Notes Payable and Accrued Interest

12 Months Ended

Dec. 31, 2015

Notes Payable and Accrued Interest [Abstract]

Notes Payable and Accrued Interest

6.Notes Payable and Accrued Interest

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

	December 31, 2015			December 31, 2014
Credit Facility principal	$	110,400,000		$	133,400,000
Unamortized debt issuance costs		(2,814,000	)		(4,104,400	)
Credit Facility accrued interest		35,600			190,600
	$	107,621,600		$	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, which expires on May 31, 2019, can be expanded to a maximum of $180 million.  The Company was in compliance with all covenants under the Credit Facility at December 31, 2015 and December 31, 2014.

The unused amount of the Credit Facility was $39,600,000 and $16,600,000 as of December 31, 2015 and December 31, 2014, respectively.

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