===============================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
May 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 (IRS Employer
Number) 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 May 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: May 16, 1996 /s/ Roy M. Dantzic*
----------------------------
Director and Officer
Date: May 16, 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 May, 1996.
Calculation Date: 9 May, 1996. All numbers in US$ unless otherwise stated
(i) ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates)
<TABLE>
<CAPTION>
Balance on
Prior Balance Deposits Withdrawals Calculation Date
-------------- -------- ------------ ----------------
28-Mar-96 09-May-96
<S> <C> <C> <C> <C>
Lessee Funded Account 0.00 0.00 (0.00) 0.00
Expense Account (note ii) 18,500,000.00 81,830.76 (6,022,301.00) 12,559,529.76
Collection Account (note iii) 186,373,039.00 81,378,641.97 (0.00) 267,751,680.97
- Miscellaneous Reserve 40,000,000.00 40,000,000.00
- Maintenance Reserve 80,000,000.00 80,000,000.00
- Security Deposit 64,077,000.00 64,077,000.00
- Other Collections 2,296,039.00 83,674,680.97
Total 204,873,039.00 81,460,472.73 (6,022,301.00) 280,311,210.73
(ii) ANALYSIS OF EXPENSE ACCOUNT ACTIVITY
Balance on preceding Calculation date/Closing Date 18,500,000.00
(March 28, 1996)
Required Expense Amount (previous Payment Date) 0.00
Interest Earned during period 81,830.76
Payments during period between prior calculation date and the
relevant Calculation Date:
- Payments on prior Payment Date 0.00
- Other payments (6,022,301.00)
--------------
Balance on relevant Calculation Date (May 9, 1996) 12,559,529.76
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY
Balance on preceding Calculation Date/Closing Date
(March 28, 1996) 186,373,039.00
Collections during period 81,378,641.97
Required Expense Amount (previous Payment Date) 0.00
Net transfer to Lessee Funded Accounts 0.00
Aggregate Certificate payments 0.00
Swap payments 0.00
Balance on relevant Calculation Date (May 9, 1996) 267,751,680.97
--------------
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd)
ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS
----------------------------------------------
Priority of Payments
(i) Required Expense Amount 28,000,000.00
(ii) a) Class A Interest 22,275,468.98
b) Swap Payments 615,053.28
(iii) First Collection Account Top-up 120,000,000.00
(iv) Minimum Hedge Payment 62,550.00
(v) Class A Minimum Principal 24,246,409.00
(vi) Class B Interest 3,256,315.00
(vii) Class B Minimum Principal 3,033,770.00
(viii) Class C Interest 3,990,104.17
(ix) Class D Interest 5,679,166.67
(x) Second Collection Account Top-up 64,077,000.00
(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 789,003.36
(xvii) Supplemental Hedge Payment 62,550.00
(xviii) Class B Supplemental Principal 0.00
(xix) Class A Supplemental Principal 4,223,820.27
(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 280,311,210.73
Less Collection Account Top-Ups ((iii)
and (x) above) (184,077,000.00)
-----------------
96,234,210.73
===============
</TABLE>
<TABLE>
<CAPTION>
(iv) PAYMENT ON THE CERTIFICATES
(a) FLOATING RATE CERTIFICATES A-1 A-2 A-3 A-4
--- --- ---- ---
<S> <C> <C> <C> <C>
Applicable LIBOR 5.41263% 5.41263% 5.41263% 5.41263%
Applicable Margin 0.25000% 0.32000% 0.47000% 0.62000%
Applicable Interest Rate 5.66263% 5.73263% 5.88263% 6.03263%
Interest Amount Payable 6,417,647.33 5,732,630.00 3,921,753.33 1,608,701.33
Step Up Interest Amount 0.00 0.00 0.00 0.00
Opening Principal Balance 850,000,000.00 750,000,000.00 500,000,000.00 200,000,000.00
Minimum Principal Payment Amount 0.00 0.00 0.00 0.00
Adjusted Principal Payment Amount 0.00 0.00 0.00 0.00
Supplemental Principal Payment Amount 0.00 0.00 0.00 0.00
Total Principal Distribution Amount 0.00 0.00 0.00 0.00
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, 1996) 850,000,000.00 750,000,000.00 500,000,000.00 200,000,000.00
</TABLE>
A-5 Class B
--- -------
5.41263% 5.41263%
0.35000% 1.10000%
5.76263% 6.51263%
4,594,736.99 3,256,315.00
0.00 0.00
598,000,000.00 375,000,000.00
24,246,409.00 3,033,770.00
0.00 0.00
4,223,820.27 0.00
28,470,229.27 3,033,770.00
0.00 0.00
0.00 0.00
-------------- --------------
569,529,770.73 371,966,230.00
<TABLE>
<CAPTION>
(b) FIXED RATE CERTIFICATES Class C Class D
----------------------- ------- -------
<S> <C> <C>
Applicable Interest Rate 8.1500% 10.8750%
Interest Amount Payable 3,990,104.17 5,679,166.67
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
-------------- --------------
(May 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>
(v) FLOATING RATE CERTIFICATE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD (Aggregate Amounts)
A-1 A-2 A-3 A-4
--- --- ---- ---
<S> <C> <C> <C> <C>
Applicable LIBOR 5.42969% 5.42969% 5.42969% 5.42969%
Applicable Margin 0.25000% 0.32000% 0.47000% 0.62000%
Applicable Interest Rate 5.67969% 5.74969% 5.89969% 6.04969%
</TABLE>
A-5 Class B
--- -------
5.42969% 5.42969%
0.35000% 1.10000%
5.77969% 6.52969%
<TABLE>
<CAPTION>
(vi) CURRENT PERIOD PAYMENTS Per $100,000 Initial Outstanding Principal Balance of Certificates)
-------------------------------------------------------------------------------------------
(a) FLOATING RATE CERTIFICATES
--------------------------
<S> <C> <C> <C> <C>
A-1 A-2 A-3 A-4
--- --- --- ---
Opening Principal Amount 8,500.00 7,500.00 5,000.00 2,000.00
Total Principal Payments 0.00 0.00 0.00 0.00
-------- -------- -------- --------
Closing Outstanding Principal Balance 8,500.00 7,500.00 5,000.00 2,000.00
Total Interest 64.18 57.33 39.22 16.09
Total Premium 0.00 0.00 0.00 0.00
A-5 Class B
--- -------
Opening Principal Amount 5,980.00 3,750.00
Total Principal Payments 284.70 30.34
-------- --------
Closing Outstanding Principal Balance 5,695.30 3,719.66
Total Interest 45.95 32.56
Total Premium 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 39.90 56.79
Total Premium 0.00 0.00
</TABLE>
Particulars of the Portfolio as of March 31, 1996 (except for Appraised Values
which are of October 31, 1995)
are contained in the table below.
AIRPLANES GROUP PORTFOLIO ANALYSIS
<TABLE>
<CAPTION>
Aircraft Engine Serial
Region Country Lessee Type Configuration Number
- ---------------- ------------------------ ------------------------------- ----------- --------------- ------
<S> <C> <C> <C> <C> <C>
Africa Kenya Kenya Airways B737-200A JT8D-17 21193
Kenya Kenya Airways B737-200A JT8D-17 21196
Tunisia Air Liberte Tunisie MD83 JT8D-219 49442
Tunisia Air Liberte Tunisie MD83 JT8D-219 49624
Asia & Far East China China Southern B737-500 CFM56-3C1 24897
China China Southern B737-500 CFM56-3C1 25182
China China Southern B737-500 CFM56-3C1 25183
China China Southern B737-500 CFM56-3C1 25188
China China Southwest B757-200 RB211-535E4-37 26156
China Xiamen B737-200QC JT8D-17A 23066
India Archana Airways DHC8-300A PW123 230
India Archana Airways DHC8-300A PW123 242
India East West B737-200A JT8D-15 22396
India East West B737-200A JT8D-15 22633
India Jet Airways B737-400 CFM56-3C1 24345
Indonesia Garuda MD11 CF6-80C2-D1F 48499
Indonesia Garuda MD11 CF6-80C2-D1F 48500
Indonesia Garuda MD11 CF6-80C2-D1F 48501
Indonesia PT Mandala Airlines B737-200A JT8D-17A 23023
Indonesia Sempati(1) F100 TAY650-15 11266
Indonesia Sempati F100 TAY650-15 11336
Indonesia Sempati F100 TAY650-15 11339
Indonesia Sempati F100 TAY650-15 11347
Pakistan Pakistan Int. Airline A300-B4-203 CF6-50C2 269
Philippines Grand International A300-B4-100 CF6-50C2 9
Philippines Philippine Airlines A300-C4-203 CF6-50C2 83
Philippines Philippine Airlines B737-300 CFM56-3B1 24770
South Korea Asiana Airlines B737-400 CFM56-3C1 24493
South Korea Asiana Airlines B737-400 CFM56-3C1 24520
Australia & New Australia National Jet Systems DHC8-100 PW121 229
Zealand New Zealand Air Nelson METRO-III TPE331-11 705
New Zealand Air Nelson METRO-III TPE331-11 711
New Zealand Air Nelson METRO-III TPE331-11 712
Europe Austria Rheintalflug DHC8-300 PW123 307
France Air France A320-200 CFM56-5A3 203
France Air France A320-200 CFM56 220
Germany Aero Lloyd MD83 JT8D-219 49620
Germany Air Berlin B737-400 CFM56-3C1 24687
Germany Contact Air DHC8-300 PW123 334
Germany Contact Air DHC8-300A PW123 296
Greece Venus Airlines B757-200 RB2110-535E4-37 26151
Hungary Malev B737-200A JT8D-15 21735
Hungary Malev B737-200A JT8D-15 22090
Hungary Malev B737-200A JT8D-17A 22803
Hungary Malev B737-200A JT8D-17A 22804
Hungary Malev B737-200A JT8D-15 22979
Hungary Malev B737-400 CFM56-3C1 26069
Hungary Malev B737-400 CFM56-3C1 26071
Iceland Air Atlanta B737-200A JT8D-17 21192
Ireland Aer Lingus B737-400 CFM56-3C1 24690
Ireland Translift Airways A300-B4-100 CF6-50C2 20
Italy Air Europe SpA B767-300ER PW4060 25411
Italy Aliadriatica B737-300 CFM56-3C1 25187
Italy Aliadriatica B737-300 CFM56-3C1 25179
Italy Eurofly MD83 JT8D-219 49631
Netherlands Schreiner Airways DHC8-300A PW123 283
Netherlands Schreiner Airways DHC8-300A PW123 298
Netherlands Schreiner Airways DHC8-300A PW123 300
Netherlands Transavia B737-300 CFM56-3C1 24905
Norway Wideroe's Flyveselkap DHC8-300 PW123 293
Norway Wideroe's Flyveselkap DHC8-300 PW123 342
Spain Air Europa B737-300 CFM56-3B2 23749
Spain Air Europa B737-300 CFM56-3B2 23923
Spain Air Europa B737-400 CFM56-3C1 24906
Spain Air Europa B737-400 CFM56-3C1 24912
Spain Futura B737-400 CFM56-3C1 24689
Spain Futura B737-400 CFM56-3C1 25180
Spain IBERIA DC8-71F CFM56-2C1 45945
Spain Spanair MD83 JT8D-219 49626
Spain Spanair MD83 JT8D-219 49672
Spain Spanair MD83 JT8D-219 49709
Spain Spanair MD83 JT8D-219 49938
Sweden Nordic East Airways B737-400 CFM56-3C1 24911
Sweden Transwede F100 TAY650-15 11371
Switzerland Edelweiss Air AG MD83 JT8D-219 49935
Switzerland Edelweiss Air AG MD83 JT8D-219 49951
Turkey Istanbul B737-400 CFM56-3C1 24683
Turkey Istanbul B737-400 CFM56-3C1 24691
Turkey Pegasus B737-400 CFM56-3C1 26081
Turkey Pegasus B737-400 CFM56-3C1 24684
Turkey Sun Express B737-400 CFM56-3C1 25190
Turkey Sunways MD83 JT8D-219 49792
Turkey Sunways MD83 JT8D-219 49936
Turkey Sunways MD83 JT8D-219 49943
Turkey Turk Hava Yollari B737-400 CFM56-3C1 24917
Turkey Turk Hava Yollari B737-400 CFM56-3C1 25181
Turkey Turk Hava Yollari B737-400 CFM56-3C1 25184
Turkey Turk Hava Yollari B737-400 CFM56-3C1 25261
Turkey Turk Hava Yollari B737-400 CFM56-3C1 26065
Turkey Turk Hava Yollari B737-500 CFM56-3C1 25288
Turkey Turk Hava Yollari B737-500 CFM56-3C1 25289
United Kingdom Airtours MD83 JT8D-219 49941
United Kingdom Airtours MD83 JT8D-219 49949
United Kingdom Airtours International A320-200 CFM56 348
United Kingdom Airtours International A320-200 CFM56 301
United Kingdom Airtours International A320-200 CFM56 294
United Kingdom Airtours International A320-200 CFM56-5A3 349
United Kingdom Titan Airways ATR42-300 PW120 109
United Kingdom Titan Airways ATR42-300 PW120 113
Latin America Antigua Liat DHC8-100 PW120-A 140
Antigua Liat DHC8-100 PW120-A 144
Antigua Liat DHC8-100 PW120-A 270
Antigua Liat DHC8-102 PW120-A 113
Argentina LAPA B737-200A JT8D-15 22278
Argentina LAPA B737-200A JT8D-15 22368
Argentina LAPA B737-200A JT8D-15 22369
Aruba Air Aruba MD83 JT8D-219 49950
Brazil Rio Sul B737-500 CFM56-3C1 25186
Brazil Rio Sul B737-500 CFM56-3C1 26075
Brazil TAM F100 TAY650-15 11284
Brazil TAM F100 TAY650-15 11285
Brazil TAM F100 TAY650-15 11304
Brazil TAM F100 TAY650-15 11305
Brazil TAM F100 TAY650-15 11348
Brazil Transbrasil B767-200ER PW4056 25421
Brazil Transbrasil B767-300ER PW4060 24948
Brazil VARIG(1) B737-300 CFM56-3B2 26852
Brazil VARIG(1) DC10-30F CF6-50C2 47841
Brazil VARIG(1) DC10-30F CF6-50C2 47842
Chile Fast Air DC8-71F CFM56-2C1 45810
Chile Fast Air DC8-71F CFM56-2C1 45970
Chile Fast Air DC8-71F CFM56-2C1 45976
Chile Fast Air DC8-71F CFM56-2C1 45996
Chile Fast Air DC8-71F CFM56-2C1 45997
Chile Ladeco B737-200A JT8D-15 21960
Chile Ladeco B737-200A JT8D-15 22632
Chile Lan Chile Airlines B737-200A JT8D-15 22397
Chile Lan Chile Airlines B737-200A JT8D-17A 22407
Chile Lan Chile Airlines B737-200A JT8D-17A 23024
Colombia ACES ATR42-320 PW121-5A1 284
Colombia Avianca B757-200 RB211-535E4-37 26154
Colombia Avianca MD83 JT8D-219 49939
Colombia Avianca MD83 JT8D-219 49946
Colombia Avianca MD83 JT8D-219 53120
Colombia Avianca MD83 JT8D-219 53125
Colombia Tampa DC8-71F CFM56-2C1 45849
Colombia Tampa DC8-71F CFM56-2C1 46066
Jamaica Air Jamaica A300-B4-203 CF6-50C2 131
Mexico Aerocalifornia DC9-14 JT8D-7B 45736
Mexico Aerocalifornia DC9-14 JT8D-7B 45743
Mexico Aerocalifornia DC9-15 JT8D-7A 45785
Mexico Aerocalifornia DC9-15 JT8D-7B 45786
Mexico Aerocalifornia DC9-15 JT8D-7A 47059
Mexico Aerocalifornia DC9-15 JT8D-7A 47085
Mexico Aerocalifornia DC9-15 JT8D-7A 47122
Mexico Aerocalifornia DC9-15 JT8D-7A 47126
Mexico Aeromexico B767-300ER PW4060 26200
Mexico Aeromexico B767-300ER PW4060 26204
Mexico Aeromexico DC9-32 JT8D-17 47594
Mexico Aeromexico DC9-32 JT8D-17 48125
Mexico Aeromexico DC9-32 JT8D-17 48126
Mexico Aeromexico DC9-32 JT8D-17 48127
Mexico Aeromexico DC9-32 JT8D-17 48128
Mexico Aeromexico DC9-32 JT8D-17 48129
Mexico Aeromexico DC9-32 JT8D-17 48130
Mexico Aeromexico MD82 JT8D-217 49660
Mexico Aeromexico MD82 JT8D-217A 49667
Mexico Aeromexico MD87 JT8D-219 49673
Mexico Mexicana B727-200A JT8D-17R 21346
Mexico Mexicana B727-200A JT8D-17R 21600
Mexico Mexicana F100 TAY650-15 11309
Mexico Mexicana F100 TAY650-15 11319
Mexico Mexicana F100 TAY650-15 11374
Mexico Mexicana F100 TAY650-15 11375
Mexico Mexicana F100 TAY650-15 11382
Mexico Mexicana F100 TAY650-15 11384
Mexico TAESA(2) B737-500 CFM56-3C1 25185
Peru Aerosanta B737-200A JT8D-17 21206
Trinidad & Tobago BWIA International MD83 JT8D-219 49390
Trinidad & Tobago BWIA International MD83 JT8D-219 49789
North America Canada Canadian Airlines A320-200 CFM56-5A1 174
Canada Canadian Airlines A320-200 CFM56-5A1 175
Canada Canadian Airlines A320-200 CFM56-5A1 232
Canada Canadian Airlines A320-200 CFM56-5A1 284
Canada Canadian Airlines A320-200 CFM56-5A1 309
Canada Canadian Airlines A320-200 CFM56-5A1 404
Canada Canadian Airlines(1) B737-200A JT8D-9A 20922
Canada Canadian Airlines(1) B737-200A JT8D-9A 20958
Canada Canadian Airlines(1) B737-200A JT8D-9A 20959
Canada Canadian Airlines(1) B737-200A JT8D-9A 21115
Canada Canadian Airlines(1) B737-200A JT8D-9A 21639
Canada Canadian Airlines(1) B737-200A JT8D-9A 21712
Canada Canadian Airlines(1) B737-200A JT8D-9A 22873
United States of America Aloha Airlines B737-300 CFM56-3B1 23499
United States of America Aloha Airlines B737-300 CFM56-3B1 23500
United States of America Burlington Air Express DC8-71F CFM56-2C1 45811
United States of America Burlington Air Express DC8-71F CFM56-2C1 45813
United States of America Burlington Air Express DC8-71F CFM56-2C1 45946
United States of America Burlington Air Express DC8-71F CFM56-2C1 45971
United States of America Burlington Air Express DC8-71F CFM56-2C1 45978
United States of America Burlington Air Express DC8-71F CFM56-2C1 45993
United States of America Burlington Air Express DC8-71F CFM56-2C1 45994
United States of America Burlington Air Express DC8-71F CFM56-2C1 45998
United States of America Burlington Air Express DC8-71F CFM56-2C1 46065
United States of America Emery Worldwide DC8-71F CFM56-2C1 45812
United States of America Emery Worldwide DC8-71F CFM56-2C1 45941
United States of America Emery Worldwide DC8-71F CFM56-2C1 45947
United States of America Emery Worldwide DC8-71F CFM56-2C1 45974
United States of America Emery Worldwide DC8-71F CFM56-2C1 45975
United States of America Emery Worldwide DC8-71F CFM56-2C1 45977
United States of America Emery Worldwide DC8-71F CFM56-2C1 45983
United States of America Emery Worldwide DC8-71F CFM56-2C1 45995
United States of America Emery Worldwide DC8-71F CFM56-2C1 46039
United States of America Frontier B737-300 CFM56-3B1 23177
United States of America Hawaiian Airlines DC9-51 JT8D-17 47742
United States of America Hawaiian Airlines DC9-51 JT8D-17 47784
United States of America Hawaiian Airlines DC9-51 JT8D-17 47796
United States of America Hawaiian Airlines DC9-51 JT8D-17 48122
United States of America Idefix ATR42-300 PW120 249
United States of America SAT DC8-73CF CFM56-2C1 46091
United States of America Tower Air B747-200BC JT9D-7Q 21730
United States of America TWA MD83 JT8D-219 49575
United States of America United Parcels Service Co DC8-71F CFM56-2C1 45973
United States of America US Air Express DHC8-100 PW121 258
Others Cyprus Fornax Aircraft Leasing B737-200A JT8D-17 21685
Lithuania Lithuanian Airlines B737-200A JT8D-15 22453
Ukraine Air Ukraine Int B737-200A JT8D-17A 22802
Ukraine Air Ukraine Int B737-300 CFM56-3C1 24907
Off Lease Off Lease DC10-30 CF6-50C2 46976
Off Lease DC10-30 CF6-50C2 46978
Off Lease DHC8-300A PW123 276
Off Lease - LOI Bombardier(3) DHC8-300A PW123 266
Off Lease - LOI Bombardier(3) DHC8-300A PW123 267
Off Lease - LOI Rio Sul(3) B737-500 CFM56-3C1 25192
Off Lease - Lease Bombardier(4) DHC8-300 PW123 232
Off Lease - Lease Bombardier(4) DHC8-300 PW123 244
Off Lease - Lease CNAC(4) B737-500 CFM56-3C1 25191
Off Lease - Lease LAPA(4) B737-200C JT8D-17A 23065
Off Lease - Lease Translift(4) A300-B4-100 CF6-50C2 12
</TABLE>
Appraised
Date of Value at
Manufacture/ October 31, 1995
Conversion (US$000's)
------------ ----------------
1-Jul-76 5,409
1-Jul-76 5,411
29-Apr-87 21,343
1-Aug-88 22,169
26-Feb-91 23,082
3-Feb-92 24,322
14-Feb-92 24,133
12-Mar-92 24,086
25-Nov-92 46,325
9-Dec-83 9,548
1-Feb-91 9,691
1-Nov-90 9,606
1-Feb-81 7,014
1-Mar-81 6,979
1-Jun-89 26,311
31-Dec-91 85,461
1-Mar-92 89,453
1-Sep-92 90,442
30-Mar-83 8,052
17-Aug-90 15,796
5-Jun-91 21,157
1-Jul-91 21,156
1-Oct-91 20,960
11-Aug-83 19,414
26-Dec-74 9,647
1-May-79 20,517
1-Oct-90 24,398
14-Jul-89 25,915
21-Dec-89 26,569
1-Sep-90 7,477
1-Aug-88 1,767
1-Mar-88 1,767
1-Jun-88 1,767
1-Dec-91 10,031
1-Sep-91 32,384
1-Sep-91 32,020
1-Jul-88 22,737
25-May-90 27,123
8-Oct-92 10,226
1-Oct-91 9,647
23-Jul-92 46,125
1-Jun-79 6,246
1-May-80 6,570
14-Feb-83 8,569
1-Feb-83 8,274
1-Mar-83 7,335
2-Nov-92 30,577
13-Nov-92 30,590
1-Mar-76 5,529
1-Jul-90 27,262
1-Oct-75 9,739
15-Jan-92 70,847
14-Mar-92 27,605
12-Feb-92 27,841
14-Jun-89 23,356
1-Sep-91 9,983
1-Apr-92 10,100
1-Apr-92 10,349
1-Feb-91 26,155
1-Oct-91 10,057
1-Dec-92 11,004
1-May-87 22,370
1-Apr-88 23,454
24-Feb-91 28,246
14-Jun-91 28,914
3-Jul-90 27,442
21-Jan-92 29,733
19-May-92 18,687
22-Oct-88 22,523
1-Jul-88 22,377
1-Dec-88 22,559
1-Dec-90 25,306
1-Apr-91 28,969
19-Dec-91 20,945
26-Sep-90 25,006
25-Aug-91 26,405
7-Aug-90 27,420
9-Aug-90 27,396
10-Mar-93 31,607
1-Apr-90 27,201
7-Apr-92 29,872
1-Nov-89 24,028
6-Oct-90 25,029
1-Jul-91 26,403
24-Jun-91 28,612
3-Feb-92 29,676
2-Mar-92 29,831
9-Apr-92 29,939
1-May-92 30,002
16-Jun-92 24,380
12-Jun-92 24,279
1-Dec-90 25,022
5-Aug-91 26,421
17-Jun-92 34,368
22-Apr-92 33,760
2-Apr-92 33,427
30-Oct-92 34,213
14-Oct-88 6,443
18-Nov-88 6,463
1-Mar-89 6,242
1-Mar-89 6,433
1-May-91 7,345
1-Sep-88 5,782
19-Mar-80 7,082
1-Sep-80 6,722
1-Sep-80 6,795
1-Nov-91 26,695
11-Mar-92 23,991
23-Oct-92 24,607
31-Jul-90 19,648
1-Aug-90 19,627
27-Feb-91 20,887
19-Apr-91 20,903
6-Aug-91 20,806
14-Jan-92 59,697
19-Jul-91 68,304
20-Apr-92 23,295
3-Jul-80 21,736
8-Apr-80 21,736
9-Apr-92 19,053
15-Oct-92 18,793
10-Aug-91 18,933
29-Oct-92 18,797
7-Dec-93 18,787
1-Mar-80 6,529
1-Feb-82 7,531
1-Feb-81 7,556
1-Sep-80 7,281
1-May-83 7,850
1-Jan-92 8,447
22-Sep-92 46,327
26-Oct-90 25,376
18-Jul-91 26,329
29-Jul-92 27,647
2-Apr-92 27,968
9-Mar-91 18,307
24-Apr-91 18,680
7-Feb-81 16,362
1-Aug-66 1,143
1-May-66 1,043
1-Nov-66 1,096
1-Mar-67 1,190
1-May-67 1,073
1-Jul-67 1,073
1-Dec-67 1,073
1-Oct-68 1,107
1-Sep-92 72,814
1-Oct-92 72,874
1-Feb-74 4,043
1-Apr-80 5,777
1-Apr-80 5,763
1-Jul-80 5,850
1-Aug-80 5,874
1-Nov-80 5,890
1-Dec-80 5,547
1-Mar-88 21,167
21-Jan-88 21,279
1-Dec-88 18,155
1-Oct-80 5,459
1-Nov-80 5,483
16-May-91 21,123
5-Apr-91 21,243
20-Jan-92 22,314
1-Dec-92 22,356
1-Jan-93 22,372
1-Jan-93 22,379
18-Feb-92 23,903
26-Feb-76 4,961
1-Apr-86 19,999
23-Sep-89 23,626
1-Apr-91 31,688
1-Apr-91 32,146
1-Oct-91 32,232
9-Mar-92 33,507
13-May-92 33,486
1-Jan-94 35,951
1-Aug-74 3,226
1-Jan-75 4,176
1-Nov-74 4,177
1-Dec-75 4,176
1-Nov-78 5,682
1-Feb-79 6,190
1-Jul-82 9,551
1-Jun-86 22,840
1-Jun-86 22,823
30-May-91 18,460
28-Apr-92 18,690
23-Apr-92 18,680
13-Feb-92 18,753
23-Apr-93 18,550
23-Jun-93 18,690
1-Sep-94 19,000
21-May-93 18,800
12-Jan-92 18,760
14-Jul-94 18,537
27-Aug-91 18,887
11-Mar-94 18,667
25-Jun-91 19,473
21-Jul-92 19,167
23-Nov-90 19,040
24-Jan-94 18,197
30-Dec-94 18,750
29-Oct-90 19,010
1-Apr-86 21,085
1-Jun-77 5,129
1-May-79 5,483
1-Apr-79 5,679
26-Jan-81 6,466
1-Jun-91 8,064
1-Dec-89 22,870
7-Jun-79 38,447
1-Oct-87 21,786
27-Feb-92 19,215
1-Jan-91 7,527
1-Jan-79 6,374
1-Mar-81 7,288
1-Feb-83 8,113
1-Mar-91 26,307
14-Dec-78 22,670
29-Nov-78 22,747
13-May-91 9,637
20-Mar-91 9,583
4-Apr-91 9,617
14-Apr-92 24,051
20-Oct-90 8,973
1-Dec-90 9,017
10-Apr-92 23,998
15-Oct-83 9,316
20-May-75 9,548
--------
4,527,040
========
- -------------
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
(2) The lease with respect to this aircraft has been terminated and an
agreement in principle to re-deliver the Aircraft has been reached.
(3) "LOI" denotes Aircraft subject to non-binding Letter of Intent with a
particular lessee.
(4) These aircraft are subject to lease contracts and are scheduled for
delivery to the relevant lessees after March 31, 1996.
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 the Form 8-K, provided that any such Form 8-K is required only to contain
a copy of the relevant monthly report to certificate holders, each such Form
8-K to be filed by Airplanes Limited with the Securities and Exchange
Commission (the "SEC") on or about each of May 15, 1996, and June 15, 1996,
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: 22 April 1996 /s/ Roy M. Dantzic
_____________________________
Roy M. Dantzic
Witness: /s/ N. Chadd
________________________
Dated: 25 April 1996 /s/ William A. Franke
_____________________________
William A. Franke
Witness: /s/ Ann Howlett
_______________________
Dated: 22 April 1996 /s/ Hugh R. Jenkins
_____________________________
Hugh R. Jenkins
Witness: /s/ R. Daltee
_______________________
Dated: 23 April 1996 /s/ William M. McCann
_____________________________
William M. McCann
Witness: /s/ D.W.
Dated: 25 April 1996 /s/ Edward J. Hansom
_____________________________
Edward J. Hansom
Witness: /s/ Ann Howlett
_______________________
EXHIBIT C
Attached hereto is a true and correct copy of a unanimous
written consent of all the Controlling Trustees of Airplanes U.S. Trust.
/s/ Janet Anderson
_____________________
Janet Anderson
UNANIMOUS WRITTEN CONSENT OF THE CONTROLLING TRUSTEES OF
AIRPLANES U.S. TRUST
The undersigned, being all of the Controlling Trustees of
Airplanes U.S. Trust (the "Company"), do hereby adopt the following preambles
and resolutions.
WHEREAS, the Company is required to file a report on Form 10-Q
(the "Form 10-Q") with the Securities and Exchange Commission (the "SEC") on
or before April 26, 1996, for the nine months ended December 31, 1995,
pursuant to the requirements of the United States Securities Exchange Act of
1934, as amended;
WHEREAS, the Company is required to file a report on Form 8-K
(the "Form 8-K") with the SEC on or about May 15, 1996, and June 15, 1996,
pursuant to the terms of the Registration Statement (File No. 33-99970) filed
by the Company with the SEC and declared effective on March 12, 1996 (the
"Registration Statement");
WHEREAS, the Company is required to file a report on Form SR
(the "Form SR") with the SEC on or before June 24, 1996, pursuant to Rule 463
of the Securities Act of 1933, as amended;
WHEREAS, each of the Controlling Trustees has considered the
draft Form 10-Q for the nine months ended December 31, 1995, previously
circulated to him;
WHEREAS, the format of the report to pass-through certificates
holders to be contained in each Form 8-K is precisely described in the
Registration Statement;
WHEREAS, each of the Controlling Trustees has considered the
draft Form SR previously circulated to him;
WHEREAS, GPA Financial Services (Ireland) Limited is the
Administrative Agent for the Company (the "Administrative Agent") and each of
the undersigned desires to grant a power of attorney to certain officers of
the Administrative Agent to facilitate the filing of each Form 8-K; and
WHEREAS, the Company desires to file the Form
10-Q, the two Form 8-Ks and the Form SR as required.
THEREFORE, IT IS HEREBY:
RESOLVED, that the Company should file the Form 10-Q, each of
the Form 8-Ks and the Form SR with the SEC in Washington, D.C. on or before
the appropriate dates;
RESOLVED, that each Controlling Trustee indicated below be, and
hereby is, authorized, in the name of the Company, to approve, execute and
deliver the final versions of the Form 10-Q and the Form SR;
RESOLVED, that for the sole purpose of executing the Form 10-Q,
Roy M. Dantzic be, and hereby is, designated and appointed the principal
financial officer of the Company;
RESOLVED, that each of the undersigned hereby 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 the Administrative Agent, 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
Controlling Trustee and an officer of the Company to sign either Form 8-K 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; and
RESOLVED, that each Attorney-in-Fact be, and hereby is,
authorized, in the name of the Company, to execute and deliver each Form 8-K.
Dated: 25 April 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
