General Motors 2011 Annual Report Download - page 128

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GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Securitization Notes Payable Covenants
With respect to GM Financial’s securitization transactions covered by a financial guaranty insurance policy, agreements with the
insurers provide that if portfolio performance ratios (delinquency, cumulative default or cumulative net loss) in a trust’s pool of
receivables exceed certain targets, the specified credit enhancement levels would be increased.
Agreements with GM Financial’s financial guaranty insurance providers contain additional specified targeted portfolio performance
ratios that are higher than those described in the preceding paragraph. If, at any measurement date, the targeted portfolio performance
ratios with respect to any insured trust were to exceed these higher levels, provisions of the agreements permit GM Financial’s
financial guaranty insurance providers to declare the occurrence of an event of default and terminate GM Financial’s servicing rights
to the receivables transferred to that trust. At December 31, 2011 no such servicing right termination events have occurred with
respect to any of the trusts formed by GM Financial.
Interest Expense
Consolidated
The following table summarizes interest expense (dollars in millions):
Successor Predecessor
Year Ended
December 31,
2011
Year Ended
December 31,
2010
July 10, 2009
Through
December 31, 2009
January 1, 2009
Through
July 9, 2009
LoansfromUST(a) ....................................... $ — $ 117 $226 $4,006
Canadianloan(b)......................................... — 26 46 173
VEBANotes ............................................ — 166 — —
Old GM contingent convertible debt . . . . . . . . . . . . . . . . . . . . . . . . . . — — — 176
Ally Financial, primarily wholesale financing . . . . . . . . . . . . . . . . . . 63 243 121 100
Other .................................................. 477 546 301 973
Total Automotive interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 540 1,098 694 5,428
GM Financial interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204 37
Total interest expense ..................................... $744 $1,135 $694 $5,428
(a) Includes Old GM’s borrowings under the UST Loan Agreement, as amended, entered into in December 2008 (UST Loan
Agreement) and DIP Facility.
(b) Includes Old GM’s EDC Loan Facility.
Long-Term Debt Maturities
Consolidated
The following table summarizes contractual long-term debt maturities including capital leases (dollars in millions):
At December 31, 2011
Automotive
Automotive
Financing (a) Total
2012 .......................................................................... $ 493 $4,263 $ 4,756
2013 .......................................................................... 164 1,482 1,646
2014 .......................................................................... 269 1,022 1,291
2015 .......................................................................... 404 720 1,124
2016 .......................................................................... 295 422 717
Thereafter ...................................................................... 4,038 586 4,624
$5,663 $8,495 $14,158
126 General Motors Company 2011 Annual Report