Exhibit 99.1
LEASE INVESTMENT FLIGHT TRUST
ASSET BACKED NOTES, SERIES 2001-1
MONTHLY REPORT TO NOTEHOLDERS
All amounts in US dollars unless otherwise stated
Payment Date 15th of each month
Convention Modified Following Business Day
Current Payment Date February 15, 2002
Current Calculation Date February 11, 2002
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1. Account Activity Summary between Calculation Dates
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Prior Balance on
Balance Deposits Withdrawals Calculation Date
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Expense Account 5,540,884.47 780,060.52 (1,781,912.33) 4,539,032.66
Collection Account 91,540,217.07 15,171,676.00 (8,851,245.64) 97,860,647.43
Lessee Funded Account 10,494,645.71 315,396.12 - 10,810,041.83
Class A Contingent Collateral Account 3,048,494.13 5,106.36 - 3,053,600.49
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Total 110,624,241.38 16,272,239.00 (10,633,157.97) 116,263,322.41
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2. Analysis of Expenses Account Activity
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Opening Balance on Previous Calculation Date 5,540,884.47
Transfer from Collection Account on Previous Payment Date 780,060.52
Interim Transfer from (to) Collection Account (1,225,359.46)
Payments on Previous Payment Date (413,246.07)
Interim Payments (143,306.80)
Other -
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Balance on Current Calculation Date 4,539,032.66
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3. Analysis of Collection Account Activity
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Opening Balance on Previous Calculation Date 91,540,217.07
Collections during Period
- lease rentals 12,148,585.47
- maintenance reserves 1,312,231.73
- other 311,008.57
- interest income 174,490.77
Drawings under Credit or Liquidity Enhancement Facilities -
Repayment of Drawings under Credit or Liquidity Enhancement Facilities -
Transfer to Expense Account on Previous Payment Date (780,060.52)
Net Swap Receipts (Payments) on Previous Payment Date (3,765,972.51)
Net Transfers from (to) Lessee Funded Accounts (311,028.57)
Aggregate Note Payments on Previous Payment Date (3,994,184.04)
Interim Transfer from (to) Expense Account 1,225,359.46
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Balance on Current Calculation Date 97,860,647.43
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Net Transfers pursuant to Section 3.07 of the Trust Indenture -
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Available Collections 97,860,647.43
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Page 1 of 5
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3. Analysis of Collection Account Activity (Continued)
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Analysis of Current Payment Date Distributions
(i) Required Expense Amount 572,448.52
(ii) (a) Class A Interest 2,042,814.92
(b) Swap Payments other than subordinated swap payments 4,095,790.12
(iii) Repayment of Senior Eligible Credit Facilities -
(iv) First Collection Account top-up 33,000,000.00
(v) Class A Minimum principal payment 2,864,610.11
(vi) Class B Interest 630,605.84
(vii) Repayment of Mezzanine Eligible Credit Facilities -
(viii) Second Collection account top-up 20,000,000.00
(ix) Class B Minimum principal payment 379,032.01
(x) Class C Interest 719,681.67
(xi) Repayment of Junior Eligible Credit Facilities -
(xii) Third Collection Account top-up 19,000,000.00
(xiii) Class C Minimum principal payment -
(xiv) Class D Interest 281,797.23
(xv) Repayment of Subordinate Eligible Credit Facilities -
(xvi) Fourth Collection Account top-up 11,000,000.00
(xvii) Class D Minimum principal payment -
(xviii) Expense Accrual 395,817.59
(xix) Additional and Step-up Interest
(a) Additional Interest -
(b) Maturity Step-up Interest -
(c) Registration Step-up Interest -
(xx) Class A Scheduled principal 1,788,998.27
(xxi) Class B Scheduled principal 221,947.56
(xxii) Class C Scheduled principal -
(xxiii) Class D Scheduled principal -
(xxiv) Reimbursement of Beneficial Interest Cure Payments -
(xxv) Expense Account for Modification Accruals and Refinancing Payments -
(xxvi) Class A Outstanding Principal Balance 867,103.59
(xxvii) Class B Outstanding Principal Balance -
(xxviii) Class C Outstanding Principal Balance -
(xxix) Class D Outstanding Principal Balance -
(xxx) Subordinated Swap Payments -
(xxxi) Additional Servicing Obligations -
(xxxii) Remainder to Beneficial Interest -
Analysis of Liquidity Reserve Amount
First Collection Account Top-up 33,000,000.00
Second Collection Account Top-up 20,000,000.00
Third Collection Account Top-up 19,000,000.00
Fourth Collection Account Top-up 11,000,000.00
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Total Liquidity Reserve Amount 83,000,000.00 (83,000,000.00)
Total Payments with respect to Payment Date
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less Collection Account Top Ups (iv), (viii), (xii), and (xvi) above 14,860,647.43
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Page 2 of 5
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4. Payments on the Notes by Subclass
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Subclass Subclass Subclass
(a) Floating Rate Notes A-1 A-2 A-3
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Applicable LIBOR 1.82000% 1.82000% 1.82000%
Applicable Margin 0.39000% 0.43000% 0.43000%
Applicable Interest Rate 2.21000% 2.25000% 2.25000%
Actual Number of Days 31 31 31
Interest Amount Paid 761,222.22 503,750.00 777,842.70
Additional Interest Paid - - -
Maturity Step-up Interest Amount Paid - - -
Registration Step-up Interest Amount Paid - - -
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Total Interest Paid 761,222.22 503,750.00 777,842.70
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Expected Final Payment Date July 15, 2003 July 15, 2004 August 15, 2010
Excess Amortization Date July 15, 2003 July 15, 2004 July 15, 2001
Original Balance 400,000,000.00 260,000,000.00 425,000,000.00
Opening Outstanding Principal Balance 400,000,000.00 260,000,000.00 401,467,197.50
Total Principal Distribution Amount - - 5,520,711.97
Redemption Amount:
Amount allocable to principal - - -
Amount allocable to premium - - -
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Closing Outstanding Principal Balance 400,000,000.00 260,000,000.00 395,946,485.53
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Subclass Subclass Subclass
(a) Floating Rate Notes (Continued) B-1 C-1 D-1
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Applicable LIBOR 1.82000% 1.82000% 1.82000%
Applicable Margin 1.12000% 2.12000% 2.00000%
Applicable Interest Rate 2.94000% 3.94000% 3.82000%
Number of Days 31 31 31
Interest Amount Payable 148,592.29 234,101.67 115,130.56
Additional Interest Paid - - -
Registration Step-up Interest Amount Paid - - -
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Total Interest Paid 148,592.29 234,101.67 115,130.56
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Expected Final Payment Date May 15, 2018 May 15, 2018 May 15, 2018
Excess Amortization Date July 15, 2001 May 15, 2018 August 15, 2010
Original Balance 60,000,000.00 69,000,000.00 35,000,000.00
Opening Outstanding Principal Balance 58,693,463.71 69,000,000.00 35,000,000.00
Total Principal Distribution Amount 252,159.26 - -
Redemption Amount:
Amount allocable to principal - - -
Amount allocable to premium - - -
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Closing Outstanding Principal Balance 58,441,304.45 69,000,000.00 35,000,000.00
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Page 3 of 5
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4. Payments on the Notes by Subclass (Continued)
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Subclass Subclass Subclass
(b) Fixed Rate Notes B-2 C-2 D-2
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Applicable Interest Rate 7.12400% 8.09300% 8.00000%
Number of Days 30 30 30
Interest Amount Payable 482,013.55 485,580.00 166,666.67
Additional Interest Paid - - -
Registration Step-up Interest Amount Paid - - -
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Total Interest Paid 482,013.55 485,580.00 166,666.67
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Expected Final Payment Date May 15, 2018 May 15, 2018 May 15, 2018
Excess Amortization Date July 15, 2001 May 15, 2018 August 15, 2010
Original Balance 83,000,000.00 72,000,000.00 25,000,000.00
Opening Outstanding Principal Balance 81,192,624.80 72,000,000.00 25,000,000.00
Total Principal Distribution Amount 348,820.31 - -
Redemption Amount:
Amount allocable to principal - - -
Amount allocable to premium - - -
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Closing Outstanding Principal Balance 80,843,804.49 72,000,000.00 25,000,000.00
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5. Floating Rate Note information for next Interest Accrual Period
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Next Payment Date March 15, 2002
Next Calculation Date March 11, 2002
Reference Date February 13, 2002
Subclass Subclass Subclass
A-1 A-2 A-3
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Applicable LIBOR 1.84750% 1.84750% 1.84750%
Applicable Margin 0.39000% 0.43000% 0.43000%
Applicable Interest Rate 2.23750% 2.27750% 2.27750%
Subclass Subclass Subclass
B-1 C-1 D-1
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Applicable LIBOR 1.84750% 1.84750% 1.84750%
Applicable Margin 1.12000% 2.12000% 2.00000%
Applicable Interest Rate 2.96750% 3.96750% 3.84750%
Page 4 of 5
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6. Payments per $100,000 Initial Outstanding Principal Balance of Notes
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Subclass Subclass Subclass
(a) Floating Rate Notes A-1 A-2 A-3
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Opening Outstanding Principal Balance 100,000.00 100,000.00 94,462.87
Total Principal Payments - - 1,298.99
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Closing Outstanding Principal Balance 100,000.00 100,000.00 93,163.88
Total Interest 190.31 193.75 183.02
Total Premium - - -
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Subclass Subclass Subclass
(a) Floating Rate Notes B-1 C-1 D-1
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Opening Outstanding Principal Balance 97,822.44 100,000.00 100,000.00
Total Principal Payments 420.27 - -
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Closing Outstanding Principal Balance 97,402.17 100,000.00 100,000.00
Total Interest 247.65 339.28 328.94
Total Premium - - -
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Subclass Subclass Subclass
(b) Fixed Rate Notes B-2 C-2 D-2
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Opening Outstanding Principal Balance 97,822.44 100,000.00 100,000.00
Total Principal Payments 420.27 - -
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Closing Outstanding Principal Balance 97,402.17 100,000.00 100,000.00
Total Interest 580.74 674.42 666.67
Total Premium - - -
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Page 5 of 5