| Years to Maturity | |||||||||||
| Less | Total at | ||||||||||
| than 1 | 1-3 | 3-5 | Over 5 | December 31, 2013 | |||||||
| (dollars in millions) | |||||||||||
| Letters of credit and other financial guarantees | |||||||||||
| obtained to satisfy collateral requirements | $ | 389 | $ | 1 | $ | — | $ | 1 | $ | 391 | |
| Investment activities | 518 | 70 | 30 | 447 | 1,065 | ||||||
| Primary lending commitments—investment grade(1) | 7,695 | 14,674 | 36,224 | 798 | 59,391 | ||||||
| Primary lending commitments—non-investment grade(1) | 1,657 | 5,402 | 10,066 | 2,119 | 19,244 | ||||||
| Secondary lending commitments(2) | 44 | 38 | 10 | 72 | 164 | ||||||
| Commitments for secured lending transactions | 1,094 | 166 | — | — | 1,260 | ||||||
| Forward starting reverse repurchase agreements and | |||||||||||
| securities borrowing agreements(3)(4) | 44,890 | — | — | — | 44,890 | ||||||
| Commercial and residential mortgage-related commitments | 1,199 | 48 | 301 | 313 | 1,861 | ||||||
| Underwriting commitments | 588 | — | — | — | 588 | ||||||
| Other lending commitments | 2,660 | 340 | 193 | 128 | 3,321 | ||||||
| Total | $ | 60,734 | $ | 20,739 | $ | 46,824 | $ | 3,878 | $ | 132,175 | |
.
(1) This amount includes $49.4 billion of investment grade and $12 billion of non-investment grade unfunded commitments accounted for as held for investment and $3.5 billion of investment grade and $4.6 billion of non-investment grade unfunded commitments accounted for as held for sale at December 31, 2013. The remainder of these lending commitments is carried at fair value.
(2) These commitments are recorded at fair value within Trading assets and Trading liabilities in the consolidated statements of financial condition (see Note 4).
(3) The Company enters into forward starting reverse repurchase and securities borrowing agreements (agreements that have a trade date at or prior to December 31, 2013 and settle subsequent to period-end) that are primarily secured by collateral from U.S. government agency securities and other sovereign government obligations. These agreements primarily settle within three business days and of the total amount at December 31, 2013, $42.9 billion settled within three business days.
(4) The Company also has a contingent obligation to provide financing to a clearinghouse through which it clears certain transactions. The financing is required only upon the default of a clearinghouse member. The financing takes the form of a reverse repurchase facility, with a maximum amount of approximately $1.1 billion.