Exhibit A
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| Payment Date: 15 November 2004. | |||||||
| Calculation Date: 8 November 2004. | |||||||
| (i) | ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates) | ||||||
| Prior Balance | Deposits | Withdrawals | Balance on Calculation Date | ||||
| 8-Oct-04 | 8-Nov-04 | ||||||
| Lessee Funded Account | 0.00 | 0.00 | (0.00) | 0.00 | |||
| Expense Account (note ii) | 5,013,925.38 | 6,995,276.23 | (4,701,014.94) | 7,308,186.67 | |||
| Collection Account (note iii) | 132,006,246.13 | 22,549,705.18 | (72,006,246.13) | 82,549,705.18 | |||
| - Miscellaneous Reserve | - | - | |||||
| - Maintenance Reserve | 60,000,000.00 | 60,000,000.00 | |||||
| - Security Deposit | - | - | |||||
| - Other Collections (net of interim withdrawals) | 72,006,246.13 | 22,549,705.18 | |||||
| Total | 137,020,171.51 | 29,544,981.41 | (76,707,261.07) | 89,857,891.85 | |||
| (ii) | ANALYSIS OF EXPENSE ACCOUNT ACTIVITY | ||||||
| Balance on preceding Calculation Date (October 8, 2004) | 5,013,925.38 | ||||||
| Transfer from Collection Account (previous Payment Date) | 6,986,074.62 | ||||||
| Transfer from Collection Account (interim deposit) | 0.00 | ||||||
| Interest Earned during period | 9,201.61 | ||||||
| Payments during period between prior Calculation Date and the relevant Calculation Date: | |||||||
| - Payments on previous Payment Date | (2,625,588.94 | ) | |||||
| - Other payments | (2,075,426.00 | ) | |||||
| Balance on relevant Calculation Date (November 8, 2004) | 7,308,186.67 | ||||||
| (iii) | ANALYSIS OF COLLECTION ACCOUNT ACTIVITY | ||||||
| Balance on preceding Calculation Date (October 8, 2004) | 132,006,246.13 | Note 1: | |||||
| Collections during period (Note 1) | 22,549,705.18 | Collections include proceeds received in respect of the sale of one | |||||
| Swap receipts (previous Payment Date) | 0.00 | MD83 aircraft. | |||||
| Transfer to Expense Account (previous Payment Date) | (6,986,074.62 | ) | |||||
| Transfer to Expense Account (interim withdrawal) | 0.00 | ||||||
| Net transfer to Lessee Funded Accounts | 0.00 | ||||||
| Aggregate Certificate Payments (previous Payment Date) | (62,612,073.60 | ) | |||||
| Swap payments (previous Payment Date) | (2,408,097.91 | ) | |||||
| Balance on relevant Calculation Date (November 8, 2004) | 82,549,705.18 | ||||||
Page 1 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| (iii) | ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd) | |||||||
| ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS | ||||||||
| Priority of Payments | ||||||||
| (i) | Required Expense Amount | 12,000,000.00 | Note 2: | |||||
| (ii) | a) Class A Interest | 2,873,210.96 | The class A minimum principal amount arrears | |||||
| b) Swap Payments | 2,299,784.48 | are $125,165,823.47 following the payment of | ||||||
| (iii) | First Collection Account Top-up | 60,000,000.00 | $12,684,896.41 on November 15, 2004. | |||||
| (iv) | Minimum Hedge Payment | 0.00 | ||||||
| (v) | Class A Minimum Principal (Note 2) | 12,684,896.41 | ||||||
| (vi) | Class B Interest | 0.00 | ||||||
| (vii) | Class B Minimum Principal | 0.00 | ||||||
| (viii) | Class C Interest | 0.00 | ||||||
| (ix) | Class D Interest | 0.00 | ||||||
| (x) | Second Collection Account Top-up | 0.00 | ||||||
| (xi) | Class A Principal Adjustment Amount | 0.00 | ||||||
| (xii) | Class C Scheduled Principal | 0.00 | ||||||
| (xiii) | Class D Scheduled Principal | 0.00 | ||||||
| (xiv) | Modification Payments | 0.00 | ||||||
| (xv) | Soft Bullet Note Step-up Interest | 0.00 | ||||||
| (xvi) | Class E Minimum Interest | 0.00 | ||||||
| (xvii) | Supplemental Hedge Payment | 0.00 | ||||||
| (xviii) | Class B Supplemental Principal | 0.00 | ||||||
| (xix) | Class A Supplemental Principal | 0.00 | ||||||
| (xx) | Class D Outstanding Principal | 0.00 | ||||||
| (xxi) | Class C Outstanding Principal | 0.00 | ||||||
| (xxii) | Class E Supplemental Interest | 0.00 | ||||||
| (xxiii) | Class B Outstanding Principal | 0.00 | ||||||
| (xxiv) | Class A Outstanding Principal | 0.00 | ||||||
| (xxv) | Class E Accrued Unpaid Interest | 0.00 | ||||||
| (xxvi) | Class E Outstanding Principal | 0.00 | ||||||
| (xxvii) | Charitable Trust | 0.00 | ||||||
| Total Payments with respect to Payment Date | 89,857,891.85 | |||||||
| Less Collection Account Top-Ups ((iii) and (x) above) | (60,000,000.00 | ) | ||||||
| 29,857,891.85 | ||||||||
| | ||||||||
Page 2 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| (iv) | PAYMENT ON THE CERTIFICATES | ||||||||
| (a) | FLOATING RATE CERTIFICATES | A-8 | A-9 | Class B | Note 3: | ||||
| Applicable LIBOR | 1.87000% | 1.87000% | 1.87000% | Step-up interest on Airplanes Group's subclass A-8 notes is | |||||
| Applicable Margin | 0.37500% | 0.55000% | 0.75000% | payable at point (xv) in the Priority of Payments. To the extent | |||||
| Applicable Interest Rate | 2.24500% | 2.42000% | 2.62000% | that step-up interestis not paid, it will accrue in accordance with | |||||
| Interest Amount Payable | the terms of the subclass A-8 notes. Available cashflows were | ||||||||
| - Charge in current period on outstanding | not sufficient to allow payment of step-up interest on any payment | ||||||||
| principal balance | 1,310,294.29 | 1,562,916.67 | 511,787.29 | day to date. Total step-up interest accrued and unpaid on | |||||
| - Charge in current period on interest | Airplanes Group's subclass A-8 notes at November 15, 2004 was | ||||||||
| arrears | N/A | N/A | 9,548.08 | $5,911,269.45. Interest on unpaid step-up interest (also payable | |||||
| - Accrued & unpaid interest from prior | at point (xv) in the Priority of Payments) accrued and unpaid at | ||||||||
| periods | N/A | N/A | 4,232,096.81 | November 15, 2004 was $105,967.67. | |||||
| 1,310,294.29 | 1,562,916.67 | 4,753,432.18 | |||||||
| Interest Amount Payment | 1,310,294.29 | 1,562,916.67 | 0.00 | ||||||
| Step Up Interest Amount Payable (Note 3) | 305,326.54 | N/A | N/A | ||||||
| Opening Principal Balance | 677,787,119.12 | 750,000,000.00 | 226,844,897.35 | ||||||
| Minimum Principal Payment Amount | 12,684,896.41 | 0.00 | 0.00 | ||||||
| Adjusted Principal Payment Amount | 0.00 | 0.00 | 0.00 | ||||||
| Supplemental Principal Payment Amount | 0.00 | 0.00 | 0.00 | ||||||
| Total Principal Distribution Amount | 12,684,896.41 | 0.00 | 0.00 | ||||||
| Redemption Amount | |||||||||
| - amount allocable to principal | 0.00 | 0.00 | 0.00 | ||||||
| - premium allocable to premium | 0.00 | 0.00 | 0.00 | ||||||
| Outstanding Principal Balance | |||||||||
| (November 15, 2004) | 665,102,222.71 | 750,000,000.00 | 226,844,897.35 | ||||||
Page 3 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| (iv) | PAYMENT ON THE CERTIFICATES | ||||
| | |||||
| (b) | FIXED RATE CERTIFICATES | Class C | Class D | ||
| Applicable Interest Rate | 8.1500% | 10.8750% | |||
| Interest Amount Payable | |||||
| - Charge in current period on outstanding principal balance | 2,375,979.69 | 3,580,412.50 | |||
| - Charge in current period on interest arrears | 183,657.77 | 373,543.19 | |||
| - Accrued & unpaid interest from prior periods | 27,041,635.36 | 41,218,559.16 | |||
| 29,601,272.82 | 45,172,514.85 | ||||
| Interest Amount Payment | 0.00 | 0.00 | |||
| Opening Principal Balance | 349,837,500.00 | 395,080,000.00 | |||
| Scheduled Principal Payment Amount | 0.00 | 0.00 | |||
| Redemption Amount | 0.00 | 0.00 | |||
| - amount allocable to principal | 0.00 | 0.00 | |||
| - amount allocable to premium | 0.00 | 0.00 | |||
| Actual Pool Factor | 0.9329000 | 0.9877000 | |||
| Outstanding Principal Balance (November 15, 2004) | 349,837,500.00 | 395,080,000.00 | |||
| | |||||
| Table of rescheduled Pool Factors | n/a | n/a | |||
| in the event of a partial redemption | |||||
Page 4 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| (v) | FLOATING RATE CERTIFICATE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD (Aggregate Amounts) | ||||||
| A-8 | A-9 | Class B | |||||
| Applicable LIBOR | 2.09000% | 2.09000% | 2.09000% | ||||
| Applicable Margin | 0.37500% | 0.55000% | 0.75000% | ||||
| Applicable Interest Rate | 2.46500% | 2.64000% | 2.84000% | ||||
| | |||||||
| (vi) | CURRENT PERIOD PAYMENTS Per $100,000 Initial Outstanding Principal Balance of Certificates) | ||||||
| | |||||||
| (a) | FLOATING RATE CERTIFICATES | ||||||
| A-8 | A-9 | Class B | |||||
| Opening Principal Amount | 6,777.87 | 7,500.00 | 2,268.45 | ||||
| Total Principal Payments | (126.85 | ) | 0.00 | 0.00 | |||
| Closing Outstanding Principal Balance | 6,651.02 | 7,500.00 | 2,268.45 | ||||
| Total Interest Payment | 13.10 | 15.63 | 0.00 | ||||
| Total Premium | 0.00 | 0.00 | 0.00 | ||||
| | |||||||
| | |||||||
| (b) | FIXED RATE CERTIFICATES | ||||||
| Class C | Class D | ||||||
| Opening Principal Amount | 3,498.38 | 3,950.80 | |||||
| Total Principal Payments | 0.00 | 0.00 | |||||
| Outstanding Principal Balance | 3,498.38 | 3,950.80 | |||||
| Total Interest Payment | 0.00 | 0.00 | |||||
| Total Premium | 0.00 | 0.00 | |||||
Page 5 of 5
