Exhibit A
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| Prior Balance | Deposits | Withdrawals | Balance on Calculation Date | |||||
| 11-Apr-05 | 10-May-05 | |||||||
| Lessee Funded Account | 0.00 | 0.00 | (0.00 | ) | 0.00 | |||
| Expense Account (note ii) | 2,511,972.45 | 7,497,284.18 | (8,160,223.70 | ) | 1,849,032.93 | |||
| Collection Account (note iii) | 87,531,993.52 | 19,761,469.64 | (27,531,993.52 | ) | 79,761,469.64 | |||
| - Miscellaneous Reserve | - | - | ||||||
| - Maintenance Reserve | 60,000,000.00 | 60,000,000.00 | ||||||
| - Security Deposit | - | - | ||||||
| - Other Collections (net of interim withdrawals) | 27,531,993.52 | 19,761,469.64 | ||||||
| Total | 90,043,965.97 | 27,258,753.82 | (35,692,217.22 | ) | 81,610,502.57 | |||
| Balance on preceding Calculation Date (April 11, 2005) | 2,511,972.45 | |||||||
| Transfer from Collection Account (previous Payment Date) | 7,488,027.55 | |||||||
| Transfer from Collection Account (interim deposit) | 0.00 | |||||||
| Interest Earned during period | 9,256.63 | |||||||
| Payments during period between prior Calculation Date and the relevant Calculation Date: | ||||||||
| - Payments on previous Payment Date | (2,765,685.34 | ) | ||||||
| - Other payments | (5,394,538.36 | ) | ||||||
| Balance on relevant Calculation Date (May 10, 2005) | 1,849,032.93 | |||||||
| Balance on preceding Calculation Date (April 11, 2005) | 87,531,993.52 | |||||||
| Collections during period | 19,714,646.73 | |||||||
| Swap receipts (previous Payment Date) | 46,822.91 | |||||||
| Transfer to Expense Account (previous Payment Date) | (7,488,027.55 | ) | ||||||
| Transfer to Expense Account (interim withdrawal) | 0.00 | |||||||
| Net transfer to Lessee Funded Accounts | 0.00 | |||||||
| Aggregate Certificate Payments (previous Payment Date) | (18,757,715.70 | ) | ||||||
| Swap payments (previous Payment Date) | (1,286,250.27 | ) | ||||||
| Balance on relevant Calculation Date (May 10, 2005) | 79,761,469.64 | |||||||
Page 1 of 5
AIRPLANES Group
Report to Certificateholders
Allnumbers in US$unlessotherwise stated
| ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS | ||||||
| Priority of Payments | ||||||
| (i) | Required Expense Amount | 10,000,000.00 | Note 1: The class A minimum principal amount arrears are $160,030,258.38 following the payment of $6,461,569.05 on May 16, 2005. | |||
| (ii) | a) Class A Interest | 3,983,637.07 | ||||
| b) Swap Payments | 1,165,296.45 | |||||
| (iii) | First Collection Account Top-up | 60,000,000.00 | ||||
| (iv) | Minimum Hedge Payment | 0.00 | ||||
| (v) | Class A Minimum Principal (Note 1) | 6,461,569.05 | ||||
| (vi) | Class B Interest | 0.00 | ||||
| (vii) | Class B Minimum Principal | 0.00 | ||||
| (viii) | Class C Interest | 0.00 | ||||
| (ix) | Class D Interest | 0.00 | ||||
| (x) | Second Collection Account Top-up | 0.00 | ||||
| (xi) | Class A Principal Adjustment Amount | 0.00 | ||||
| (xii) | Class C Scheduled Principal | 0.00 | ||||
| (xiii) | Class D Scheduled Principal | 0.00 | ||||
| (xiv) | Modification Payments | 0.00 | ||||
| (xv) | Soft Bullet Note Step-up Interest | 0.00 | ||||
| (xvi) | Class E Minimum Interest | 0.00 | ||||
| (xvii) | Supplemental Hedge Payment | 0.00 | ||||
| (xviii) | Class B Supplemental Principal | 0.00 | ||||
| (xix) | Class A Supplemental Principal | 0.00 | ||||
| (xx) | Class D Outstanding Principal | 0.00 | ||||
| (xxi) | Class C Outstanding Principal | 0.00 | ||||
| (xxii) | Class E Supplemental Interest | 0.00 | ||||
| (xxiii) | Class B Outstanding Principal | 0.00 | ||||
| (xxiv) | Class A Outstanding Principal | 0.00 | ||||
| (xxv) | Class E Accrued Unpaid Interest | 0.00 | ||||
| (xxvi) | Class E Outstanding Principal | 0.00 | ||||
| (xxvii) | Charitable Trust | 0.00 | ||||
| Total Payments with respect to Payment Date | 81,610,502.57 | |||||
| Less Collection Account Top-Ups ((iii) and (x) above) | (60,000,000.00 | ) | ||||
| 21,610,502.57 | ||||||
Page 2 of 5
AIRPLANES Group
Report toCertificateholders
Allnumbers in US$unlessotherwise stated
| (a) FLOATING RATE CERTIFICATES | A-8 | A-9 | Class B | Note 2: | |||||
| Applicable LIBOR | 2.95375 | % | 2.95375 | % | 2.95375 | % | Step-up interest onAirplanesGroup'ssubclass A-8 notes ispayable at point (xv) in thePriority ofPayments. To the extent that step-upinterestis not paid, it will accrue inaccordance with the terms of thesubclassA-8 notes.Availablecashflows were notsufficient to allowpayment of step-upinterest on anypayment day to date. Total step-upinterest accrued and unpaid onAirplanesGroup'ssubclass A-8 notes at May 16, 2005 was $7,506,893.40. Interest on unpaid step-upinterest (alsopayable at point (xv) in thePriority ofPayments)accrued and unpaid at May 16, 2005 was $223,546.60. | ||
| Applicable Margin | 0.37500 | % | 0.55000 | % | 0.75000 | % | |||
| Applicable Interest Rate | 3.32875 | % | 3.50375 | % | 3.70375 | % | |||
| Interest Amount Payable | |||||||||
| - Charge in current period on outstanding principal balance | 1,720,798.53 | 2,262,838.54 | 723,485.57 | ||||||
| - Charge in current period on interest arrears | N/A | N/A | 25,200.51 | ||||||
| - Accrued & unpaid interest from prior periods | N/A | N/A | 7,901,480.60 | ||||||
| 1,720,798.53 | 2,262,838.54 | 8,650,166.68 | |||||||
| Interest Amount Payment | 1,720,798.53 | 2,262,838.54 | 0.00 | ||||||
| Step Up Interest Amount Payable (Note 2) | 283,029.14 | N/A | N/A | ||||||
| Opening Principal Balance | 600,329,455.85 | 750,000,000.00 | 226,844,897.35 | ||||||
| Minimum Principal Payment Amount | 6,461,569.05 | 0.00 | 0.00 | ||||||
| Adjusted Principal Payment Amount | 0.00 | 0.00 | 0.00 | ||||||
| Supplemental Principal Payment Amount | 0.00 | 0.00 | 0.00 | ||||||
| Total Principal Distribution Amount | 6,461,569.05 | 0.00 | 0.00 | ||||||
| Redemption Amount | |||||||||
| - amount allocable to principal | 0.00 | 0.00 | 0.00 | ||||||
| - premium allocable to premium | 0.00 | 0.00 | 0.00 | ||||||
| Outstanding Principal Balance (May 16, 2005) | 593,867,886.80 | 750,000,000.00 | 226,844,897.35 | ||||||
AIRPLANES Group
Report toCertificateholders
Allnumbers in US$unlessotherwise stated
| (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 | 289,750.14 | 593,469.80 | ||||
| - Accrued & unpaid interest from prior periods | 42,662,596.62 | 65,486,323.15 | ||||
| 45,328,326.45 | 69,660,205.45 | |||||
| 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 (May 16, 2005) | 349,837,500.00 | 395,080,000.00 | ||||
| Table of rescheduled Pool Factors in the event of a partial redemption | n/a | n/a | ||||
Page 4 of 5
AIRPLANES Group
Report toCertificateholders
Allnumbers in US$unlessotherwise stated
| A-8 | A-9 | Class B | ||||||
| Applicable LIBOR | 3.09000 | % | 3.09000 | % | 3.09000 | % | ||
| Applicable Margin | 0.37500 | % | 0.55000 | % | 0.75000 | % | ||
| Applicable Interest Rate | 3.46500 | % | 3.64000 | % | 3.84000 | % | ||
| (a) FLOATING RATE CERTIFICATES | ||||||||
| A-8 | A-9 | Class B | ||||||
| Opening Principal Amount | 6,003.29 | 7,500.00 | 2,268.45 | |||||
| Total Principal Payments | (64.62 | ) | 0.00 | 0.00 | ||||
| Closing Outstanding Principal Balance | 5,938.68 | 7,500.00 | 2,268.45 | |||||
| Total Interest Payment | 17.21 | 22.63 | 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
