SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
May 13, 2002
(Date of Earliest Event Reported)
AIRPLANES LIMITED AIRPLANES U.S. TRUST
(Exact Name of Registrants as Specified in Memorandum of Association or Trust
Agreement)
Jersey, Channel Islands Delaware
(State or Other Jurisdiction of Incorporation or Organization)
33-99970-01 13-3521640
(Commission File (IRS Employer
Number) Identification No.)
Airplanes Limited Airplanes U.S. Trust
22 Grenville Street 1100 North Market Street
St. Helier Rodney Square North
Jersey, JE4 8PX Wilmington, Delaware
Channel Islands 19890-0001
(011 44 1534 609 000) (1-302-651-1000)
(Addresses and Telephone Numbers, Including Area Codes, of
Registrants' Principal Executive Offices)
Item 5. Other Events
Attached hereto as Exhibit A is a copy of a Report to Certificate holders
dated May 13, 2002, sent to each holder of a Pass Through Certificate issued by
Airplanes Pass Through Trust.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each
of the registrants has duly caused this report to be signed on its behalf by
the undersigned hereto duly authorized.
AIRPLANES LIMITED
Date: May 13, 2002 /s/ Roy M. Dantzic*
---------------------------------
Director and Officer
Date: May 13, 2002 AIRPLANES U.S. TRUST
/s/ Roy M . Dantzic*
---------------------------------
Controlling Trustee
and Officer
*By: /s/ Patrick.J. Dalton
---------------------------------
Attorney-in-Fact
3
EXHIBIT INDEX
Exhibit A - Report to Certificateholders
Exhibit B - Power of Attorney for Airplanes Limited
Exhibit C - Power of Attorney for Airplanes U.S. Trust
4
Exhibit A
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
Payment Date: 15 May 2002.
Calculation Date: 09 May 2002.
(i) ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates)
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Balance on
Prior Balance Deposits Withdrawals Calculation Date
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9-Apr-02 9-May-02
Lessee Funded Account 0.00 0.00 (0.00) 0.00
Expense Account (note ii) 2,735,969.02 7,269,802.52 (7,928,643.04) 2,077,128.50
Collection Account (note iii) 140,309,198.84 29,807,563.58 (28,155,669.84) 141,961,092.58
- ------------------------------------------------------------------------------------------------------------------------------------
- Miscellaneous Reserve - -
- Maintenance Reserve 80,000,000.00 80,000,000.00
- Security Deposit 31,638,438.00 32,153,529.00
- Other Collections (net of interim withdrawals) 28,670,760.84 29,807,563.58
- ------------------------------------------------------------------------------------------------------------------------------------
Total 143,045,167.86 37,077,366.10 (36,084,312.88) 144,038,221.08
- ------------------------------------------------------------------------------------------------------------------------------------
(ii) ANALYSIS OF EXPENSE ACCOUNT ACTIVITY
- ---------------------------------------------------------------------------------
Balance on preceding Calculation Date (April 09, 2002) 2,735,969.02
Transfer from Collection Account (previous Payment Date) 7,264,030.98
Transfer from Collection Account (interim deposit) 0.00
Interest Earned during period 5,771.54
Payments during period between prior Calculation Date
and the relevant Calculation Date:
- Payments on previous Payment Date (2,960,946.05)
- Other payments (4,967,696.99)
-------------------
Balance on relevant Calculation Date (May 09, 2002) 2,077,128.50
- ---------------------------------------------------------------------------------
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY
- ---------------------------------------------------------------------------------
Balance on preceding Calculation Date (April 09, 2002) 140,309,198.84
Collections during period 29,807,563.58
Swap receipts (previous Payment Date) 0.00
Transfer to Expense Account (previous Payment Date) (7,264,030.98)
Transfer to Expense Account (interim withdrawal) 0.00
Net transfer to Lessee Funded Accounts 0.00
Aggregate Certificate Payments (previous Payment Date) (15,034,826.04)
Swap payments (previous Payment Date) (5,856,812.82)
-------------------
Balance on relevant Calculation Date (May 09, 2002) 141,961,092.58
- ---------------------------------------------------------------------------------
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd)
================================================================================
ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS
Priority of Payments
===============================================
(i) Required Expense Amount 10,000,000.00 Note:
(ii) a) Class A Interest 3,315,376.53 Collections include proceeds from sale of one
b) Swap Payments 5,585,855.74 DC9-51 aircraft
===============================================
(iii) First Collection Account Top-up 60,000,000.00
(iv) Minimum Hedge Payment 0.00
(v) Class A Minimum Principal 0.00
(vi) Class B Interest 564,057.30
(vii) Class B Minimum Principal 1,765,525.35
(viii) Class C Interest 2,375,979.69
(ix) Class D Interest 3,580,412.50
(x) Second Collection Account Top-up 52,224,784.00
(xi) Class A Principal Adjustment Amount 4,626,229.97
(xii) Class C Scheduled Principal 0.00
(xiii) Class D Scheduled Principal 0.00
(xiv) Modification Payments 0.00
(xv) Soft Bullet Note Step-up Interest 0.00
(xvi) Class E Minimum Interest 0.00
(xvii) Supplemental Hedge Payment 0.00
(xviii) Class B Supplemental Principal 0.00
(xix) Class A Supplemental Principal 0.00
(xx) Class D Outstanding Principal 0.00
(xxi) Class C Outstanding Principal 0.00
(xxii) Class E Supplemental Interest 0.00
(xxiii) Class B Outstanding Principal 0.00
(xxiv) Class A Outstanding Principal 0.00
(xxv) Class E Accrued Unpaid Interest 0.00
(xxvi) Class E Outstanding Principal 0.00
(xxvii) Charitable Trust 0.00
---------------
Total Payments with respect to Payment Date 144,038,221.08
Less Collection Account Top-Ups ((iii) and (x)above) (112,224,784.00)
---------------
31,813,437.08
===============
================================================================================
(iv) PAYMENT ON THE CERTIFICATES
- ------------------------------------------------------------------------------------------------------------------------------
(a) FLOATING RATE CERTIFICATES A-6 A-8 A-9 Class B
Applicable LIBOR 1.86000% 1.86000% 1.86000% 1.86000%
Applicable Margin 0.34000% 0.37500% 0.55000% 0.75000%
Applicable Interest Rate 2.20000% 2.23500% 2.41000% 2.61000%
Interest Amount Payable 505,376.53 1,303,750.00 1,506,250.00 564,057.30
Step Up Interest Amount 0.00 0.00 0.00 0.00
Opening Principal Balance 275,659,923.14 700,000,000.00 750,000,000.00 259,336,687.79
Minimum Principal Payment Amount 0.00 0.00 0.00 1,765,525.35
Adjusted Principal Payment Amount 4,626,229.97 0.00 0.00 0.00
Supplemental Principal Payment Amount 0.00 0.00 0.00 0.00
Total Principal Distribution Amount 4,626,229.97 0.00 0.00 1,765,525.35
Redemption Amount
- amount allocable to principal 0.00 0.00 0.00 0.00
- premium allocable to premium 0.00 0.00 0.00 0.00
------------------------------------------------------------------------
Outstanding Principal Balance (May 15, 2002) 271,033,693.17 700,000,000.00 750,000,000.00 257,571,162.44
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
(b) FIXED RATE CERTIFICATES Class C Class D
Applicable Interest Rate 8.1500% 10.8750%
Interest Amount Payable 2,375,979.69 3,580,412.50
Opening Principal Balance 349,837,500.00 395,080,000.00
Scheduled Principal Payment Amount 0.00 0.00
Redemption Amount 0.00 0.00
- amount allocable to principal 0.00 0.00
- amount allocable to premium 0.00 0.00
Actual Pool Factor 0.9329000 0.9877000
------------------------------------
Outstanding Principal Balance (May 15, 2002) 349,837,500.00 395,080,000.00
- ------------------------------------------------------------------------------------------
Table of rescheduled Pool Factors n/a n/a
in the event of a partial redemption
(v) FLOATING RATE CERTIFICATE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD (Aggregate Amounts)
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A-6 A-8 A-9 Class B
Applicable LIBOR 1.84000% 1.84000% 1.84000% 1.84000%
Applicable Margin 0.34000% 0.37500% 0.55000% 0.75000%
Applicable Interest Rate 2.18000% 2.21500% 2.39000% 2.59000%
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(vi) CURRENT PERIOD PAYMENTS Per $100,000 Initial Outstanding Principal Balance of Certificates)
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(a) FLOATING RATE CERTIFICATES
A-6 A-8 A-9 Class B
Opening Principal Amount 2,756.60 7,000.00 7,500.00 2,593.37
Total Principal Payments (46.26) 0.00 0.00 (17.66)
---------------------------------------------------
Closing Outstanding Principal Balance 2,710.34 7,000.00 7,500.00 2,575.71
Total Interest 5.05 13.04 15.06 5.64
Total Premium 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
(b) FIXED RATE CERTIFICATES
Class C Class D
Opening Principal Amount 3,498.38 3,950.80
Total Principal Payments 0.00 0.00
---------------------------
Outstanding Principal Balance 3,498.38 3,950.80
Total Interest 23.76 35.80
Total Premium 0.00 0.00
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Exhibit B
Attached hereto is a true and correct copy of a Power of Attorney given by
each of the persons signatory thereto.
/s/ John Banes
------------------------------
John Banes
POWER OF ATTORNEY
Each of the undersigned, being a Director and officer of Airplanes
Limited, hereby individually appoints Patrick Blaney, John Redmond, Michael
Walsh, Pat Dalton, Paul Farrell, Rose Hynes and Edward Hansom and each of them,
acting on behalf of AerFi Financial Services (Ireland) Limited, as
Administrative Agent of Airplanes Limited, his true and lawful attorney-in-fact
and agent (each an "Attorney-in-Fact"), with full power by power of attorney of
substitution and resubstitution, for him and in his name, place and stead, in
his capacity as a Director and an officer of Airplanes Limited, to sign each
Report on Form 8-K which will be filed at least monthly, provided that where
any such Report on Form 8-K is required to contain any information in addition
to or other than a copy of the relevant monthly report to certificate holders,
the contents of such Report on Form 8-K shall be notified to any one Director
of Airplanes Limited prior to the filing thereof, each such Report on Form 8-K
containing a monthly report to certificate holders to be filed monthly on or
about the 15th day of each month and each other Report on Form 8-K to be filed
within the time prescribed by the Securities and Exchange Commission (the
"SEC") upon the occurrence of certain events listed in the SEC rules and
regulations with the SEC and any amendments thereto, and to file the same with
any exhibits thereto and any other documents in connection therewith with the
SEC, granting unto said Attorney-in-Fact full power and authority to do and
perform each and every act and thing requisite and necessary to be done in and
about the premises as fully to all intents and purposes as he might or could do
in person, hereby ratifying and confirming all that said Attorney-in-Fact, or
his substitute, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, each of the undersigned has caused this Power of
Attorney to be duly executed and delivered on the date indicated below.
Dated: 14 June 1999 /s/ William M. McCann
------------------------------
William M. McCann
Witness: /s/ A.Syvret
-----------------------------
Dated: 14 June 1999 /s/ Roy M. Dantzic
------------------------------
Roy M. Dantzic
Witness: /s/ A.Syvret
------------------------------
Dated: 14 June 1999 /s/ Hugh R. Jenkins
------------------------------
Hugh R. Jenkins
Witness: /s/ A.Syvret
------------------------------
Dated: 14 June 1999 /s/ Richard E. Cavanagh
-----------------------
Richard E. Cavanagh
Witness: /s/ A.Syvret
------------------------------
Dated: 14 June 1999 /s/ Brian T. Hayden
------------------------------
Brian T. Hayden
Witness: /s/ A.Syvret
------------------------------
Exhibit C
Attached hereto is a true and correct copy of a Power of Attorney given by
each of the persons signatory thereto.
/s/ John Banes
------------------------------
John Banes
POWER OF ATTORNEY
Each of the undersigned, being a Controlling Trustee and officer of
Airplanes U.S. Trust, hereby individually appoints Patrick Blaney, John
Redmond, Michael Walsh, Pat Dalton, Paul Farrell, Rose Hynes and Edward Hansom
and each of them, acting on behalf of AerFi Financial Services (Ireland)
Limited, as Administrative Agent of Airplanes U.S. Trust, his true and lawful
attorney-in-fact and agent (each an "Attorney- in-Fact"), with full power of
substitution and resubstitution, for him and in his name, place and stead, in
his capacity as a Controlling Trustee and an officer of Airplanes U.S. Trust to
sign each Report on Form 8-K which will be filed at least monthly, provided
that where any such Report on Form 8-K is required to contain any information
in addition to or other than a copy of the relevant monthly report to
certificate holders, the contents of such Report on Form 8-K shall be notified
to any one Controlling Trustee of Airplanes U.S. Trust prior to the filing
thereof, each such Report on Form 8-K containing a monthly report to
certificate holders to be filed monthly on or about the 15th day of each month
and each other Report on Form 8-K to be filed within the time prescribed by the
Securities and Exchange Commission (the "SEC") upon the occurrence of certain
events listed in the SEC rules and regulations with the SEC and any amendments
thereto, and to file the same with any exhibits thereto and any other documents
in connection therewith with the SEC, granting unto the said Attorney-in- Fact
full power and authority to do and perform each and every act and thing
requisite and necessary to be done in and about the premises as fully to all
intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said Attorney-in- Fact, or his substitute, may lawfully do
or cause to be done by virtue hereof.
IN WITNESS WHEREOF, each of the undersigned has caused this Power of
Attorney to be duly executed and delivered on the date indicated below.
Dated: 14 June 1999 /s/ William M. McCann
------------------------------
William M. McCann
Witness: /s/ A.Syvret
------------------------------
Dated: 14 June 1999 /s/ Roy M. Dantzic
------------------------------
Roy M. Dantzic
Witness: /s/ A.Syvret
------------------------------
Dated: 14 June 1999 /s/ Hugh R. Jenkins
------------------------------
Hugh R. Jenkins
Witness: /s/ A.Syvret
------------------------------
Dated: 14 June 1999 /s/ Richard E. Cavanagh
------------------------------
Richard E. Cavanagh
Witness: /s/ A.Syvret
------------------------------
Dated: 14 June 1999 /s/ Brian T. Hayden
------------------------------
Brian T. Hayden
Witness: /s/ A.Syvret
------------------------------