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| GE > SEC Filings for GE > Form 8-K on 12-Nov-2008 | All Recent SEC Filings |
12-Nov-2008
Entry into a Material Definitive Agreement, Creation of a Direct Financial Ob
The information contained in Item 8.01 of this report is incorporated by reference into this Item 1.01.
The information contained in Item 8.01 of this report is incorporated by reference into this Item 2.03.
On November 12, 2008, the Federal Deposit Insurance Corporation (the "FDIC") approved the application of General Electric Capital Corporation ("GE Capital") for designation as an eligible entity under the FDIC's Temporary Liquidity Guarantee Program ("debt guarantee program"). Under the FDIC's interim rules for the debt guarantee program, issued on October 23, 2008, eligible entities include affiliates of FDIC-insured depository institutions subject to application to the FDIC. GE Money Bank (a Federal Savings Bank) and GE Capital Financial, Inc. (a Utah Industrial Bank) are subsidiary-insured depository institutions of GE Capital.
Under the terms of the debt guarantee program, the FDIC guarantees GE Capital's senior unsecured debt, including commercial paper and term debt, issued from the date GE Capital becomes eligible under the program through and including June 30, 2009. We expect the program to be effective for GE Capital on or before Friday, November 14, 2008. There is a cap on the maximum amount of debt that GE Capital is permitted to have issued and outstanding at any time under the debt guarantee program, which is 125% of the par value of its senior unsecured debt outstanding as of September 30, 2008 that was scheduled to mature on or before June 30, 2009. The FDIC guarantees such debt until the earlier of the maturity date of the debt or June 30, 2012.
The approval is subject to an Eligible Entity Designation Agreement (the "Agreement") among the FDIC, GE Capital and General Electric Company (the "Company"). The Agreement, which is a condition of eligibility for affiliates of depository institutions, is subject to various terms and conditions, including a reimbursement agreement by GE Capital and the Company in the event the FDIC is required to make payments under the debt guarantee program. A copy of the form of Agreement is included as an exhibit to this report and is incorporated by reference into this Item as Exhibit 10(a).
(d) Exhibits
The following exhibit is being filed as part of this report:
10(a) Form of Eligible Entity Designation Agreement among Federal Deposit Insurance Corporation, General Electric Capital Corporation and General Electric Company.
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