facility in Chile.
The Company continued to amortize deferred financing costs and debt discounts over the maturities of the respective financing agreements as before the violations, as the Company believed there was a reasonable likelihood that it would be able to successfully negotiate a waiver with the lenders and/or cure the defaults. The Company based this conclusion on (i) its past history of obtaining waivers and/or forbearance agreements with lenders, (ii) the nature and existence of active negotiations between the Company and the respective lenders to secure a waiver, (iii) ongoing efforts to cure certain of the defaults, (iv) the Company's timely servicing of these debt instruments and (v) the fact that no non-recourse financing has been accelerated to date and no project-level lender has notified the Company of such lenders election to enforce project security interests.
Refer to Note 2. Summary of Significant Accounting Policies and Note 13. Derivatives, respectively, for discussion of corresponding restricted cash and interest rate swap reclassifications to current as a result of these defaults.
Financing Lease Obligations
In certain transactions, the Company accounts for the proceeds of sale-leasebacks as financings, which are typically secured by the renewable energy facility asset and its future cash flows from energy sales, with no recourse to Terra LLC or Terra Operating LLC under the terms of the arrangement.
As a result of the First Wind Acquisition, the Company acquired $47.4 million of financing lease obligations. The financing lease obligations assumed by the Company include those pursuant to a sale-leaseback agreement, entered into by First Wind on November 21, 2012, whereby First Wind sold substantially all of the property, plant and equipment of the related wind power plant to a financial institution and simultaneously entered into a long-term lease with that financial institution for the use of the assets. Under the terms of the agreement, the Company will continue to operate the wind facility and has the option to extend the lease or repurchase the assets sold at the end of the lease term.
On May 22, 2015, SunEdison acquired the lessor interest in an operating solar generation facility referred to as the Duke Energy operating facility and concurrently sold the facility to the Company. Upon acquisition of this operating facility, the Company recognized a net gain on the extinguishment of debt of $11.4 million during the year ended December 31, 2015 due to the termination of $31.5 million of financing lease obligations of the operating facility.
First Wind Debt Extinguishment
The Company repaid certain long-term indebtedness for the renewable energy facilities acquired as part of the First Wind Acquisition. The Company recognized a loss on the extinguishment of debt of $6.4 million during the year ended December 31, 2015 as a result of this repayment.
Minimum Lease Payments
The aggregate amounts of minimum lease payments on the Company's financing lease obligations are $115.8 million. Contractual obligations for 2018 through 2022 and thereafter, are as follows:
Minimum lease obligations1
Represents the minimum lease payment due dates for the Company's financing lease obligations and does not reflect the reclassification of $39.4 million of financing lease obligations to current as a result of debt defaults under certain of the Company's non-recourse financing arrangements.