Direct Liabilities definition
Direct Liabilities means, with respect to either Family Housing Guarantor or [ ], all direct obligations of such entity, including without limitation (1) indebtedness for borrowed money or for the deferred purchase price of property or services, (2) obligations under leases which shall have been or should be, in accordance with generally accepted accounting principles consistently applied, recorded as capital leases, and (3) any unrefunded obligation of such entity to any “Employee Benefit Plan,” as defined in the Employee Retirement Income Security Act of 1974, as amended.
Direct Liabilities means in relation to each Mortgagor all monies and liabilities whether certain or contingent which now are or at any time hereafter may be or become due, owing or incurred by him to the Bank under or pursuant to or in connection with his Facility Letter”.
Direct Liabilities means, with respect to either Elm Street Guarantor or ESH I, all direct obligations of such entity, including without limitation (1) indebtedness for borrowed money or for the deferred purchase price of property or services, (2) obligations under leases which shall have been or should be, in accordance with generally accepted accounting principles consistently applied, recorded as capital leases, and (3) any unrefunded obligation of such entity to any “Employee Benefit Plan,” as defined in the Employee Retirement Income Security Act of 1974, as amended.