2.2.0.25falsefalse0208 - Disclosure - Debt and Borrowing Arrangementstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
USD ($)
USD ($) / shares
$Jan-01-2011_Mar-31-2011http://www.sec.gov/CIK0000077776duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0phh_DebtAndBorrowingArrangementsAbstractphhfalsenadurationDebt and Borrowing Arrangements.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00falsefalsefalsefalsefalse | Otherxbrli:stringItemTypestringDebt and Borrowing Arrangements.falsefalse
3false0us-gaap_DebtDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel| 1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 8 - us-gaap:DebtDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>8. Debt and Borrowing Arrangements</b>
</div>
<div style="width: 100%; border-bottom: 1px solid black; margin-top: 0pt; font-size: 1pt"> 
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The following table summarizes the components of indebtedness:
</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="52%"> </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>
<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="6" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>December 31, 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 nowrap="nowrap" align="center" colspan="2"><b>Weighted-</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted-</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>Average</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</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>Interest Rate</b><sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
<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>Interest Rate</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 nowrap="nowrap" align="center" colspan="15"><b>(In millions)</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Term notes, in amortization
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,898</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2.1</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td align="left">$</td>
<td align="right">1,167</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2.2</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Term notes, in revolving period
</div></td>
<td> </td>
<td> </td>
<td align="right">85</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2.3</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">989</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2.0</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Variable-funding notes
</div></td>
<td> </td>
<td> </td>
<td align="right">974</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">1.8</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">871</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">1.9</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Other
</div></td>
<td> </td>
<td> </td>
<td align="right">38</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">5.1</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">39</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">5.1</td>
<td nowrap="nowrap">%</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> </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> </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">2,995</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,066</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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</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>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Committed warehouse facilities
</div></td>
<td> </td>
<td> </td>
<td align="right">1,081</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2.2</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">2,419</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2.1</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Uncommitted warehouse facilities
</div></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">1,290</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">1.2</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Servicing advance facility
</div></td>
<td> </td>
<td> </td>
<td align="right">71</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2.8</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">68</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">2.8</td>
<td nowrap="nowrap">%</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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total Mortgage Asset-Backed Debt
</div></td>
<td> </td>
<td> </td>
<td align="right">1,152</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,777</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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</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>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Term notes
</div></td>
<td> </td>
<td> </td>
<td align="right">782</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">8.1</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">782</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">8.1</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Convertible notes
</div></td>
<td> </td>
<td> </td>
<td align="right">438</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">4.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">430</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">4.0</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Credit facilities
</div></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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total Unsecured Debt
</div></td>
<td> </td>
<td> </td>
<td align="right">1,220</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,212</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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</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>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<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">(2)</sup>
</div></td>
<td> </td>
<td> </td>
<td align="right">28</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">7.0</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td> </td>
<td align="right">30</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">7.0</td>
<td nowrap="nowrap">%</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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</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>
<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 Debt
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">5,395</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8,085</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: 3px double #000000"> </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> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 0pt; 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>Represents the weighted-average stated interest rate of the
facilities as of the respective date. Facilities are variable-rate, except for the Term
notes, Convertible notes, and Mortgage Loan Securitization Debt Certificates which are
fixed-rate.</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>Cash flows of securitized mortgage loans support payment of the debt certificates
and creditors of the securitization trust do not have recourse to the Company.</td>
</tr>
</table>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Assets held as collateral that are not available to pay the Company’s general obligations as
of March 31, 2011 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="76%"> </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"><b>Vehicle</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Mortgage</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Asset-Backed</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Asset-Backed</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>Debt</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Debt</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>(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">Restricted cash and cash equivalents
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">278</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Accounts receivable
</div></td>
<td> </td>
<td> </td>
<td align="right">48</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">83</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Mortgage loans held for sale
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,131</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Net investment in fleet leases
</div></td>
<td> </td>
<td> </td>
<td align="right">3,237</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3,563</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,214</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>
</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="left" style="font-size: 10pt; margin-top: 12pt">The following table provides the contractual debt maturities as of March 31, 2011:
</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="40%"> </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>
<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"><b>Vehicle</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Mortgage</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Mortgage Loan</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Asset-</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Asset-</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Securitization</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Backed</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Backed</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Unsecured</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Debt</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </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>Debt</b> <sup style="font-size: 85%; vertical-align: text-top"><b>(1)</b></sup></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Debt</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Debt</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Certificates</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 nowrap="nowrap" align="center" colspan="18"><b>(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">Within one year
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,125</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,152</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,285</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">900</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">671</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,578</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">623</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 nowrap="nowrap" align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">629</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">336</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">250</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">591</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">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">350</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">370</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">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</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>
<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">$</td>
<td align="right">3,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,152</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,279</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">30</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5,461</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>
<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: 0pt; 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>Maturities of 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.</td>
</tr>
</table>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Capacity under all borrowing agreements is dependent upon maintaining compliance with, or
obtaining waivers of, the terms, conditions and covenants of the respective agreements. Available
capacity under asset-backed funding arrangements may be further limited by asset eligibility
requirements. Available capacity under committed asset-backed debt arrangements and unsecured
credit facilities as of March 31, 2011 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></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 nowrap="nowrap" align="center" colspan="11"><b>(In millions)</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>Vehicle Management Asset-Backed Debt:</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">Term notes, in revolving period
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">85</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">85</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Variable-funding notes
</div></td>
<td> </td>
<td> </td>
<td align="right">1,309</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">974</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">335</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>Mortgage Asset-Backed Debt:</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" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Committed warehouse facilities
</div></td>
<td> </td>
<td> </td>
<td align="right">2,835</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,081</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,754</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Servicing advance facility
</div></td>
<td> </td>
<td> </td>
<td align="right">120</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">71</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">49</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><i>Unsecured Committed Credit Facilities<sup style="font-size: 85%; vertical-align: text-top">(1)</sup></i>
</div></td>
<td> </td>
<td> </td>
<td align="right">530</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">514</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 0pt; 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>Utilized capacity reflects $16 million of letters of credit issued under the
Amended Credit Facility, which are not included in Debt in the Condensed Consolidated Balance
Sheet.</td>
</tr>
</table>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Capacity for Mortgage asset-backed debt shown above excludes $2.0 billion not drawn under
uncommitted facilities.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The fair value of debt was $5.5 billion and $8.2 billion as of March 31, 2011 and December 31,
2010, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><font style="font-variant: small-caps"><b>Vehicle Management Asset-Backed Debt</b></font>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt">Vehicle management asset-backed debt primarily represents variable-rate debt issued by a wholly
owned subsidiary, Chesapeake Funding LLC, to support the acquisition of vehicles by the Fleet
Management Services segment’s U.S. leasing operations and debt issued by the consolidated special
purpose trust, Fleet Leasing Receivables Trust (“FLRT”), the Canadian special purpose trust, used
to finance leases originated by the Canadian fleet operation.
</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: 10pt">Vehicle management asset-backed debt includes term notes, which provide a fixed funding amount at
the time of issuance, or Variable-funding notes under which the committed capacity may be drawn
upon as needed during a commitment period, which is typically 364 days in duration. The available
capacity under Variable-funding notes may be used to fund future amortization of other Vehicle
management asset-backed debt or to fund growth in Net investment in fleet leases during the term of
the commitment.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As with the Variable-funding notes, certain Term notes may contain provisions that allow the
outstanding debt to revolve for specified periods of time. During these revolving periods, the
monthly collection of lease payments allocable to each outstanding series is available to fund the
acquisition of vehicles and/or equipment to be leased to customers. Upon expiration of the
revolving period, the repayment of principal commences, and the monthly allocated lease payments
are applied to the notes until they are paid in full.
</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">As of March 31, 2011, Term notes outstanding that are revolving in accordance with their terms are
Chesapeake Series 2009-3 and 2010-1 Note B. Expiration dates of Term notes in their revolving
period range from May 31, 2011 to October 20, 2011.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of March 31, 2011, Term notes outstanding that are amortizing in accordance with their terms are
Chesapeake Series 2009-1, 2009-2 and 2009-4 and the FLRT Series 2010-1. Final repayment dates of
Term notes in their amortization period range from October 2012 to October 2014.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b><i>Variable-funding Notes</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of March 31, 2011, Variable-funding notes outstanding include the FLRT Series 2010-2 and
Chesapeake Series 2010-1 Note A and commitments are scheduled to expire August 30, 2011 and May 31,
2011, respectively, but are renewable subject to agreement by the parties.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><font style="font-variant: small-caps"><b>Mortgage Asset-Backed Debt </b></font>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt">Mortgage asset-backed debt primarily represents variable-rate warehouse facilities to support the
origination of mortgage loans, which provide creditors a collateralized interest in specific
mortgage loans that meet the eligibility requirements under the terms of the facility during the
warehouse period. The source of repayment of the facilities is typically from the sale or
securitization of the underlying loans into the secondary mortgage market. These facilities are
typically 364-day facilities, and as of March 31, 2011, the range of maturity dates for committed
facilities is May 25, 2011 to December 16, 2011.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b><i>Committed Facilities</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of March 31, 2011, the Company has outstanding committed mortgage warehouse facilities with the
Royal Bank of Scotland, plc, Credit Suisse First Boston Capital LLC, Ally Bank, Bank of America,
and Fannie Mae.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">On March 3, 2011, the variable-rate committed facility of PHH Home Loans with Ally Bank was amended
to extend the maturity date from March 31, 2011 to the earliest of (i) July 31, 2011 or (ii) 90
days after either the Company or Ally Bank gives notice of termination.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b><i>Uncommitted Facilities</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of March 31, 2011, the Company has an outstanding uncommitted mortgage repurchase facility with
Fannie Mae. The variable-rate uncommitted facility has total capacity of up to $3.0 billion as of
March 31, 2011, less certain amounts outstanding under the $1.0 billion committed Fannie Mae
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"><b><i>Servicing Advance Facility</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of March 31, 2011, the Company has a committed facility with Fannie Mae that provides for the
early reimbursement of certain servicing advances made on behalf of Fannie Mae.
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><font style="font-variant: small-caps"><b>Unsecured Debt</b></font>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b><i>Term Notes</i></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Term notes include $350 million of 9 1/4% Senior notes due in 2016 that have been registered under
a public registration statement and $424 million of Medium-term notes. The effective interest rate
of the term notes, which includes the accretion of the discount and issuance costs, was 9.9% as of
March 31, 2011.
</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, dated as of January 6, 2006, among PHH, a group of lenders and JPMorgan Chase
Bank, N.A., as administrative agent. The facility has $525 million of commitments which are
scheduled to terminate on February 29, 2012. Provided certain conditions are met, the Company may
extend the commitments for an additional year at its request.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of March 31, 2011, there were no outstanding amounts borrowed under the Amended Credit Facility
and the interest rate of commitments of the facility ranged from 3.9% to 5.5%.
</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">Convertible notes include a private offering of $250 million of 4.0% Convertible senior notes with
a maturity date of April 15, 2012 and a private offering of $250 million of 4.0% Convertible senior
notes with a maturity date of September 1, 2014.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">As of March 31, 2011 and December 31, 2010, the carrying amount of the convertible notes is net of
an unamortized discount of $62 million and $70 million, respectively. The effective interest rate
of the convertible notes, which includes the accretion of the discount and issuance costs, was
12.7% as of March 31, 2011. There have been no conversions of the convertible notes since
issuance.
</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: 12pt">Certain 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, sale and leaseback transactions, and restrictions on certain types of
payments.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">There were no significant amendments to the terms of our debt covenants during the three months
ended March 31, 2011. At March 31, 2011, 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, 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,
an event of default or acceleration under certain agreements and instruments would trigger
cross-default provisions under certain of its other agreements and instruments.
</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>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Notefalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringInformation 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
falsefalse
12Debt and Borrowing ArrangementsUnKnownUnKnownUnKnownUnKnownfalsetrue