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These excerpts taken from the AYR 10-K filed Mar 2, 2009. Revolving
Credit Facility
On December 15, 2006, the Company entered into a
$250.0 million revolving credit facility, which we refer to
as the Revolving Credit Facility, with a group of banks. The
Revolving Credit Facility provided loans for working capital and
other general corporate purposes and also provided for issuance
of letters of credit. Borrowings under the Revolving Credit
Facility bore interest generally on the basis of the euro dollar
rate, or EDR, the EDR plus 1.50% per annum. Additionally, we
paid a per annum fee on any unused portion of the total
committed facility of 0.25% during periods when the average
outstanding loans under the Revolving Credit Facility were less
than $125.0 million, and 0.125% per annum when the average
outstanding loans were equal to or greater than
$125.0 million and we paid customary agency fees.
On March 20, 2008, the parties to the Revolving Credit
Facility entered into a fourth amendment to the Revolving Credit
Facility, extending the Stated Termination Date (as defined
therein) to December 11, 2008, and reducing the commitments
of the lenders to make loans thereunder, which we refer to as
the Revolving Commitments, to $150.0 million. The Revolving
Commitments were reduced to $100.0 million on June 30,
2008, $80.0 million on August 31, 2008,
$60.0 million on September 30, 2008 and
$40.0 million on October 31, 2008, with final maturity
on December 11, 2008. The 2006-B Fourth Amendment also
amended the Revolving Credit Facility so that Bear Stearns
Corporate Lending Inc. had no further Revolving Commitments or
loans outstanding under the Revolving Credit Facility, with
JPMorgan Chase Bank, N.A. and Citicorp North America, Inc. being
the remaining lenders. The applicable margin on LIBOR-based
loans under the Revolving Credit Facility increased to
200 basis points, and the remaining lenders under the
Revolving Credit Facility received an up-front
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fee equal to 25 basis points of the $150.0 million
committed amount of the facility. The Revolving Credit Facility
matured on December 11, 2008.
Revolving Credit Facility On December 15, 2006, the Company entered into a $250.0 million revolving credit facility, which we refer to as the Revolving Credit Facility, with a group of banks. The Revolving Credit Facility provided loans for working capital and other general corporate purposes and also provided for issuance of letters of credit. Borrowings under the Revolving Credit Facility bore interest generally on the basis of the euro dollar rate, or EDR, the EDR plus 1.50% per annum. Additionally, we paid a per annum fee on any unused portion of the total committed facility of 0.25% during periods when the average outstanding loans under the Revolving Credit Facility were less than $125.0 million, and 0.125% per annum when the average outstanding loans were equal to or greater than $125.0 million and we paid customary agency fees. On March 20, 2008, the parties to the Revolving Credit Facility entered into a fourth amendment to the Revolving Credit Facility, extending the Stated Termination Date (as defined therein) to December 11, 2008, and reducing the commitments of the lenders to make loans thereunder, which we refer to as the Revolving Commitments, to $150.0 million. The Revolving Commitments were reduced to $100.0 million on June 30, 2008, $80.0 million on August 31, 2008, $60.0 million on September 30, 2008 and $40.0 million on October 31, 2008, with final maturity on December 11, 2008. The 2006-B Fourth Amendment also amended the Revolving Credit Facility so that Bear Stearns Corporate Lending Inc. had no further Revolving Commitments or loans outstanding under the Revolving Credit Facility, with JPMorgan Chase Bank, N.A. and Citicorp North America, Inc. being the remaining lenders. The applicable margin on LIBOR-based loans under the Revolving Credit Facility increased to 200 basis points, and the remaining lenders under the Revolving Credit Facility received an up-front
Table of Contentsfee equal to 25 basis points of the $150.0 million committed amount of the facility. The Revolving Credit Facility matured on December 11, 2008. Revolving
Credit Facility
On December 15, 2006, the Company entered into a $250,000
revolving credit facility with a group of banks which we refer
to as the “Revolving Credit Facility”. The Revolving
Credit Facility provided loans for working capital and other
general corporate purposes and also provided for issuance of
letters of credit. Borrowings under the Revolving Credit
Facility bore interest generally on the basis of the euro dollar
rate (the “EDR”), the EDR plus 1.50% per annum.
Additionally, we paid a per annum fee on any unused portion of
the total committed facility of 0.25%, during periods when the
average outstanding loans under the Revolving Credit Facility
were less than $125,000, and 0.125% per annum when the average
outstanding loans were equal to or greater than $125,000 and we
paid customary agency fees.
On March 20, 2008, the parties to the Revolving Credit
Facility entered into a fourth amendment to the Revolving Credit
Facility (the “2006-B Fourth Amendment”), extending
the Stated Termination Date (as defined therein) to
December 11, 2008, and reducing the commitments of the
lenders to make loans thereunder (the “Revolving
Commitments”) to $150,000. The Revolving Commitments were
reduced to $100,000 on June 30, 2008, $80,000 on
August 31, 2008, $60,000 on September 30, 2008 and
$40,000 on October 31, 2008, with final maturity on
December 11, 2008. The 2006-B Fourth Amendment also amended
the Revolving Credit Facility so that Bear Stearns Corporate
Lending Inc. had no further Revolving Commitments or loans
outstanding under the Revolving Credit Facility, with JPMorgan
Chase Bank, N.A. and Citicorp North America, Inc. The applicable
margin on LIBOR-based loans under the Revolving Credit Facility
increased to 200 basis points, and the remaining lenders
under the Revolving Credit Facility received an up-front fee
equal to 25 basis points of the $150,000 committed amount
of the facility.
The Revolving Credit Facility matured on December 11, 2008.
Revolving Credit Facility On December 15, 2006, the Company entered into a $250,000 revolving credit facility with a group of banks which we refer to as the “Revolving Credit Facility”. The Revolving Credit Facility provided loans for working capital and other general corporate purposes and also provided for issuance of letters of credit. Borrowings under the Revolving Credit Facility bore interest generally on the basis of the euro dollar rate (the “EDR”), the EDR plus 1.50% per annum. Additionally, we paid a per annum fee on any unused portion of the total committed facility of 0.25%, during periods when the average outstanding loans under the Revolving Credit Facility were less than $125,000, and 0.125% per annum when the average outstanding loans were equal to or greater than $125,000 and we paid customary agency fees. On March 20, 2008, the parties to the Revolving Credit Facility entered into a fourth amendment to the Revolving Credit Facility (the “2006-B Fourth Amendment”), extending the Stated Termination Date (as defined therein) to December 11, 2008, and reducing the commitments of the lenders to make loans thereunder (the “Revolving Commitments”) to $150,000. The Revolving Commitments were reduced to $100,000 on June 30, 2008, $80,000 on August 31, 2008, $60,000 on September 30, 2008 and $40,000 on October 31, 2008, with final maturity on December 11, 2008. The 2006-B Fourth Amendment also amended the Revolving Credit Facility so that Bear Stearns Corporate Lending Inc. had no further Revolving Commitments or loans outstanding under the Revolving Credit Facility, with JPMorgan Chase Bank, N.A. and Citicorp North America, Inc. The applicable margin on LIBOR-based loans under the Revolving Credit Facility increased to 200 basis points, and the remaining lenders under the Revolving Credit Facility received an up-front fee equal to 25 basis points of the $150,000 committed amount of the facility. The Revolving Credit Facility matured on December 11, 2008. This excerpt taken from the AYR 10-Q filed Nov 17, 2008. Revolving
Credit Facility
On March 20, 2008, the parties to the Revolving Credit
Facility entered into a fourth amendment to the Revolving Credit
Facility (the “2006-B Fourth Amendment”), extending
the Stated Termination Date (as defined therein) to
December 11, 2008, and reducing the commitments of the
lenders to make loans thereunder (the “Revolving
Commitments”) from $250,000 to $150,000. The Revolving
Commitments were reduced to $100,000 on June 30, 2008,
$80,000 on August 31, 2008, $60,000 on September 30,
2008 and will reduce further to $40,000 on October 31,
2008, with final maturity on December 11, 2008. The 2006-B
Fourth Amendment also amends the Revolving Credit Facility so
that Bear Stearns Corporate Lending Inc. will have no further
Revolving Commitments or loans outstanding under the Revolving
Credit Facility, with JPMorgan Chase Bank, N.A. and Citicorp
North America, Inc. each funding one-half of the Revolving
Commitments and the outstanding loans from the date of the
2006-B Fourth Amendment. The applicable margin on LIBOR-based
loans under the Revolving Credit Facility increased to
200 basis points, and the remaining lenders under the
Revolving Credit Facility received an up-front fee equal to
25 basis points of the $150,000 committed amount of the
facility.
At September 30, 2008, there were no outstanding loans and
we had no outstanding letters of credit under the Revolving
Credit Facility. The interest rate, including margin, applicable
to loans under the Revolving Credit Facility at
September 30, 2008 was 4.49%.
This excerpt taken from the AYR 10-Q filed Aug 8, 2008. Revolving
Credit Facility
On March 20, 2008, the parties to the Revolving Credit
Facility entered into a fourth amendment to the Revolving Credit
Facility (the “2006-B Fourth Amendment”), extending
the Stated Termination Date (as defined therein) to
December 11, 2008, and reducing the commitments of the
lenders to make loans thereunder (the “Revolving
Commitments”) from $250,000 to $150,000. The Revolving
Commitments were reduced to $100,000 on June 30, 2008, and
will reduce further to $80,000 on August 31, 2008, $60,000
on September 30, 2008 and $40,000 on October 31, 2008,
with final maturity on
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Aircastle
Limited and Subsidiaries
Notes to Unaudited Consolidated Financial Statements (Dollars in thousands, except per share amounts) June 30, 2008
December 11, 2008. The 2006-B Fourth Amendment also amends
the Revolving Credit Facility so that Bear Stearns Corporate
Lending Inc. will have no further Revolving Commitments or loans
outstanding under the Revolving Credit Facility, with JPMorgan
Chase Bank, N.A. and Citicorp North America, Inc. each funding
one-half of the Revolving Commitments and the outstanding loans
from the date of the 2006-B Fourth Amendment. The applicable
margin on LIBOR-based loans under the Revolving Credit Facility
increased to 200 basis points, and the remaining lenders
under the Revolving Credit Facility received an up-front fee
equal to 25 basis points of the $150,000 committed amount
of the facility.
At June 30, 2008, there were no outstanding loans and we
had no outstanding letters of credit under the Revolving Credit
Facility. The interest rate, including margin, applicable to
loans under the Revolving Credit Facility at June 30, 2008
was 4.48%.
This excerpt taken from the AYR 8-K filed Sep 26, 2007. Revolving Credit Facility On December 15, 2006, the Company entered into a $250,000 revolving credit facility (the “Revolving Credit Facility”) with a group of banks. The Revolving Credit Facility provides loans for working capital and other general corporate purposes and also provides for issuance of letters of credit for the account of any borrower up to $250,000 and matures on December 15, 2007. Borrowings under the Revolving Credit Facility bear interest (a) in the case of loans with an interest rate based on the applicable base rate (the “ABR”) plus 0.50% per annum or (b) in the case of loans with an interest rate based on the eurodollar rate (the “EDR”), the EDR plus 1.50% per annum. Additionally, we are subject to a per annum fee on any unused portion of the total committed facility of 0.25%, during periods when the average outstanding loans under the Revolving Credit Facility are less than $125.0 million, and 0.125% per annum when the average outstanding loans are equal to or greater than $125.0 million. Fees on any outstanding letters of credit will equal 1.625% per annum on the stated amount thereof. We are also required to pay customary agency fees. Additionally, we are required to maintain a net worth determined in accordance with GAAP of not less that $550,000. As of December 31, 2006, there were no borrowings under the Revolving Credit Facility. We are not permitted to pay dividends on our common shares to the extent a default or an event of default exists under our Revolving Credit Facility. | EXCERPTS ON THIS PAGE:
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