Pizza Hut 2008 Annual Report Download - page 203
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81
Franchise Loan Pool and Equipment Guarantees
We have provided a partial guarantee of approximately $16 million of a franchisee loan program used primarily to assist
franchisees in the development of new restaurants and, to a lesser extent, in connection with the Company’s historical
refranchising programs at December 27, 2008. We have also provided two letters of credit totaling approximately $23
million in support of the franchisee loan program. One such letter of credit could be used if we fail to meet our
obligations under our guarantee. The other letter of credit could be used, in certain circumstances, to fund our
participation in the funding of the franchisee loan program. The total loans outstanding under the loan pool were
approximately $48 million at December 27, 2008.
In addition to the guarantee described above, YUM has provided guarantees of approximately $14 million on behalf of
franchisees for several equipment financing programs related to specific initiatives. We have provided a letter of credit
totaling $5 million which could be used if we fail to meet our obligations under our guarantee under one equipment
financing program. The total loans outstanding under these equipment financing programs were approximately $29
million at December 27, 2008.
Unconsolidated Affiliates Guarantees
From time to time we have guaranteed certain lines of credit and loans of unconsolidated affiliates. At December 27,
2008 there are no guarantees outstanding for unconsolidated affiliates. Our unconsolidated affiliates had total revenues of
$871 million for the year ended December 27, 2008 and assets and debt of approximately $304 million and $51 million,
respectively, at December 27, 2008.
Form 10-K