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NAV CANADA agreed to make a total investment in Aireon of up to $150 million. This investment will be made in five tranches, each subject to the satisfaction of various operational, commercial, regulatory and financial conditions. Payment for the first tranche — amounting to $15 million and representing 5.1 percent of the fully diluted equity of Aireon — was made on November 19, 2012. The final tranche is scheduled for late 2017, and NAV CANADA’s preferred membership interest could ultimately represent up to 51 percent of the filly diluted equity of Aireon.