Arias, Fábrega & Fábrega acted as counsel to Citibank, N.A., as arranger and administrative agent under a US$100 million syndicated credit facility granted to co-borrowers TACA International Airlines, S.A., Líneas Aéreas Costarricenses, S.A., and Trans American Airlines, S.A. The loan was secured by a Panamanian trust constituted by affiliates of the TACA Group as settlors and Citibank, N.A., Panama Branch as trustee.

Pursuant to the Trust Agreement, the settlors and other affiliates of the TACA Group agreed to transfer to the Trustee certain receivables arising from sales of airline tickets through non face-to-face channels in three different jurisdictions, the proceeds of which will be deposited in offshore trust accounts encumbered under New York law governed security documents.