MSR Cashflow definition
MSR Cashflow means the cashflow paid or required to be paid to Parent or any of its Subsidiaries, as applicable, in connection with any MSR Facility, either on the related monthly remittance date or after satisfaction of the obligations of Parent or its Subsidiaries, as applicable, under the transaction documents relating to such MSR Facility. “MSR Facility” means any financing arrangement of any kind, including, but not limited to, financing arrangements in the form of repurchase facilities, loan agreements, note issuance facilities and commercial paper facilities (excluding in all cases, any Securitization), with a financial institution or other lender or purchaser, in any case exclusively to finance or refinance the purchase, investment in, pooling or funding by Parent or a Subsidiary of Parent of MSRs invested in, purchased, or owned by Parent or any Subsidiary of Parent in the ordinary course of business or otherwise secured by MSR Cashflow. “MSR Facility Trust” means any Person (whether or not a Subsidiary of Parent) established for the purpose of issuing notes or other securities in connection with an MSR Facility, which (i) notes and securities are backed by specified MSRs purchased by such Person from Parent or any Subsidiary of Parent, or (ii) notes and securities are backed by specified mortgage loans purchased by such Person from Parent or any Subsidiary of Parent. “Multiemployer Plan” means any Employee Benefit Plan that is subject to Title IV of ERISA and that is a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which Parent or any of its ERISA Affiliates makes or is obligated to make contributions. “Narrative Report” means, with respect to the financial statements for which such narrative report is required, a narrative report describing the operations of Parent and its Subsidiaries with content substantially consistent with the requirements for “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for a Quarterly Report on Form 10-Q or Annual Report on Form 10-K under the rules and regulations of the SEC, or any similar successor provisions, which may be satisfied for the relevant period by delivery of a Form 10-Q or Form 10-K, as applicable, as contemplated by Section 5.1 hereof. 17