DEBT

As of March 31, 2019, UAL and United were in compliance with their respective debt covenants. As of March 31, 2019, United had its entire capacity of $2.0 billion available under the revolving credit facility of the Amended and Restated Credit and Guaranty Agreement.

EETCs. In February 2019, United created two new EETC pass-through trusts, each of which issued pass-through certificates. The proceeds of the issuance of the pass-through certificates are used to purchase equipment notes issued by United and secured by its aircraft. The Company records the debt obligation upon issuance of the equipment notes rather than upon the initial issuance of the pass-through certificates. The pass-through certificates represent fractional undivided interests in the respective pass-through trusts and are not obligations of United. The payment obligations under the equipment notes are those of United. Proceeds received from the sale of pass-through certificates are initially held by a depositary in escrow for the benefit of the certificate holders until United issues equipment notes to the trust, which purchases such notes with a portion of the escrowed funds. These escrowed funds are not guaranteed by United and are not reported as debt on our consolidated balance sheet because the proceeds held by the depositary are not United's assets. Certain details of the pass-through trusts with proceeds received from issuance of debt in 2019 are as follows (in millions, except stated interest rate):



EETC Date	Class	Principal		Final expected distribution date	Stated interest rate	Total debt recorded as of March 31, 2019		Proceeds received from issuance of debt during 2019		Remaining proceeds from issuance of debt to be received in future periods
February 2019	AA	$	717	August 2031	4.15%	$	522	$	522	$	195
February 2019	A	296		August 2031	4.55%	216		216		80
		$	1,013			$	738	$	738	$	275

The table below presents the Company's contractual principal payments (not including debt discount or debt issuance costs) at March 31, 2019 under then-outstanding long-term debt agreements (in millions):



Last nine months of 2019	$	979
2020	1,344
2021	1,338
2022	1,690
2023	740
After 2023	8,033
	$	14,124