In 2008, the Cebu entered into ECA-backed loan facilities to partially finance the purchase of six ATR 72-500 turboprop aircraft. However in 2010, the Group disposed one (1) ATR 72-500 turboprop aircraft after one aircraft crashed. Subsequently, the ECA-backed loan facilities only covered five (5) aircraft 72-500 turboprop aircraft. The security trustee of the ECA loans established BLL, a special purpose company, which purchased the aircraft from the supplier and leases such aircraft to the Parent Company pursuant to ten-year finance lease agreements. The semi-annual rental payments made by the Parent Company to BLL corresponds to the principal and interest payments made by BLL to the ECA-backed lenders. The semi-annual lease rentals to BLL are guaranteed by JGSHI. The Parent Company has the option to purchase the aircraft for a nominal amount at the end of such leases.