2.2.0.7
false
Debt and Borrowing Arrangements
0209 - Disclosure - Debt and Borrowing Arrangements
true
false
false
false
1
USD
false
false
USD
Standard
http://www.xbrl.org/2003/iso4217
USD
iso4217
0
USDEPS
Divide
http://www.xbrl.org/2003/iso4217
USD
iso4217
http://www.xbrl.org/2003/instance
shares
xbrli
0
$
2
0
phh_DebtAndBorrowingArrangementsAbstract
phh
false
na
duration
Debt and Borrowing Arrangements.
false
false
false
false
false
true
false
false
false
false
false
false
|
1
false
false
false
false
0
0
false
false
false
|
xbrli:stringItemType
string
Debt and Borrowing Arrangements.
false
3
1
us-gaap_DebtDisclosureTextBlock
us-gaap
true
na
duration
No definition available.
false
false
false
false
false
false
false
false
false
false
false
verboselabel
false
|
1
false
false
false
false
0
0
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 9 - us-gaap:DebtDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>9. Debt and Borrowing Arrangements</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The following tables summarize the components of the Company’s indebtedness as of June 30,
2010 and December 31, 2009:
</div>
<div align="center">
<table style="font-size: 9pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="20%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="center" colspan="32" style="border-bottom: 1px solid #000000"><b>June 30, 2010</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>Assets Held as Collateral</b><sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Mortgage</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Net</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Maturity/</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Loans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Investment</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Interest</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b>Expiry</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Accounts</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b>Restricted</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Held for</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>in Fleet</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Balance</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Capacity</b><sup style="font-size: 85%; vertical-align: text-top">(2)</sup></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Rate</b><sup style="font-size: 85%; vertical-align: text-top">(3)</sup></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Date</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Receivable</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cash</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Sale</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Leases</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="30"><b>(Dollars in millions)</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Chesapeake Series 2009-1 Term Notes
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,000</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5/20/2010</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Chesapeake Series 2009-2 Term Notes
</div></td>
<td> </td>
<td> </td>
<td align="right">903</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">903</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2/17/2011</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Chesapeake Series 2009-3 Term Notes
</div></td>
<td> </td>
<td> </td>
<td align="right">50</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10/20/2011</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Chesapeake Series 2009-4 Term Notes
</div></td>
<td> </td>
<td> </td>
<td align="right">222</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">222</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2/18/2010</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Chesapeake Series 2010-1 Variable Funding Notes
</div></td>
<td> </td>
<td> </td>
<td align="right">500</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,000</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5/31/2011</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">FLRT Series 2010-1 Notes
</div></td>
<td> </td>
<td> </td>
<td align="right">284</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">284</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">2/2011–11/2013</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Other
</div></td>
<td> </td>
<td> </td>
<td align="right">42</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">42</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11/2010–6/2016</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total Vehicle Management Asset-Backed Debt
</div></td>
<td> </td>
<td> </td>
<td align="right">3,001</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,501</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2.1</td>
<td nowrap="nowrap">%<sup style="font-size: 85%; vertical-align: text-top">(4)</sup></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">34</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">259</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,332</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">RBS Repurchase Facility
</div></td>
<td> </td>
<td> </td>
<td align="right">502</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">800</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">3.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">6/24/2011</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">523</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">CSFB Mortgage Repurchase Facility
</div></td>
<td> </td>
<td> </td>
<td align="right">334</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">350</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2.9</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">5/25/2011</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">351</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">CSFB Mortgage Venture Repurchase Facility
</div></td>
<td> </td>
<td> </td>
<td align="right">68</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">150</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2.9</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">5/25/2011</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">72</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Ally Bank Mortgage Venture Repurchase Facility
</div></td>
<td> </td>
<td> </td>
<td align="right">52</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">150</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">4.2</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">3/30/2011</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">64</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Fannie Mae Repurchase Facilities
</div></td>
<td> </td>
<td> </td>
<td align="right">722</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">722</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">1.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">722</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other
</div></td>
<td> </td>
<td> </td>
<td align="right">58</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">84</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right" nowrap="nowrap">2.9%–4.2</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">9/2010 – 10/2010</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">63</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total Mortgage Warehouse and Other Asset-Backed Debt
</div></td>
<td> </td>
<td> </td>
<td align="right">1,736</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,256</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">63</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,737</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Term Notes
</div></td>
<td> </td>
<td> </td>
<td align="right">433</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">433</td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right">7.2%-7.9</td>
<td nowrap="nowrap">%<sup style="font-size: 85%; vertical-align: text-top">(5)</sup></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right">3/2013-4/2018</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Credit Facilities
</div></td>
<td> </td>
<td> </td>
<td align="right">379</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">810</td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right">1.0%-4.2</td>
<td nowrap="nowrap">%<sup style="font-size: 85%; vertical-align: text-top">(6)</sup></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right">1//2011-2/2013</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Convertible Notes due 2012
</div></td>
<td> </td>
<td> </td>
<td align="right">229</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">229</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.0</td>
<td nowrap="nowrap">%<sup style="font-size: 85%; vertical-align: text-top">(7)</sup></td>
<td> </td>
<td> </td>
<td align="right">4/15/2012</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Convertible Notes due 2014
</div></td>
<td> </td>
<td> </td>
<td align="right">186</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">186</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.0</td>
<td nowrap="nowrap">%<sup style="font-size: 85%; vertical-align: text-top">(8)</sup></td>
<td> </td>
<td> </td>
<td align="right">9/1/2014</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total Unsecured Debt
</div></td>
<td> </td>
<td> </td>
<td align="right">1,227</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,658</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Mortgage Loan Securitization Debt Certificates, at Fair Value<sup style="font-size: 85%; vertical-align: text-top">(9)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right">35</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">35</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7.0</td>
<td nowrap="nowrap">%<sup style="font-size: 85%; vertical-align: text-top">(10)</sup></td>
<td> </td>
<td> </td>
<td align="right">12/2027</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total Debt
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">5,999</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">7,450</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">97</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">259</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,737</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,332</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="20%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="center" colspan="32" style="border-bottom: 1px solid #000000"><b>December 31, 2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>Assets Held as Collateral</b><sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Mortgage</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Net</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Maturity/</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Loans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Investment</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Interest</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b>Expiry</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b>Accounts</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b>Restricted</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Held for</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>in Fleet</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Balance</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Capacity</b><sup style="font-size: 85%; vertical-align: text-top">(2)</sup></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Rate</b><sup style="font-size: 85%; vertical-align: text-top">(3)</sup></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Date</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Receivable</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Cash</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Sale</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Leases</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="30"><b>(Dollars in millions)</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Chesapeake Series 2006-2 Variable Funding
Notes
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">657</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">657</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2/26/2009</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Chesapeake Series 2009-1 Term Notes
</div></td>
<td> </td>
<td> </td>
<td align="right">1,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,000</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5/20/2010</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Chesapeake Series 2009-2 Term Notes
</div></td>
<td> </td>
<td> </td>
<td align="right">902</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">902</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2/17/2011</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Chesapeake Series 2009-3 Term Notes
</div></td>
<td> </td>
<td> </td>
<td align="right">50</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10/20/2011</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Chesapeake Series 2009-4 Term Notes
</div></td>
<td> </td>
<td> </td>
<td align="right">250</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">250</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2/18/2010</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other
</div></td>
<td> </td>
<td> </td>
<td align="right">33</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">33</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">3/2010– 6/2016</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total Vehicle Management Asset-Backed Debt
</div></td>
<td> </td>
<td> </td>
<td align="right">2,892</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,892</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2.0</td>
<td nowrap="nowrap">%<sup style="font-size: 85%; vertical-align: text-top">(4)</sup></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">297</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,082</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">RBS Repurchase Facility
</div></td>
<td> </td>
<td> </td>
<td align="right">622</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,500</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">3.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">6/24/2010</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">667</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Fannie Mae Repurchase Facilities
</div></td>
<td> </td>
<td> </td>
<td align="right">325</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">325</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">1.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">333</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other
</div></td>
<td> </td>
<td> </td>
<td align="right">49</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">60</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right" nowrap="nowrap">2.7%- 3.1</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">9/2010- 10/2010</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">52</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total Mortgage Warehouse and Other
Asset-Backed Debt
</div></td>
<td> </td>
<td> </td>
<td align="right">996</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,885</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">52</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,005</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Term Notes
</div></td>
<td> </td>
<td> </td>
<td align="right">439</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">439</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right" nowrap="nowrap">6.5%- 7.9</td>
<td nowrap="nowrap">%<sup style="font-size: 85%; vertical-align: text-top">(5)</sup></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">4/2010- 4/2018</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Credit Facilities
</div></td>
<td> </td>
<td> </td>
<td align="right">432</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,305</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">1.0</td>
<td nowrap="nowrap">%<sup style="font-size: 85%; vertical-align: text-top">(6)</sup></td>
<td> </td>
<td> </td>
<td align="right">1/6/2011</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Convertible Notes due 2012
</div></td>
<td> </td>
<td> </td>
<td align="right">221</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">221</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">4.0</td>
<td nowrap="nowrap">%<sup style="font-size: 85%; vertical-align: text-top">(7)</sup></td>
<td> </td>
<td> </td>
<td align="right">4/15/2012</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Convertible Notes due 2014
</div></td>
<td> </td>
<td> </td>
<td align="right">180</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">180</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">4.0</td>
<td nowrap="nowrap">%<sup style="font-size: 85%; vertical-align: text-top">(8)</sup></td>
<td> </td>
<td> </td>
<td align="right">9/1/2014</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Total Unsecured Debt
</div></td>
<td> </td>
<td> </td>
<td align="right">1,272</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,145</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total Debt
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">5,160</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">6,922</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">73</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">298</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,005</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3,082</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 12pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(1)</sup></td>
<td> </td>
<td>Assets held as collateral are not available to pay the Company’s
general obligations.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(2)</sup></td>
<td> </td>
<td>Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the
terms, conditions and covenants of the respective agreements. With respect to asset-backed
funding arrangements, capacity may be further limited by the availability of asset eligibility
requirements under the respective agreements. The Series 2009-1, Series 2009-2, Series 2009-3
and Series 2009-4 notes (the “Chesapeake Term Notes”) (as defined below) have revolving
periods during which time the pro-rata share of lease cash flows pledged to Chesapeake, will
create availability to fund the acquisition of vehicles to be leased to customers of the
Company’s Fleet Management Services segment. See “Asset-Backed Debt—Vehicle Management
Asset-Backed Debt” below for additional information.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(3)</sup></td>
<td> </td>
<td>Represents the variable interest rate as of the respective date, with the exception
of Total Vehicle Management Asset-Backed Debt, Term Notes, the 2012 Convertible Notes, the
2014 Convertible Notes and the Mortgage Loan Securitization Debt Certificates.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(4)</sup></td>
<td> </td>
<td>Represents the weighted-average interest rate of the Company’s vehicle management
asset-backed debt arrangements as of June 30, 2010 and December 31, 2009, respectively.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(5)</sup></td>
<td> </td>
<td>Represents the range of stated interest rates of the MTNs outstanding as of June 30,
2010 and December 31, 2009, respectively. The effective rate of interest of the outstanding
MTNs was 7.2% as of both June 30, 2010 and December 31, 2009.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(6)</sup></td>
<td> </td>
<td>Represents the range of stated interest rates on the Amended Credit Facility as of
June 30, 2010 and December 31, 2009, respectively, excluding per annum utilization and
facility fees. The effective interest rate of the Credit Facilities was 2.9% and 1.0% as of
June 30, 2010 and December 31, 2009, respectively.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(7)</sup></td>
<td> </td>
<td>The effective rate of interest of the 2012 Convertible Notes was 12.4% as of both
June 30, 2010 and December 31, 2009, which represents the 4.0% semiannual cash payment and the
non-cash accretion of discount and issuance costs.</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr style="font-size: 6pt">
<td width="3%"> </td>
<td width="1%"></td>
<td width="96"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(8)</sup></td>
<td> </td>
<td>The effective rate of interest of the 2014 Convertible Notes was 13.0% as of both
June 30, 2010 and December 31, 2009, which represents the 4.0% semiannual cash payment and the
non-cash accretion of discount and issuance costs.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(9)</sup></td>
<td> </td>
<td>The Mortgage Loan Securitization Debt Certificates were consolidated by the Company
as a result of the adoption of updates to ASC 810 with $47 million of Securitized Mortgage
Loans, included in Other Assets. (See Note 1, “Summary of Significant Accounting Policies”
for additional information). The cashflows of the Securitized Mortgage Loans support payment
of the debt certificates and creditors of the securitization trust do not have recourse to the
Company.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(10)</sup></td>
<td> </td>
<td>The Mortgage Loan Securitization Debt Certificates are fixed rate.</td>
</tr>
</table>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The fair value of the Company’s debt was $6.0 billion and $5.1 billion as of June 30,
2010 and December 31, 2009, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><font style="font-variant: small-caps"><b>Asset-Backed Debt</b></font>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Vehicle Management Asset-Backed Debt.</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Vehicle management asset-backed debt primarily represents variable-rate debt issued by the
Company’s wholly owned subsidiary, Chesapeake Funding LLC (“Chesapeake”), to support the
acquisition of vehicles used by the Fleet Management Services segment’s U.S. leasing operations and
debt issued by FLRT used to finance leases originated by the Company’s Canadian fleet operation.
The obligations of both Chesapeake and FLRT are non-recourse to the Company and are provided for by
payments made by lessees under lease contracts.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     As of June 30, 2010, 83% of the carrying value of the Company’s fleet leases collateralized
the debt issued by Chesapeake. These leases include certain eligible assets representing the
borrowing base of the variable funding and term notes (the “Chesapeake Lease Portfolio”).
Approximately 99% of the Chesapeake Lease Portfolio as of June 30, 2010 consisted of open-end
leases, in which substantially all of the residual risk on the value of the vehicles at the end of
the lease term remains with the lessee. As of June 30, 2010, the Chesapeake Lease Portfolio
consisted of 21% and 79% fixed-rate and variable-rate leases, respectively. As of June 30, 2010,
the top 25 client lessees represented approximately 52% of the Chesapeake Lease Portfolio, with no
client exceeding 5%.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The maturity date for the Chesapeake Notes represents the end of the respective notes’
revolving period. During the revolving period, the notes’ pro-rata share of lease cash flows
pledged to Chesapeake will create availability to fund the acquisition of vehicles to be leased to
customers of the Company’s Fleet Management Services segment. Subsequent to the revolving period,
the notes’ prorata share of lease cashflows will be used to pay principal amounts due in accordance
with the terms of the notes.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Chesapeake Series 2009-1 Term Notes and Chesapeake Series 2009-4 Term Notes began to
amortize in accordance with their terms at the end of the respective revolving periods
(commencement of the “Amortization Period”). During the Amortization Period, the Company will be
unable to use the pro-rata share of lease cash flows to fund the acquisition of vehicles to be
leased under the Chesapeake Term Notes, and monthly repayments will be made on the notes through
the earlier of 125 months following the commencement of the Amortization Period, or when the
respective series of notes are paid in full based on an allocable share of the collection of cash
receipts of lease payments relating to the collateralized vehicle leases and related assets. The
allocable share is based upon the outstanding balance of those notes relative to all other
outstanding series notes issued by Chesapeake as of the commencement of the Amortization Period.
After the payment of interest, servicing fees, administrator fees and servicer advance
reimbursements, any monthly lease collections during the Amortization Period of a particular series
would be applied to reduce the principal balance of the series notes.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     On June 1, 2010, Chesapeake entered into the Series 2010-1 Indenture Supplement pursuant to
which $1.0 billion in aggregate principal amount of senior Class A variable funding notes may be
issued under commitments provided by a syndicate of lenders. On that date, $500 million of Class A
notes were issued. This issuance was used to repay the remaining outstanding balance of the Series
2006-2 variable funding notes, increase borrowings relative to the pool of eligible lease assets
and fund certain other fees and costs in connection with the issuance of the Series 2010-1 variable
funding notes. As of June 30, 2010, commitments under the Series 2010-1 Indenture Supplement are
scheduled to expire on May 31, 2011 (the “Scheduled Expiry Date”), but are renewable on or before
the Scheduled Expiry Date, subject to agreement by the parties. If the agreements are not renewed,
the notes’ amortization period will begin and the prorata share of lease cashflows will be used to
pay principal amounts due in accordance with the terms of the notes beginning in the month
following the Scheduled Expiry Date and ending up to 125 months after the Scheduled Expiry Date.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     On January 27, 2010, FLRT issued approximately $119 million of senior Class A-1 term
asset-backed notes which was comprised of two subclasses of senior term asset-backed notes (the
“FLRT Series 2010-1 Class A-1 Notes”) and approximately $224 million of senior Class A-2 term
asset-backed notes which was comprised of two subclasses of senior term asset-backed notes
(together with the FLRT Series 2010-1 Class A-1 Notes, collectively the “FLRT Series 2010-1 Notes”)
to finance a fixed pool of eligible lease assets in Canada. Three of the four subclasses of FLRT
Series 2010-1 Notes were denominated in Canadian dollars with the remaining subclass of FLRT Series
2010-1 Notes denominated in U.S. dollars. The FLRT Series 2010-1 Class A-1 notes and Class A-2
notes were issued as amortizing notes and have maturity dates of February 15, 2011 and November 15,
2013, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Mortgage Warehouse and Other Asset-Backed Debt.</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company maintains a variable-rate committed mortgage repurchase facility (the “RBS
Repurchase Facility”) with The Royal Bank of Scotland plc (“RBS”). The RBS Repurchase Facility was
amended, effective June 25, 2010, to reduce the committed capacity from $1.5 billion to $800
million, and was extended to June 24, 2011, among other provisions.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     On May 26, 2010, the Company entered into two committed 364-day variable-rate mortgage
repurchase facilities with Credit Suisse First Boston Mortgage Capital LLC (“CSFB”) pursuant to
master repurchase agreements. The facilities consist of a $350 million facility (“CSFB Mortgage
Repurchase Facility”) and a $150 million facility entered into by the Mortgage Venture (“CSFB
Mortgage Venture Repurchase Facility”).
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     On April 8, 2010, the Mortgage Venture entered into a $150 million 356-day variable-rate
committed mortgage repurchase facility with Ally Bank pursuant to a master repurchase agreement and
certain related agreements (“Ally Bank Mortgage Venture Repurchase Facility”).
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The Company’s variable-rate uncommitted mortgage repurchase facilities with Fannie Mae (the
“Fannie Mae Repurchase Facilities”) have total uncommitted capacity of approximately $3.0 billion
as of both June 30, 2010 and December 31, 2009.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Other asset-backed facilities as of June 30, 2010 and December 31, 2009 includes $54 million
and $44 million, respectively, outstanding under a servicing advance facility and $4 million and $5
million, respectively, outstanding under an uncommitted variable-rate mortgage warehouse facility.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><font style="font-variant: small-caps"><b>Unsecured Debt</b></font>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Term Notes</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The medium-term notes (the “MTNs”) were publicly issued under an indenture dated as of
November 6, 2000 (as amended and supplemented, the “MTN Indenture”) by and between PHH and The Bank
of New York, as successor trustee for Bank One Trust Company, N.A. In April 2010, $5 million of
MTNs were repaid upon maturity.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Credit Facilities</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Credit facilities primarily represents an Amended and Restated Competitive Advance and
Revolving Credit Agreement (the “Amended Credit Facility”), dated as of January 6, 2006, among PHH,
a group of lenders and JPMorgan Chase Bank, N.A., as administrative agent.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     On June 25, 2010, the Amended Credit Facility was further amended pursuant to which certain
lenders consented to the amendments (the “Extending Lenders”) which extended the termination date
of their respective revolving commitments from January 6, 2011 to February 29, 2012. Provided
certain conditions are met, the Company may extend the revolving commitments of the Extending
Lenders for an additional year at its request (the “Extension Option”). Effective June 25, 2010,
the capacity of the Amended Credit Facility was reduced from $1.3 billion to $805 million and will
be further reduced to $525 million on January 6, 2011 upon the termination of the commitments
related to certain lenders that did not consent to the amendments (the “Non-Extending Lenders”).
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Pricing under the Amended Credit Facility is based upon the Company’s senior unsecured
long-term debt ratings. If the ratings on the Company’s senior unsecured long-term debt assigned by
Moody’s Investors Service, Standard & Poor’s and Fitch Ratings are not equivalent to each other,
the second highest credit rating assigned by them determines pricing under the Amended Credit
Facility. As of June 30, 2010 borrowings under the Amended Credit Facility related to commitments
from the Extending Lenders bore interest at a margin of 350 bps over a benchmark index of either
LIBOR or the federal funds rate (the “Benchmark Rate”). As of June 30, 2010 borrowings under the
Amended Credit Facility related to commitments from the Non-Extending Lenders bore interest at a
margin of 70 bps over the Benchmark Rate. As of December 31, 2009, borrowings under the Amended
Credit Facility bore interest at a margin of 70 bps over the Benchmark Rate. The Amended Credit
Facility also requires the Company to pay utilization fees related to the Non-Extending Lenders’
commitments if its usage exceeds 50% of the aggregate commitments under the Amended Credit
Facility. There is no utilization fee associated with the borrowings related to the Extending
Lenders’ commitments. The per annum utilization fee applied to both the borrowings related to the
Non-Extending Lenders’ commitments as of June 30, 2010 and all borrowings under the Amended Credit
Facility as of December 31, 2009 was 12.5 bps. The per annum facility fee for the Extending
Lenders’ commitments as of June 30, 2010 was 75 bps and a per annum facility fee of 17.5 bps was
paid both on the Non-Extending Lenders’ commitments as of June 30, 2010 and the Amended Credit
Facility in its entirety as of December 31, 2009. In the event that the Extension Option is elected
by the Company, the Extending Lenders will receive an immediate increase in pricing related to
their commitments of an additional 25 bps per annum.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     <b><i>Convertible Notes</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     On April 2, 2008, the Company completed a private offering of the 4.0% Convertible Notes due
2012 (the “2012 Convertible Notes”) with an aggregate principal amount of $250 million and a
maturity date of April 15, 2012 to certain qualified institutional buyers. The carrying amount as
of June 30, 2010 and December 31, 2009 is net of an unamortized discount of $21 million and $29
million, respectively. There were no conversions of the 2012 Convertible Notes during the six
months ended June 30, 2010.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     On September 29, 2009, the Company completed a private offering of the 4.0% Convertible Senior
Notes due 2014 (the “2014 Convertible Notes”) with an aggregate principal balance of $250 million
and a maturity date of September 1, 2014 to certain qualified institutional buyers. The carrying
amount as of June 30, 2010 and December 31, 2009 is net of an unamortized discount of $64 million
and $70 million, respectively. There were no conversions of the 2014 Convertible Notes during the
six months ended June 30, 2010.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><font style="font-variant: small-caps"><b>Debt Maturities</b></font>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table provides the contractual maturities of the Company’s indebtedness at June
30, 2010. The maturities of the Company’s vehicle management asset-backed notes, a portion of which
are amortizing in accordance with their terms, represent estimated payments based on the expected
cash inflows related to the securitized vehicle leases and related assets:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Asset-Backed</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Unsecured</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>(In millions)</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Within one year
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">2,571</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">137</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,708</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Between one and two years
</div></td>
<td> </td>
<td> </td>
<td align="right">1,036</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">512</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,548</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Between two and three years
</div></td>
<td> </td>
<td> </td>
<td align="right">629</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">426</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,055</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Between three and four years
</div></td>
<td> </td>
<td> </td>
<td align="right">392</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">394</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Between four and five years
</div></td>
<td> </td>
<td> </td>
<td align="right">112</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">252</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">364</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Thereafter
</div></td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">4,745</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,347</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">6,092</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     As of June 30, 2010, available funding under the Company’s asset-backed debt arrangements and
unsecured committed credit facilities consisted of:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Utilized</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Available</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Capacity</b><sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Capacity</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Capacity</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>(In millions)</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>Asset-Backed Funding Arrangements</i>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Vehicle management<sup style="font-size: 85%; vertical-align: text-top">(2)</sup>
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">3,501</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">3,001</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">500</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Mortgage warehouse and other<sup style="font-size: 85%; vertical-align: text-top">(3)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right">2,256</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,833</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">423</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>Unsecured Committed Credit Facilities</i><sup style="font-size: 85%; vertical-align: text-top"><i>(4)</i></sup>
</div></td>
<td> </td>
<td> </td>
<td align="right">810</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">395</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">415</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(1)</sup></td>
<td> </td>
<td>Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the
terms, conditions and covenants of the respective agreements. With respect to asset-backed
funding arrangements, capacity may be further limited by the asset eligibility requirements
under the respective agreements.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(2)</sup></td>
<td> </td>
<td>The Chesapeake 2009-1 Term Notes and the 2009-4 Term Notes have entered their
respective Amortization Periods. See “Asset-Backed Debt—Vehicle Management Asset-Backed
Debt” above for additional information on the revolving and amortization periods of these
facilities.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(3)</sup></td>
<td> </td>
<td>Capacity does not reflect $2.3 billion undrawn under the $3.0 billion Fannie Mae
Repurchase Facilities, as these facilities are uncommitted. Utilized capacity reflects $97
million of mortgage loans sold to RBS under the terms of the RBS Repurchase Facility. The
mortgage loans and related debt are not included in the Company’s Condensed Consolidated
Balance Sheet as of June 30, 2010.</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(4)</sup></td>
<td> </td>
<td>Utilized capacity reflects $16 million of letters of credit issued under the Amended
Credit Facility, which are not included in Debt in the Company’s Condensed Consolidated
Balance Sheet.</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><font style="font-variant: small-caps"><b>Debt Covenants</b></font>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Certain of the Company’s debt arrangements require the maintenance of certain financial ratios
and contain affirmative and negative covenants, including, but not limited to, material adverse
change, liquidity maintenance, restrictions on indebtedness of the
Company and its material subsidiaries, mergers,
liens, liquidations and sale and leaseback transactions. Among other covenants, the Amended Credit
Facility and the RBS Repurchase Facility require that the Company maintain: (i) on the last day of
each fiscal quarter, net worth of $1.0 billion and (ii) at any time, a ratio of indebtedness to
tangible net worth no greater than 6.5:1. Among other covenants, the CSFB Mortgage Repurchase
Facility requires that the Company maintain (i) on the last day of each fiscal quarter, net worth
of $1.0 billion plus 25% of consolidated net income for the quarter, if positive and (ii) at any
time, a ratio of indebtedness to tangible net worth no greater than 10:1. The MTN Indenture
requires that the Company maintain a debt to tangible equity ratio of not more than 10:1. The MTN
Indenture also restricts the Company from paying dividends if, after giving effect to the dividend
payment, the debt to equity ratio exceeds 6.5:1, among other covenants. The Amended Credit Facility
requires the Company to maintain a minimum of $1.0 billion in committed mortgage repurchase or
warehouse facilities, with no more than $500 million of gestation facilities, excluding the
uncommitted facilities provided by Fannie Mae. In addition, the RBS Repurchase Facility and the
CSFB Mortgage Repurchase Facility require PHH Mortgage Corporation to maintain a minimum of $2.5
billion and $2.0 billion in mortgage repurchase or warehouse facilities, respectively, comprised of
any uncommitted facilities provided by Fannie Mae and any committed mortgage repurchase or
warehouse facility, including the respective facility. At June 30, 2010, the Company was in
compliance with all of its financial covenants related to its debt arrangements.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Under certain of the Company’s financing, servicing, hedging and related agreements and
instruments (collectively, the “Financing Agreements”), the lenders or trustees have the right to
notify the Company if they believe it has breached a covenant under the operative documents and may
declare an event of default. If one or more notices of default were to be given, the Company
believes it would have various periods in which to cure certain of such events of default. If it
does not cure the events of default or obtain necessary waivers within the required time periods,
the maturity of some of its debt could be accelerated and its ability to incur additional
indebtedness could be restricted. In addition, events of default or acceleration under certain of
the Company’s Financing Agreements would trigger cross-default provisions under certain of its
other Financing Agreements.
</div>
<div align="left">
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note
false
false
false
|
us-types:textBlockItemType
textblock
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, 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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 20, 22
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 4
false
1
2
false
UnKnown
UnKnown
UnKnown
false
true