Notes Payable and Accrued Interest

3 Months Ended

Mar. 31, 2013

Notes Payable and Accrued Interest [Abstract]

4.	Notes Payable and Accrued Interest

At March 31, 2013 and December 31, 2012, the Company's notes payable and accrued interest consisted of the following:

	March 31,		December 31,
	2013		2012

Credit Facility principal	$	67,500,000	$	67,800,000
Credit Facility accrued interest		65,300		65,700
	$	67,565,300	$	67,865,700

In March 2013, the Company's $90 million Credit Facility (the "Credit Facility") provided by a syndicate of banks was increased to $130 million and extended to September 30, 2015 on terms similar to the original agreement. The Credit Facility is secured by all of the assets of the Company, including its aircraft and engine portfolio.

The unused amount of the Credit Facility was $62,500,000 and $22,200,000 as of March 31, 2013 and December 31, 2012; however, the amount available on those respective dates was limited to $12,916,000 and $1,113,500, respectively, because of exclusions of certain assets from the borrowing base.

The weighted average interest rate on the Credit Facility was 4.00% at March 31, 2013 and December 31, 2012.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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