Exhibit A
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| Payment Date: 15 June 2004. | |
| Calculation Date: 9 June 2004. | |
| (i) | ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates) | |||||
| Prior Balance | Deposits | Withdrawals | Balance on Calculation Date | |||
| 11-May-04 | 9-Jun-04 | |||||
| Lessee Funded Account | 0.00 | 0.00 | (0.00) | 0.00 | ||
| Expense Account (note ii) | 6,261,073.68 | 6,743,582.96 | (8,106,929.47) | 4,897,727.17 | ||
| Collection Account (note iii) | 94,806,942.82 | 22,041,068.17 | (34,806,942.82) | 82,041,068.17 | ||
| - Miscellaneous Reserve | - | - | ||||
| - Maintenance Reserve | 60,000,000.00 | 60,000,000.00 | ||||
| - Security Deposit | - | - | ||||
| - Other Collections (net of interim withdrawals) | 34,806,942.82 | 22,041,068.17 | ||||
| Total | 101,068,016.50 | 28,784,651.13 | (42,913,872.29) | 86,938,795.34 | ||
| (ii) | ANALYSIS OF EXPENSE ACCOUNT ACTIVITY | |||||
| Balance on preceding Calculation Date (May 11, 2004) | 6,261,073.68 | |||||
| Transfer from Collection Account (previous Payment Date) | 6,738,926.32 | |||||
| Transfer from Collection Account (interim deposit) | 0.00 | |||||
| Interest Earned during period | 4,656.64 | |||||
| Payments during period between prior Calculation Date and the relevant Calculation Date: | ||||||
| - Payments on previous Payment Date | (3,197,360.36) | |||||
| - Other payments | (4,909,569.11) | |||||
| Balance on relevant Calculation Date (June 9, 2004) | 4,897,727.17 | |||||
| (iii) | ANALYSIS OF COLLECTION ACCOUNT ACTIVITY | |||||
| Balance on preceding Calculation Date (May 11, 2004) | 94,806,942.82 | |||||
| Collections during period (Note 1) | 22,041,068.17 | |||||
| Swap receipts (previous Payment Date) | 0.00 | |||||
| Transfer to Expense Account (previous Payment Date) | (6,738,926.32) | |||||
| Transfer to Expense Account (interim withdrawal) | 0.00 | |||||
| Net transfer to Lessee Funded Accounts | 0.00 | |||||
| Aggregate Certificate Payments (previous Payment Date) | (24,633,165.39) | |||||
| Swap payments (previous Payment Date) | (3,434,851.11) | |||||
| Balance on relevant Calculation Date (June 9, 2004) | 82,041,068.17 | |||||
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 1: Collections include proceeds received in respect of the sale of one DC8-71F aircraft and one B737-200A aircraft. | ||
| (ii) | a) Class A Interest | 1,915,086.89 | |||
| b) Swap Payments | 2,992,799.99 | ||||
| (iii) | First Collection Account Top-up | 60,000,000.00 | |||
| (iv) | Minimum Hedge Payment | 0.00 | |||
| (v) | Class A Minimum Principal (Note 2) | 10,030,908.46 | |||
| (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 | Note 2: The class A minimum principal amount arrears are $31,384,219.57 following the payment of $10,030,908.46 on June 15, 2004. | ||
| (xiv) | Modification Payments | 0.00 | |||
| (xv) | Soft Bullet Note Step-up Interest | 0.00 | |||
| (xvi) | Class E Minimum Interest | 0.00 | |||
| (xvii) | Supplemental Hedge Payment | 0.00 | |||
| (xviii) | Class B Supplemental Principal | 0.00 | |||
| (xix) | Class A Supplemental Principal | 0.00 | |||
| (xx) | Class D Outstanding Principal | 0.00 | |||
| (xxi) | Class C Outstanding Principal | 0.00 | |||
| (xxii) | Class E Supplemental Interest | 0.00 | |||
| (xxiii) | Class B Outstanding Principal | 0.00 | |||
| (xxiv) | Class A Outstanding Principal | 0.00 | |||
| (xxv) | Class E Accrued Unpaid Interest | 0.00 | |||
| (xxvi) | Class E Outstanding Principal | 0.00 | |||
| (xxvii) | Charitable Trust | 0.00 | |||
| Total Payments with respect to Payment Date | 86,938,795.34 | ||||
| Less Collection Account Top-Ups ((iii) and (x)above) | (60,000,000.00) | ||||
| 26,938,795.34 | |||||
Page 2 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
(iv) PAYMENT ON THE CERTIFICATES
| (a) | FLOATING RATE CERTIFICATES | A-6 | A-8 | A-9 | Class B | Note 3: 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 June 15, 2004 was $4,433,333.33. Interest on unpaid step-up interest (also payable at point (xv) in the Priority of Payments) accrued and unpaid at June 15, 2004 was $52,564.87. | |
| Applicable LIBOR | 1.10000% | 1.10000% | 1.10000% | 1.10000% | |||
| Applicable Margin | 0.34000% | 0.37500% | 0.55000% | 0.75000% | |||
| Applicable Interest Rate | 1.44000% | 1.47500% | 1.65000% | 1.85000% | |||
| Interest Amount Payable | |||||||
| - Charge in current period on outstanding principal balance | 86,475.78 | 831,736.11 | 996,875.00 | 338,061.91 | |||
| - Charge in current period on interest arrears | N/A | N/A | N/A | 3,193.42 | |||
| - Accrued & unpaid interest from prior periods | N/A | N/A | N/A | 2,142,834.87 | |||
| 86,475.78 | 831,736.11 | 996,875.00 | 2,484,090.20 | ||||
| Interest Amount Payment | 86,475.78 | 831,736.11 | 996,875.00 | 0.00 | |||
| Step Up Interest Amount Payable (Note 3) | N/A | 288,622.19 | N/A | N/A | |||
| Opening Principal Balance | 74,548,087.08 | 700,000,000.00 | 750,000,000.00 | 226,844,897.35 | |||
| Minimum Principal Payment Amount | 10,030,908.46 | 0.00 | 0.00 | 0.00 | |||
| Adjusted Principal Payment Amount | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Supplemental Principal Payment Amount | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Total Principal Distribution Amount | 10,030,908.46 | 0.00 | 0.00 | 0.00 | |||
| Redemption Amount | |||||||
| - amount allocable to principal | 0.00 | 0.00 | 0.00 | 0.00 | |||
| - premium allocable to premium | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Outstanding Principal Balance (June 15, 2004) | 64,517,178.62 | 700,000,000.00 | 750,000,000.00 | 226,844,897.35 | |||
Page 3 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ 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 | 98,480.08 | 199,149.42 | ||
| - Accrued & unpaid interest from prior periods | 14,500,134.19 | 21,975,108.55 | ||
| 16,974,593.96 | 25,754,670.47 | |||
| 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 (June 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 | 1.23875% | 1.23875% | 1.23875% | 1.23875% | |
| Applicable Margin | 0.34000% | 0.37500% | 0.55000% | 0.75000% | |
| Applicable Interest Rate | 1.57875% | 1.61375% | 1.78875% | 1.98875% | |
| (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 | 745.48 | 7,000.00 | 7,500.00 | 2,268.45 | |
| Total Principal Payments | (100.31) | 0.00 | 0.00 | 0.00 | |
| Closing Outstanding Principal Balance | 645.17 | 7,000.00 | 7,500.00 | 2,268.45 | |
| Total Interest Payment | 0.86 | 8.32 | 9.97 | 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
