Debt

Debt consists of the following (in millions):



	March 31, 2014						December 31, 2013
	North America		International		Total		North America		International		Total
Secured
Revolving credit facilities	$	2,253	$	6,730	$	8,983	$	1,678	$	7,322	$	9,000
Securitization notes payable	11,102		3,301		14,403		10,801		2,272		13,073
Total secured	$	13,355	$	10,031	$	23,386	$	12,479	$	9,594	$	22,073

Unsecured
Senior notes	$	4,000	$	—	$	4,000	$	4,000	$	—	$	4,000
Bank lines and other unsecured debt	—		3,172		3,172		—		2,973		2,973
Total unsecured	$	4,000	$	3,172	$	7,172	$	4,000	$	2,973	$	6,973

Secured Debt

Secured debt consists of revolving credit facilities and securitization notes payable. The revolving credit facilities have revolving periods ranging from one to two years. At the end of the revolving period, if the facilities are not renewed, the debt will amortize over periods ranging up to seven years. Most of the secured debt was issued by variable interest entities, as further discussed in Note 6 - "Variable Interest Entities." This debt is repayable only from proceeds related to the underlying pledged finance receivables and lease related assets.

Interest rates on the secured debt in the North America Segment are primarily fixed, ranging from 0.66% to 6.36% at March 31, 2014 and 1.02% to 6.07% at December 31, 2013. Interest rates on the secured debt in the International Segment are primarily floating, ranging from 0.65% to 12.56% at March 31, 2014 and 0.90% to 15.88% at December 31, 2013. Issuance costs on the secured debt of $55 million as of March 31, 2014 and $37 million as of December 31, 2013 are included in other assets on the condensed consolidated balance sheets, and are amortized to interest expense over the expected term of the secured debt.

In connection with our acquisition of the international operations, we recorded an acquisition accounting discount that will amortize to interest expense over the expected term of the secured debt outstanding at the applicable acquisition date. Amortization for the three months ended March 31, 2014 was $6 million. At March 31, 2014, the remaining acquisition accounting discount included in secured debt was $41 million.

We are required to hold funds in restricted cash accounts to provide additional collateral for borrowings under certain of our secured credit facilities. Additionally, our secured credit facilities contain various covenants requiring minimum financial ratios, asset quality and portfolio performance ratios (portfolio net loss and delinquency ratios and pool level cumulative net loss ratios) as well as limits on deferment levels. Failure to meet any of these covenants could result in an event of default under these agreements. If an event of default occurs under these agreements, the lenders could elect to declare all amounts outstanding under these agreements to be immediately due and payable, enforce their interests against collateral pledged under these agreements, restrict our ability to obtain additional borrowings under these agreements and/or remove us as servicer. As of March 31, 2014, we were in compliance with all covenants related to our credit facilities.

Unsecured Debt

Unsecured debt consists primarily of senior notes we have issued, as well as bank lines and other unsecured debt in the international operations. The terms of our bank lines range up to four years. If not renewed, any balance outstanding under these bank lines is either immediately due in full or else will amortize over a defined period. Interest rates on unsecured bank lines ranged from 1.00% to 13.94% at March 31, 2014 and 1.09% to 12.89% at December 31, 2013. Issuance costs on the unsecured debt of $39 million as of March 31, 2014 and $40 million as of December 31, 2013 are included in other assets on the condensed consolidated balance sheets, and are amortized to interest expense over the expected term of the unsecured debt.

In connection with our acquisition of the international operations, we recorded an acquisition discount that will amortize to interest expense over the expected term of the unsecured debt at the applicable acquisition date. Amortization for the three months ended March 31, 2014 was $2 million. At March 31, 2014, the remaining acquisition accounting discount included in unsecured debt was $6 million.

At March 31, 2014, we had $4.0 billion of senior notes that mature from 2016 through 2023 and have interest rates that range from 2.75% to 6.75%. All of our senior notes may be redeemed, at our option, in whole or in part, at any time before maturity at the redemption prices set forth in the indentures that govern the senior notes plus accrued and unpaid interest and liquidated damages, if any, to the redemption date. In addition, if a change of control occurs, as that term is defined in the indentures that govern the senior notes, prior to us being rated "investment grade" by at least two of three listed rating agencies, the holders of senior notes will have the right, subject to certain conditions, to require us to repurchase their senior notes at a purchase price equal to 101% of the aggregate principal amount of senior notes repurchased plus accrued and unpaid interest and liquidated damages, if any, as of the date of repurchase. The senior notes are guaranteed solely by AmeriCredit Financial Services, Inc. ("AFSI"); none of our other subsidiaries are guarantors of the senior notes. See Note 15 - "Guarantor Consolidating Financial Statements" for further discussion.

The indentures that govern the senior notes provide for customary events of default, including nonpayment, failure to comply with covenants or other agreements in the indentures, if any subsidiary guarantee shall cease to be in full force and effect or any guarantor shall deny or disaffirm its obligations under its subsidiary guarantee, and certain events of bankruptcy or insolvency. If any event of default occurs and is continuing with respect to a series of senior notes, the trustee or the holders of at least 25% in principal amount of the then outstanding senior notes of such series may declare all of the senior notes of such series to be due and payable immediately. As of March 31, 2014, we were in compliance with all covenants related to our unsecured debt.