Page 30 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 7,947,213.14 10,728.74 0.00 0.00 10,728.74 0.00 0.00 7,947,213.14
A 60,000,000.00 19,073,311.36 25,748.97 0.00 0.00 25,748.97 0.00 0.00 19,073,311.36
A 160,673,000.00 51,076,102.73 68,952.74 0.00 0.00 68,952.74 0.00 0.00 51,076,102.73
B 56,868,750.00 40,063,750.00 73,450.21 0.00 0.00 73,450.21 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 85,713.12 0.00 0.00 85,713.12 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 476,450,000.00 274,661,230.94 264,593.78 0.00 0.00 264,593.78 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 317.888526 0.429150 0.000000 0.000000 0.429150 317.888526 2.120000% 2.245000%
A U02029AA1 317.888523 0.429150 0.000000 0.000000 0.429150 317.888523 2.120000% 2.245000%
A 02109PAE0 317.888523 0.429150 0.000000 0.000000 0.429150 317.888523 2.120000% 2.245000%
B 0219PAF7 704.494999 1.291574 0.000000 0.000000 1.291574 704.494999 2.700000% 2.825000%
B U02029AB9 0.000000 0.000000 0.000000 0.000000 0.000000 0.000000 2.700000% 2.825000%
C 02109PAG5 790.494534 1.712738 0.000000 0.000000 1.712738 790.494534 3.100000% 3.225000%
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: June 30, 2004 New York, NY 10006
DISTRIBUTION DATE: July 15, 2004 FACTOR INFORMATION (800) 735-7777
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© COPYRIGHT 2004 Deutsche Bank
Page 31 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-Jul-04
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1. COLLATERAL SUMMARY:
1.1. DUE PERIOD 01-Jun-2004 to 30-Jun-2004
1.2. ADDITIONAL REPORTED ITEMS
Initial Appraised Value of all Aircraft .................................320,510,000.00
Aircraft Book Value .................................243,284,751.39
Rentals, Interest and Other Payments in Arrears ........................................0.00
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 1,657,446.00
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 (75,000.00)
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: 1,582,446.00
Payment Date deposits and transfers
Investment Earnings:
Collections Sub Account 17,914.62
Expense Account 8.03
Aircraft Purchase Account 0.00
Class D Note Interest Reserve Account 0.00
Contingency Reserve Account 1,000.00
Maintenance Reserve Account 0.00
Security Deposit Account 0.00
------------------------------
Total Investment earnings for all accounts 18,922.65
Investment Earnings retained within
Maintenance Reserve Account 0.00
Investment Earnings retained within
Security Deposit Reserve Account 0.00
------------------------------
0.00
-------------------------
Sub Total: 1,601,368.65
* 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 $7,142,853.45 See Item 1.2 Interest Amounts-Unpaid Balance D Note
- ---------------------------------------------------------------------------------------------------------------------
below for total overdue interest owed to holders to Class D Notes. © COPYRIGHT 2001 Deutsche Bank
Page 32 of 34 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
- ---------------------------------------------------------------------------------------------------------------------
ISSUE / COLLATERAL DETAIL REPORT
Distribution Date: 15-Jul-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: 1,601,368.65
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: 1,601,368.65
=========================
Reserve Account transfers
Maintenance Reserve Amount withdrawals from the Collection Sub-Account 0.00
Liquidity Reserve Amount withdrawals from the Collection Sub-Account 715,701.31
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: 2,317,069.96
=========================
2.2. PAYMENTS FROM TRANSACTION ACCOUNT
* Required Expense Amount plus Additional Company
Expenses, Fees and Taxes 2,052,476.18
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 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
-------------------------
2,052,476.18
Payments to Noteholders 264,593.78
-------------------------
Total payments from the Transaction Account: 2,317,069.96
=========================
* Monthly withdrawal from Collection Account for Carotene Account -32,404.82
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© COPYRIGHT 2001 Deutsche Bank
Page 33 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-Jul-04
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1. PAYMENT CALCULATIONS SUMMARY:
1.1. INDICES
Current LIBOR Index Rate 1.2500%
Next LIBOR Index Rate 1.3750%
1.2. INTEREST AMOUNTS
---------------------------------------------------
CLASS ACCRUED and UNPAID INTEREST AMOUNTS
-------------------------------------------
Note Other (1) Total
---------------------- ------------- --------------
A Note 105,430.45 974,988.99 1,080,419.44
B Note 73,450.21 423,647.59 497,097.80
C Note 85,713.12 406,813.82 492,526.94
D Note 7,142,853.45 1,539,481.51 8,682,334.96
E Note 53,396,710.33 0.00 53,396,710.33
-------------- ------------- --------------
60,804,157.56 3,344,931.91 64,149,089.47
-------------------------------------------
---------------------------------------------------
CLASS UNPAID BALANCE
-------------------------------------------
Note Other (1) Total
---------------------- ------------- --------------
A Note 0.00 974,988.99 974,988.99
B Note 0.00 423,647.59 423,647.59
C Note 0.00 406,813.82 406,813.82
D Note 7,142,853.45 1,539,481.51 8,682,334.96
E Note 53,396,710.33 0.00 53,396,710.33
---------------------- ------------- --------------
60,539,563.78 3,344,931.91 63,884,495.69
-------------------------------------------
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) 78,096,627.23 0.00 78,096,627.23
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
---------------------------------------------------------------
87,577,230.94 0.00 87,577,230.94
----------------------------------------
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 34 of 34 Pages
Aircraft Lease Portfolio Securitization
96-1 Pass Through Trust
Statement To Certificateholders
- ---------------------------------------------------------------------------------------------------------------------
ADDITIONAL ITEMS REPORT
Distribution Date: 15-Jul-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 1,601,368.65 2,317,069.96 0.00 21,475,298.69
Expense Sub-Account 0.00 2,084,889.03 2,084,889.03 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 1,000.00 1,000.00 0.00 1,400,000.00
------------------------------------------------------------------
TOTALS: 23,591,000.00 3,687,257.68 4,402,958.99 0.00 22,875,298.69
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 75,000.00 0.00 0.00 75,000.00
------------------------------------------------------------------
TOTALS: 0.00 75,000.00 0.00 0.00 75,000.00
Amounts held in respect of the Liquidity Reserve Amount
within the Collection Account 21,475,298.69
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 17,839,591.11 -
Travel Service 23870 14,540,000.00 30-Jun-2004 18,360,102.78 -
Skynet Airlines 24519 14,990,000.00 30-Jun-2004 18,970,957.50 -
China Southern 24898 13,340,000.00 30-Jun-2004 16,539,757.50 -
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 51,526,245.00 -
Air Canada 25000 37,170,000.00 30-Jun-2004 51,579,427.50 -
Air 2000(First
Choice Airway 25054 23,630,000.00 30-Jun-2004 33,345,427.50 -
Meridiana 49785 10,510,000.00 30-Jun-2004 17,504,640.00 -
Allegian Air 49786 10,900,000.00 30-Jun-2004 17,618,602.50 -
------------------------------------------------------------------------------------------------------
------------- ------------- -------------
176,620,000.00 243,284,751.39 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
