Exhibit A
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| Payment Date: 17 February 2004. | |||||
| Calculation Date: 10 February 2004. | |||||
| (i) | ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates) | ||||
| Prior Balance | Deposits | Withdrawals | Balance on Calculation Date | ||
| 9-Jan-04 | 10-Feb-04 | ||||
| Lessee Funded Account | 0.00 | 0.00 | (0.00) | 0.00 | |
| Expense Account (note ii) | 9,251,404.42 | 1,753,645.57 | (10,261,189.87) | 743,860.12 | |
| Collection Account (note iii) | 83,593,388.96 | 22,893,511.37 | (23,593,388.96) | 82,893,511.37 | |
| - Miscellaneous Reserve | - | - | |||
| - Maintenance Reserve | 60,000,000.00 | 60,000,000.00 | |||
| - Security Deposit | - | - | |||
| - Other Collections (net of interim withdrawals) | 23,593,388.96 | 22,893,511.37 | |||
| Total | 92,844,793.38 | 24,647,156.94 | (33,854,578.83) | 83,637,371.49 | |
| (ii) | ANALYSIS OF EXPENSE ACCOUNT ACTIVITY | ||||
| Balance on preceding Calculation Date (January 9, 2004) | 9,251,404.42 | ||||
| Transfer from Collection Account (previous Payment Date) | 1,748,595.58 | ||||
| Transfer from Collection Account (interim deposit) | 0.00 | ||||
| Interest Earned during period | 5,049.99 | ||||
| Payments during period between prior Calculation Date and the relevant Calculation Date: | |||||
| - Payments on previous Payment Date | (2,895,252.20) | ||||
| - Other payments | (7,365,937.67) | ||||
| Balance on relevant Calculation Date (February 10, 2004) | 743,860.12 | ||||
| (iii) | ANALYSIS OF COLLECTION ACCOUNT ACTIVITY | ||||
| Balance on preceding Calculation Date (January 9, 2004) | 83,593,388.96 | ||||
| Collections during period | 22,887,709.63 | ||||
| Swap receipts (previous Payment Date) | 5,801.74 | ||||
| Transfer to Expense Account (previous Payment Date) | (1,748,595.58) | ||||
| Transfer to Expense Account (interim withdrawal) | 0.00 | ||||
| Net transfer to Lessee Funded Accounts | 0.00 | ||||
| Aggregate Certificate Payments (previous Payment Date) | (18,054,869.04) | ||||
| Swap payments (previous Payment Date) | (3,789,924.34) | ||||
| Balance on relevant Calculation Date (February 10, 2004) | 82,893,511.37 | ||||
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 | 13,000,000.00 | Note 1: | |||
| (ii) | a) Class A Interest | 2,232,508.37 | Collections include proceeds received in advance under | |||
| b) Swap Payments | 3,984,245.85 | a contract for sale of two B737-200A aircraft. The sale | ||||
| (iii) | First Collection Account Top-up | 60,000,000.00 | is expected to be completed in the next period. | |||
| (iv) | Minimum Hedge Payment | 0.00 | ||||
| (v) | Class A Minimum Principal (Note 2) | 4,420,617.27 | Note 2: | |||
| (vi) | Class B Interest | 0.00 | The class A minimum principal amount outstanding | |||
| (vii) | Class B Minimum Principal | 0.00 | is $12,763,180.35 following the payment of $4,420,617.27 | |||
| (viii) | Class C Interest | 0.00 | on February 17, 2004. | |||
| (ix) | Class D Interest | 0.00 | ||||
| (x) | Second Collection Account Top-up | 0.00 | ||||
| (xi) | Class A Principal Adjustment Amount | 0.00 | ||||
| (xii) | Class C Scheduled Principal | 0.00 | ||||
| (xiii) | Class D Scheduled Principal | 0.00 | ||||
| (xiv) | Modification Payments | 0.00 | ||||
| (xv) | Soft Bullet Note Step-up Interest | 0.00 | ||||
| (xvi) | Class E Minimum Interest | 0.00 | ||||
| (xvii) | Supplemental Hedge Payment | 0.00 | ||||
| (xviii) | Class B Supplemental Principal | 0.00 | ||||
| (xix) | Class A Supplemental Principal | 0.00 | ||||
| (xx) | Class D Outstanding Principal | 0.00 | ||||
| (xxi) | Class C Outstanding Principal | 0.00 | ||||
| (xxii) | Class E Supplemental Interest | 0.00 | ||||
| (xxiii) | Class B Outstanding Principal | 0.00 | ||||
| (xxiv) | Class A Outstanding Principal | 0.00 | ||||
| (xxv) | Class E Accrued Unpaid Interest | 0.00 | ||||
| (xxvi) | Class E Outstanding Principal | 0.00 | ||||
| (xxvii) | Charitable Trust | 0.00 | ||||
| Total Payments with respect to Payment Date | 83,637,371.49 | |||||
| Less Collection Account Top-Ups ((iii) and (x)above) | (60,000,000.00) | |||||
| 23,637,371.49 | ||||||
Page 2 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| (iv) | PAYMENT ON THE CERTICATES | |||||||
| (a) | FLOATING RATE CERTIFICATES | A-6 | A-8 | A-9 | Class B | Note 3: | ||
| Applicable LIBOR | 1.10000% | 1.10000% | 1.10000% | 1.10000% | 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 February 17, 2004 was $3,276,388.89. Interest on unpaid step-up interest (also payable at point (xv) in the Priority of Payments) accrued and unpaid at February 17, 2004 was $28,151.78. | |||
| Applicable Margin | 0.34000% | 0.37500% | 0.55000% | 0.75000% | ||||
| Applicable Interest Rate | 1.44000% | 1.47500% | 1.65000% | 1.85000% | ||||
| Interest Amount Payable | ||||||||
| - Charge in current period on outstanding principal balance | 151,675.04 | 946,458.33 | 1,134,375.00 | 384,691.14 | ||||
| - Charge in current period on interest arrears | N/A | N/A | N/A | 1,193.97 | ||||
| - Accrued & unpaid interest from prior periods | N/A | N/A | N/A | 704,061.85 | ||||
| 151,675.04 | 946,458.33 | 1,134,375.00 | 1,089,946.96 | |||||
| Interest Amount Payment | 151,675.04 | 946,458.33 | 1,134,375.00 | 0.00 | ||||
| Step Up Interest Amount Payable (Note 3) | N/A | 326,225.33 | N/A | N/A | ||||
| Opening Principal Balance | 114,905,329.74 | 700,000,000.00 | 750,000,000.00 | 226,844,897.35 | ||||
| Minimum Principal Payment Amount | 4,420,617.27 | 0.00 | 0.00 | 0.00 | ||||
| Adjusted Principal Payment Amount | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Supplemental Principal Payment Amount | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Total Principal Distribution Amount | 4,420,617.27 | 0.00 | 0.00 | 0.00 | ||||
| Redemption Amount | ||||||||
| - amount allocable to principal | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| - premium allocable to premium | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Outstanding Principal Balance (February 17, 2004) | 110,484,712.47 | 700,000,000.00 | 750,000,000.00 | 226,844,897.35 | ||||
Page 3 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ 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 | 32,383.32 | 65,189.03 | ||
| - Accrued & unpaid interest from prior periods | 4,768,096.24 | 7,193,272.49 | ||
| 7,176,459.25 | 10,838,874.02 | |||
| 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 (February 17, 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 | 1.09438% | 1.09438% | 1.09438% | 1.09438% | |
| Applicable Margin | 0.34000% | 0.37500% | 0.55000% | 0.75000% | |
| Applicable Interest Rate | 1.43438% | 1.46938% | 1.64438% | 1.84438% | |
| (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 | 1,149.05 | 7,000.00 | 7,500.00 | 2,268.45 | |
| Total Principal Payments | (44.21) | 0.00 | 0.00 | 0.00 | |
| Closing Outstanding Principal Balance | 1,104.85 | 7,000.00 | 7,500.00 | 2,268.45 | |
| Total Interest Payment | 1.52 | 9.46 | 11.34 | 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 | |||
Page 5 of 5
