Exhibit A
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| Payment Date: 15 January 2004. | ||||||
| Calculation Date: 9 January 2004. | ||||||
| (i) | ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates) | |||||
| Prior Balance | Deposits | Withdrawals | Balance on Calculation Date | |||
| 9-Dec-03 | 9-Jan-04 | |||||
| Lessee Funded Account | 0.00 | 0.00 | (0.00) | 0.00 | ||
| Expense Account (note ii) | 5,852,011.77 | 8,154,456.26 | (4,755,063.61) | 9,251,404.42 | ||
| Collection Account (note iii) | 86,328,139.25 | 23,593,388.96 | (26,328,139.25) | 83,593,388.96 | ||
| - Miscellaneous Reserve | - | - | ||||
| - Maintenance Reserve | 65,206,770.19 | 60,000,000.00 | ||||
| - Security Deposit | - | - | ||||
| - Other Collections (net of interim withdrawals) | 21,121,369.06 | 23,593,388.96 | ||||
| Total | 92,180,151.02 | 31,747,845.22 | (31,083,202.86) | 92,844,793.38 | ||
| (ii) | ANALYSIS OF EXPENSE ACCOUNT ACTIVITY | |||||
| Balance on preceding Calculation Date (December 9, 2003) | 5,852,011.77 | |||||
| Transfer from Collection Account (previous Payment Date) | 8,147,988.23 | |||||
| Transfer from Collection Account (interim deposit) | 0.00 | |||||
| Interest Earned during period | 6,468.03 | |||||
| Payments during period between prior Calculation Date and the relevant Calculation Date: | ||||||
| - Payments on previous Payment Date | (2,723,616.51) | |||||
| - Other payments | (2,031,447.10) | |||||
| Balance on relevant Calculation Date (January 9, 2004) | 9,251,404.42 | |||||
| (iii) | ANALYSIS OF COLLECTION ACCOUNT ACTIVITY | |||||
| Balance on preceding Calculation Date (December 9, 2003) | 86,328,139.25 | |||||
| Collections during period | 23,582,888.96 | |||||
| Swap receipts (previous Payment Date) | 10,500.00 | |||||
| Transfer to Expense Account (previous Payment Date) | (8,147,988.23) | |||||
| Transfer to Expense Account (interim withdrawal) | 0.00 | |||||
| Net transfer to Lessee Funded Accounts | 0.00 | |||||
| Aggregate Certificate Payments (previous Payment Date) | (14,604,500.48) | |||||
| Swap payments (previous Payment Date) | (3,575,650.54) | |||||
| Balance on relevant Calculation Date (January 9, 2004) | 83,593,388.96 | |||||
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 | 11,000,000.00 | Note 1: | |||
| (ii) | a) Class A Interest | 2,201,937.99 | Airplanes Group's cashflows are not adequate to pay | |||
| b) Swap Payments | 3,789,924.34 | minimum principal on the class A notes in full on the | ||||
| (iii) | First Collection Account Top-up | 60,000,000.00 | January 15, 2004 payment date. The minimum | |||
| (iv) | Minimum Hedge Payment | 0.00 | principal amount payable on the class A notes on | |||
| (v) | Class A Minimum Principal (Note 1) | 15,852,931.05 | this payment date is $16,810,496.97, however the | |||
| (vi) | Class B Interest (Note 1) | 0.00 | minimum principal payment on the class A notes is | |||
| (vii) | Class B Minimum Principal (Note 1) | 0.00 | $15,852,931.05, resulting in minimum principal | |||
| (viii) | Class C Interest (Note 1) | 0.00 | outstanding on the class A notes of $957,565.92 at | |||
| (ix) | Class D Interest (Note 1) | 0.00 | January 15, 2004. | |||
| (x) | Second Collection Account Top-up (Note 1) | 0.00 | Since minimum principal on the class A notes ranks | |||
| (xi) | Class A Principal Adjustment Amount | 0.00 | ahead of interest and minimum principal on the class | |||
| (xii) | Class C Scheduled Principal | 0.00 | B notes and interest on the class C and D notes in | |||
| (xiii) | Class D Scheduled Principal | 0.00 | the order of priority, cashflows are inadequate to | |||
| (xiv) | Modification Payments | 0.00 | pay any interest or minimum principal on the class B | |||
| (xv) | Soft Bullet Note Step-up Interest | 0.00 | notes or any interest on the class C and D notes on | |||
| (xvi) | Class E Minimum Interest | 0.00 | this payment date. In addition, cashflows are inadequate | |||
| (xvii) | Supplemental Hedge Payment | 0.00 | to allocate any funds to the "Second Collection | |||
| (xviii) | Class B Supplemental Principal | 0.00 | Account Top-up on this payment date. | |||
| (xix) | Class A Supplemental Principal | 0.00 | ||||
| (xx) | Class D Outstanding Principal | 0.00 | ||||
| (xxi) | Class C Outstanding Principal | 0.00 | ||||
| (xxii) | Class E Supplemental Interest | 0.00 | ||||
| (xxiii) | Class B Outstanding Principal | 0.00 | ||||
| (xxiv) | Class A Outstanding Principal | 0.00 | ||||
| (xxv) | Class E Accrued Unpaid Interest | 0.00 | ||||
| (xxvi) | Class E Outstanding Principal | 0.00 | ||||
| (xxvii) | Charitable Trust | 0.00 | ||||
| Total Payments with respect to Payment Date | 92,844,793.38 | |||||
| Less Collection Account Top-Ups ((iii) and (x)above) | (60,000,000.00) | |||||
| 32,844,793.38 | ||||||
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AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| (iv) | PAYMENT ON THE CERTIFICATES | |||||||
| (a) | FLOATING RATE CERTIFICATES | A-6 | A-8 | A-9 | Class B | Note 2: Step-up interest on Airplanes Group's subclass A-8 notes is payable at point (xv) in the Priority of Payments. To the extent that step-up interest is not paid, it will accrue in accordance with the terms of the subclass A-8 notes. Available cashflows were not sufficient to allow payment of step-up interest on any payment day to date. Total step-up interest accrued and unpaid on Airplanes Group's subclass A-8 notes at January 15, 2004 was $2,955,555.56. Interest on unpaid step-up interest (also payable at point (xv) in the Priority of Payments) accrued and unpaid at January 15, 2004 was $22,759.79. | ||
| Applicable LIBOR | 1.16250% | 1.16250% | 1.16250% | 1.16250% | ||||
| Applicable Margin | 0.34000% | 0.37500% | 0.55000% | 0.75000% | ||||
| Applicable Interest Rate | 1.50250% | 1.53750% | 1.71250% | 1.91250% | ||||
| Interest Amount Payable | ||||||||
| - Charge in current period on outstanding principal balance | 169,177.58 | 926,770.83 | 1,105,989.58 | 373,585.19 | ||||
| - Charge in current period on interest arrears | N/A | N/A | N/A | 543.36 | ||||
| - Accrued & unpaid interest from prior periods | N/A | N/A | N/A | 329,933.30 | ||||
| 169,177.58 | 926,770.83 | 1,105,989.58 | 704,061.85 | |||||
| Interest Amount Payment | 169,177.58 | 926,770.83 | 1,105,989.58 | 0.00 | ||||
| Step Up Interest Amount Payable (Note 2) | N/A | 306,077.37 | N/A | N/A | ||||
| Opening Principal Balance | 130,758,260.79 | 700,000,000.00 | 750,000,000.00 | 226,844,897.35 | ||||
| Minimum Principal Payment Amount | 15,852,931.05 | 0.00 | 0.00 | 0.00 | ||||
| Adjusted Principal Payment Amount | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Supplemental Principal Payment Amount | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Total Principal Distribution Amount | 15,852,931.05 | 0.00 | 0.00 | 0.00 | ||||
| Redemption Amount | ||||||||
| - amount allocable to principal | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| - premium allocable to premium | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Outstanding Principal Balance (January 15, 2004) | 114,905,329.74 | 700,000,000.00 | 750,000,000.00 | 226,844,897.35 | ||||
Page 3 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ 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 | 16,136.86 | 32,447.49 | ||
| – Accrued & unpaid interest from prior periods | 2,375,979.69 | 3,580,412.50 | ||
| 4,768,096.24 | 7,193,272.49 | |||
| 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 (January 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-6 | A-8 | A-9 | Class B | ||
| Applicable LIBOR | 1.10000% | 1.10000% | 1.10000% | 1.10000% | |
| Applicable Margin | 0.34000% | 0.37500% | 0.55000% | 0.75000% | |
| Applicable Interest Rate | 1.44000% | 1.47500% | 1.65000% | 1.85000% | |
| (vi) | CURRENT PERIOD PAYMENTS Per $100,000 Initial Outstanding Principal Balance of Certificates) | ||||
| (a) | FLOATING RATE CERTIFICATES | ||||
| A-6 | A-8 | A-9 | Class B | ||
| Opening Principal Amount | 1,307.58 | 7,000.00 | 7,500.00 | 2,268.45 | |
| Total Principal Payments | (158.53) | 0.00 | 0.00 | 0.00 | |
| Closing Outstanding Principal Balance | 1,149.05 | 7,000.00 | 7,500.00 | 2,268.45 | |
| Total Interest Payment | 1.69 | 9.27 | 11.06 | 0.00 | |
| Total Premium | 0.00 | 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 | |||
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