Page 25 of 45 Pages
Aircraft Lease Portfolio Securitisation 96-1 Pass Through Trust
Restated Statement to Certificateholders dated June 15, 2004
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
- ------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS IN DOLLARS
- ------------------------------------------------------------------------------------------------------------------------------
PRIOR CURRENT
ORIGINAL PRINCIPAL REALIZED ACCRETED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL PREMIUM TOTAL LOSSES INTEREST BALANCE
- ------------------------------------------------------------------------------------------------------------------------------
A 25,000,000.00 8,026,355.06 9,666.18 79,141.92 0.00 88,808.10 0.00 0.00 7,947,213.14
A 60,000,000.00 19,263,251.97 23,198.84 189,940.61 0.00 213,139.45 0.00 0.00 19,073,311.36
A 160,673,000.00 51,584,741.51 62,123.80 508,638.78 0.00 570,762.58 0.00 0.00 51,076,102.73
B 56,868,750.00 40,063,750.00 66,967.67 0.00 0.00 66,967.67 0.00 0.00 40,063,750.00
B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
C 50,044,500.00 39,559,903.71 78,872.56 0.00 0.00 78,872.56 0.00 0.00 39,559,903.71
D 40,945,500.00 34,022,700.00 0.00 0.00 0.00 0.00 0.00 0.00 34,022,700.00
E-1 82,918,250.00 82,918,250.00 0.00 0.00 0.00 0.00 0.00 0.00 82,918,250.00
E-2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------
TOTALS 476,450,000.00 275,438,952.25 240,829.05 777,721.31 0.00 1,018,550.36 0.00 0.00 274,661,230.94
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FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THRU RATES
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PRIOR CURRENT
PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL PREMIUM TOTAL BALANCE * CURRENT NEXT
- ------------------------------------------------------------------------------------------------------------------------------
A 02109PAA8 321.054202 0.386647 3.165677 0.000000 3.552324 317.888526 1.995000% 2.120000%
A U02029AA1 321.054200 0.386647 3.165677 0.000000 3.552324 317.888523 1.995000% 2.120000%
A 02109PAE0 321.054200 0.386647 3.165677 0.000000 3.552324 317.888523 1.995000% 2.120000%
B 0219PAF7 704.494999 1.177583 0.000000 0.000000 1.177583 704.494999 2.575000% 2.700000%
B U02029AB9 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 2.575000% 2.700000%
C 02109PAG5 790.494534 1.576049 0.000000 0.000000 1.576049 790.494534 2.975000% 3.100000%
D 02109PAH3 830.926475 0.000000 0.000000 0.000000 0.000000 830.926475 13.750000% 13.750000%
E-1 AL9601108 1,000.000000 0.000000 0.000000 0.000000 0.000000 1,000.000000 10.000000% 10.000000%
E-2 AL9601109 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 10.000000% 10.000000%
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SELLER: N/A ADMINISTRATOR: Michele Voon
SERVICER: Babcock & Brown Limited Deutsche Bank
LEAD UNDERWRITER: Lehman Brothers 4 Albany Street
RECORD DATE: May 31, 2004 New York, NY 10006
DISTRIBUTION DATE: June 15, 2004 FACTOR INFORMATION: (800) 735-7777
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© COPYRIGHT 2004 Deutsche Bank
Page 26 of 45 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
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ISSUE / COLLATERAL DETAIL REPORT
Distribution Date: 15-Jun-04
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1. COLLATERAL SUMMARY:
1.1. DUE PERIOD 01-May-2004 to 31-May-2004
1.2. ADDITIONAL REPORTED ITEMS
Initial Appraised Value of all Aircraft ...............................320,510,000.00
Aircraft Book Value ...............................244,125,976.39
Rentals, Interest and Other Payments in Arrears .........................424,637.00
Is there an existing Event of Default? ....................................YES.....*
Number of Registration Defaults .....................................0.00
Has an Enforcement Notice been Issued? .....................................NO
WFC Aircraft Sale Date .....................................n/a
WFC Aircraft Payment Default Date .....................................n/a
2. SUMMARY OF AVAILABLE FUNDS
2.1. COLLECTIONS
Interim deposits, withdrawals and transfers
Rents, Interest, Deferred Debt & Other Lessee Payments 1,159,563.00
Swap Receipts 0.00
Collections applied to excess aircraft
Maintenance Expenses 0.00
Interim withdrawal of Defaulted Rent from the
Lease Maintenance
Reserve Account or the Lease Security
Deposit Account 0.00
Transfer of Maintenance Reserve Receipts to
Lessee Funded Account 0.00
Transfer of Security Deposit Receipts to Lessee
Funded Account 0.00
Proceeds from sale or other disposition of any
Aircraft, Engine or other asset 0.00
Remaining Aircraft Purchase Account funds after
Aircraft Sale Date 0.00
----------------------------
Sub Total: 1,159,563.00
Payment Date deposits and transfers
Investment Earnings:
Collections Sub Account 14,185.88
Expense Account 8.98
Aircraft Purchase Account 0.00
Class D Note Interest Reserve Account 0.00
Contingency Reserve Account 816.67
Maintenance Reserve Account 0.00
Security Deposit Account 0.00
--------------------------------
Total Investment earnings for all accounts 15,011.53
Investment Earnings retained within Maintenance
Reserve Account 0.00
Investment Earnings retained within Security
Deposit Reserve Account 0.00
--------------------------------
0.00
----------------------------
Sub Total: 1,174,574.53
* The company had insufficient funds to pay all of the interest due to the holders of the Class D
Notes. The arrears owed to Class D Noteholders for the Due Period are $6,781,362.26 See Item 1.2
Interest Amounts-Unpaid Balance D Note"below for total overdue interest owed to holders to Class D Notes.
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© COPYRIGHT 2001 Deutsche Bank
Page 27 of 45 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
- ------------------------------------------------------------------------------------------------------------
ISSUE / COLLATERAL DETAIL REPORT
Distribution Date: 15-Jun-04
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2. SUMMARY OF AVAILABLE FUNDS (cont.)
2.1. COLLECTIONS (cont.)
After Enforcement Notice or Disposition of Last Aircraft Lessee
Funded Account Transfers 0.00
After Enforcement Notice, Aircraft Purchase Acct.
funds 0.00
Remaining amounts in the Aircraft Purchase
Account transferred due to
WFC Aircraft Delivery Termination Date or WFC Aircraft
Payment Default Date 0.00
----------------------------
Sub Total: 1,174,574.53
Other Miscellaneous amounts
For any aircraft which has undergone a total loss
or for which the lease
has been sold, conveyed or transferred:
Available Maintenance
Reserves Amount 0.00
Available Security
Deposit Amount 0.00
Miscellaneous Other Proceeds 0.00
----------------------------
Available Collections transferred to the Transaction Account: 1,174,574.53
============================
Reserve Account transfers
Maintenance Reserve Amount withdrawals
from the Collection Sub-Account 0.00
Liquidity Reserve Amount withdrawals from
the Collection Sub-Account 0.00
Amounts withdrawn from the Class D
Interest Reserve Sub-Account 0.00
Amounts withdrawn from the Contingency
Reserve Sub-Account 0.00
----------------------------
Total Amounts transferred to the Transaction Account: 1,174,574.53
============================
2.2. PAYMENTS FROM TRANSACTION ACCOUNT
* Required Expense Amount plus Additional Company Expenses, Fees
and Taxes 156,024.17
Amounts transferred to the Collection Account for Maintenance
Reserve Amount 0.00
Swap Payments due to Swap Provider 0.00
Amounts transferred to the Collection Account
for Liquidity Reserve Amount 0.00
Amounts transferred to the Class D Not
Interest Reserve Account 0.00
Aggregate Swap Breakage Costs 0.00
Current plus prior unpaid Annual Dividends 0.00
Deposit to the Lessee Funded Account for funds previously
transferred from the Lessee
Funded Account according to Clause
7.07(a)(iv) of the Deed of Charge. 0.00
----------------------------
156,024.17
Payments to Noteholders 1,018,550.36
----------------------------
Total payments from the Transaction Account: 1,174,574.53
============================
* Monthly withdrawal from Collection Account
for Carotene Account 11,658.90
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© COPYRIGHT 2004 Deutsche Bank
Page 28 of 45 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
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CERTIFICATE PAYMENTS DETAIL REPORT
Distribution Date: 15-Jun-04
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1. PAYMENT CALCULATIONS SUMMARY:
1.1. INDICES
Current LIBOR Index Rate 1.1250%
Next LIBOR Index Rate 1.2500%
1.2. INTEREST AMOUNTS
CLASS ACCRUED and UNPAID INTEREST AMOUNTS
----- --------------------------------------------
Note Other (1) Total
------------- ------------ ----------------
A Note 94,988.82 942,448.73 1,037,437.55
B Note 66,967.67 406,954.36 473,922.03
C Note 78,872.56 390,330.53 469,203.09
D Note 6,781,362.26 1,482,777.01 8,264,139.27
E Note 52,705,724.91 0.00 52,705,724.91
------------- ------------ ----------------
59,727,916.22 3,222,510.63 62,950,426.85
============= ============ ================
CLASS UNPAID BALANCE
----- --------------------------------------------
Note Other (1) Total
------------- ------------ ----------------
A Note 0.00 942,448.73 942,448.73
B Note 0.00 406,954.36 406,954.36
C Note 0.00 390,330.53 390,330.53
D Note 6,781,362.26 1,482,777.01 8,264,139.27
E Note 52,705,724.91 0.00 52,705,724.91
------------- ------------ ----------------
59,487,087.17 3,222,510.63 62,709,597.80
============= ============ ================
Notes: (1) 'Other' includes Step-Up, Default and Additional Interest.
Reflects previously unreported Default Interest on Class D
for January 2003 through November 2003
payment dates of $311,874.75.
1.3. PRINCIPAL AMOUNTS
CLASS Target Target Additional Target Amount
Balance Amount Principal Shortfall
------ ------------- ------------- ------------ -------------
A Note 6,944,383.33 71,929,965.21 0.00 71,152,243.90
B Note 40,063,750.00 0.00 0.00 0.00
C Note 35,256,100.00 4,303,803.71 0.00 4,303,803.71
D Note 28,845,900.00 5,176,800.00 0.00 5,176,800.00
------ ------------- ------------- ------------ -------------
81,410,568.92 0.00 80,632,847.61
============= ===== =============
1.4. OTHER AMOUNTS
a) Class D Note Unpaid Makewhole Premium Amount 0.00
b) Class E Contingent Interest Amount 0.00
c) Unpaid Annual Dividends Balance 3,000.00
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© COPYRIGHT 2004 Deutsche Bank
Page 29 of 45 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
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ADDITIONAL ITEMS REPORT
Distribution Date: 15-Jun-04
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1. ACCOUNT ACTIVITY SUMMARY:
Note: Amounts reflect activity which has occured during the relevant Due Period,
as well as transfers resulting from the current Payment Date.
======================================================================================================================
Name Prior Balance Deposits Withdrawals Adjustments Balance
======================================================================================================================
COLLECTION ACCOUNT
Collections Sub-Account * 22,191,000.00 1,174,574.53 1,174,574.53 0.00 22,191,000.00
Expense Sub-Account 32,898.18 144,374.25 177,272.43 0.00 0.00
Aircraft Purchase Sub-Account 0.00 0.00 0.00 0.00 0.00
Class D Note Interest Reserve Sub-Account 0.00 0.00 0.00 0.00 0.00
Contingency Reserve Sub-Account 1,400,000.00 816.67 816.67 0.00 1,400,000.00
-------------------------------------------------------------------------------
TOTALS: 23,623,898.18 1,319,765.45 1,352,663.63 0.00 23,591,000.00
LESSEE FUNDED ACCOUNT
Segregated Maintenance Reserve Sub-Account 0.00 0.00 0.00 0.00 0.00
Segregated Security Deposit Sub-Account** 0.00 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------
TOTALS: 0.00 0.00 0.00 0.00 0.00
Amounts held in respect of the Liquidity Reserve Amount within the Collection Account* 22,191,000.00
Liquidity reserve is reduced by $ 500,000 as per instructions & approvals.
**The security deposit payment relates to China Southern Airlines
2. MISCELLANEOUS:
2.1. AIRCRAFT DETAILS
-------------------------------------------------------------------------------------------------------------------
Aircraft Aircraft Avg. Appraised Date Aircraft Event Event Sale/Insurance
Lessee Serial Number Value (1) Appraised Book Value Date Description(2) Proceeds
-------------------------------------------------------------------------------------------------------------------
N/A 127 0.00 31-Jul-2003 0.00 8/2/1999 S 5,525,217.00
N/A 283 0.00 31-Jul-2003 0.00 12/20/2002 S 20,757,041.00
N/A 11287 0.00 31-Jul-2003 0.00 7/2/1999 S 12,646,518.00
N/A 22381 0.00 31-Jul-2003 0.00 7/24/1997 S 35,000,000.00
Asiana 23869 16,080,000.00 31-Jul-2003 17,918,524.44 -
Travel Ser 23870 17,170,000.00 31-Jul-2003 18,440,969.44 -
Skynet Air 24519 18,300,000.00 31-Jul-2003 19,033,382.50 -
China Sout 24898 15,150,000.00 31-Jul-2003 16,594,182.50 -
N/A 24914 0.00 31-Jul-2003 0.00 10/1/2002 S 11,577,067.00
Air Canada 24952 42,880,000.00 31-Jul-2003 51,695,795.00 -
Air Canada 25000 42,430,000.00 31-Jul-2003 51,749,152.50 -
Air 2000
(First Choice Airways) 25054 28,180,000.00 31-Jul-2003 33,455,152.50 -
Meridiana 49785 12,460,000.00 31-Jul-2003 17,562,240.00 -
Allegian A 49786 13,170,000.00 31-Jul-2003 17,676,577.50 -
-------------- -------------- -------------
205,820,000.00 244,125,976.39 85,505,843.00
============== ============== =============
Notes: (1) Appraised Values have been provided by: Avitas Inc., Aircraft Information Services Inc.
and BK Associates Inc.
(2) Event Description Key: S = sold, L = loss and PDE = Premium Disposition Event.
(3) Aircraft Best Value is currently in review.
2.2. AMENDMENTS TO THE LIST OF NON-ACCEPTABLE COUNTRIES
None
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© COPYRIGHT 2004 Deutsche Bank
