Exhibit A
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unlessotherwise stated
| Payment Date: 15 February 2005. | ||||||
| Calculation Date: 9 February 2005. | ||||||
| (i) | ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates) | |||||
| Prior Balance | Deposits | Withdrawals | Balance on Calculation Date | |||
| 11-Jan-05 | 9-Feb-05 | |||||
| Lessee Funded Account | 0.00 | 0.00 | (0.00) | 0.00 | ||
| Expense Account (note ii) | 4,115,577.10 | 8,889,148.84 | (10,998,208.20) | 2,006,517.74 | ||
| Collection Account (note iii) | 95,743,041.95 | 18,614,023.37 | (38,743,041.95) | 75,614,023.37 | ||
| - Miscellaneous Reserve | - | - | ||||
| - Maintenance Reserve | 60,000,000.00 | 60,000,000.00 | ||||
| - Security Deposit | - | - | ||||
| - Other Collections (net of interim withdrawals) | 35,743,041.95 | 15,614,023.37 | ||||
| Total | 99,858,619.05 | 27,503,172.21 | (49,741,250.15) | 77,620,541.11 | ||
| (ii) | ANALYSIS OF EXPENSE ACCOUNT ACTIVITY | |||||
| Balance on preceding Calculation Date (January 11, 2005) | 4,115,577.10 | |||||
| Transfer from Collection Account (previous Payment Date) | 5,884,422.90 | |||||
| Transfer from Collection Account (interim deposit) | 3,000,000.00 | |||||
| Interest Earned during period | 4,725.94 | |||||
| Payments during period between prior Calculation Date and the relevant Calculation Date: | ||||||
| - Payments on previous Payment Date | (2,825,222.29) | |||||
| - Other payments | (8,172,985.91) | |||||
| Balance on relevant Calculation Date (February 9, 2005) | 2,006,517.74 | |||||
| (iii) | ANALYSIS OF COLLECTION ACCOUNT ACTIVITY | |||||
| Balance on preceding Calculation Date (January 11, 2005) | 95,743,041.95 | Note 1: | ||||
| Collections during period (Note 1) | 18,614,023.37 | “Collections during period” include proceeds received | ||||
| Swap receipts (previous Payment Date) | 0.00 | from the sale of one DHC8-100 aircraft | ||||
| Transfer to Expense Account(previous Payment Date) | (5,884,422.90) | |||||
| Transfer to Expense Account(interim withdrawal) | (3,000,000.00) | |||||
| Net transfer to Lessee Funded Accounts | 0.00 | |||||
| Aggregate Certificate Payments (previous Payment Date) | (27,742,473.25) | |||||
| Swap payments (previous Payment Date) | (2,116,145.80) | |||||
| Balance on relevant Calculation Date (February 9, 2005) | 75,614,023.37 | |||||
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(iii) ANALYSIS OF COLLECTIONACCOUNTACTIVITY(Cont'd)
| ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS | ||||||
| Priority of Payments | ||||||
| (i) | Required Expense Amount | 10,000,000.00 | Note 2: | |||
| (ii) | a) Class A Interest | 3,161,883.29 | The class A minimum principal amount arrears | |||
| b) Swap Payments | 1,623,406.96 | are $131,332,976.14 following the payment of | ||||
| (iii) | First Collection Account Top-up | 60,000,000.00 | $2,835,250.86 on February 15, 2005. | |||
| (iv) | Minimum Hedge Payment | 0.00 | ||||
| (v) | Class A Minimum Principal (Note 2) | 2,835,250.86 | ||||
| (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 | 77,620,541.11 | |||||
| Less Collection Account Top-Ups ((iii) and (x) above) | (60,000,000.00) | |||||
| 17,620,541.11 | ||||||
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| (iv) | PAYMENT ON THE CERTIFICATES | ||||||
| (a) | FLOATING RATE CERTIFICATES | A-8 | A-9 | Class B | Note 3: | ||
| Applicable LIBOR | 2.48000% | 2.48000% | 2.48000% | 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 15, 2005 was $6,740,429.97. Interest on unpaid step-up interest (also payable at point (xv) in the Priority of Payments) accrued and unpaid at February 15, 2005 was $157,682.78. | |||
| Applicable Margin | 0.37500% | 0.55000% | 0.75000% | ||||
| Applicable Interest Rate | 2.85500% | 3.03000% | 3.23000% | ||||
| Interest Amount Payable | |||||||
| - Charge in current period on outstanding principal balance | 1,394,383.29 | 1,767,500.00 | 569,884.79 | ||||
| - Charge in current period on interest arrears | N/A | N/A | 15,055.07 | ||||
| - Accrued & unpaid interest from prior periods | N/A | N/A | 5,992,732.03 | ||||
| 1,394,383.29 | 1,767,500.00 | 6,577,671.89 | |||||
| Interest Amount Payment | 1,394,383.29 | 1,767,500.00 | 0.00 | ||||
| Step Up Interest Amount Payable (Note 3) | 261,518.05 | N/A | N/A | ||||
| Opening Principal Balance | 627,943,438.60 | 750,000,000.00 | 226,844,897.35 | ||||
| Minimum Principal Payment Amount | 2,835,250.86 | 0.00 | 0.00 | ||||
| Adjusted Principal Payment Amount | 0.00 | 0.00 | 0.00 | ||||
| Supplemental Principal Payment Amount | 0.00 | 0.00 | 0.00 | ||||
| Total Principal Distribution Amount | 2,835,250.86 | 0.00 | 0.00 | ||||
| Redemption Amount | |||||||
| - amount allocable to principal | 0.00 | 0.00 | 0.00 | ||||
| - premium allocable to premium | 0.00 | 0.00 | 0.00 | ||||
| Outstanding Principal Balance (February 15, 2005) | 625,108,187.74 | 750,000,000.00 | 226,844,897.35 | ||||
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AIRPLANES Group
Report to Certificateholders
All numbers in US$ unlessotherwise 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 | 236,165.39 | 482,018.51 | |||
| - Accrued & unpaid interest from prior periods | 34,772,818.43 | 53,188,249.14 | |||
| 37,384,963.51 | 57,250,680.15 | ||||
| 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 15, 2005) | 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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| (v) | FLOATING RATE CERTIFICATE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD (Aggregate Amounts) | ||||
| A-8 | A-9 | Class B | |||
| Applicable LIBOR | 2.59000% | 2.59000% | 2.59000% | ||
| Applicable Margin | 0.37500% | 0.55000% | 0.75000% | ||
| Applicable Interest Rate | 2.96500% | 3.14000% | 3.34000% | ||
| (vi) | CURRENT PERIOD PAYMENTS Per $100,000 Initial Outstanding Principal Balance of Certificates) | ||||
| (a) | FLOATING RATE CERTIFICATES | ||||
| A-8 | A-9 | Class B | |||
| Opening Principal Amount | 6,279.43 | 7,500.00 | 2,268.45 | ||
| Total Principal Payments | (28.35) | 0.00 | 0.00 | ||
| Closing Outstanding Principal Balance | 6,251.08 | 7,500.00 | 2,268.45 | ||
| Total Interest Payment | 13.94 | 17.68 | 0.00 | ||
| Total Premium | 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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