Payment Date: 15 March 2005.
Calculation Date: 9 March 2005.
| Prior Balance | Deposits | Withdrawals | Balance on Calculation Date | |||
| 9-Feb-05 | 9-Mar-05 | |||||
| Lessee Funded Account | 0.00 | 0.00 | (0.00) | 0.00 | ||
| Expense Account (note ii) | 2,006,517.74 | 8,995,734.36 | (10,520,289.02) | 481,963.08 | ||
| Collection Account (note iii) | 75,614,023.37 | 25,035,791.10 | (16,614,023.73) | 84,035,791.10 | ||
| - Miscellaneous Reserve | - | - | ||||
| - Maintenance Reserve | 60,000,000.00 | 60,000,000.00 | ||||
| - Security Deposit | - | - | ||||
| - Other Collections (net of interim withdrawals) | 15,614,023.37 | 24,035,791.10 | ||||
| Total | 77,620,541.11 | 34,031,525.46 | (27,134,312.39) | 84,517,754.18 | ||
| Balance on preceding Calculation Date (February 9, 2005) | 2,006,517.74 | |||||
| Transfer from Collection Account (previous Payment Date) | 7,993,482.26 | |||||
| Transfer from Collection Account (interim deposit) | 1,000,000.00 | |||||
| Interest Earned during period | 2,252.10 | |||||
| Payments during period between prior Calculation Date and the relevant Calculation Date: | ||||||
| - Payments on previous Payment Date | (2,484,654.75) | |||||
| - Other payments | (8,035,634.27) | |||||
| Balance on relevant Calculation Date (March 9, 2005) | 481,963.08 | |||||
| Balance on preceding Calculation Date (February 9, 2005) | 75,614,023.37 | Note 1: | |||||
| Collections during period (Note 1) | 25,034,274.44 | "Collections during period" include proceeds received from the sale of | |||||
| Swap receipts (previous Payment Date) | 1,516.66 | one MD83 aircraft, two DC9-32 aircraft and one A300B4 -200 aircraft. | |||||
| Transfer to Expense Account (previous Payment Date) | (7,993,482.26) | ||||||
| Transfer to Expense Account (interim withdrawal) | (1,000,000.00) | ||||||
| Net transfer to Lessee Funded Accounts | 0.00 | ||||||
| Aggregate Certificate Payments (previous Payment Date) | (5,997,134.15) | ||||||
| Swap payments (previous Payment Date) | (1,623,406.96) | ||||||
| Balance on relevant Calculation Date (March 9, 2005) | 84,035,791.10 | ||||||
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unlessotherwise stated
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (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 | 3,273,235.61 | The class A minimum principal amount arrears are | |||
| b) Swap Payments | 1,366,149.15 | $145,109,758.33 following the payment of | ||||
| (iii) | First Collection Account Top-up | 60,000,000.00 | $9,878,369.42 on March 15, 2005. | |||
| (iv) | Minimum Hedge Payment | 0.00 | ||||
| (v) | Class A Minimum Principal (Note 2) | 9,878,369.42 | ||||
| (vi) | Class B Interest | 0.00 | ||||
| (vii) | Class B Minimum Principal | 0.00 | ||||
| (viii) | Class C Interest | 0.00 | ||||
| (ix) | Class D Interest | 0.00 | ||||
| (x) | Second Collection Account Top-up | 0.00 | ||||
| (xi) | Class A Principal Adjustment Amount | 0.00 | ||||
| (xii) | Class C Scheduled Principal | 0.00 | ||||
| (xiii) | Class D Scheduled Principal | 0.00 | ||||
| (xiv) | Modification Payments | 0.00 | ||||
| (xv) | Soft Bullet Note Step-up Interest | 0.00 | ||||
| (xvi) | Class E Minimum Interest | 0.00 | ||||
| (xvii) | Supplemental Hedge Payment | 0.00 | ||||
| (xviii) | Class B Supplemental Principal | 0.00 | ||||
| (xix) | Class A Supplemental Principal | 0.00 | ||||
| (xx) | Class D Outstanding Principal | 0.00 | ||||
| (xxi) | Class C Outstanding Principal | 0.00 | ||||
| (xxii) | Class E Supplemental Interest | 0.00 | ||||
| (xxiii) | Class B Outstanding Principal | 0.00 | ||||
| (xxiv) | Class A Outstanding Principal | 0.00 | ||||
| (xxv) | Class E Accrued Unpaid Interest | 0.00 | ||||
| (xxvi) | Class E Outstanding Principal | 0.00 | ||||
| (xxvii) | Charitable Trust | 0.00 | ||||
| Total Payments with respect to Payment Date | 84,517,754.18 | |||||
| Less Collection Account Top-Ups ((iii) and (x) above) | (60,000,000.00) | |||||
| 24,517,754.18 | ||||||
Page 2 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unlessotherwise stated
| (iv) PAYMENT ON THE CERTIFICATES | |||||||
| (a) FLOATING RATE CERTIFICATES | A-8 | A-9 | Class B | Note 3: | |||
| Step-upinterest onAirplanes Group's subclass A-8 notes ispayable at point (xv) in thePriority ofPayments. To the extent that step-upinterestis not paid, it will accrue inaccordance with the terms of thesubclassA-8 notes.Available cashflows were notsufficient to allowpayment of step-upinterest on anypayment day to date. Total step-upinterest accrued and unpaid onAirplanes Group's subclass A-8 notes at March 15, 2005 was $6,983,527.60. Interest on unpaid step-upinterest (alsopayable at point (xv) in thePriority ofPayments) accrued and unpaid at March 15, 2005 was $176,273.20. | |||||||
| Applicable LIBOR | 2.59000% | 2.59000% | 2.59000% | ||||
| Applicable Margin | 0.37500% | 0.55000% | 0.75000% | ||||
| Applicable Interest Rate | 2.96500% | 3.14000% | 3.34000% | ||||
| Interest Amount Payable | |||||||
| - Charge in current period on outstanding principal balance | 1,441,568.94 | 1,831,666.67 | 589,292.63 | ||||
| - Charge in current period on interest arrears | N/A | N/A | 17,087.33 | ||||
| - Accrued & unpaid interest from prior periods | N/A | N/A | 6,577,671.89 | ||||
| 1,441,568.94 | 1,831,666.67 | 7,184,051.85 | |||||
| Interest Amount Payment | 1,441,568.94 | 1,831,666.67 | 0.00 | ||||
| Step Up Interest Amount Payable (Note 3) | 261,688.04 | N/A | N/A | ||||
| Opening Principal Balance | 625,108,187.74 | 750,000,000.00 | 226,844,897.35 | ||||
| Minimum Principal Payment Amount | 9,878,369.42 | 0.00 | 0.00 | ||||
| Adjusted Principal Payment Amount | 0.00 | 0.00 | 0.00 | ||||
| Supplemental Principal Payment Amount | 0.00 | 0.00 | 0.00 | ||||
| Total Principal Distribution Amount | 9,878,369.42 | 0.00 | 0.00 | ||||
| Redemption Amount | |||||||
| - amount allocable to principal | 0.00 | 0.00 | 0.00 | ||||
| - premium allocable to premium | 0.00 | 0.00 | 0.00 | ||||
| Outstanding Principal Balance (March 15, 2005) | 615,229,818.32 | 750,000,000.00 | 226,844,897.35 | ||||
Page 3 of 5
AIRPLANES Group
Report to Certificateholders
All numbers in US$ 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 | 253,906.21 | 518,834.29 | |||
| - Accrued & unpaid interest from prior periods | 37,384,963.51 | 57,250,680.15 | |||
| 40,014,849.41 | 61,349,926.94 | ||||
| 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 (March 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 | |||||
Page 4 of 5
| (v) FLOATING RATE CERTIFICATE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD (Aggregate Amounts) | |||||
| A-8 | A-9 | Class B | |||
| Applicable LIBOR | 2.81000% | 2.81000% | 2.81000% | ||
| Applicable Margin | 0.37500% | 0.55000% | 0.75000% | ||
| Applicable Interest Rate | 3.18500% | 3.36000% | 3.56000% | ||
| (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 | 6,251.08 | 7,500.00 | 2,268.45 | ||
| Total Principal Payments | (98.78 | 0.00 | 0.00 | ||
| Closing Outstanding Principal Balance | 6,152.30 | 7,500.00 | 2,268.45 | ||
| Total Interest Payment | 14.42 | 18.32 | 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 | |||
Page 5 of 5
