
Advance Receivables Backed Notes - Series 2016-T1, Class D (5) |  | 4.2462% |  | Aug. 2048 |  | Aug. 2018 |  | — |  |  | 28,500 |  |  | — |
Advance Receivables Backed Notes - Series 2016-T2, Class A (5) |  | 2.7215% |  | Aug. 2049 |  | Aug. 2019 |  | — |  |  | 188,300 |  |  | — |
Advance Receivables Backed Notes - Series 2016-T2, Class B (5) |  | 3.2647% |  | Aug. 2049 |  | Aug. 2019 |  | — |  |  | 8,500 |  |  | — |
Advance Receivables Backed Notes - Series 2016-T2, Class C (5) |  | 3.8066% |  | Aug. 2049 |  | Aug. 2019 |  | — |  |  | 10,300 |  |  | — |
Advance Receivables Backed Notes - Series 2016-T2, Class D (5) |  | 4.4456% |  | Aug. 2049 |  | Aug. 2019 |  | — |  |  | 27,900 |  |  | — |
Total Ocwen Master Advance Receivables Trust (OMART) |  |  |  |  |  |  |  | 131,829 |  |  | 1,188,171 |  |  | 1,393,156 |
Advance Receivables Backed Notes, Series 2014-VF1, Class A |  | Cost of Funds + 270 bps |  | Dec. 2046 |  | Dec. 2016 |  | 11,069 |  |  | 46,207 |  |  | 31,343 |
Advance Receivables Backed Notes, Series 2014-VF1, Class B |  | Cost of Funds + 425 bps |  | Dec. 2046 |  | Dec. 2016 |  | 1,682 |  |  | 4,638 |  |  | 4,157 |
Advance Receivables Backed Notes, Series 2014-VF1, Class C |  | Cost of Funds + 470 bps |  | Dec. 2046 |  | Dec. 2016 |  | 1,813 |  |  | 5,255 |  |  | 4,564 |
Advance Receivables Backed Notes, Series 2014-VF1, Class D |  | Cost of Funds + 520 bps |  | Dec. 2046 |  | Dec. 2016 |  | 4,245 |  |  | 15,091 |  |  | 11,351 |
Total Ocwen Servicer Advance Receivables Trust III (OSART III) (6) |  |  |  |  |  |  |  | 18,809 |  |  | 71,191 |  |  | 51,415 |
Advance Receivables Backed Notes, Series 2015-VF1, Class A |  | 1ML + 240 bps |  | Jun. 2047 |  | Jun. 2017 |  | 32,720 |  |  | 86,280 |  |  | 112,882 |
Advance Receivables Backed Notes, Series 2015-VF1, Class B |  | 1ML + 340 bps |  | Jun. 2047 |  | Jun. 2017 |  | 8,258 |  |  | 7,742 |  |  | 12,268 |
Borrowing Type |  | Interest Rate |  | Maturity (1) |  | Amortization Date (1) |  | Available Borrowing Capacity (2) |  | September 30, 2016 |  | December 31, 2015
Advance Receivables Backed Notes, Series 2015-VF1, Class C |  | 1ML + 400 bps |  | Jun. 2047 |  | Jun. 2017 |  | 3,518 |  |  | 3,482 |  |  | 5,951 |
Advance Receivables Backed Notes, Series 2015-VF1, Class D |  | 1ML + 480 bps |  | Jun. 2047 |  | Jun. 2017 |  | 9,334 |  |  | 8,666 |  |  | 8,377 |
Total Ocwen Freddie Advance Funding Facility (OFAF) (7) |  |  |  |  |  |  |  | 53,830 |  |  | 106,170 |  |  | 139,478 |
|  |  |  |  |  |  |  | $ | 204,468 |  |  | $ | 1,365,532 |  |  | $ | 1,584,049 |
Weighted average interest rate |  |  |  |  |  |  |  |  |  | 3.15 | % |  | 3.15 | %
(1) | The amortization date of our facilities is the date on which the revolving period ends under each advance facility note and repayment of the outstanding balance must begin if the note is not renewed or extended. The maturity date is the date on which all outstanding balances must be repaid. In all of our advance facilities, there are multiple notes outstanding. For each note, after the amortization date, all collections that represent the repayment of advances pledged to the facility must be applied to reduce the balance of the note outstanding, and any new advances are ineligible to be financed.
(2) | Borrowing capacity is available to us provided that we have additional eligible collateral to pledge. Collateral may only be pledged to one facility. At September 30, 2016, none of the available borrowing capacity could be used based on the amount of eligible collateral that had been pledged.
(3) | 1ML was 0.53% and 0.43% at September 30, 2016 and December 31, 2015, respectively.
(4) | On August 12, 2016, the supplemental indentures for the OMART facility variable funding notes were amended to reduce the borrowing capacity of each series from $200.0 million to $140.0 million or a total decrease in borrowing capacity of $180.0 million. There is a ceiling of 75bps for 1ML in determining the interest rate for these variable rate notes.
(5) | Under the terms of the agreement, we must continue to borrow the full amount of the Series 2015-T3 Notes and the Series 2016-T1 and T2 Notes until the amortization date. If there is insufficient collateral to support the level of borrowing, the excess cash proceeds are not distributed to Ocwen but are held by the trustee, and interest expense continues to be based on the full amount of the term notes. On August 12, 2016, we issued the Series 2016-T1 and 2016-T2 Notes with a total borrowing capacity of $500.0 million. The proceeds from these notes were used to prepay at par the $500.0 million of Series 2015-T1 and 2015-T2 notes that were outstanding.
(6) | On March 31, 2016, the maximum borrowing capacity under the OSART III facility was increased to $90.0 million. There is a ceiling of 75 bps for 1ML in determining the interest rate for these variable rate notes.
(7) | On March 31, 2016, the combined borrowing capacity of the Series 2015-VF1 Notes was increased to $160.0 million. On June 10, 2016, the term of this facility was extended for an additional year. There is a ceiling of 125 bps for 1ML in determining the interest rate for these notes.
Pursuant to our agreements with NRZ, NRZ has assumed the obligation to fund new servicing advances with respect to the Rights to MSRs. We are dependent upon NRZ for financing of the servicing advance obligations for Rights to MSRs where we are the servicer. NRZ currently uses advance financing facilities in order to fund a substantial portion of the servicing advances that they are contractually obligated to make pursuant to our agreements with them. As of September 30, 2016, we were the servicer on Rights to MSRs sold to NRZ pertaining to approximately $123.2 billion in UPB and the associated outstanding servicing advances as of such date were approximately $4.3 billion. Should NRZ’s advance financing facilities fail to perform as envisaged or should NRZ otherwise be unable to meet its advance financing obligations, our liquidity, financial condition and business could be materially and adversely affected. As the servicer, we are contractually required under our servicing agreements to make the relevant servicing advances even if NRZ does not perform its contractual obligations to fund those advances. In addition, although we are not an obligor or guarantor under NRZ’s advance financing facilities, we are a party to certain of the facility documents as the servicer of the underlying loans on which advances are being financed. As the servicer, we make certain representations, warranties and covenants, including representations and warranties in connection with our sale of advances to NRZ. Financing Liabilities Financing liabilities are comprised of the following at the dates indicated:
Borrowings |  | Collateral |  | Interest Rate |  | Maturity |  | September 30, 2016 |  | December 31, 2015
Servicing: |  |  |  |  |  |  |  |  |  |
Financing liability – MSRs pledged |  | MSRs |  | (1) |  | (1) |  | $ | 494,532 |  |  | $ | 541,704 |
Secured Notes, Ocwen Asset Servicing Income Series, Series 2014-1 (2) |  | MSRs |  | (2) |  | Feb. 2028 |  | 85,063 |  |  | 96,546 |
Financing liability – Advances pledged (3) |  | Advances on loans |  | (3) |  | (3) |  | 23,814 |  |  | 59,643 |
|  |  |  |  |  |  |  | 603,409 |  |  | 697,893 |
Lending: |  |  |  |  |  |  |  |  |  |
HMBS-related borrowings (4) |  | Loans held for investment |  | 1ML + 256 bps |  | (4) |  | 3,224,610 |  |  | 2,391,362 |
|  |  |  |  |  |  |  | $ | 3,828,019 |  |  | $ | 3,089,255 |
(1) | This financing liability arose in connection with the NRZ/HLSS Transactions and has no contractual maturity or repayment schedule. The balance of the liability is adjusted each reporting period to its fair value based on the present value of the estimated future cash flows underlying the related MSRs.
(2) | OASIS noteholders are entitled to receive a monthly payment amount equal to the sum of: (a) the designated servicing fee amount (21 basis points of the UPB of the reference pool of Freddie Mac mortgages); (b) any termination payment amounts; (c) any excess refinance amounts; and (d) the note redemption amounts, each as defined in the indenture supplement for the notes. We accounted for this transaction as a financing. Monthly amortization of the liability is estimated using the proportion of monthly projected service fees on the underlying MSRs as a percentage of lifetime projected fees, adjusted for the term of the security.
(3) | Certain sales of advances in 2014 did not qualify for sales accounting treatment and were accounted for as a financing. This financing liability has no contractual maturity.
(4) | Represents amounts due to the holders of beneficial interests in Ginnie Mae guaranteed HMBS. The beneficial interests have no maturity dates, and the borrowings mature as the related loans are repaid.
Other Secured Borrowings Other secured borrowings are comprised of the following at the dates indicated:
Borrowings |  | Collateral |  | Interest Rate |  | Maturity |  | Available Borrowing Capacity (1) |  | September 30, 2016 |  | December 31, 2015
Servicing: |  |  |  |  |  |  |  |  |  |  |  |
SSTL (2) |  | (2) |  | 1-Month Euro-dollar rate + 425 bps with a Eurodollar floor of 125 bps (2) |  | Feb. 2018 |  | $ | — |  |  | $ | 323,793 |  |  | $ | 398,454 |
Repurchase agreement (3) |  | Loans held for sale (LHFS) |  | 1ML + 200 - 345 bps |  | Sep. 2017 |  | 35,587 |  |  | 14,413 |  |  | 42,973 |
|  |  |  |  |  |  |  | 35,587 |  |  | 338,206 |  |  | 441,427 |
Borrowings |  | Collateral |  | Interest Rate |  | Maturity |  | Available Borrowing Capacity (1) |  | September 30, 2016 |  | December 31, 2015
Lending: |  |  |  |  |  |  |  |  |  |  |  |
Master repurchase agreement (4) |  | LHFS |  | 1ML + 200 bps; 1ML floor of 0.0% |  | Nov. 2016 |  | 35,748 |  |  | 164,252 |  |  | 156,226 |
Participation agreement (5) |  | LHFS |  | N/A |  | Apr. 2017 (5) |  | — |  |  | 51,075 |  |  | 49,897 |
Participation agreement (5) |  | LHFS |  | N/A |  | Apr. 2017 (5) |  | — |  |  | 61,922 |  |  | 73,049 |
Mortgage warehouse agreement (6) |  | LHFS (reverse mortgages) |  | 1ML + 275 bps; 1ML floor of 300 or 350 bps |  | August 2017 |  | — |  |  | 21,941 |  |  | 63,175 |
Master repurchase agreement (7) |  | LHFS (reverse mortgages) |  | 1ML + 275 bps; 1ML floor of 25 bps |  | Jan. 2017 |  | 60,711 |  |  | 39,289 |  |  | — |
|  |  |  |  |  |  |  | 96,459 |  |  | 338,479 |  |  | 342,347 |
|  |  |  |  |  |  |  | 132,046 |  |  | 676,685 |  |  | 783,774 |
Unamortized debt issuance costs - SSTL |  | — |  |  | (12,787 | ) |  | (20,012 | )
Discount - SSTL |  | — |  |  | (728 | ) |  | (1,351 | )
|  |  |  |  |  |  |  | $ | 132,046 |  |  | $ | 663,170 |  |  | $ | 762,411 |
Weighted average interest rate |  |  |  |  |  |  |  |  |  | 4.19 | % |  | 4.38 | %
(1) | For our mortgage loan warehouse facilities, available borrowing capacity does not consider the amount of the facility that the lender has extended on an uncommitted basis.
(2) | The borrowings under the SSTL are secured by a first priority security interest in substantially all of the assets of Ocwen, OLS and the other guarantors thereunder, excluding among other things, 35% of the capital stock of foreign subsidiaries, securitization assets and equity interests of securitization entities, assets securing permitted funding indebtedness and non-recourse indebtedness, REO assets, servicing agreements where an acknowledgment from the GSE has not been obtained, as well as other customary carve-outs. 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 3.25% and subject to a base rate floor of 2.25% or (b) the one month Eurodollar rate, plus a margin of 4.25% and subject to a one month Eurodollar floor of 1.25%. To date we have elected option (b) to determine the interest rate.
We entered into Amendment No. 5 to Senior Secured Term Loan Facility Agreement (the Amendment) effective as of March 24, 2016. The Amendment, among other things:
• | permanently removes the consolidated total debt to consolidated tangible net worth ratio, corporate leverage ratio and interest coverage ratio financial covenants;
• | maintains the loan-to-value ratio covenant at its current 40% level throughout the remaining term of the SSTL;
• | limits the repurchase of Ocwen’s common stock or options to an amount not to exceed the sum of (i) $20 million plus (ii) an amount equal to (x) $20 million times (y) the aggregate amount of prepayments on the SSTL made after March 28, 2016 divided by $50 million;
• | limits the repurchase of Ocwen’s 6.625% Senior Notes (the Senior Unsecured Notes) due 2019 to an amount not to exceed the sum of (i) $30 million plus (ii) an amount equal to (x) $30 million times (y) the aggregate amount of prepayments on the SSTL made after March 28, 2016 divided by $50 million;
• | requires that we make a prepayment on the SSTL in an amount equal to $6.3 million (for a total of $19.0 million) on each of May 31, 2016, July 29, 2016 and September 30, 2016; and
• | provides for a fee payable to the consenting lenders equal to 1.0% of the aggregate amount of such consenting lenders’ SSTL loans outstanding.
(3) | The maximum borrowing under this facility is limited to the lesser of $100.0 million or $550.0 million less the lender’s current lending to Ocwen under advance funding facilities. Fifty percent of the maximum borrowing is available on a committed basis and fifty percent is available at the discretion of the lender. On September 29, 2016, we renewed this facility through September 28, 2017 with no change in interest rates or maximum borrowing capacity.
(4) | Under this repurchase agreement, the lender provides financing on a committed basis for $200.0 million. On September 30, 2016, we extended the term of this agreement to November 30, 2016 with no change in rates or maximum borrowing capacity, although a LIBOR floor of 0.0% was added to the terms of the facility. We are in discussions with our lender for the renewal of this facility and expect to renew the agreement in normal course.
(5) | Under these participation agreements, the lender provides financing for a combined total of $250.0 million at the discretion of the lender. The participation agreements allow the lender to acquire a 100% beneficial interest in the underlying mortgage loans. The transaction does not qualify for sale accounting treatment and is accounted for as a secured borrowing. The lender earns the stated interest rate of the underlying mortgage loans while the loans are financed under the participation agreement. On April 26, 2016, the term of these agreements was extended to April 30, 2017.
(6) | Borrowing capacity of $110.0 million under this facility is available at the discretion of the lender. On August 7, 2016, the term of this agreement was extended to August 17, 2017.
(7) | We entered into this agreement on January 5, 2016. The lender provides financing on a committed basis for $100.0 million.
Senior Unsecured Notes On May 12, 2014, Ocwen completed the issuance and sale of its $350.0 million 6.625% Senior Unsecured Notes. The Senior Unsecured Notes are general senior unsecured obligations of Ocwen and will mature on May 15, 2019. The Senior Unsecured Notes are not guaranteed by any of Ocwen’s subsidiaries. The balances of Senior Unsecured Notes as reported on our Unaudited Consolidated Balance Sheets are net of unamortized debt issuance costs of $3.5 million and $4.5 million at September 30, 2016 and December 31, 2015, respectively. Covenants Under the terms of our debt agreements, we are subject to various qualitative and quantitative covenants. Collectively, these covenants include:
• | Financial covenants;
• | Covenants to operate in material compliance with applicable laws;
• | Restrictions on our ability to engage in various activities, including but not limited to incurring additional debt, paying dividends, repurchasing or redeeming capital stock or junior capital, transferring assets or making loans, investments or acquisitions;
• | Monitoring and reporting of various specified transactions or events, including specific reporting on defined events affecting collateral underlying certain debt agreements; and
• | Requirements to provide audited financial statements within specified timeframes, including a requirement under our SSTL that Ocwen’s financial statements and the related audit report be unqualified as to going concern.
Financial covenants in our debt agreements require that we maintain, among other things:
• | a specified loan to collateral value ratio, as defined under our SSTL; and
• | specified levels of tangible net worth and liquidity at the consolidated and OLS levels.
As of September 30, 2016, the most restrictive consolidated tangible net worth requirements were for a minimum of $1.1 billion at OLS under our match funded debt agreements and three repurchase agreements (Servicing and Lending) and $575.0 million at Ocwen under a master repurchase agreement (Lending). As a result of the covenants to which we are subject, we may be limited in the manner in which we conduct our business and may be limited in our ability to engage in favorable business activities or raise additional capital to finance future operations or satisfy future liquidity needs. In addition, breaches or events that may result in a default under our debt agreements include, among other things, noncompliance with our covenants, nonpayment of principal or interest, material misrepresentations, the occurrence of a material adverse change, insolvency, bankruptcy, certain material judgments and changes of control. Covenants and default provisions of this type are commonly found in debt agreements such as ours. Certain of these covenants and default provisions are open to subjective interpretation and, if our interpretation were contested by a lender, a court may ultimately be required to determine compliance or lack thereof. In addition, our debt agreements generally include cross default provisions such that a default under one agreement could trigger defaults under other agreements. If we fail to comply with our debt agreements and are unable to avoid, remedy or secure a waiver of any resulting default, we may be subject to adverse action by our lenders, including termination of further funding, acceleration of outstanding obligations, enforcement of liens against the assets securing or otherwise supporting our obligations and other legal remedies. Our lenders can waive their contractual rights in the event of a default. We believe that we are in compliance with all of the qualitative and quantitative covenants in our debt agreements as of the date of these financial statements.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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