Notes Payable and Accrued Interest

6 Months Ended

Jun. 30, 2015

Notes Payable and Accrued Interest [Abstract]

Notes Payable and Accrued Interest

5.Notes Payable and Accrued Interest

At June 30, 2015 and December 31, 2014, the Company's notes payable and accrued interest consisted of the following:

	June 30, 2015			December 31, 2014
Credit Facility principal	$	127,400,000		$	133,400,000
Unamortized debt issuance costs		(3,220,900	)		(4,104,400	)
Credit Facility accrued interest		87,400			190,600
	$	124,266,500		$	129,486,200

The Company's $150 million Credit Facility is provided by a syndicate of banks and is secured by all of the assets of the Company, including its aircraft and engine portfolio.  The Credit Facility can be expanded to a maximum of $180 million.

The unused amount of the Credit Facility was $22,600,000 and $16,600,000 as of June 30, 2015 and December 31, 2014, respectively.

The weighted average interest rate on the Credit Facility was 3.80% and 3.58% at June 30, 2015 and December 31, 2014, respectively.