=============================================================================
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
August 15, 1996
(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 Number) (IRS Employer Identification No.)
Aiplanes 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
Certificateholders dated August 15, 1996, sent to each holder of a Pass
Through Certificate issued by Airplanes Pass Through Trust.
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: August 15, 1996 /s/ Roy M. Dantzic*
-------------------
Director and Officer
Date: August 15, 1996 AIRPLANES U.S. TRUST
/s/ Roy M . Dantzic*
-------------------
Controlling Trustee
and Officer
*By: /s/ Michael Walsh
-------------------
Attorney-in-Fact
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
EXHIBIT A
AIRPLANES Group
Report to Certificateholders
Payment Date: 15 August, 1996.
Calculation Date: 9 August, 1996. All numbers in US$ unless otherwise stated
(i) ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates)
----------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Prior Balance Deposits
---------------------------------------------------------------------------------------------------------
09-Jul-96
<S> <C> <C>
Lessee Funded Account 0.00 0.00
Expense Account (note ii) 16,304,132.73 12,061,928.28
Collection Account (note iii) 232,046,845.77 70,063,657.59
---------------------------------------------------------------------------------------------------------
- Miscellaneous Reserve 40,000,000.00
- Maintenance Reserve 80,000,000.00
- Security Deposit 64,077,000.00
- Other Collections 47,969,845.77
----------------------------------------------------------------------------------------------------------
Total 248,350,978.50 82,125,585.87
---------------------------------------------------------------------------------------------------------
((i)continued))
------------------------------------------------------------------------------------------------------------
Balance on
Withdrawals Calculation Date
------------------------------------------------------------------------------------------------------------
09-Aug-96
Lessee Funded Account (0.00) 0.00
Expense Account (note ii) (13,972,001.06) 14,394,059.95
Collection Account (note iii) (47,969,845.77) 254,140,657.59
------------------------------------------------------------------------------------------------------------
- Miscellaneous Reserve 40,000,000.00
- Maintenance Reserve 80,000,000.00
- Security Deposit 64,077,000.00
- Other Collections 70,063,657.59
------------------------------------------------------------------------------------------------------------
Total (61,941,846.83) 268,534,717.54
------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
(ii) ANALYSIS OF EXPENSE ACCOUNT ACTIVITY
--------------------------------------------------------------------------------------------------
<S> <C>
Balance on preceding Calculation date July 09, 1996 16,304,132.73
Transfer from Collection Account (previous Payment Date) 12,000,000.00
Interest Earned during period 61,928.28
Payments during period between prior Calculation Date and the
relevant Calculation Date:
- Payments on prior Payment Date (7,892,300.94)
- Other payments (6,079,700.12)
------------------
Balance on relevant Calculation Date (Aug 9, 1996) 14,394,059.95
--------------------------------------------------------------------------------------------------
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY
--------------------------------------------------------------------------------------------------
Balance on preceding Calculation Date (Aug 11, 1996) 232,046,845.77
Collections during period 70,063,657.59
Transfer to Expense Account (previous Payment Date) (12,000,000.00)
Net transfer to Lessee Funded Accounts 0.00
Aggregate Certificate payments (previous Payment Date) (34,808,067.18)
Swap payments (previous Payment Date) (1,161,778.59)
------------------
Balance on relevant Calculation Date (Aug 9, 1996) 254,140,657.59
--------------------------------------------------------------------------------------------------
</TABLE>
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd)
==============================================================================
ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS
Priority of Payments
(i) Required Expense Amount 33,394,059.95
(ii) a) Class A Interest 14,273,574.18
b) Swap Payments 231,793.44
(iii) First Collection Account Top-up 120,000,000.00
(iv) Minimum Hedge Payment 63,300.00
(v) Class A Minimum Principal 0.00
(vi) Class B Interest 2,100,404.53
(vii) Class B Minimum Principal 1,098,696.00
(viii) Class C Interest 2,546,875.00
(ix) Class D Interest 3,625,000.00
(x) Second Collection Account Top-up 56,905,000.00
(xi) Class A Principal Adjustment Amount 0.00
(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 453,682.67
(xvii) Supplemental Hedge Payment 63,300.00
(xviii) Class B Supplemental Principal 0.00
** (xix) Class A Supplemental Principal 33,779,031.77
(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 268,534,717.54
Less Collection Account Top-Ups ((iii) and (x) above) (176,905,000.00)
-----------------
91,629,717.54
=================
** Collections during period
include approximately $13 million
received from GPA pursuant to the
purchase price adjustment
provisions of Airplanes Group's
Stock Purchase Agreements with GPA.
==============================================================================
<TABLE>
<CAPTION>
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
(iv) PAYMENT ON THE CERTIFICATES
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
(a) FLOATING RATE CERTIFICATES A-1 A-2 A-3
--------------------------
Applicable LIBOR 5.49609% 5.49609% 5.49609%
Applicable Margin 0.25000% 0.32000% 0.47000%
Applicable Interest Rate 5.74609% 5.81609% 5.96609%
Interest Amount Payable 4,205,818.65 3,756,224.79 2,568,733.19
Step Up Interest Amount 0.00 0.00 0.00
Opening Principal Balance 850,000,000.00 750,000,000.00 500,000,000.00
Minimum Principal Payment Amount 0.00 0.00 0.00
Adjusted Principal Payment Amount 0.00 0.00 0.00
Supplemental Principal Payment Amount 0.00 0.00 0.00
Total Principal Distribution Amount 0.00 0.00 0.00
Redemption Amount
- amount allocable to principal 0.00 0.00 0.00
- premium allocable to premium 0.00 0.00 0.00
---------------------------------------------------
Outstanding Principal Balance (Aug 15, 1996) 850,000,000.00 750,000,000.00 500,000,000.00
---------------------------------------------------------------------------------------------------------------------------
(continued)
-----------------------------------------------------------------------------------------------------------------------------
(a) FLOATING RATE CERTIFICATES A-4 A-5 Class B
--------------------------
Applicable LIBOR 5.49609% 5.49609% 5.49609%
Applicable Margin 0.62000% 0.35000% 1.10000%
Applicable Interest Rate 6.11609% 5.84609% 6.59609%
Interest Amount Payable 1,053,326.61 2,689,470.94 2,100,404.53
Step Up Interest Amount 0.00 0.00 0.00
Opening Principal Balance 200,000,000.00 534,247,090.86 369,791,719.00
Minimum Principal Payment Amount 0.00 0.00 1,098,696.00
Adjusted Principal Payment Amount 0.00 0.00 0.00
Supplemental Principal Payment Amount 0.00 33,779,031.77 0.00
Total Principal Distribution Amount 0.00 33,779,031.77 1,098,696.00
Redemption Amount
- amount allocable to principal 0.00 0.00 0.00
- premium allocable to premium 0.00 0.00 0.00
-----------------------------------------------------
Outstanding Principal Balance (Aug 15, 1996) 200,000,000.00 500,468,059.09 368,693,023.00
-----------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
(b) FIXED RATE CERTIFICATES Class C Class D
Applicable Interest Rate 8.1500% 10.8750%
Interest Amount Payable 2,546,875.00 3,625,000.00
Opening Principal Balance 375,000,000.00 400,000,000.00
Scheduled Principal Payment Amount 0.00 0.00
Redemption Amount
- amount allocable to principal 0.00 0.00
- amount allocable to premium 0.00 0.00
Pool Factors and scheduled dollar amount for each class 0.00 0.00
------------------------------------
Outstanding Principal Balance (Aug 15, 1996) 375,000,000.00 400,000,000.00
------------------------------------------------------------------------------------------------------------
Table of rescheduled Pool Factors n/a n/a
in the event of a partial redemption
</TABLE>
<TABLE>
<CAPTION>
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
(v) FLOATING RATE CERTIFICATE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD (Aggregate Amounts)
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 A-2 A-3
Applicable LIBOR 5.42188% 5.42188% 5.42188%
Applicable Margin 0.25000% 0.32000% 0.47000%
Applicable Interest Rate 5.67188% 5.74188% 5.89188%
----------------------------------------------------------------------------------------------------------------------------
(v) continued
- ---------------------------------------------------------------------------------------------------------------------------------
A-4 A-5 Class B
Applicable LIBOR 5.42188% 5.42188% 5.42188%
Applicable Margin 0.62000% 0.35000% 1.10000%
Applicable Interest Rate 6.04188% 5.77188% 6.52188%
- ---------------------------------------------------------------------------------------------------------------------------------
(vi) CURRENT PERIOD PAYMENTS Per $100,000 (Initial Outstanding Principal Balance of Certificates)
--------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
(a) FLOATING RATE CERTIFICATES
A-1 A-2 A-3
Opening Principal Amount 8,500.00 7,500.00 5,000.00
Total Principal Payments 0.00 0.00 0.00
---------------------------------------------------
Closing Outstanding Principal Balance 8,500.00 7,500.00 5,000.00
Total Interest 42.06 37.56 25.69
Total Premium 0.00 0.00 0.00
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
(a) continued
A-4 A-5 Class B
Opening Principal Amount 2,000.00 5,342.47 3,697.92
Total Principal Payments 0.00 337.79 10.99
----------------------------------------------------
Closing Outstanding Principal Balance 2,000.00 5,004.68 3,686.93
Total Interest 10.53 26.89 21.00
Total Premium 0.00 0.00 0.00
----------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
(b) FIXED RATE CERTIFICATES
Class C Class D
Opening Principal Amount 3,750.00 4,000.00
Total Principal Payments 0.00 0.00
------------------------------------
Outstanding Principal Balance 3,750.00 4,000.00
Total Interest 25.47 36.25
Total Premium 0.00 0.00
------------------------------------------------------------------------------------------------------------
</TABLE>
Particulars of the Portfolio as of June 30, 1996 (except for Appraised
Values which are as of October 31, 1995) are contained in the table below.
<TABLE>
<CAPTION>
AIRPLANES GROUP PORTFOLIO ANALYSIS
Appraised
Date of Value at
Aircraft Engine Serial Manufacture/ October 31, 1995
Region Country Lessee Type Configuration Number Conversion (US$000's)
------ ------- ------ --------- ------------- ------ ----------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Africa Kenya Kenya Airways B737-200A JT8D-17 21193 1-Jul-76 5,409
Kenya Kenya Airways B737-200A JT8D-17 21196 1-Jul-76 5,411
Tunisia Air Liberte Tunisie MD83 JT8D-219 49442 29-Apr-87 21,343
Tunisia Air Liberte Tunisie MD83 JT8D-219 49624 1-Aug-88 22,169
Asia & China China National Aviation Corp. B737-500 CFM56-3C1 25131 10-Apr-92 23,998
Far East China China Southern B737-500 CFM56-3C1 24897 26-Feb-91 23,082
China China Southern B737-500 CFM56-3C1 25182 3-Feb-92 24,322
China China Southern B737-500 CFM56-3C1 25183 14-Feb-92 24,133
China China Southern B737-500 CFM56-3C1 25188 12-Mar-92 24,086
China China Southwest B757-200 RB211-535E4-37 26156 25-Nov-92 46,325
China Xiamen B737-200QC JT8D-17A 23066 9-Dec-83 9,548
India East West B737-200A JT8D-15 22396 1-Feb-81 7,014
India East West B737-200A JT8D-15 22633 1-Mar-81 6,979
India Jet Airways B737-400 CFM56-3C1 24345 1-Jun-89 26,311
Indonesia Garuda MD11 CF6-80C2-D1F 48499 31-Dec-91 85,461
Indonesia Garuda MD11 CF6-80C2-D1F 48500 1-Mar-92 89,453
Indonesia Garuda MD11 CF6-80C2-D1F 48501 1-Sep-92 90,442
Indonesia PT Mandala Airlines B737-200A JT8D-17A 23023 30-Mar-83 8,052
Indonesia Sempati(1) F100 TAY650-15 11266 17-Aug-90 15,796
Indonesia Sempati F100 TAY650-15 11336 5-Jun-91 21,157
Indonesia Sempati F100 TAY650-15 11339 1-Jul-91 21,156
Indonesia Sempati F100 TAY650-15 11347 1-Oct-91 20,960
Pakistan Pakistan Int. Airline A300-B4-203 CF6-50C2 269 11-Aug-83 19,414
Philippines Grand International A300-B4-100 CF6-50C2 9 26-Dec-74 9,647
Philippines Philippine Airlines A300-C4-203 CF6-50C2 83 1-May-79 20,517
Philippines Philippine Airlines B737-300 CFM56-3B1 24770 1-Oct-90 24,398
South Korea Asiana Airlines B737-400 CFM56-3C1 24493 14-Jul-89 25,915
South Korea Asiana Airlines B737-400 CFM56-3C1 24520 21-Dec-89 26,569
Australia Australia National Jet Systems DHC8-100 PW121 229 1-Sep-90 7,477
& New New Zealand Air Nelson METRO-III TPE331-11 705 1-Aug-88 1,767
Zealand New Zealand Air Nelson METRO-III TPE331-11 711 1-Mar-88 1,767
New Zealand Air Nelson METRO-III TPE331-11 712 1-Jun-88 1,767
Europe Austria Rheintalflug DHC8-300 PW123 307 1-Dec-91 10,031
France Air France A320-200 CFM56-5A3 203 1-Sep-91 32,384
France Air France A320-200 CFM56 220 1-Sep-91 32,020
Germany Aero Lloyd MD83 JT8D-219 49620 1-Jul-88 22,737
Germany Air Berlin B737-400 CFM56-3C1 24687 25-May-90 27,123
Germany Contact Air DHC8-300 PW123 334 8-Oct-92 10,226
Germany Contact Air DHC8-300A PW123 296 1-Oct-91 9,647
Hungary Malev B737-200A JT8D-15 21735 1-Jun-79 6,246
Hungary Malev B737-200A JT8D-15 22090 1-May-80 6,570
Hungary Malev B737-200A JT8D-17A 22803 14-Feb-83 8,569
Hungary Malev B737-200A JT8D-17A 22804 1-Feb-83 8,274
Hungary Malev B737-200A JT8D-15 22979 1-Mar-83 7,335
Hungary Malev B737-400 CFM56-3C1 26069 2-Nov-92 30,577
Hungary Malev B737-400 CFM56-3C1 26071 13-Nov-92 30,590
Iceland Air Atlanta B737-200A JT8D-17 21192 1-Mar-76 5,529
Ireland Aer Lingus B737-400 CFM56-3C1 24690 1-Jul-90 27,262
Ireland Translift Airways A300-B4-100 CF6-50C2 12 20-May-75 9,548
Ireland Translift Airways A300-B4-100 CF6-50C2 20 1-Oct-75 9,739
Italy Aliadriatica B737-300 CFM56-3C1 25187 14-Mar-92 27,605
Italy Aliadriatica B737-300 CFM56-3C1 25179 12-Feb-92 27,841
Italy Eurofly MD83 JT8D-219 49631 14-Jun-89 23,356
Netherlands Schreiner Airways DHC8-300A PW123 283 1-Sep-91 9,983
Netherlands Schreiner Airways DHC8-300A PW123 298 1-Apr-92 10,100
Netherlands Schreiner Airways DHC8-300A PW123 300 1-Apr-92 10,349
Netherlands Transavia B737-300 CFM56-3C1 24905 1-Feb-91 26,155
Norway Wideroe's Flyveselkap a/s DHC8-300 PW123 293 1-Oct-91 10,057
Norway Wideroe's Flyveselkap a/s DHC8-300 PW123 342 1-Dec-92 11,004
Spain Air Europa B737-300 CFM56-3B2 23749 1-May-87 22,370
Spain Air Europa B737-300 CFM56-3B2 23923 1-Apr-88 23,454
Spain Air Europa B737-400 CFM56-3C1 24906 24-Feb-91 28,246
Spain Air Europa B737-400 CFM56-3C1 24912 14-Jun-91 28,914
Spain Futura B737-400 CFM56-3C1 24689 3-Jul-90 27,442
Spain Futura B737-400 CFM56-3C1 25180 21-Jan-92 29,733
Spain IBERIA DC8-71F CFM56-2C1 45945 19-May-92 18,687
</TABLE>
Particulars of the Portfolio as of June 30, 1996 (except for
Appraised Values which are as of October 31, 1995) are contained in the
table below.
<TABLE>
<CAPTION>
AIRPLANES GROUP PORTFOLIO ANALYSIS
Appraised
Date of Value at
Aircraft Engine Serial Manufacture/ October 31, 1995
Region Country Lessee Type Configuration Number Conversion (US$000's)
------ ------- ------ --------- ------------- ------ ----------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Europe Spain Spanair MD83 JT8D-219 49626 22-Oct-88 22,523
(cont'd) Spain Spanair MD83 JT8D-219 49672 1-Jul-88 22,377
Spain Spanair MD83 JT8D-219 49709 1-Dec-88 22,559
Spain Spanair MD83 JT8D-219 49938 1-Dec-90 25,306
Sweden Nordic East Airways B737-400 CFM56-3C1 24911 1-Apr-91 28,969
Sweden Transwede F100 TAY650-15 11371 19-Dec-91 20,945
Sweden Transwede B757-200 RB2110-535E4-37 26151 23-Jul-92 46,125
Sweden SAS B767-300ER PW4060 25411 15-Jan-92 70,847
Switzerland Edelweiss Air AG MD83 JT8D-219 49935 26-Sep-90 25,006
Switzerland Edelweiss Air AG MD83 JT8D-219 49951 25-Aug-91 26,405
Turkey Istanbul B737-400 CFM56-3C1 24683 7-Aug-90 27,420
Turkey Istanbul B737-400 CFM56-3C1 24691 9-Aug-90 27,396
Turkey Pegasus B737-400 CFM56-3C1 26081 10-Mar-93 31,607
Turkey Pegasus B737-400 CFM56-3C1 24684 1-Apr-90 27,201
Turkey Sun Express B737-400 CFM56-3C1 25190 7-Apr-92 29,872
Turkey Sunways MD83 JT8D-219 49792 1-Nov-89 24,028
Turkey Sunways MD83 JT8D-219 49936 6-Oct-90 25,029
Turkey Sunways MD83 JT8D-219 49943 1-Jul-91 26,403
Turkey Turk Hava Yollari B737-400 CFM56-3C1 24917 24-Jun-91 28,612
Turkey Turk Hava Yollari B737-400 CFM56-3C1 25181 3-Feb-92 29,676
Turkey Turk Hava Yollari B737-400 CFM56-3C1 25184 2-Mar-92 29,831
Turkey Turk Hava Yollari B737-400 CFM56-3C1 25261 9-Apr-92 29,939
Turkey Turk Hava Yollari B737-400 CFM56-3C1 26065 1-May-92 30,002
Turkey Turk Hava Yollari B737-500 CFM56-3C1 25288 16-Jun-92 24,380
Turkey Turk Hava Yollari B737-500 CFM56-3C1 25289 12-Jun-92 24,279
United Kingdom Airtours International A320-200 CFM56 348 17-Jun-92 34,368
United Kingdom Airtours International A320-200 CFM56 301 22-Apr-92 33,760
United Kingdom Airtours International A320-200 CFM56 294 2-Apr-92 33,427
United Kingdom Airtours International A320-200 CFM56-5A3 349 30-Oct-92 34,213
United Kingdom British Midland B737-500 CFM56-3C1 25185 18-Feb-92 23,903
United Kingdom Titan Airways ATR42-300 PW120 109 14-Oct-88 6,443
United Kingdom Titan Airways ATR42-300 PW120 113 18-Nov-88 6,463
Latin Antigua Liat DHC8-100 PW120-A 140 1-Mar-89 6,242
America Antigua Liat DHC8-100 PW120-A 144 1-Mar-89 6,433
Antigua Liat DHC8-100 PW120-A 270 1-May-91 7,345
Antigua Liat DHC8-102 PW120-A 113 1-Sep-88 5,782
Argentina LAPA B737-200A JT8D-15 22278 19-Mar-80 7,082
Argentina LAPA B737-200A JT8D-15 22368 1-Sep-80 6,722
Argentina LAPA B737-200A JT8D-15 22369 1-Sep-80 6,795
Argentina LAPA B737-200QC JT8D-17A 23065 15-Oct-96 9,316
Aruba Air Aruba MD83 JT8D-219 49950 1-Nov-91 26,695
Brazil Rio Sul B737-500 CFM56-3C1 25186 11-Mar-92 23,991
Brazil Rio Sul B737-500 CFM56-3C1 26075 23-Oct-92 24,607
Brazil TAM F100 TAY650-15 11284 31-Jul-90 19,648
Brazil TAM F100 TAY650-15 11285 1-Aug-90 19,627
Brazil TAM F100 TAY650-15 11304 27-Feb-91 20,887
Brazil TAM F100 TAY650-15 11305 19-Apr-91 20,903
Brazil TAM F100 TAY650-15 11348 6-Aug-91 20,806
Brazil Transbrasil B767-200ER PW4056 25421 14-Jan-92 59,697
Brazil Transbrasil B767-300ER PW4060 24948 19-Jul-91 68,304
Brazil VARIG(1) B737-300 CFM56-3B2 26852 20-Apr-92 23,295
Brazil VARIG(1) DC10-30F CF6-50C2 47841 3-Jul-80 21,736
Brazil VARIG(1) DC10-30F CF6-50C2 47842 8-Apr-80 21,736
Chile Fast Air DC8-71F CFM56-2C1 45810 9-Apr-92 19,053
Chile Fast Air DC8-71F CFM56-2C1 45970 15-Oct-92 18,793
Chile Fast Air DC8-71F CFM56-2C1 45976 10-Aug-91 18,933
Chile Fast Air DC8-71F CFM56-2C1 45996 29-Oct-92 18,797
Chile Fast Air DC8-71F CFM56-2C1 45997 7-Dec-93 18,787
Chile Ladeco B737-200A JT8D-15 21960 1-Mar-80 6,529
Chile Ladeco B737-200A JT8D-15 22632 1-Feb-82 7,531
Chile Lan Chile Airlines B737-200A JT8D-15 22397 1-Feb-81 7,556
Chile Lan Chile Airlines B737-200A JT8D-17A 22407 1-Sep-80 7,281
Chile Lan Chile Airlines B737-200A JT8D-17A 23024 1-May-83 7,850
Colombia ACES ATR42-320 PW121-5A1 284 1-Jan-92 8,447
Colombia Avianca B757-200 RB211-535E4-37 26154 22-Sep-92 46,327
Colombia Avianca MD83 JT8D-219 49939 26-Oct-90 25,376
Colombia Avianca MD83 JT8D-219 49946 18-Jul-91 26,329
Colombia Avianca MD83 JT8D-219 53120 29-Jul-92 27,647
Colombia Avianca MD83 JT8D-219 53125 2-Apr-92 27,968
Colombia Tampa DC8-71F CFM56-2C1 45849 9-Mar-91 18,307
</TABLE>
Particulars of the Portfolio as of June 30, 1996 (except for
Appraised Values which are as of October 31, 1995) are contained in the
table below.
<TABLE>
<CAPTION>
AIRPLANES GROUP PORTFOLIO ANALYSIS
Appraised
Date of Value at
Aircraft Engine Serial Manufacture/ October 31, 1995
Region Country Lessee Type Configuration Number Conversion (US$000's)
------ ------- ------ --------- ------------- ------ ----------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Europe Colombia Tampa DC8-71F CFM56-2C1 46066 24-Apr-91 18,680
(cont'd) Jamaica Air Jamaica A300-B4-203 CF6-50C2 131 7-Feb-81 16,362
Mexico Aerocalifornia DC9-14 JT8D-7B 45736 1-Aug-66 1,143
Mexico Aerocalifornia DC9-14 JT8D-7B 45743 1-May-66 1,043
Mexico Aerocalifornia DC9-15 JT8D-7A 45785 1-Nov-66 1,096
Mexico Aerocalifornia DC9-15 JT8D-7B 45786 1-Mar-67 1,190
Mexico Aerocalifornia DC9-15 JT8D-7A 47059 1-May-67 1,073
Mexico Aerocalifornia DC9-15 JT8D-7A 47085 1-Jul-67 1,073
Mexico Aerocalifornia DC9-15 JT8D-7A 47122 1-Dec-67 1,073
Mexico Aerocalifornia DC9-15 JT8D-7A 47126 1-Oct-68 1,107
Mexico Aeromexico B767-300ER PW4060 26200 1-Sep-92 72,814
Mexico Aeromexico B767-300ER PW4060 26204 1-Oct-92 72,874
Mexico Aeromexico DC9-32 JT8D-17 47594 1-Feb-74 4,043
Mexico Aeromexico DC9-32 JT8D-17 48125 1-Apr-80 5,777
Mexico Aeromexico DC9-32 JT8D-17 48126 1-Apr-80 5,763
Mexico Aeromexico DC9-32 JT8D-17 48127 1-Jul-80 5,850
Mexico Aeromexico DC9-32 JT8D-17 48128 1-Aug-80 5,874
Mexico Aeromexico DC9-32 JT8D-17 48129 1-Nov-80 5,890
Mexico Aeromexico DC9-32 JT8D-17 48130 1-Dec-80 5,547
Mexico Aeromexico MD82 JT8D-217 49660 1-Mar-88 21,167
Mexico Aeromexico MD82 JT8D-217A 49667 21-Jan-88 21,279
Mexico Aeromexico MD87 JT8D-219 49673 1-Dec-88 18,155
Mexico Mexicana B727-200A JT8D-17R 21346 1-Oct-80 5,459
Mexico Mexicana B727-200A JT8D-17R 21600 1-Nov-80 5,483
Mexico Mexicana F100 TAY650-15 11309 16-May-91 21,123
Mexico Mexicana F100 TAY650-15 11319 5-Apr-91 21,243
Mexico Mexicana F100 TAY650-15 11374 20-Jan-92 22,314
Mexico Mexicana F100 TAY650-15 11375 1-Dec-92 22,356
Mexico Mexicana F100 TAY650-15 11382 1-Jan-93 22,372
Mexico Mexicana F100 TAY650-15 11384 1-Jan-93 22,379
Peru Aerosanta B737-200A JT8D-17 21206 26-Feb-76 4,961
Trinidad & Tobago BWIA International MD83 JT8D-219 49390 1-Apr-86 19,999
Trinidad & Tobago BWIA International MD83 JT8D-219 49789 23-Sep-89 23,626
North Canada BOMBARDIER INC DHC8-300 PW123 232 20-Oct-90 8,973
America Canada BOMBARDIER INC DHC8-300 PW123 244 1-Dec-90 9,017
Canada Canadian Airlines A320-200 CFM56-5A1 174 1-Apr-91 31,688
Canada Canadian Airlines A320-200 CFM56-5A1 175 1-Apr-91 32,146
Canada Canadian Airlines A320-200 CFM56-5A1 232 1-Oct-91 32,232
Canada Canadian Airlines A320-200 CFM56-5A1 284 9-Mar-92 33,507
Canada Canadian Airlines A320-200 CFM56-5A1 309 13-May-92 33,486
Canada Canadian Airlines A320-200 CFM56-5A1 404 1-Jan-94 35,951
Canada Canadian Airlines(1) B737-200A JT8D-9A 20922 1-Aug-74 3,226
Canada Canadian Airlines(1) B737-200A JT8D-9A 20958 1-Jan-75 4,176
Canada Canadian Airlines(1) B737-200A JT8D-9A 20959 1-Nov-74 4,177
Canada Canadian Airlines(1) B737-200A JT8D-9A 21115 1-Dec-75 4,176
Canada Canadian Airlines(1) B737-200A JT8D-9A 21639 1-Nov-78 5,682
Canada Canadian Airlines(1) B737-200A JT8D-9A 21712 1-Feb-79 6,190
Canada Canadian Airlines(1) B737-200A JT8D-9A 22873 1-Jul-82 9,551
United States of Aloha Airlines B737-300 CFM56-3B1 23499 1-Jun-86 22,840
America
United States of Aloha Airlines B737-300 CFM56-3B1 23500 1-Jun-86 22,823
America
United States of Burlington Air Express DC8-71F CFM56-2C1 45811 30-May-91 18,460
America
United States of Burlington Air Express DC8-71F CFM56-2C1 45813 28-Apr-92 18,690
America
United States of Burlington Air Express DC8-71F CFM56-2C1 45946 23-Apr-92 18,680
America
United States of Burlington Air Express DC8-71F CFM56-2C1 45971 13-Feb-92 18,753
America
United States of Burlington Air Express DC8-71F CFM56-2C1 45978 23-Apr-93 18,550
America
United States of Burlington Air Express DC8-71F CFM56-2C1 45993 23-Jun-93 18,690
America
United States of Burlington Air Express DC8-71F CFM56-2C1 45994 1-Sep-94 19,000
America
United States of Burlington Air Express DC8-71F CFM56-2C1 45998 21-May-93 18,800
America
United States of Burlington Air Express DC8-71F CFM56-2C1 46065 12-Jan-92 18,760
America
United States of Emery Worldwide DC8-71F CFM56-2C1 45812 14-Jul-94 18,537
America
United States of Emery Worldwide DC8-71F CFM56-2C1 45941 27-Aug-91 18,887
America
United States of Emery Worldwide DC8-71F CFM56-2C1 45947 11-Mar-94 18,667
America
United States of Emery Worldwide DC8-71F CFM56-2C1 45974 25-Jun-91 19,473
America
United States of Emery Worldwide DC8-71F CFM56-2C1 45975 21-Jul-92 19,167
America
United States of Emery Worldwide DC8-71F CFM56-2C1 45977 23-Nov-90 19,040
America
United States of Emery Worldwide DC8-71F CFM56-2C1 45983 24-Jan-94 18,197
America
United States of Emery Worldwide DC8-71F CFM56-2C1 45995 30-Dec-94 18,750
America
United States of Emery Worldwide DC8-71F CFM56-2C1 46039 29-Oct-90 19,010
America
United States of Frontier B737-300 CFM56-3B1 23177 1-Apr-86 21,085
America
United States of Hawaiian Airlines DC9-51 JT8D-17 47742 1-Jun-77 5,129
America
</TABLE>
Particulars of the Portfolio as of June 30, 1996 (except for
Appraised Values which are as of October 31, 1995) are contained in the
table below.
<TABLE>
<CAPTION>
AIRPLANES GROUP PORTFOLIO ANALYSIS
Appraised
Date of Value at
Aircraft Engine Serial Manufacture/ October 31, 1995
Region Country Lessee Type Configuration Number Conversion (US$000's)
- ------ ------- ------ --------- ------------- ------ ----------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Europe United States of Hawaiian Airlines DC9-51 JT8D-17 47784 1-May-79 5,483
(cont'd) America
United States of Hawaiian Airlines DC9-51 JT8D-17 47796 1-Apr-79 5,679
America
United States of Hawaiian Airlines DC9-51 JT8D-17 48122 26-Jan-81 6,466
America
United States of Idefix ATR42-300 PW120 249 1-Jun-91 8,064
America
United States of Reno MD-83 JT8D-219 49941 1-Dec-90 25,022
America
United States of Reno MD-83 JT8D-219 49949 5-Aug-91 26,421
America
United States of SAT DC8-73CF CFM56-2C1 46091 1-Dec-89 22,870
America
United States of Tower Air B747-200BC JT9D-7Q 21730 7-Jun-79 38,447
America
United States of TWA MD83 JT8D-219 49575 1-Oct-87 21,786
America
United States of US Air Express DHC8-100 PW121 258 1-Jan-91 7,527
America
Others Cyprus Fornax Aircraft Leasing B737-200A JT8D-17 21685 1-Jan-79 6,374
Lithuania Lithuanian Airlines B737-200A JT8D-15 22453 1-Mar-81 7,288
Ukraine Air Ukraine Int B737-200A JT8D-17A 22802 1-Feb-83 8,113
Ukraine Air Ukraine Int B737-300 CFM56-3C1 24907 1-Mar-91 26,307
Off Lease Off Lease DC10-30 CF6-50C2 46976 14-Dec-78 22,670
Off Lease DC10-30 CF6-50C2 46978 29-Nov-78 22,747
Off Lease - LOI Aires (2) DHC8-300A PW123 276 13-May-91 9,637
Off Lease - LOI Bombardier(2) DHC8-300A PW123 266 20-Mar-91 9,583
Off Lease - LOI Bombardier(2) DHC8-300A PW123 267 4-Apr-91 9,617
Off Lease - LOI Burlington(2) DC8-71F CFM56-2C1 45973 27-Feb-92 19,215
Off Lease DHC8-300 PW123 230 1-Feb-91 9,691
Off Lease DHC-300C PW123 242 1-Nov-90 9,606
-----------
4,527,040
===========
<FN>
Note:
(1) Aircraft Lease Receivable Book Values are used for the Aircraft subject
to Finance Leases (11 in total) rather than the Initial Appraised Values
of these Aircraft.
(2) "LOI" denotes Aircraft subject to non-binding Letter of Intent with a
particular lessee.
</FN>
</TABLE>
EXHIBIT B
Attached hereto is a true and correct copy of a Power of Attorney
given by each of the persons signatory thereto.
/s/ Janet Anderson
--------------------
Janet Anderson
POWER OF ATTORNEY
Each of the undersigned, being a Director and officer of Airplanes
Limited, hereby individually appoints Patrick Blaney, John Tierney, Brian
McLoghlin, Declan Treacy, Richard Pierce, John Redmond, Michael Walsh and
Rose Hynes and each of them, acting as an officer of GPA 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 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
a 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 SEC upon the occurrance of certain events listed in the
SEC rules and regulations with the Securities and Exchange Commission (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: 24 June 1996 /s/ Roy M. Dantzic
------------------
Roy M. Dantzic
Witness: /s/ A. Syvret
---------------------
Dated: 24 June 1996 /s/ William A. Franke
---------------------
William A. Franke
Witness: /s/ A. Syvret
---------------------
Dated: 24 June 1996 /s/ Hugh R. Jenkins
-------------------
Hugh R. Jenkins
Witness: /s/ A. Syvret
---------------------
Dated: 24 June 1996 /s/ William M. McCann
---------------------
William M. McCann
Witness: /s/ A. Syvret
---------------------
Dated: 24 June 1996 /s/ Edward J. Hansom
--------------------
Edward J. Hansom
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/ Janet Anderson
---------------------
Janet Anderson
POWER OF ATTORNEY
Each of the undersigned, being a Controlling Trustee and officer
of Airplanes U.S. Trust, hereby individually appoints Patrick Blaney, John
Tierney, Brian McLoghlin, Declan Treacy, Richard Pierce, John Redmond,
Michael Walsh and Rose Hynes and each of them, acting as an officer of GPA
Financial Services (Ireland) Limited, as Administrative Agent of Airplanes
U.S, 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 SEC upon the occurrance of
certain events listed in the SEC rules and regulations with the Securities
and Exchange Commission (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.
Dated: 24 June 1996 /s/ Roy. M. Dantzic
-------------------
Roy M. Dantzic
Controlling Trustee
/s/ William A. Franke
-------------------
William A. Franke
Controlling Trustee
/s/ Hugh R. Jenkins
-------------------
Hugh R. Jenkins
Controlling Trustee
/s/ William M. McCann
-------------------
William M. McCann
Controlling Trustee
/s/ Edward J. Hansom
-------------------
Edward J. Hansom
Controlling Trustee
