MORGAN STANLEY AIRCRAFT FINANCE
Report to Noteholders
All amounts in US dollars unless otherwise stated
Month May-01
Payment Date 15th of each month
Convention Modified Following Business Day
Current Payment Date 15-May-01
Current Calculation Date 9-May-01
Previous Payment Date 17-Apr-01
Previous Calculation Date 9-Apr-01
- --------------------------------------------------------------------------------
1. Account Activity Summary between Calculation Dates
- ---------------------------------------------------------------------------------------------
Prior Deposits Withdrawals Balance on
Balance Calculation Date
9-Apr-01 9-May-01
- ---------------------------------------------------------------------------------------------
Expense Account 1,944,056.50 6,864,116.17 (4,474,246.80) 4,333,925.87
Collection Account 22,565,820.96 19,866,354.42 (22,565,820.96) 19,866,354.42
Aircraft Purchase Account - - - -
Liquidity Reserve cash balance 49,309,891.00 (1,174,688.00) - 48,135,203.00
- ---------------------------------------------------------------------------------------------
Total 73,819,768.46 25,555,782.59 (27,040,067.76) 72,335,483.29
- ---------------------------------------------------------------------------------------------
2. Analysis of Expenses Account Activity
- ---------------------------------------------------------------------------------------------
Opening Balance on Previous Calculation Date 1,944,056.50
Transfer from Collection Account on previous Payment Date 6,842,082.55
Permitted Aircraft Accrual -
Interim Transfer from Collection Account -
Transfers from Aircraft Purchase Account -
Interest Income 22,033.62
Balance on current Calculation Date
- Payments on previous payment date (842,082.55)
- Interim payments (3,632,164.25)
- Other -
- ---------------------------------------------------------------------------------------------
Balance on current Calculation Date 4,333,925.87
- ---------------------------------------------------------------------------------------------
3. Analysis of Collection Account Activity
- ---------------------------------------------------------------------------------------------
Opening Balance on Previous Calculation Date 22,565,820.96
Collections during period
- Lease rentals 17,439,880.51
- Maintenance reserves 2,047,430.56
- Other leasing income 113,264.00
- Interest income 265,779.35
- Lease rental received in error -
- Interim transfer to Expense A/C -
Transfers from Aircraft Purchase Account -
Drawings under Credit or Liquidity Enhancement Facilities -
Repayment of Drawings under Credit or Liquidity Enhancement Facilities -
Transfer to Expense Account on previous Payment Date
- Required Expense Amount (6,842,082.55)
- Permitted Aircraft Modifications -
Net Swap payments on previous Payment Date (1,656,818.75)
Aggregate Note Payments on previous Payment Date (14,066,919.66)
- ------------------------------------------------------------------------------ ---------------
Balance on current Calculation Date 19,866,354.42
- ------------------------------------------------------------------------------ ---------------
Analysis of Liquidity Reserve Amount
First Collection Account Reserve 30,000,000.00
Cash Held
- Accrued Expenses 4,333,925.87
- Security Deposits 18,135,203.00 22,469,128.87
Morgan Stanley Facility 30,000,000.00
ILFC Facility
- Letter of Credit 20,000,000.00
-Security Deposits 20,040,351.00 40,040,351.00
-----------------
Liquidity Reserve Amount 122,509,479.87
-----------------
Minimum Liquidity Reserve Amount 30,000,000.00
MORGAN STANLEY AIRCRAFT FINANCE
Report to Noteholders
All amounts in US dollars unless otherwise stated
- -------------------------------------------------------------------------------
Current Payment Date 15-May-01
Current Calculation Date 9-May-01
Previous Payment Date 17-Apr-01
Previous Calculation Date 9-Apr-01
- ----------------------------------------------------------------------------------------------------------------
Balance in Collection Account 19,866,354.42
Liquidity Reserve Amount 122,509,479.87
------------------
Available Collections 142,375,834.29
==================
3. Analysis of Collection Account Activity (Continued)
- ----------------------------------------------------------------------------------------------------------------
Analysis of Current Payment Date Distributions
(i) Required Expense Amount
- Servicer Fee 609,030.73
- Administration Agent Fee 76,643.58
- Other Service Providers 12,500.01
- Accrued Expenses 2,800,000.00
------------------
Total Required Expense Amount 3,498,174.32
(ii) a) Class A Interest but excluding Step-up 5,691,929.07
b) Swap Payments other than subordinated swap payments 1,708,622.22
(iii) a) Repayment of Primary Eligible Credit Facilities -
b) First Collection Account top-up (Minimum liquidity reserve $30 m) 30,000,000.00
(iv) Class A Minimum principal payment -
(v) Class B Interest 717,208.39
(vi) Class B Minimum principal payment 132,885.95
(vii) Class C Interest 1,007,640.00
(viii) Class C Minimum principal payment -
(ix) Class D Interest 797,101.25
(x) Class D Minimum principal payment -
(xi) a) Secondary Eligible Credit Facilities (ILFC and Morgan Stanley Facilities) -
b) Second collection account top-up 92,509,479.87
(xii) Class A Scheduled principal -
(xiii) Class B Scheduled principal 455,118.91
(xiv) Class C Scheduled principal 140,000.00
(xv) Class D Scheduled principal 22,000.00
(xvi) Permitted accruals for Modifications -
(xvii) Step-up interest -
(xviii) Beneficial interest -
(xix) Class A Supplemental principal 5,695,674.31
(xx) Class B Supplemental principal -
(xxi) Class D Redemption Price -
(xxii) Class C Redemption Price -
(xxiii) Class B Redemption Price -
(xxiv) Class A Redemption Price -
(xxv) Subordinated Swap payments -
(xxvi) all remaining amounts to holders of Beneficial interests
Total Payments with respect to Payment Date 142,375,834.29
less collection Account Top Ups (iii) (b) and (xi) (b) above 122,509,479.87
------------------
19,866,354.42
==================
MORGAN STANLEY AIRCRAFT FINANCE
Report to Noteholders
All amounts in US dollars unless otherwise stated
- --------------------------------------------------------------------------------
Current Payment Date 15-May-01
Current Calculation Date 9-May-01
Previous Payment Date 17-Apr-01
Previous Calculation Date 9-Apr-01
- --------------------------------------------------------------------------------------------------------------------
MORGAN STANLEY AIRCRAFT FINANCE
Report to Noteholders
All amounts in US dollars unless otherwise stated
4. Payments on the Notes by Subclass
- --------------------------------------------------------------------------------------------------------------------
Subclass Subclass Subclass Subclass Total
Floating Rate Notes A-2 A-3 A-4 A-5 Class A
- --------------------------------------------------------------------------------------------------------------------
Applicable LIBOR 5.02250% 5.02250% 5.02250% 5.02250%
Applicable Margin 0.3500% 0.5200% 0.5400% 0.5800%
Applicable Interest Rate 5.37250% 5.54250% 5.56250% 5.60250%
Day Count Act/360 Act/360 Act/360 Act/360
Actual Number of Days 28 28 28 28
Interest Amount Payable 839,756.72 2,500,283.33 865,277.78 1,486,611.24
Step-up Interest Amount Payable NA NA NA NA
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Total Interest Paid 839,756.72 2,500,283.33 865,277.78 1,486,611.24 5,691,929.07
- -------------------------------------------------------------------------------------------------------------------------
Expected Final Payment Date 15-Sep-05 15-Mar-02 15-Mar-03 15-Jun-08
Excess Amortization Date 15-Apr-98 15-Mar-02 15-Mar-03 15-Apr-00
- ------------------------------------------------------- -------------- ------------------------------------------------
Original Balance 340,000,000.00 580,000,000.00 200,000,000.00 400,000,000.00
Opening Outstanding Principal Balance 200,965,511.91 580,000,000.00 200,000,000.00 341,161,500.45 1,322,127,012.36
- ------------------------------------------------------- -------------- ------------------------------------------------
Extended Pool Factors 71.49% 100.00% 100.00% 96.92%
Pool Factors 59.25% 100.00% 100.00% 86.33%
- ------------------------------------------------------- -------------- ------------------------------------------------
Extension Amount - - - -
Pool Factor Amount - - - -
Surplus Amortisation 2,111,376.26 - - 3,584,298.05
- ------------------------------------------------------- -------------- ------------------------------------------------
Total Principal Distribution Amount 2,111,376.26 - - 3,584,298.05 5,695,674.31
- ------------------------------------------------------- -------------- ------------------------------------------------
Redemption Amount
- - amount allocable to principal
- - amount allocable to premium
- ------------------------------------------------------- -------------- ------------------------------------------------
Closing Outstanding Principal Balance 198,854,135.65 580,000,000.00 200,000,000.00 337,577,202.40 1,316,431,338.05
- ------------------------------------------------------- -------------- ------------------------------------------------
MORGAN STANLEY AIRCRAFT FINANCE
Report to Noteholders
All amounts in US dollars unless otherwise stated
- ------------------------------------------------------------------------------------
Subclass Subclass Total
Floating Rate Notes B-1 B-2 Class B
- ------------------------------------------------------------------------------------
Applicable LIBOR 5.0225% 5.0225%
Applicable Margin 0.6500% 1.0500%
Applicable Interest Rate 5.67250% 6.07250%
Day Count Act/360 Act/360
Actual Number of Days 28 28
Interest Amount Payable 363,191.76 354,016.63
Step-up Interest Amount Payable NA NA
- ------------------------------------------------------------------------------------
Total Interest Paid 363,191.76 354,016.63 717,208.39
- ------------------------------------------------------------------------------------
Expected Final Payment Date 15-Mar-13 15-Mar-07
Excess Amortisation Date 15-Apr-98 15-Mar-07
- ------------------------------------------------------------------------------------
Original Balance 100,000,000.00 75,000,000.00
Opening Outstanding Principal Balance 82,320,111.86 74,955,000.00 157,275,111.86
- ------------------------------------------------------------------------------------
Extended Pool Factors 91.44% 100.00%
Pool Factors 87.16% 99.93%
- ------------------------------------------------------------------------------------
Extension Amount - -
Pool Factor Amount - 7,500.00
Surplus Amortisation 580,504.86 -
- ------------------------------------------------------------------------------------
Total Principal Distribution Amount 580,504.86 7,500.00 588,004.86
- ------------------------------------------------------------------------------------
Redemption Amount
- - amount allocable to principal
- - amount allocable to premium
- ------------------------------------------------------------------------------------
Closing Outstanding Principal Balance 81,739,607.00 74,947,500.00 156,687,107.00
- ------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------ ----------------
Subclass Subclass Total Subclass
Fixed Rate Notes C-1 C-2 Class C D-1
- ------------------------------------------------------------------------------------ ----------------
Applicable Interest Rate 6.90000% 9.60000% 8.70000%
Day count 30 / 360 30 / 360 30 / 360
Number of Days 30 30 30
Interest Amount Payable 567,640.00 440,000.00 797,101.25
- ------------------------------------------------------------------------------------ ----------------
Total Interest Paid 567,640.00 440,000.00 1,007,640.00 797,101.25
- ------------------------------------------------------------------------------------ ----------------
Expected Final Payment Date 15-Mar-13 15-Oct-16 15-Mar-14
Excess Amortisation Date 15-Mar-13 15-Oct-16 15-Mar-10
Original Balance 100,000,000.00 55,000,000.00 110,000,000.00
Opening Outstanding Principal Balance 98,720,000.00 55,000,000.00 153,720,000.00 109,945,000.00
- ------------------------------------------------------------------------------------ ----------------
Extended Pool Factors 100.00% 100.00% 100.00%
Expected Pool Factors 98.58% 100.00% 99.93%
- ------------------------------------------------------------------------------------ ----------------
- -----------------------------------------
Extended Amount - - -
Expected Pool Factor Amount 140,000.00 - 22,000.00
Surplus Amortisation - -
- -----------------------------------------
- ------------------------------------------------------------------------------------ ----------------
Total Principal Distribution Amount 140,000.00 - 140,000.00 22,000.00
- ------------------------------------------------------------------------------------ ----------------
Redemption Amount - - -
- - amount allocable to principal - - -
- - amount allocable to premium - - -
- ------------------------------------------------------------------------------------ ----------------
Closing Outstanding Principal Balance 98,580,000.00 55,000,000.00 153,580,000.00 109,923,000.00
- ------------------------------------------------------------------------------------ ----------------
MORGAN STANLEY AIRCRAFT FINANCE
Report to Noteholders
All amounts in US dollars unless otherwise stated
- --------------------------------------------------------------------------------
Current Payment Date 15-May-01
Current Calculation Date 9-May-01
Previous Payment Date 17-Apr-01
Previous Calculation Date 9-Apr-01
- --------------------------------------------------------------------------------
5. Floating Rate Note information for next Interest Accrual Period
Start of Interest Accrual Period 15-May-01
End of Interest Accrual Period 15-Jun-01
Reference Date 13-Jun-01
- ------------------------------------------------------------------------------------------------------------------------------
A-2 A-3 A-4 A-5 B-1 B-2
- ------------------------------------------------------------------------------------------------------------------------------
Applicable LIBOR 4.12250% 4.12250% 4.12250% 4.12250% 4.12250% 4.12250%
Applicable Margin 0.3500% 0.5200% 0.5400% 0.5800% 0.6500% 1.0500%
Applicable Interest Rate 4.4725% 4.6425% 4.6625% 4.7025% 4.7725% 5.1725%
Actual Pool Factor 58.49% 100.00% 100.00% 84.39% 81.74% 99.93%
- ------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------
Fixed Rate Notes C-1 C-2 D-1
- --------------------------------------------------------------------------------------
Actual Pool Factor 98.58% 100.00% 99.93%
- --------------------------------------------------------------------------------------
6. Payments per $ 100,000 Initial Outstanding Principal Balance of Notes
- ------------------------------------------------------------------------------------------------------------------------------
(a) Floating Rate Notes A-2 A-3 A-4 A-5 B-1 B-2
- ------------------------------------------------------------------------------------------------------------------------------
Opening Outstanding Principal Balance 59,107.50 100,000.00 100,000.00 85,290.38 82,320.11 99,940.00
Total Principal Payments 620.99 - - 896.07 580.50 10.00
Closing Outstanding Principal Balance 58,486.51 100,000.00 100,000.00 84,394.30 81,739.61 99,930.00
Total Interest 246.99 431.08 432.64 371.65 363.19 472.02
Total Premium 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
- ------------------------------------------------------------------------------------------------------------------------------
(b) Fixed Rate Notes C-1 C-2 D-1
- --------------------------------------------------------------------------------------
Opening Outstanding Principal Balance 98,720.00 100,000.00 99,950.00
Total Principal Payments 140.00 - 20.00
Closing Outstanding Principal Balance 98,580.00 100,000.00 99,930.00
Total Interest 567.64 800.00 724.64
Total Premium - - -
MORGAN STANLEY AIRCRAFT FINANCE
Cumulative Performace to Date - March 15, 2000 to May 15, 2001
All amounts in millions of US dollars Dollar amounts expressed as a percentage
unless otherwise stated of 2000 Base Case Lease Rentals
------------------------------------- -----------------------------------------
Cumulative to Date Cumulative to Date
Actual Base Case Variance Actual Base Case Variance
------ --------- -------- ------ --------- --------
CASH COLLECTIONS
[1] Lease Rentals 275.6 275.6 - 100.0% 100.0% 0.0%
[2] - Renegotiated Leases 0.0 - 0.0 0.0%
[3] - Rental Resets (2.5) - (2.5) -0.9%
------- ------- ------- ------- ------- -------
[4] S [1]..[3] Contracted
Lease Rentals 273.1 275.6 (2.5) 99.1% 100.0% 0.0%
[5] Movement in Current
Arrears Balance (1.7) - (1.7) -0.6% 0.0% -0.6%
less Net Stress-related Costs
[6] - Bad Debts (4.0) -1.5%
[7] - Security Deposits
Drawn Down 2.3 0.8%
[8] - Restructured Arrears - 0.0%
[9] - AOG (9.7) -3.5%
[10] - Other Leasing Income 11.2 4.1%
[11] - Repossession Costs (0.7) -0.3%
------- ------- ------- ------- ------- -------
[12] S [6].[11] sub-total (0.9) (12.4) 11.5 -0.3% -4.5% 4.2%
[13] [4]+[5]+[12] Net Lease Rentals 270.6 263.2 7.4 98.2% 95.5% 2.7%
[14] Interest Earned 4.9 3.4 1.4 1.8% 1.2% 0.5%
Maintenance Receipts 30.9 - 30.9 11.2% 0.0% 11.2%
Maintenance Payments (36.8) - (36.8) -13.3% 0.0% -13.3%
------- ------- ------- ------- ------- -------
[15] Net Maintenance (5.9) - (5.9) -2.1% 0.0% -2.1%
[16] S [13][15] Total Cash
Collections 269.6 266.6 2.9 97.8% 96.7% 1.1%
CASH EXPENSES
Aircraft Operating Expenses
[17] - Insurance (1.7) -0.6%
[18] - Re-leasing and other
overheads (1.1) -0.4%
------- ------- ------- ------- ------- -------
[19] [17]+[18] sub-total (2.9) (2.2) (0.7) -1.0% -0.8% -0.2%
SG&A Expenses
Aircraft Servicer Fees
- Base Fee (3.4) (3.4) 0.0 -1.2% -1.2% 0.0%
- Rent Collected Fee (3.3) (3.3) 0.0 -1.2% -1.2% 0.0%
- Rent Contracted Fee (2.6) (2.8) 0.1 -1.0% -1.0% 0.0%
- Incentive Fee - - - 0.0% 0.0% 0.0%
------- ------- ------- ------- ------- -------
[20] sub-total (9.4) (9.5) 0.2 -3.4% -3.5% 0.1%
Other Servicer Fees
Cabot (1.3) (1.3) 0.0 -0.5% -0.5% 0.0%
Other Service Providers (1.8) (0.8) (0.9) -0.6% -0.3% -0.3%
------- ------- ------- ------- ------- -------
[21] sub-total (3.0) (2.1) (0.9) -1.1% -0.8% -0.3%
[22] S [19][21] Total Cash Expenses (15.3) (13.9) (1.4) -5.5% -5.0% -0.5%
NET CASH COLLECTIONS
[23] [16] Total Cash Collections 269.6 266.6 2.9 97.8% 96.7% 1.1%
[24] [22] Total Cash Expenses (15.3) (13.9) (1.4) -5.5% -5.0% -0.5%
[25] Drawings from Expense Account 43.0 - 43.0 15.6% 0.0% 15.6%
[26] Transfer to Expense Account (44.4) - (44.4) -16.1% 0.0% -16.1%
[27] Interest Payments (146.9) (142.7) (4.3) -53.3% -51.8% -1.5%
[28] Swap Payments (8.4) (12.4) 4.1 -3.0% -4.5% 1.5%
[29] Exceptional Items - - - 0.0% 0.0% 0.0%
------- ------- ------- ------- ------- -------
[30] S [23][29] TOTAL 97.7 97.6 0.0 35.4% 35.4% 0.0%
======= ======= ======= ======= ======= =======
[31] PRINCIPAL PAYMENTS
subclass A2 25.8 26.1 (0.2) 9.4% 9.5% -0.1%
subclass A3 - - - 0.0% 0.0% 0.0%
subclass A4 - - - 0.0% 0.0% 0.0%
subclass A5 62.4 62.2 0.2 22.6% 22.6% 0.1%
subclass B1 8.0 8.0 - 2.9% 2.9% 0.0%
subclass B2 0.1 0.1 - 0.0% 0.0% 0.0%
subclass C1 1.3 1.3 - 0.5% 0.5% 0.0%
subclass C2 - - - 0.0% 0.0% 0.0%
subclass D1 0.1 0.1 - 0.0% 0.0% 0.0%
------- ------- ------- ------- ------- -------
Total 97.7 97.6 0.0 35.4% 35.4% 0.0%
======= ======= ======= ======= ======= =======
Debt Balances
subclass A2 198.9 198.6 (0.2)
subclass A3 580.0 580.0 -
subclass A4 200.0 200.0 -
subclass A5 337.6 337.8 0.2
subclass B1 81.7 81.7 -
subclass B2 74.9 74.9 -
subclass C1 98.6 98.6 -
subclass C2 55.0 55.0 -
subclass D1 109.9 109.9 -
------- ------- -------
TOTAL 1,736.6 1,736.6 0.0
======= ======= =======
- --------------------------------------------------------------------------------
Note: Report Line Name Description
- --------------------------------------------------------------------------------
CASH COLLECTIONS
[1] Lease Rentals Assumptions per the March 2000
Prospectus, the "2000 Base
Case".
[2] - Renegotiated Leases Loss in rental revenue caused by
a lessee negotiating a reduction
in the lease rental.
[3] - Rental Resets Loss in rental when new lease
rates are lower than those
assumed in the 2000 Base Case.
[4] S [1]....[3Contracted Lease
Rentals Current Contracted Lease
Rentals less adjustments for
renegotiated leases and rental
resets.
[5] Movement in Current Arrears
Balance Current Contracted Lease Rentals
not received as at the latest
Calculation Date, excluding Bad
Debts.
less Net Stress-related Costs
[6] - Bad Debts Rental Arrears owed by lessees
who have defaulted and which are
deemed irrecoverable.
[7] - Security Deposits Drawn
Down Amounts drawn down from Security
Deposits to offset arrears or
Bad Debts.
[8] - Restructured Arrears Current Arrears that have been
capitalized and restructured
into a note payable.
[9] - AOG Base Case lease rental lost when
an aircraft is off-lease and
non-revenue earning.
[10] - Other Leasing Income Includes lease termination
payments, rental guarantees and
late payments charges.
[11] - Repossession Costs Legal and technical costs
incurred as a result of
repossessing an aircraft.
[12] S [6]....[1sub-total
[13] [4]+[5]+[Net Lease Rentals Contracted Lease Rentals less
Movement in Current Arrears
Balance and Net Stress related
costs
[14] Interest Earned Interest earned on monthly cash
balances held in Collection and
Expense Accounts.
[15] Net Maintenance Maintenance Revenue Reserve
received less any reimbursements
paid to lessees.
[16] S [14]...[1Total Cash Collections Net Lease Rentals + Interest
Earned + Net Maintenance
- --------------------------------------------------------------------------------
CASH EXPENSES
Aircraft Operating Expenses All
operational costs related to the
leasing of aircraft.
[17] - Insurance Premium for contingent insurance
policies.
[18] - Re-leasing and other
overheads Miscellaneous re-delivery and
leasing costs associated with
re-leasing events.
[19] [17]+[18]sub-total
SG&A Expenses All fees paid to the
Aircraft Servicer and to other
service providers.
[20] Aircraft Servicer Fees Monthly and annual fees paid to
the Aircraft Servicer, ILFC.
- Base Fee Fixed amount per month per
aircraft and changes only as
aircraft are acquired or sold.
- Rent Collected Fee Amount equal to approximately
1.25% of rentals received during
the previous calendar month.
- Rent Contracted Fee Amount equal to 1.00% of rentals
contracted in the current
calendar month.
- Incentive Fee Annual fee paid to Servicer for
performance above an annually
agreed target.
[21] Other Servicer Fees Fees paid to other service
providers including the
Administrative Agent, Financial
Advisor and Independent Trustees
[22] S [19]...[Total Cash Expenses Aircraft Operating Expenses +
SG&A Expenses
- --------------------------------------------------------------------------------
NET CASH COLLECTIONS
[23] [16] Total Cash Collections as per line 17 above.
[24] [22] Total Cash Expenses as per line 24 above.
[25] Drawings from Expense Account Cash drawn from the Expense
Account and used to pay for
expenses during the period.
[26] Transfer to Expense Account Cash set aside in the Expense
Account to pay for future
expected expense obligations.
[27] Interest Payments Interest Payments to Noteholders
on all outstanding debt.
[28] Swap Payments Net Swap Payments (paid) /
received.
[29] Exceptional Items Cash flows that occur
infrequently and are outside the
normal business activities of
MSAF Group.
[30] S [24]...[TOTAL
- --------------------------------------------------------------------------------
[31] PRINCIPAL PAYMENTS Principal Payments to
Noteholders.
- --------------------------------------------------------------------------------
MORGAN STANLEY AIRCRAFT FINANCE
Cumultive Performance to Date - March 15, 2000 to May 15, 2001
all amounts in millions of US dollars unless otherwise stated
Actual 2000 Base Case Variance
------ -------------- --------
Source of Funds
Net Cash Collections 97.7 97.7 -
Add Back Interest 146.9 142.7 4.2
Add Back Swap Payments 8.4 12.4 (4.0)
----- ----- ---
a 253.0 252.8 0.2
----- ----- ---
Application of Funds
b Swap Payments 8.4 12.4 (4.0)
c Class A Interest 108.2 104.4 3.8
d Class A Minimum 5.8 4.8 1.0
e Class B Interest 13.4 13.0 0.4
f Class B Minimum 4.4 4.4 -
g Class C Interest 14.1 14.1 -
h Class C Minimum - - -
I Class D Interest 11.2 11.2 -
j Class D Minimum - - -
k Class A Scheduled 0.8 0.2 0.6
l Class B Scheduled 3.6 3.6 -
m Class C Scheduled 1.3 1.3 -
n Class D Scheduled 0.1 0.1 -
o Permitted Aircraft Modifications - - -
p Class A Supplemental 81.7 83.3 (1.6)
----- ----- ---
253.0 252.8 0.2
----- ----- ---
- --------------------------------------------------------------------------------------------------------------------
[1] Interest Coverage Ratio
Class A 2.17 2.16 = a / (b+c)
Class B 1.86 1.88 = a / (b+c+d+e)
Class C 1.64 1.65 = a / (b+c+d+e+f+g)
Class D 1.53 1.54 = a / (b+c+d+e+f+g+h+i)
[2] Debt Coverage Ratio
Class A 1.52 1.54 = a / (b+c+d+e+f+g+h+i+j+k)
Class B 1.49 1.50 = a / (b+c+d+e+f+g+h+i+j+k+l)
Class C 1.48 1.49 = a / (b+c+d+e+f+g+h+i+j+k+l+m)
Class D 1.48 1.49 = a / (b+c+d+e+f+g+h+i+j+k+l+m+n)
- ----------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------
Loan-to-Value Ratios 2000 Base Case Actual 2000 Base Case
15-Mar-00 15-May-01 15-May-01
---------------------------------------------------------------
[3] Assumed Portfolio Value 2,049.1 1,947.9
[4] Adjusted Portfolio Value 1,858.8
Liquidity Reserve Amount
- Cash 30.0 30.0 30.0
- Accrued Expenses 6.0 7.1 7.1
- Security Deposits 7.1 18.1 18.1
---------- ------------ ------------
subtotal cash 43.1 55.3 55.3
- Letters of Credit 82.1 70.0 70.0
---------- ------------ ------------
Total Liquidity Reserve 125.2 125.3 125.3
[5] Total Asset Value 2,174.3 1,984.1 2,073.2
Note Balance
Class A 1,404.7 64.6% 1,316.4 66.3% 1,316.4 63.5%
Class B 164.7 72.2% 156.7 74.2% 156.7 71.1%
Class C 154.9 79.3% 153.6 82.0% 153.6 78.5%
Class D 110.0 84.4% 109.9 87.5% 109.9 83.8%
--------- ----------- -----------
Total 1,834.3 1,736.6 1,736.6
[1] Interest Coverage Ratio is equal to Net Cash Collections, before interest
and swap payments, expressed as a ratio of the swap costs and interest
payable on each subclass of Notes plus the interest and minimum principal
payments payable on each subclass of Notes that rank senior in priority of
payment to the relevant subclass of Notes.
[2] Debt Coverage Ratio is equal to Net Cash Collections before interest and
swap payments, expressed as a ratio of the interest and minimum and
scheduled principal payments payable on each subclass of Notes plus the
interest and minimum and scheduled principal payments payable on each
subclass of Notes that ranks equally with or senior to the relevant
subclass of Notes in the priority of payments.
[3] Assumed Portfolio Value represents the Initial Appraised Value of each
aircraft in the Portfolio multiplied by the Depreciation Factor at
Calculation date divided by the Depreciation Factor at Closing date.
[4] Adjusted Portfolio Value represents the Base Value of each aircraft in the
Portfolio as determined by the most recent Appraisal multiplied by the
Depreciation Factor at Calculation date divided by the Depreciation Factor
at Closing date. The lower of the Assumed Portfolio Value or 105% of the
Adjusted Portfolio Value is used to calculate the principal repayment
amounts to Noteholders.
[5] Total Asset Value is equal to Total Portfolio Value plus Liquidity Reserve
Amount.