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<p style="margin-top: 18px; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2"><b>Note 15. </b><b><i>Debt</i></b><b> </b></font></p>
<p style="margin-top: 6px; text-indent: 4%; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">On November 22, 2010, the Company entered into a committed three-year unsecured $<font class="_mt">2.75</font> billion revolving credit facility (the "Credit Facility") with certain financial institutions. The Credit Facility, which expires on <font class="_mt">November 22, 2013</font>, replaced the Company's prior credit facility which was to expire on <font class="_mt">April 26, 2011</font> (the "Prior Credit Facility"). The available funding under the Prior Credit Facility was $<font class="_mt">2.5</font> billion from April 28, 2006 through April 27, 2010 and then decreased to $<font class="_mt">2</font> billion for the remaining period of the Prior Credit Facility agreement. Borrowings under the Credit Facility are available to provide liquidity for ge
neral corporate purposes, including providing liquidity in the event of one or more settlement failures by the Company's customers. The facility fee and borrowing cost under the Credit Facility are contingent upon the Company's credit rating. At December 31, 2010, the applicable facility fee was <font class="_mt">20</font> basis points on the average daily commitment (whether or not utilized). In addition to the facility fee, interest on borrowings under the Credit Facility would be charged at the London Interbank Offered Rate (LIBOR) plus an applicable margin of <font class="_mt">130</font> basis points or an alternate base rate plus 30 basis points. </font></p>
<p style="margin-top: 12px; text-indent: 4%; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">The Credit Facility contains customary representations, warranties and affirmative and negative covenants, including a maximum level of consolidated debt to earnings before interest, taxes, depreciation and amortization (EBITDA) financial covenant and events of default. MasterCard was in compliance with the covenants of the Credit Facility and had no borrowings under the Credit Facility at December 31, 2010. MasterCard was in compliance with the covenants of the Prior Credit Facility and had no borrowings under the Prior Credit Facility at December 31, 2009. The majority of Credit Facility lenders are members or affiliates of members of MasterCard International. </font></p></div>
<p style="margin-top: 12px; text-indent: 4%; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">In June 1998, MasterCard International issued ten-year unsecured, subordinated notes (the "Notes") paying a fixed interest rate of <font class="_mt">6.67</font>% per annum. MasterCard repaid the entire principal amount of $<font class="_mt">80</font> million on June 30, 2008 pursuant to the terms of the Notes. </font></p>
<p style="margin-top: 12px; margin-bottom: 0px; font-size: 1px;"> </p>
<p style="margin-top: 12px; text-indent: 4%; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">At December 31, 2008, the Company's consolidated balance sheet included $<font class="_mt">149</font> million in short-term debt relating to the Company's Variable Interest Entity. See Note 16 (Consolidation of Variable Interest Entity) for more information. On March 2, 2009, the Company repaid this short-term debt. </font></p>
<p style="margin-top: 12px; text-indent: 4%; margin-bottom: 0px;"><font style="font-family: Times New Roman;" class="_mt" size="2">On January 5, 2009, HSBC Bank plc ("HSBC") notified the Company that, effective December 31, 2008, it had terminated an uncommitted credit agreement totaling <font class="_mt">100</font> million euros between HSBC and MasterCard Europe. There were no borrowings under this agreement at December 31, 2008. </font></p></div> </div>Note 15. Debt
On November 22, 2010, the Company entered into a committed three-year unsecured $2.75 billion revolving credit facility (the "CreditfalsefalsefalsefalsefalseOtherus-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, restric
tions 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
falsefalse12DebtUnKnownUnKnownUnKnownUnKnownfalsetrue
