On June 23, 2008, Transat A.T. Inc. entered into an agreement with National Bank of Canada regarding the remaining $143.5 million of its funds blocked in asset-backed commercial paper (ABCP) holdings. Based on the agreement, National Bank will provide Transat 3-year credit facilities for up to $107.6 million, or 75% of the nominal amount of Transat's ABCP holdings, through a mix of Iimited recourse and full recourse credit facilities, renewable annually at the discretion of the bank thereafter up to four times. The agreement is subject to usual conditions and to the definitive and final approval of the restructuring plan of the ABCP market before the Courts and its effectiveness and to the execution of a complete, final and unconditional release in favour of National Bank against any claim related to the ABCP. Transat has agreed to support the restructuring plan of the ABCP market and to discontinue its appeal of the judgement approving the restructuring plan. Transat A.T. was advised in the negotiation of this agreement by Bernard Bussières, its vice-president, legal affairs and secretary and a team from Fasken Martineau that included David Lemieux and Alexandre Gagnon.