Page 15 of 34 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
RESTATEMENT dated 1.7.05
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 7,918,536.50 13,989.41 0.00 0.00 13,989.41 0.00 0.00 7,918,536.50
A 60,000,000.00 19,004,487.42 33,574.60 0.00 0.00 33,574.60 0.00 0.00 19,004,487.42
A 160,673,000.00 50,891,800.24 89,908.85 0.00 0.00 89,908.85 0.00 0.00 50,891,800.24
B 56,868,750.00 40,063,750.00 90,143.44 0.00 0.00 90,143.44 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 39,559,903.71 102,196.42 0.00 0.00 102,196.42 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 476,450,000.00 274,379,427.87 329,812.72 0.00 0.00 329,812.72 0.00 0.00 274,379,427.87
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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 316.741460 0.559576 0.000000 0.000000 0.559576 316.741460 2.620000% 2.745000%
A U02029AA1 316.741457 0.559577 0.000000 0.000000 0.559577 316.741457 2.620000% 2.745000%
A 02109PAE0 316.741458 0.559577 0.000000 0.000000 0.559577 316.741458 2.620000% 2.745000%
B 0219PAF7 704.494999 1.585114 0.000000 0.000000 1.585114 704.494999 3.200000% 3.325000%
B U02029AB9 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 3.200000% 3.325000%
C 02109PAG5 790.494534 2.042111 0.000000 0.000000 2.042111 790.494534 3.600000% 3.725000%
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%
- ----------------------------------------------------------------------------------------------------------------------------
SELLER: N/A ADMINISTRATOR: Michele Voon
SERVICER: Babcock & Brown Limited Deutsche Bank
LEAD UNDERWRITER: Lehman Brothers 4 Albany Street
RECORD DATE: September 30, 2004 New York, NY 10006
DISTRIBUTION DATE: October 15, 2004 FACTOR INFORMATION: (800) 735-7777
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© COPYRIGHT 2004 Deutsche Bank
Page 16 of 34 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
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ISSUE / COLLATERAL DETAIL REPORT
Distribution Date: 15-Oct-04
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1. COLLATERAL SUMMARY:
1.1. DUE PERIOD 01-Sep-2004 to 30-Sep-2004
1.2. ADDITIONAL REPORTED ITEMS
Initial Appraised Value of all Aircraft ........ 320,510,000.00
Aircraft Book Value ........ 240,723,835.56
Rentals, Interest and Other Payments in Arrears ........ 145,000.00
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 1,773,429.00
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: 1,773,429.00
Payment Date deposits and transfers
Investment Earnings:
Collections Sub Account 30,846.05
Expense Account 0.00
Aircraft Purchase Account 0.00
Class D Note Interest
Reserve Account 0.00
Contingency Reserve Account 1,862.16
Maintenance Reserve Account 0.00
Security Deposit Account 0.00
--------------------------
Total Investment earnings for all accounts 32,708.21
Investment Earnings retained within
Maintenance Reserve Account 0.00
Investment Earnings retained within
Security Deposit Reserve Account 0.00
--------------------------
0.00
----------------------------
Sub Total: 1,806,137.21
* 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 $8,227,327.02 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 2004 Deutsche Bank
Page 17 of 34 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
- --------------------------------------------------------------------------------------------------------------
ISSUE / COLLATERAL DETAIL REPORT
Distribution Date: 15-Oct-04
- --------------------------------------------------------------------------------------------------------------
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: 1,806,137.21
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: 1,806,137.21
============================
Reserve Account transfers
Maintenance Reserve Amount withdrawals
from the Collection Sub-Account 0.00
Liquidity Reserve Amount withdrawals
from the Collection Sub-Account 92,268.12
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: 1,898,405.33
============================
2.2. PAYMENTS FROM TRANSACTION ACCOUNT
* Required Expense Amount plus
Additional Company Expenses and Taxes 711,520.27
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 857,072.34
Amounts transferred to the Class D Note
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
----------------------------
1,568,592.61
Payments to Noteholders 329,812.72
----------------------------
1,898,405.33
============================
Total payments from the Transaction Account:
* Monthly withdrawal from Collection
Account for Carotene Account 11,658.90
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© COPYRIGHT 2004 Deutsche Bank
Page 18 of 34 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
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CERTIFICATE PAYMENTS DETAIL REPORT
Distribution Date: 15-Oct-04
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1. PAYMENT CALCULATIONS SUMMARY:
1.1. INDICES
Current LIBOR Index Rate 1.7500%
Next LIBOR Index Rate 1.8750%
1.2. INTEREST AMOUNTS
------------------------------------------------------
CLASS ACCRUED and UNPAID INTEREST AMOUNTS
----------------------------------------------
Note Other (1) Total
----------------------- -------------- ---------------
A Note 137,472.86 1,074,544.28 1,212,017.14
B Note 90,143.44 474,840.16 564,983.60
C Note 102,196.42 457,362.58 559,559.00
D Note 8,227,327.02 1,709,595.01 9,936,922.03
E Note 55,469,666.59 0.00 55,469,666.59
----------------------- -------------- ---------------
64,026,806.33 3,716,342.03 67,743,148.36
----------------------------------------------
------------------------------------------------------
CLASS UNPAID BALANCE
----------------------------------------------
Note Other (1) Total
----------------------- -------------- ---------------
A Note 0.00 1,074,544.28 1,074,544.28
B Note 0.00 474,840.16 474,840.16
C Note 0.00 457,362.58 457,362.58
D Note 8,227,327.02 1,709,595.01 9,936,922.03
E Note 55,469,666.59 0.00 55,469,666.59
----------------------- -------------- ---------------
63,696,993.61 3,716,342.03 67,413,335.64
----------------------------------------------
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 (0.00) 77,814,824.16 0.00 77,814,824.16
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
--------------------------------------------------------------------
87,295,427.87 0.00 87,295,427.87
--------------------------------------------
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 4,500.00
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© COPYRIGHT 2004 Deutsche Bank
Page 19 of 34 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
- -----------------------------------------------------------------------------------------------------------------------
ADDITIONAL ITEMS REPORT
Distribution Date: 15-Oct-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 * 21,333,927.66 2,663,209.55 1,898,405.33 0.00 22,098,731.88
Expense Sub-Account 0.00 699,861.37 699,861.37 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 1,862.16 1,862.16 0.00 1,400,000.00
------------------------------------------------------------------
TOTALS: 22,733,927.66 3,364,933.08 2,600,128.86 0.00 23,498,731.88
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 * 22,098,731.88
Liquidity reserve is reduced by $ 500,000
as per instructions & approvals.
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 30-Jun-2004 0.00 8/2/1999 S 5,525,217.00
N/A 283 0.00 30-Jun-2004 0.00 12/20/2002 S 20,757,041.00
N/A 11287 0.00 30-Jun-2004 0.00 7/2/1999 S 12,646,518.00
N/A 22381 0.00 30-Jun-2004 0.00 7/24/1997 S 35,000,000.00
Asiana 23869 13,860,000.00 30-Jun-2004 17,602,791.11 -
Travel Service 23870 14,540,000.00 30-Jun-2004 18,117,502.78 -
Skynet Airlines 24519 14,990,000.00 30-Jun-2004 18,783,682.50 -
China Southern 24898 13,340,000.00 30-Jun-2004 16,376,482.50 -
N/A 24914 0.00 30-Jun-2004 0.00 10/1/2002 S 11,577,067.00
Air Canada 24952 37,680,000.00 30-Jun-2004 51,017,595.00 -
Air Canada 25000 37,170,000.00 30-Jun-2004 51,070,252.50 -
Air 2000(First
Choice Airways) 25054 23,630,000.00 30-Jun-2004 33,016,252.50 -
Meridiana 49785 10,510,000.00 30-Jun-2004 17,313,280.00 -
Allegian Air 49786 10,900,000.00 30-Jun-2004 17,425,996.67 -
----------------------------------------------------------------------------------------------------------------
-------------- --------------- ---------------
176,620,000.00 240,723,835.56 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
