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Notice of Auction



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NOTICE  IS  HEREBY  GIVEN  that  on  June  27,  2019  at  10:00  a.m.  prevailing  Eastern  Time  (the  “Date  of  Sale”)  in  the
offices of Pillsbury Winthrop Shaw Pittman LLP, 31 W. 52nd Street, New York, New Yor k 10019-6109, ECN Aviation Inc.
(f/k/a  Element  Aviation  Inc.)  (as  assignee  of  Element  Financial  Corporation),  as  lender  (the  “Secured  Party”),  pursuant  to
Section 9-610 of the Revised Uniform Commercial Code as enacted in the State of New York (the “UCC”) and under the
following  agreements:  (i)  the  Aircraft  Loan  Agreement,  dated  July  2,  2014  (the  “Loan  Agreement”)  between  Aircraft
Acquisition Corp., as borrower (the “Borrower” ), and the Secured Party, as lender, in relation to the financing of one 2011
Agusta  SPA  model  AW109SP  Grand  New  Helicopter  bearing  manufacturer’s  serial  number  22234  and  United  States
registration mark N412FX (formerly N109GN); and (ii) the Aircraft Mortgage and Security Agreement, dated as of July 2,
2014  (the  “Mortgage”,  and  together  with  the  Loan  Agreement  and  all  related  loan  and  security  documents,  the  “ Loan
Documents”) between the Borrower and the Secured Party, will hold a public auction to offer for sale all of Borrower’s estate,
right, title and interest in and to the following assets and properties pledged by the Borrower to the Secured Party under the
Loan  Documents  (except  as  expressly  set  forth  below)  including  all  of  Borrower’s  right,  title  and  interest  in  and  to  the
One  (1)  2011  Agusta  SPA  model  AW109SP  Grand  New  Helicopter  bearing  manufacturer’s  serial
number  22234  and  United  States  registration  mark  N412FX  (formerly  N109GN)  (the  “Airframe”)
together with its two (2) Pratt & Whitney Canada model PW207C engines bearing manufacturer's serial
numbers  PCE-BH0547  and  PCE-BH0534  (the  “Engines”),  and  any  and  all  related  equipment,  logs,
records, and other materials in the actual possession of the Secured Party in respect of the Airframe and
the Engines (together with the Airframe and the Engines, the “ Aircraft”);
Any and all contract rights of the Secured Party under the Loan Documents  to seek payment of (i) all
principal, interest and other amounts; (ii) any costs and expenses reasonably incurred by the Secured
Party; and (iii) all rent and/or lease amounts paid or payable (the “Excluded Assets”). The Excluded
Assets include, without limitation, those claims against Robert Francis Xavier Sillerman in the chapter
11 bankruptcy proceeding, In re Robert Francis Xavier Sillerman, Case No. 17-13633 (MKV), in the
United States Bankruptcy Court for the Southern District of New York.
The Secured Party’s liens against the Aircraft are reflected in financing statements filed under the Uniform Commercial Code,
International  Interests  filed  with  the  International  Registry,  and  an  aircraft  mortgage  and  other  documents  filed  with  the
Federal Aviation  Administration; the details of such filings can be found at the website established by the Secured Party’s
broker  Blueberry  Aviation  SAM  (“Blueberry  Aviation”),  made  available  upon  request  to  Aurelie  Millet  at  the  contact
information below.

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The terms and conditions of the public sale are as follows:
1.  The Aircraft shall be sold as a whole lot on an “AS IS - WHERE IS” basis with all faults, and without recourse to the
Secured Party, its agents or representatives, and the Secured Party, its agents and representatives make no representations or
warranties, express or implied, as to the value, condition, merchantability or fitness for use or particular purpose of the Aircraft
or any other representation or warranty with respect to the Aircraft whatsoever. T he Secured Party does not claim title to the
Aircraft being sold hereunder and disclaims any warranty of title, possession, quiet enjoyment, and the like in this sale.
2.  The sale shall be a public auction to the highest qualified bidder. The Aircraft shall be sold for cash at such price or
prices  and  on  such  other  commercially  reasonable  terms  as  the  Secured  Party  may  determine.   The  minimum  bidding
increments will be US$50,000. Higher bids will continue to be entertained until the Secured Party has dete rmined that it has
received  the  highest  or  best  bid.   The  Secured  Party  shall  determine  which  bid  constitutes  the  highest  or  best  bid  (the
“Successful Bid”) by the bidder making the Successful Bid (the “Successful Bidder”). The Secured Party reserves the right to
(a) credit bid all or any part of the total amount of its outstanding debt balance under the Loan Agreement in satisfaction ( or
partial satisfaction) of the purchase price; (b) reject all bids and terminate the sale; (c) adjourn the sale to such o ther time or
times as the Secured Party may deem proper, only by announcement on the date and at the place of sale, and any subsequent
adjournment thereof, without further publication; and (d) impose any other commercially reasonable conditions upon the sa le
of an Aircraft as the Secured Party may deem proper.
3.  In  order  for  a  prospective  bidder  (other  than  the  Secured  Party)  to  be  eligible  to  bid  at  the  public  auction,  such
prospective  bidder  must  register  with  the  Secured  Party  and  deposit  with  the  Secured  Party  the  sum  of  US$100,000  by
certified or bank check, or by funds transfer of immediately available funds (which sum shall be refunded by the Secured Part y
in the event that such bidder is not the Successful Bidder), no later than three (3) business d ays prior to the start of the auction.
Eligible bidders may, at the discretion of the Secured Party, participate at the public auction by phone. Any purchaser at t he
public  sale  will  be  required  to  provide  certain  representations,  warranties,  and  covenants  concerning  past  and  future
compliance with the laws, rules and regulations for the United States and any other applicable jurisdiction pertaining to tra de
embargoes, export controls and transactions with designated persons and the foreign corrupt practi ces statutes of the United
States, all to the satisfaction of the Secured Party, in its sole discretion. Any purchaser will also be required to provide   all
documentation and information in respect of “Know Your Customer” requirements of the Secured Party.
4.  Within one hour of the conclusion of the public sale, the Successful Bidder will be required to deposit twenty percent
(10%) of the purchase price (less the initial deposit of US$100,000 required to establish eligibility) with the Secured Party  and
to  execute a confirmation of  sale  satisfactory  to the Secured Party;  provided, however,  that if the Successful Bidder  is the
Secured  Party,  then  payment  for  the  Aircraft  may  be  made  by  applying  against  the  purchase  price  the  amounts  due  to  the
Secured Party under the Loan Agreement by Borrower. Any bidder other than the Secured Party must pay the deposit in cash,
by certified or bank check, or by funds transfer of immediately available funds. The balance of the purchase price must be
paid by bank or certified check, or by funds transfer of immediately available funds, upon the execution and delivery of the
closing documents. The closing of sale to the Successful Bidder shall take place no later than fifteen (15) business days af ter
the Date of Sale. All other bidder deposits shall be returned within two (2) business days of the Date of Sale to the account
provided  by  each  such  bidder  in  its  bidder  registration  form.   All  sales  or  transfer  taxes,  if  any,  related  to  the  sale  of  the
Aircraft shall be paid by the purchaser to the Secured Party at the closing, and shall be in addition to the purchase price. At the
closing, the purchaser shall receive a bill of sale transferring the Aircraft, without warranty or recourse by or to the Secu red
Party, its agents or its representatives, in form and substance acceptable to the Secured Party.
5.  In the event that the Secured Party is unable for any reason to consummate the sale of the Aircraft to the Successful
Bidder at the public sale and to execute and deliver the closing documents, its sole liability to either such bidder shall be the
return of the principal amount of the deposit. In the event that the Successful Bidder is unable for any reason to consummat e
the purchase of the Aircraft and to execute and deliver t he closing documents, the Secured Party shall retain the deposit paid
by such bidder as liquidated damages for the costs of the sale and for the loss of a bargain, in lieu of all other damages.  By
bidding at the sale, such bidder acknowledges that it would not be possible to ascertain the Secured Party’s actual damages
under such circumstances.
6.   Potential  bidders  are  encouraged  to  perform  such  due  diligence  as  they  deem  necessary.   For  further  information
concerning  the  Aircraft  or  the  sale  herein  described,  prospective  bidders  may  request  access  to  the  website  of  Blueberry
Aviation  at  the  contact  information  below.   All  bidders  and  others  receiving  or  examining  non-public  information  will  be
required to enter into a non-disclosure agreement and keep the  information strictly confidential. Any inspection of records or
meeting or teleconference concerning the Aircraft shall be held by appointment only during regular business hours between
now and the date of sale. No information provided to a bidder in response to any such request shall constitute a representation
or warranty of any kind with respect to the Aircraft or the public sale.


For complete details and bid package contact:

Phone + 33 7 86 14 19 95