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 October 15, 2002
Current Calculation Date October 8, 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 6,733,354.16 883,052.26 (2,427,916.58) 5,188,489.84
Collection Account 97,780,852.72 11,813,564.99 (14,795,681.28) 94,798,736.43
Lessee Funded Account 10,736,084.29 19,270.16 (50,000.00) 10,705,354.45
Class A Contingent Collateral Account 3,085,237.57 4,327.07 - 3,089,564.64
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Total 118,335,528.74 12,720,214.48 (17,273,597.86) 113,782,145.36
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2. Analysis of Expenses Account Activity
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Opening Balance on Previous Calculation Date 6,733,354.16
Transfer from Collection Account on Previous Payment Date 883,052.26
Interim Transfer from (to) Collection Account -
Payments on Previous Payment Date (483,921.50)
Interim Payments (1,943,995.08)
Other -
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Balance on Current Calculation Date 5,188,489.84
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3. Analysis of Collection Account Activity
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Opening Balance on Previous Calculation Date 97,780,852.72
Collections during Period
- lease rentals 9,997,662.63
- maintenance reserves 1,499,026.22
- other 166,226.40
- interest income 150,649.74
Drawings under Credit or Liquidity Enhancement Facilities -
Repayment of Drawings under Credit or Liquidity Enhancement Facilities -
Transfer to Expense Account on Previous Payment Date (883,052.26)
Net Swap Receipts (Payments) on Previous Payment Date (4,183,153.58)
Net Transfers from (to) Lessee Funded Accounts (14,828.57)
Aggregate Note Payments on Previous Payment Date (9,714,646.87)
Interim Transfer from (to) Expense Account -
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Balance on Current Calculation Date 94,798,736.43
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Net Transfers pursuant to Section 3.07 of the Trust Indenture 1,218.39
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Available Collections 94,799,954.82
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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 816,098.83
(ii) (a) Class A Interest 1,860,492.10
(b) Swap Payments other than subordinated swap payments 3,735,771.17
(iii) Repayment of Senior Eligible Credit Facilities -
(iv) First Collection Account top-up 33,000,000.00
(v) Class A Minimum principal payment -
(vi) Class B Interest 604,377.92
(vii) Repayment of Mezzanine Eligible Credit Facilities -
(viii) Second Collection account top-up 20,000,000.00
(ix) Class B Minimum principal payment -
(x) Class C Interest 698,478.08
(xi) Repayment of Junior Eligible Credit Facilities -
(xii) Third Collection Account top-up 19,000,000.00
(xiii) Class C Minimum principal payment 207,174.91
(xiv) Class D Interest 272,014.27
(xv) Repayment of Subordinate Eligible Credit Facilities -
(xvi) Fourth Collection Account top-up 11,000,000.00
(xvii) Class D Minimum principal payment 93,653.28
(xviii) Expense Accrual 2,052,555.49
(xix) Additional and Step-up Interest
(a) Additional Interest -
(b) Maturity Step-up Interest -
(c) Registration Step-up Interest -
(xx) Class A Scheduled principal 1,459,338.77
(xxi) Class B Scheduled principal -
(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 -
(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 11,799,954.82
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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 1.82313% 1.82313% 1.82313%
Applicable Margin 0.39000% 0.43000% 0.43000%
Applicable Interest Rate 2.21313% 2.25313% 2.25313%
Actual Number of Days 29 29 29
Interest Amount Paid 713,119.67 471,905.56 675,466.87
Additional Interest Paid - - -
Maturity Step-up Interest Amount Paid - - -
Registration Step-up Interest Amount Paid - - -
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Total Interest Paid 713,119.67 471,905.56 675,466.87
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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 400,000,000.00 260,000,000.00 372,153,668.03
Total Principal Distribution Amount - - 1,459,338.77
Redemption Amount:
Amount allocable to principal - - -
Amount allocable to premium - - -
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Closing Outstanding Principal Balance 400,000,000.00 260,000,000.00 370,694,329.26
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Subclass Subclass Subclass
(a) Floating Rate Notes (Continued) B-1 C-1 D-1
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Applicable LIBOR 1.82313% 1.82313% 1.82313%
Applicable Margin 1.12000% 2.12000% 2.00000%
Applicable Interest Rate 2.94313% 3.94313% 3.82313%
Number of Days 29 29 29
Interest Amount Payable 135,392.54 217,221.07 106,831.39
Additional Interest Paid - - -
Registration Step-up Interest Amount Paid - - -
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Total Interest Paid 135,392.54 217,221.07 106,831.39
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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 57,107,058.79 68,385,710.69 34,688,403.97
Total Principal Distribution Amount - 101,383.47 54,631.07
Redemption Amount:
Amount allocable to principal - - -
Amount allocable to premium - - -
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Closing Outstanding Principal Balance 57,107,058.79 68,284,327.22 34,633,772.90
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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 468,985.38 481,257.01 165,182.88
Additional Interest Paid - - -
Registration Step-up Interest Amount Paid - - -
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Total Interest Paid 468,985.38 481,257.01 165,182.88
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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 78,998,097.99 71,359,002.47 24,777,431.42
Total Principal Distribution Amount - 105,791.44 39,022.21
Redemption Amount:
Amount allocable to principal - - -
Amount allocable to premium - - -
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Closing Outstanding Principal Balance 78,998,097.99 71,253,211.03 24,738,409.21
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5. Floating Rate Note information for next Interest Accrual Period
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Next Payment Date November 15, 2002
Next Calculation Date November 8, 2002
Reference Date October 10, 2002
Subclass Subclass Subclass
A-1 A-2 A-3
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Applicable LIBOR 1.80000% 1.80000% 1.80000%
Applicable Margin 0.39000% 0.43000% 0.43000%
Applicable Interest Rate 2.19000% 2.23000% 2.23000%
Subclass Subclass Subclass
B-1 C-1 D-1
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Applicable LIBOR 1.80000% 1.80000% 1.80000%
Applicable Margin 1.12000% 2.12000% 2.00000%
Applicable Interest Rate 2.92000% 3.92000% 3.80000%
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 87,565.57
Total Principal Payments - - 343.37
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Closing Outstanding Principal Balance 100,000.00 100,000.00 87,222.20
Total Interest 178.28 181.50 158.93
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 95,178.43 99,109.73 99,109.73
Total Principal Payments - 146.94 156.09
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Closing Outstanding Principal Balance 95,178.43 98,962.79 98,953.64
Total Interest 225.65 314.81 305.23
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 95,178.43 99,109.73 99,109.73
Total Principal Payments - 146.94 156.09
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Closing Outstanding Principal Balance 95,178.43 98,962.79 98,953.64
Total Interest 565.04 668.41 660.73
Total Premium - - -
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Page 5 of 5