Exhibit A
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
| Payment Date: 15 September 2004. | |||||
| Calculation Date: 9 September 2004. | |||||
| (i) | ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates) | ||||
| Prior Balance | Deposits | Withdrawals | Balance on Calculation Date | ||
| 10-Aug-04 | 9-Sep-04 | ||||
| Lessee Funded Account | 0.00 | 0.00 | (0.00) | 0.00 | |
| Expense Account (note ii) | 4,948,940.63 | 7,055,903.28 | (8,350,288.46) | 3,654,555.45 | |
| Collection Account (note iii) | 81,893,710.93 | 23,630,503.92 | (21,893,710.93) | 83,630,503.92 | |
| - Miscellaneous Reserve | - | - | |||
| - Maintenance Reserve | 60,000,000.00 | 60,000,000.00 | |||
| - Security Deposit | - | - | |||
| - Other Collections (net of interim withdrawals) | 21,893,710.93 | 23,630,503.92 | |||
| Total | 86,842,651.56 | 30,686,407.20 | (30,243,999.39) | 87,285,059.37 | |
| (ii) | ANALYSIS OF EXPENSE ACCOUNT ACTIVITY | ||||
| Balance on preceding Calculation Date (August 10, 2004) | 4,948,940.63 | ||||
| Transfer from Collection Account (previous Payment Date) | 7,051,059.37 | ||||
| Transfer from Collection Account (interim deposit) | 0.00 | ||||
| Interest Earned during period | 4,843.91 | ||||
| Payments during period between prior Calculation Date and the relevant Calculation Date: | |||||
| - Payments on previous Payment Date | (2,985,048.13) | ||||
| - Other payments | (5,365,240.33) | ||||
| Balance on relevant Calculation Date (September 9, 2004) | 3,654,555.45 | ||||
| (iii) | ANALYSIS OF COLLECTION ACCOUNT ACTIVITY | ||||
| Balance on preceding Calculation Date (August 10, 2004) | 81,893,710.93 | ||||
| Collections during period (Note 2) | 23,630,503.92 | ||||
| Swap receipts (previous Payment Date) | 0.00 | ||||
| Transfer to Expense Account (previous Payment Date) | (7,051,059.37) | ||||
| Transfer to Expense Account (interim withdrawal) | 0.00 | ||||
| Net transfer to Lessee Funded Accounts | 0.00 | ||||
| Aggregate Certificate Payments (previous Payment Date) | (10,853,101.55) | ||||
| Swap payments (previous Payment Date) | (3,989,550.01) | ||||
| Balance on relevant Calculation Date (September 9, 2004) | 83,630,503.92 | ||||
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(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: | ||
| (ii) | a) Class A Interest | 2,573,045.99 | The class A minimum principal amount arrears | ||
| b) Swap Payments | 2,595,754.16 | are $50,061,691.67 following the payment of | |||
| (iii) | First Collection Account Top-up | 60,000,000.00 | $10,116,259.22 on September 15, 2004. | ||
| (iv) | Minimum Hedge Payment | 0.00 | |||
| (v) | Class A Minimum Principal (Note 1) | 10,116,259.22 | |||
| (vi) | Class B Interest | 0.00 | |||
| (vii) | Class B Minimum Principal | 0.00 | Note 2: | ||
| (viii) | Class C Interest | 0.00 | Collections include proceeds received in respect of | ||
| (ix) | Class D Interest | 0.00 | the sale of one A300C4-200 aircraft. | ||
| (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 | 87,285,059.37 | ||||
| Less Collection Account Top-Ups ((iii) and (x) above) | (60,000,000.00) | ||||
| 27,285,059.37 | |||||
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(iv) PAYMENT ON THE CERTIFICATES
| (a) | FLOATING RATE CERTIFICATES | A-6 | A-8 | A-9 | Class B | Note 3: | ||
| Applicable LIBOR | 1.60000% | 1.60000% | 1.60000% | 1.60000% | Step-up interest on Airplanes Group's subclass | |||
| Applicable Margin | 0.34000% | 0.37500% | 0.55000% | 0.75000% | A-8 notes is payable at point (xv) in the Priority of | |||
| Applicable Interest Rate | 1.94000% | 1.97500% | 2.15000% | 2.35000% | Payments. To the extent that step-up interest is | |||
| Interest Amount Payable | not paid, it will accrue in accordance with the | |||||||
| - Charge in current period on outstanding | terms of the subclass A-8 notes. Available | |||||||
| principal balance | 77,212.66 | 1,152,083.33 | 1,343,750.00 | 444,237.92 | cashflows were not sufficient to allow payment of | |||
| - Charge in current period on interest | step-up interest on any payment day to date. | |||||||
| arrears | N/A | N/A | N/A | 6,460.68 | Total step-up interest accrued and | |||
| - Accrued & unpaid interest from | unpaid on Airplanes Group's subclass A-8 notes | |||||||
| prior periods | N/A | N/A | N/A | 3,299,071.03 | at September 15, 2004 was $5,327,777.78. Interest on | |||
| unpaid step-up interest (also payable at point (xv) | ||||||||
| 77,212.66 | 1,152,083.33 | 1,343,750.00 | 3,749,769.63 | in the Priority of Payments) accrued and unpaid | ||||
| at September 15, 2004 was $80,590.27. | ||||||||
| Interest Amount Payment | 77,212.66 | 1,152,083.33 | 1,343,750.00 | 0.00 | ||||
| Step Up Interest Amount Payable (Note 3) | N/A | 302,198.14 | N/A | N/A | ||||
| Opening Principal Balance | 47,760,408.01 | 700,000,000.00 | 750,000,000.00 | 226,844,897.35 | ||||
| Minimum Principal Payment Amount | 10,116,259.22 | 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 | 10,116,259.22 | 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 | ||||||||
| (September 15, 2004) | 37,644,148.79 | 700,000,000.00 | 750,000,000.00 | 226,844,897.35 | ||||
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(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 | 149,240.39 | 302,840.31 | ||
| - Accrued & unpaid interest from prior periods | 21,974,044.75 | 33,416,861.56 | ||
| 24,499,264.83 | 37,300,114.37 | |||
| 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 (September 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 | ||||
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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 | 1.76000% | 1.76000% | 1.76000% | 1.76000% | |
| Applicable Margin | 0.34000% | 0.37500% | 0.55000% | 0.75000% | |
| Applicable Interest Rate | 2.10000% | 2.13500% | 2.31000% | 2.51000% | |
| (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 | 477.60 | 7,000.00 | 7,500.00 | 2,268.45 | |
| Total Principal Payments | (101.16) | 0.00 | 0.00 | 0.00 | |
| Closing Outstanding Principal Balance | 376.44 | 7,000.00 | 7,500.00 | 2,268.45 | |
| Total Interest Payment | 0.77 | 11.52 | 13.44 | 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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