eBay 2012 Annual Report Download - page 125

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the banks. The negative covenants include restrictions regarding the incurrence of liens, subject to certain exceptions. The financial covenant
requires us to meet a quarterly financial test with respect to a minimum consolidated interest coverage ratio.
As of December 31, 2012 , we were in compliance with all covenants in our outstanding debt instruments.
Future Maturities
Expected future principal maturities as of December 31, 2012 are as follows (in millions):
Note 12 – Commitments and Contingencies
Commitments
As of December 31, 2012 , approximately $12.4 billion
of unused credit was available to Bill Me Later accountholders. While this amount
represents the total unused credit available, we have not experienced, and do not anticipate, that all of our Bill Me Later accountholders will
access their entire available credit at any given point in time. In addition, the individual lines of credit that make up this unused credit are subject
to periodic review and termination by the chartered financial institution that is the issuer of Bill Me Later credit products based on, among other
things, account usage and customer creditworthiness. When a consumer makes a purchase using a Bill Me Later credit product issued by a
chartered financial institution, the chartered financial institution extends credit to the consumer, funds the extension of credit at the point of sale
and remits funds to the merchant. We subsequently purchase the receivables related to the consumer loans extended by the chartered financial
institution and, as a result of the purchase, bear the risk of loss in the event of loan defaults. Although the chartered financial institution continues
to own each customer account, we own the related receivable, and Bill Me Later is responsible for all servicing functions related to the account.
Lease Arrangements
We have lease obligations under certain non-cancelable operating leases. Future minimum rental payments under our non-cancelable
operating leases at December 31, 2012 are as follows:
Rent expense in the years ended December 31, 2012 , 2011 and 2010 totaled $152 million , $131 million and $113 million , respectively.
F-30
Fiscal Years:
2013
$
413
2014
19
2015
850
2016
—
2017
1,000
Thereafter
2,250
$
4,532
Year Ended December 31,
Leases
(In millions)
2013
$
99
2014
80
2015
67
2016
45
2017
36
Thereafter
43
Total minimum lease payments
$
370