S- I/A Table of Contents Financial Risks Our substantial leverage could adversely affect our ability• to raise additional capital to fund our operations, limit our ability• to react to changes in the economy or our industry•, expose us to interest rate risk to the extent of our variable rate debt and prevent us from meeting our debt obligations. We are highly leveraged. As of June 30, 2015, we had $21.0 billion of total debt. Our high degree of leverage could have important consequences, including: • increasing ow vulnerability to adverse economic, industry, or competitive developments: • requiring a substantial portion of cash flow from operations to be dedicated to the payment of principal and interest on our indebtedness. therefore reducing our ability to use cash flow to fund our operations, capital expenditures, and future business opportunities; • making it more difficult for us to satisfy our obligations with respect to our indebtedness, and any failure to comply with the obligations of our debt instruments, including restrictive covenants and borrowing conditions, could result in an event of default under the agreements governing such indebtedness; • restricting us from making strategic acquisitions or causing us to make non-strategic divestitures; • making it more difficult for us to obtain network sponsorship and clearing services from financial institutions or to obtain or retain other business with financial institutions; • limiting our ability to obtain additional financing for working capital, capital expenditures. product development. debt service requirements, acquisitions, and general corporate or other purposes; and • limiting our flexibility in planning for, or reacting to, changes in our business or market conditions and placing us at a competitive disadvantage compared to our competitors who are less highly leveraged and who, therefore, may be able to take advantage of opportunities that our leverage prevents us from