On January 10, 2013, AABS Limited (“AABS”), a bankruptcy remote limited liability company organized under the laws of Bermuda and tax resident in Ireland, closed an asset-backed secured term loan facility, comprised of $557.01 million of Series A loans and $93.335 million of Series B loans. The proceeds of the Series A and B loans were used by AABS to partially finance the purchase of a high-quality portfolio of 26 commercial passenger aircraft from affiliates of GE Capital Aviation Services Limited (“GECAS”) consisting primarily of young tier 1 aircraft (in-production, in-demand aircraft types) with long expected remaining useful lives. Credit enhancement is comprised primarily of overcollateralization and a liquidity facility provided by Credit Agricole CIB. The Series A loans have an initial loan-to-value (“LTV”) of 60% and the Series B loans have an initial LTV of 70%. The transaction also benefits from various performance triggers which could accelerate amortization. GECAS will act as servicer of the aircraft. The transaction is the first of its kind in 2013.