General Motors 2010 Annual Report Download - page 81

GENERAL MOTORS COMPANY AND SUBSIDIARIES
• The failure of certain of our representations or warranties to be correct in all material respects;
• The failure to perform any term, covenant or agreement in the secured revolving credit agreement or related documents;
• The existence of certain judgments that are not vacated, discharged, stayed or bonded;
• Certain cross defaults or cross accelerations with certain other debt;
• Certain defaults under the Employment Retirement Income Security Act of 1974, as amended (ERISA);
• A change of control;
• Certain bankruptcy events; and
• The invalidation of the guarantees.
While the occurrence and continuance of an event of default will restrict our ability to borrow under the secured revolving credit
facility, the lenders will not be permitted to exercise rights or remedies against the collateral unless the obligations under the secured
revolving credit facility have been accelerated.
We incurred up-front fees, arrangement fees, and will incur ongoing commitment and other fees customary for facilities of this
nature.
Credit Facilities
We make use of credit facilities as a mechanism to provide additional flexibility in managing our global liquidity. These credit
facilities are typically held at the subsidiary level and are geographically dispersed across all regions. The following tables summarize
our committed and uncommitted credit facilities at the dates indicated (dollars in millions):
Total Credit Facilities
Amounts Available
Under Credit Facilities
Successor Successor
December 31,
2010
December 31,
2009
December 31,
2010
December 31,
2009
Committed ..................................................... $6,142 $1,712 $5,475 $223
Uncommitted ................................................... 490 842 444 395
Total .......................................................... $6,632 $2,554 $5,919 $618
Total Credit Facilities
Amounts Available
Under Credit Facilities
Successor Successor
Credit Facilities
December 31,
2010
December 31,
2009
December 31,
2010
December 31,
2009
Secured Revolving Credit Facility ................................... $5,000 $ — $ 5,000 $ —
GM Daewoo .................................................... — 1,179 — —
Brazil ......................................................... 466 425 2 77
GM Hong Kong ................................................. 400 200 370 200
Other(a) ....................................................... 766 750 547 341
Total .......................................................... $6,632 $ 2,554 $ 5,919 $ 618
(a) Consists of credit facilities available primarily at our foreign subsidiaries that are not individually significant.
At December 31, 2010 we had committed credit facilities of $6.1 billion, under which we had borrowed $667 million leaving
$5.5 billion available. The secured revolving credit facility comprised $5.0 billion of the amounts available under committed credit
General Motors Company 2010 Annual Report 79