EXHIBIT A
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| Payment Date: 15 April 2004. | |||||
| Calculation Date: 7 April 2004. | |||||
| (i) | ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates) | ||||
| Prior Balance | Deposits | Withdrawals | Balance on Calculation Date | ||
| 9-Mar-04 | 7-Apr-04 | ||||
| Lessee Funded Account | 0.00 | 0.00 | (0.00) | 0.00 | |
| Expense Account (note ii) | 8,199,073.91 | 7,806,804.69 | (13,797,974.58) | 2,207,904.02 | |
| Collection Account (note iii) | 82,767,931.63 | 19,746,441.70 | (25,767,931.63) | 76,746,441.70 | |
| - Miscellaneous Reserve | - | - | |||
| - Maintenance Reserve | 60,000,000.00 | 60,000,000.00 | |||
| - Security Deposit | - | - | |||
| - Other Collections (net of interim withdrawals) | 22,767,931.63 | 16,746,441.70 | |||
| Total | 90,967,005.54 | 27,553,246.39 | (39,565,906.21) | 78,954,345.72 | |
| (ii) | ANALYSIS OF EXPENSE ACCOUNT ACTIVITY | ||||
| Balance on preceding Calculation Date (March 9, 2004) | 8,199,073.91 | ||||
| Transfer from Collection Account (previous Payment Date) | 4,801,659.56 | ||||
| Transfer from Collection Account (interim deposit) | 3,000,000.00 | ||||
| Interest Earned during period | 5,145.13 | ||||
| Payments during period between prior Calculation Date and the relevant Calculation Date: | |||||
| - Payments on previous Payment Date | (2,618,269.67) | ||||
| - Other payments | (11,179,704.91) | ||||
| Balance on relevant Calculation Date (April 7, 2004) | 2,207,904.02 | ||||
| (iii) | ANALYSIS OF COLLECTION ACCOUNT ACTIVITY | ||||
| Balance on preceding Calculation Date (March 9, 2004) | 82,767,931.63 | ||||
| Collections during period | 19,741,311.02 | ||||
| Swap receipts (previous Payment Date) | 5,130.68 | ||||
| Transfer to Expense Account (previous Payment Date) | (4,801,659.56) | ||||
| Transfer to Expense Account (interim withdrawal) | (3,000,000.00) | ||||
| Net transfer to Lessee Funded Accounts | 0.00 | ||||
| Aggregate Certificate Payments (previous Payment Date) | (14,874,676.57) | ||||
| Swap payments (previous Payment Date) | (3,091,595.50) | ||||
| Balance on relevant Calculation Date (April 7, 2004) | 76,746,441.70 | ||||
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 | 2,062,204.52 | The class A minimum principal amount outstanding | |||
| b) Swap Payments | 3,506,123.68 | is $25,975,446.11 following the payment of | ||||
| (iii) | First Collection Account Top-up | 60,000,000.00 | $386,017.52 on April 15, 2004. | |||
| (iv) | Minimum Hedge Payment | 0.00 | ||||
| (v) | Class A Minimum Principal (Note 1) | 386,017.52 | ||||
| (vi) | Class B Interest | 0.00 | ||||
| (vii) | Class B Minimum Principal | 0.00 | ||||
| (viii) | Class C Interest | 0.00 | ||||
| (ix) | Class D Interest | 0.00 | ||||
| (x) | Second Collection Account Top-up | 0.00 | ||||
| (xi) | Class A Principal Adjustment Amount | 0.00 | ||||
| (xii) | Class C Scheduled Principal | 0.00 | ||||
| (xiii) | Class D Scheduled Principal | 0.00 | ||||
| (xiv) | Modification Payments | 0.00 | ||||
| (xv) | Soft Bullet Note Step-up Interest | 0.00 | ||||
| (xvi) | Class E Minimum Interest | 0.00 | ||||
| (xvii) | Supplemental Hedge Payment | 0.00 | ||||
| (xviii) | Class B Supplemental Principal | 0.00 | ||||
| (xix) | Class A Supplemental Principal | 0.00 | ||||
| (xx) | Class D Outstanding Principal | 0.00 | ||||
| (xxi) | Class C Outstanding Principal | 0.00 | ||||
| (xxii) | Class E Supplemental Interest | 0.00 | ||||
| (xxiii) | Class B Outstanding Principal | 0.00 | ||||
| (xxiv) | Class A Outstanding Principal | 0.00 | ||||
| (xxv) | Class E Accrued Unpaid Interest | 0.00 | ||||
| (xxvi) | Class E Outstanding Principal | 0.00 | ||||
| (xxvii) | Charitable Trust | 0.00 | ||||
| Total Payments with respect to Payment Date | 78,954,345.72 | |||||
| Less Collection Account Top-Ups ((iii) and (x)above) | (60,000,000.00) | |||||
18,954,345.72 | ||||||
Page 2 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| (iv) | PAYMENT ON THE CERTIFICATES | |||||||
| (a) | FLOATING RATE CERTIFICATES | A-6 | A-8 | A-9 | Class B | Note 2: | ||
| Applicable LIBOR | 1.09000% | 1.09000% | 1.09000% | 1.09000% | 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 April 15, 2004 was $3,840,277.78. Interest on unpaid step-up interest (also payable at point (xv) in the Priority of Payments) accrued and unpaid at April 15, 2004 was $39,076.70. | |||
| Applicable Margin | 0.34000% | 0.37500% | 0.55000% | 0.75000% | ||||
| Applicable Interest Rate | 1.43000% | 1.46500% | 1.64000% | 1.84000% | ||||
| Interest Amount Payable | ||||||||
| - Charge in current period on outstanding principal balance | 119,968.41 | 883,069.44 | 1,059,166.67 | 359,423.14 | ||||
| - Charge in current period on interest arrears | N/A | N/A | N/A | 2,226.53 | ||||
| - Accrued & unpaid interest from prior periods | N/A | N/A | N/A | 1,405,245.81 | ||||
| 119,968.41 | 883,069.44 | 1,059,166.67 | 1,766,895.48 | |||||
| Interest Amount Payment | 119,968.41 | 883,069.44 | 1,059,166.67 | 0.00 | ||||
| Step Up Interest Amount Payable (Note 2) | N/A | 307,432.88 | N/A | N/A | ||||
| Opening Principal Balance | 97,425,281.95 | 700,000,000.00 | 750,000,000.00 | 226,844,897.35 | ||||
| Minimum Principal Payment Amount | 386,017.52 | 0.00 | 0.00 | 0.00 | ||||
| Adjusted Principal Payment Amount | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Supplemental Principal Payment Amount | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Total Principal Distribution Amount | 386,017.52 | 0.00 | 0.00 | 0.00 | ||||
| Redemption Amount | ||||||||
| - amount allocable to principal | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| - premium allocable to premium | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| Outstanding Principal Balance (April 15, 2004) | 97,039,264.43 | 700,000,000.00 | 750,000,000.00 | 226,844,897.35 | ||||
Page 3 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ 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 | 65,208.01 | 131,564.97 | ||
| - Accrued & unpaid interest from prior periods | 9,601,179.06 | 14,517,513.82 | ||
| 12,042,366.76 | 18,229,491.29 | |||
| 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 (April 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 | 974.25 | 7,000.00 | 7,500.00 | 2,268.45 | |
| Total Principal Payments | (3.86) | 0.00 | 0.00 | 0.00 | |
| Closing Outstanding Principal Balance | 970.39 | 7,000.00 | 7,500.00 | 2,268.45 | |
| Total Interest Payment | 1.20 | 8.83 | 10.59 | 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
