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, 1997
(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
Certificateholders dated August 15, 1997, 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, 1997 /s/ Roy M. Dantzic*
-----------------------
Director and Officer
Date: August 15, 1997 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
AIRPLANES Group - Report to Certificateholders
All numbers in US$ unless otherwise stated
<TABLE>
<CAPTION>
Payment Date: August 15, 1997.
Calculation Date: August 11, 1997.
(i) ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates)
----------------------------------------------------
Balance on
Prior Balance Deposits Withdrawals Calculation Date
--------------------------------------------------------------------------------------------------------------------
9-Jul-97 11-Aug-97
<S> <C> <C> <C> <C>
Lessee Funded Account 0.00 0.00 (0.00) 0.00
Expense Account (note ii) 2,920,486.03 15,479,028.02 (13,186,089.85) 5,213,424.20
Collection Account (note iii) 234,782,191.20 54,789,019.01 (54,300,789.20) 235,270,421.01
--------------------------------------------------------------------------------------------------------------------
- Miscellaneous Reserve 40,000,000.00 40,000,000.00
- Maintenance Reserve 80,000,000.00 80,000,000.00
- Security Deposit 61,190,485.00 60,481,402.00
- Other Collections 53,591,706.20 54,789,019.01
--------------------------------------------------------------------------------------------------------------------
Total 237,702,677.23 70,268,047.03 (67,486,879.05) 240,483,845.21
====================================================================================================================
(ii) ANALYSIS OF EXPENSE ACCOUNT ACTIVITY
-------------------------------------------------------------------
Balance on preceding Calculation
Date (July 09,1997) 2,920,486.03
Transfer from Collection Account
(previous Payment Date) 15,446,472.17
Interest Earned during period 32,555.85
Payments during period between
prior Calculation Date and the relevant
Calculation Date:
- Payments on previous Payment Date (2,491,633.46)
- Other payments (10,694,456.39)
---------------
Balance on relevant Calculation Date
(Aug 11, 1997) 5,213,424.20
===============
------------------------------------------------------------
Note: Separate from the above, at Aug. 11, 1997
Airplanes Ltd. held a balance of $0.8 million in respect of
collateral for the obligations of a swap counterparty under
interast rate hedging transactions.
------------------------------------------------------------
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY
---------------------------------------
Balance on preceding Calculation Date
(July 09, 1997) 234,782,191.20
Collections during period 54,789,019.01
Transfer to Expense Account
(previous Payment Date) (15,446,472.17)
Net transfer to Lessee Funded Accounts
Aggregate Certificate Payments
(previous Payment Date) (38,199,839.18)
Swap payments (previous Payment Date) (654,477.85)
--------------
Balance on relevant Calculation Date
(Aug 11, 1997) 235,270,421.01
==============
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd)
------------------------------------------------
ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS
----------------------------------------------
Priority of Payments
(i) Required Expense Amount 17,226,869.38
(ii) a) Class A Interest 13,526,688.01
b) Swap Payments 363,096.87
(iii) First Collection Account Top-up 120,000,000.00
(iv) Minimum Hedge Payment 50,525.00
(v) Class A Minimum Principal 0.00
(vi) Class B Interest 2,074,103.12
(vii) Class B Minimum Principal 1,174,021.88
(viii) Class C Interest 2,546,875.00
(ix) Class D Interest 3,625,000.00
(x) Second Collection Account Top-up 59,813,427.00
(xi) Class A Principal Adjustment Amount 9,649,263.71
(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 492,684.17
(xvii) Supplemental Hedge Payment 50,525.00
(xviii) Class B Supplemental Principal 0.00
(xix) Class A Supplemental Principal 9,890,766.07
(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 240,483,845.21
Less Collection Account Top-Ups ((iii) and (x)above) (179,813,427.00)
----------------
60,670,418.21
</TABLE>
<TABLE>
(iv) PAYMENT ON THE CERTIFICATES
----------------------------------------------------------- --------------
<CAPTION>
(a) FLOATING RATE CERTIFICATES A-1 A-2 A-3 A-4
--------------------------
<S> <C> <C> <C> <C>
Applicable LIBOR 5.67969% 5.67969% 5.67969% 5.67969%
Applicable Margin 0.25000% 0.32000% 0.47000% 0.62000%
Applicable Interest Rate 5.92969% 5.99969% 6.14969% 6.29969%
Interest Amount Payable 4,340,203.65 3,874,799.79 2,647,783.19 1,084,946.61
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 (Aug 15,1997) 850,000,000.00 750,000,000.00 500,000,000.00 200,000,000.00
=================================================================
A-5 Class B
Applicable LIBOR 5.67969% 5.67969%
Applicable Margin 0.35000% 1.10000%
Applicable Interest Rate 6.02969% 6.77969%
Interest Amount Payable 1,578,954.77 2,074,103.12
Step Up Interest Amount 0.00 0.00
Opening Principal Balance 304,099,364.27 355,272,273.29
Minimum Principal Payment Amount 0.00 1,174,021.88
Adjusted Principal Payment Amount 9,649,263.71 0.00
Supplemental Principal Payment Amount 9,890,766.07 0.00
Total Principal Distribution Amount 19,540,029.78 1,174,021.88
Redemption Amount
- amount allocable to principal 0.00 0.007
- premium allocable to premium 0.00 0.00
-------------- --------------
Outstanding Principal Balance (Aug 15,1997) 284,559,334.49 354,098,251.41
============== ==============
(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, 1997) 375,000,000.00 400,000,000.00
===============================
Table of rescheduled Pool Factors
in the event of a partial redemption n/a n/a
</TABLE>
<TABLE>
(v) FLOATING RATE CERTIFICATE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD (Aggregate Amounts)
------------------------------------------------------------------------------------------
<CAPTION>
A-1 A-2 A-3 A-4
<S> <C> <C> <C> <C>
Applicable LIBOR 5.65234% 5.65234% 5.65234% 5.65234%
Applicable Margin 0.25000% 0.32000% 0.47000% 0.62000%
Applicable Interest Rate 5.90234% 5.97234% 6.12234% 6.27234%
A-5 Class B
Applicable LIBOR 5.65234% 5.65234%
Applicable Margin 0.35000% 1.10000%
Applicable Interest Rate 6.00234% 6.75234%
</TABLE>
<TABLE>
(vi) CURRENT PERIOD PAYMENTS (Per $100,000 Initial Outstanding Principal Balance of Certificates)
--------------------------------------------------------------------------------------------
(a) FLOATING RATE CERTIFICATES
--------------------------
<CAPTION>
A-1 A-2 A-3 A-4
<S> <C> <C> <C> <C>
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 43.40 38.75 26.48 10.85
Total Premium 0.00 0.00 0.00 0.00
A-5 Class B
Opening Principal Amount 3,040.99 3,552.72
Total Principal Payments 195.40 11.74
---------------------------
Closing Outstanding Principal Balance 2,845.59 3,540.98
Total Interest 15.79 20.74
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 25.47 36.25
Total Premium 0.00 0.00
</TABLE>
<TABLE>
Particulars of the Portfolio as of July 31, 1997 (except for Appraised Values
which are as of February 25, 1997) are contained in the table below.
AIRPLANES GROUP PORTFOLIO ANALYSIS
<CAPTION> Appraised
Value
Date of at February
Aircraft Engine Serial Manufacture/ 25, 1997
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 4,958
Africa Kenya Kenya Airways B737-200A JT8D-17 21196 1-Jul-76 4,915
Africa Tunisia Nouvelair Tunisie MD83 JT8D-219 49442 29-Apr-87 19,446
Africa Tunisia Nouvelair Tunisie MD83 JT8D-219 49624 1-Aug-88 20,308
Africa Tunisia Nouvelair Tunisie MD83 JT8D-219 49672 1-Jul-88 20,329
Asia & Far East China China Southern B737-500 CFM56-3C1 24897 26-Feb-91 21,415
Asia & Far East China China Southern B737-500 CFM56-3C1 25182 3-Feb-92 22,603
Asia & Far East China China Southern B737-500 CFM56-3C1 25183 14-Feb-92 22,650
Asia & Far East China China Southern B737-500 CFM56-3C1 25188 12-Mar-92 22,497
Asia & Far East China China Southwest B757-200 RB211-535E4-37 26156 25-Nov-92 44,287
Asia & Far East China Xiamen B737-200QC JT8D-17A 23066 9-Dec-83 8,889
Asia & Far East India Jet Airways B737-400 CFM56-3C1 24345 1-Jun-89 24,950
Asia & Far East India Jet Airways B737-400 CFM56-3C1 24687 25-May-90 26,912
Asia & Far East India Jet Airways B737-500 CFM56-3C1 25191 10-Apr-92 22,496
Asia & Far East Indonesia Garuda MD11 CF6-80C2-D1F 48501 1-Sep-92 86,097
Asia & Far East Indonesia PT Mandala Airlines B737-200A JT8D-17A 23023 30-Mar-83 7,380
Asia & Far East Indonesia Sempati F100 TAY650-15 11336 5-Jun-91 18,978
Asia & Far East Indonesia Sempati F100 TAY650-15 11339 1-Jul-91 19,064
Asia & Far East Indonesia Sempati F100 TAY650-15 11347 1-Oct-91 19,090
Asia & Far East Indonesia Sempati(1) F100 TAY650-15 11266 17-Aug-90 14,725
Asia & Far East Malaysia Air Asia B737-300 CFM56-3C1 24907 1-Mar-91 25,578
Asia & Far East Pakistan Pakistan Int. Airline A300-B4-203 CF6-50C2 269 11-Aug-83 13,640
Asia & Far East Philippines Philippine Airlines B737-300 CFM56-3B1 24770 1-Oct-90 23,967
Asia & Far East South Korea Asiana Airlines B737-400 CFM56-3C1 24493 14-Jul-89 24,720
Asia & Far East South Korea Asiana Airlines B737-400 CFM56-3C1 24520 21-Dec-89 25,264
Australia &
New Zealand Australia National Jet Systems DHC8-100 PW121 229 1-Sep-90 7,247
Australia &
New Zealand New Zealand Air Nelson METRO-III TPE331-11 705 1-Aug-88 1,677
Australia &
New Zealand New Zealand Air Nelson METRO-III TPE331-11 711 1-Mar-88 1,677
Australia &
New Zealand New Zealand Air Nelson METRO-III TPE331-11 712 1-Jun-88 1,677
Europe Austria Rheintalflug DHC8-300 PW123 307 1-Dec-91 9,435
Europe France Air France A320-200 CFM56-5A3 203 1-Sep-91 31,385
Europe France Air France A320-200 CFM56 220 1-Sep-91 31,449
Europe Germany Estago Anlagen- MD83 JT8D-219 49620 1-Jul-88 20,478
Vermietungs
Europe Hungary Malev B737-200A JT8D-15 21735 1-Jun-79 6,041
Europe Hungary Malev B737-200A JT8D-15 22090 1-May-80 6,202
Europe Hungary Malev B737-200A JT8D-17A 22803 14-Feb-83 7,154
Europe Hungary Malev B737-200A JT8D-17A 22804 1-Feb-83 7,138
Europe Hungary Malev B737-200A JT8D-15 22979 1-Mar-83 7,557
Europe Hungary Malev B737-400 CFM56-3C1 26069 2-Nov-92 29,024
Europe Hungary Malev B737-400 CFM56-3C1 26071 13-Nov-92 29,005
Europe Ireland Aer Lingus B737-400 CFM56-3C1 24689 3-Jul-90 26,438
Europe Ireland Aer Lingus B737-400 CFM56-3C1 24690 1-Jul-90 26,136
Europe Ireland Aer Lingus B737-400 CFM56-3C1 25180 21-Jan-92 28,142
Europe Ireland Transaer International A300-B4-100 CF6-50C2 12 20-May-75 7,089
Europe Ireland Transaer International A300-B4-100 CF6-50C2 20 1-Oct-75 7,010
Europe Italy Air One SpA B737-300 CFM56-3C1 25179 12-Feb-92 27,208
Europe Italy Air One SpA B737-300 CFM56-3C1 25187 14-Mar-92 27,123
Europe Italy Eurofly MD83 JT8D-219 49390 1-Apr-86 19,000
Europe Italy Eurofly MD83 JT8D-219 49631 14-Jun-89 21,947
Europe Netherlands Schreiner Airways DHC8-300 PW123 232 20-Oct-90 8,662
Europe Netherlands Schreiner Airways DHC8-300A PW123 276 13-May-91 9,282
Europe Netherlands Schreiner Airways DHC8-300A PW123 283 1-Sep-91 9,558
Europe Netherlands Schreiner Airways DHC8-300A PW123 298 1-Apr-92 9,707
Europe Netherlands Schreiner Airways DHC8-300A PW123 300 1-Apr-92 9,892
Europe Netherlands Transavia B737-300 CFM56-3C1 24905 1-Feb-91 25,689
Europe Norway Wideroe's DHC8-300 PW123 293 1-Oct-91 9,697
Flyveselskap a/s
Europe Norway Wideroe's DHC8-300 PW123 342 1-Dec-92 10,712
Flyveselskap a/s
Europe Spain Air Europa B737-300 CFM56-3B2 23749 1-May-87 20,792
Europe Spain Air Europa B737-300 CFM56-3B2 23923 1-Apr-88 22,377
Europe Spain Air Europa B737-400 CFM56-3C1 24906 24-Feb-91 27,231
Europe Spain Air Europa B737-400 CFM56-3C1 24912 14-Jun-91 27,497
Europe Spain IBERIA DC8-71F CFM56-2C1 45945 19-May-92 16,797
Europe Spain Spanair MD83 JT8D-219 49626 22-Oct-88 20,551
Europe Spain Spanair MD83 JT8D-219 49709 1-Dec-88 20,504
Europe Spain Spanair MD83 JT8D-219 49938 1-Dec-90 23,403
Europe Sweden Blue Scandinavia AB B757-200 RB2110-535E4-37 26151 23-Jul-92 44,601
Europe Sweden Nordic European B737-400 CFM56-3C1 24911 1-Apr-91 27,309
Airlines
Europe Sweden SAS B767-300ER PW4060 25411 15-Jan-92 67,926
Europe Switzerland Edelweiss Air AG MD83 JT8D-219 49935 26-Sep-90 23,400
Europe Switzerland Edelweiss Air AG MD83 JT8D-219 49951 25-Aug-91 24,587
Europe Turkey Istanbul B737-400 CFM56-3C1 24683 7-Aug-90 26,135
Europe Turkey Istanbul B737-400 CFM56-3C1 24691 9-Aug-90 26,229
Europe Turkey Pegasus B737-400 CFM56-3C1 24684 1-Apr-90 26,150
Europe Turkey Pegasus B737-400 CFM56-3C1 26081 10-Mar-93 30,083
Europe Turkey Sun Express B737-400 CFM56-3C1 25190 7-Apr-92 28,536
Europe Turkey Sunways MD83 JT8D-219 49792 1-Nov-89 22,385
Europe Turkey Sunways MD83 JT8D-219 49936 6-Oct-90 23,218
Europe Turkey Sunways MD83 JT8D-219 49943 1-Jul-91 24,794
Europe Turkey Turk Hava Yollari B737-400 CFM56-3C1 24917 24-Jun-91 27,432
Europe Turkey Turk Hava Yollari B737-400 CFM56-3C1 25181 3-Feb-92 28,303
Europe Turkey Turk Hava Yollari B737-400 CFM56-3C1 25184 2-Mar-92 28,540
Europe Turkey Turk Hava Yollari B737-400 CFM56-3C1 25261 9-Apr-92 28,655
Europe Turkey Turk Hava Yollari B737-500 CFM56-3C1 25288 16-Jun-92 22,472
Europe Turkey Turk Hava Yollari B737-500 CFM56-3C1 25289 12-Jun-92 22,476
Europe Turkey Turk Hava Yollari B737-400 CFM56-3C1 26065 1-May-92 28,725
Europe United Kingdom Airtours International A320-200 CFM56 294 2-Apr-92 32,406
Europe United Kingdom Airtours International A320-200 CFM56 301 22-Apr-92 32,546
Europe United Kingdom Airtours International A320-200 CFM56 348 17-Jun-92 33,019
Europe United Kingdom Airtours International A320-200 CFM56-5A3 349 30-Oct-92 33,099
Europe United Kingdom British Midland B737-500 CFM56-3C1 25185 18-Feb-92 22,333
Europe United Kingdom Brymon Airways DHC8-300A PW123 296 1-Oct-91 9,542
Europe United Kingdom Brymon Airways DHC8-300 PW123 334 8-Oct-92 10,055
Europe United Kingdom Titan Airways ATR42-300 PW120 109 14-Oct-88 6,060
Europe United Kingdom Titan Airways ATR42-300 PW120 113 18-Nov-88 6,127
Latin America Antigua Liat DHC8-102 PW120-A 113 1-Sep-88 5,477
Latin America Antigua Liat DHC8-100 PW120-A 140 1-Mar-89 5,887
Latin America Antigua Liat DHC8-100 PW120-A 144 1-Mar-89 6,080
Latin America Antigua Liat DHC8-100 PW120-A 270 1-May-91 6,953
Latin America Argentina Aerolineas Argentinas B737-200A JT8D-17 21192 1-Mar-76 4,865
Latin America Argentina LAPA B737-200A JT8D-15 22278 19-Mar-80 6,132
Latin America Argentina LAPA B737-200A JT8D-15 22368 1-Sep-80 6,041
Latin America Argentina LAPA B737-200A JT8D-15 22369 1-Sep-80 6,062
Latin America Argentina LAPA B737-200QC JT8D-17A 23065 15-Oct-96 8,534
Latin America Aruba Air Aruba MD83 JT8D-219 49950 1-Nov-91 24,645
Latin America Brazil Rio Sul B737-500 CFM56-3C1 25186 11-Mar-92 22,330
Latin America Brazil Rio Sul B737-500 CFM56-3C1 25192 14-Apr-92 22,250
Latin America Brazil Rio Sul B737-500 CFM56-3C1 26075 23-Oct-92 22,562
Latin America Brazil TAM F100 TAY650-15 11284 31-Jul-90 18,217
Latin America Brazil TAM F100 TAY650-15 11285 1-Aug-90 18,210
Latin America Brazil TAM F100 TAY650-15 11304 27-Feb-91 18,443
Latin America Brazil TAM F100 TAY650-15 11305 19-Apr-91 18,554
Latin America Brazil TAM F100 TAY650-15 11348 6-Aug-91 19,080
Latin America Brazil TAM F100 TAY650-15 11371 19-Dec-91 19,173
Latin America Brazil Transbrasil B767-300ER PW4060 24948 19-Jul-91 65,459
Latin America Brazil Transbrasil B767-200ER PW4056 25421 14-Jan-92 57,530
Latin America Brazil VARIG MD11 CF6-80C2-D1F 48499 31-Dec-91 82,785
Latin America Brazil VARIG MD11 CF6-80C2-D1F 48500 1-Mar-92 84,503
Latin America Brazil VARIG(1) B737-300 CFM56-3B2 26852 20-Apr-92 20,281
Latin America Brazil VARIG(1) DC10-30F CF6-50C2 47841 3-Jul-80 15,682
Latin America Brazil VARIG(1) DC10-30F CF6-50C2 47842 8-Apr-80 15,682
Latin America Chile Fast Air DC8-71F CFM56-2C1 45810 9-Apr-92 17,103
Latin America Chile Fast Air DC8-71F CFM56-2C1 45970 15-Oct-92 17,120
Latin America Chile Fast Air DC8-71F CFM56-2C1 45976 10-Aug-91 16,767
Latin America Chile Fast Air DC8-71F CFM56-2C1 45996 29-Oct-92 17,123
Latin America Chile Fast Air DC8-71F CFM56-2C1 45997 7-Dec-93 17,210
Latin America Chile Lan Chile Airlines B737-200A JT8D-15 21960 1-Mar-80 6,160
Latin America Chile Lan Chile Airlines B737-200A JT8D-15 22397 1-Feb-81 6,723
Latin America Chile Lan Chile Airlines B737-200A JT8D-17A 22407 1-Sep-80 6,827
Latin America Chile Lan Chile Airlines B737-200A JT8D-15 22632 1-Feb-82 6,483
Latin America Chile Lan Chile Airlines B737-200A JT8D-17A 23024 1-May-83 7,108
Latin America Colombia ACES ATR42-320 PW121-5A1 284 1-Jan-92 7,683
Latin America Colombia Avianca B757-200 RB211-535E4-37 26154 22-Sep-92 43,919
Latin America Colombia Avianca MD83 JT8D-219 49939 26-Oct-90 23,290
Latin America Colombia Avianca MD83 JT8D-219 49946 18-Jul-91 24,328
Latin America Colombia Avianca MD83 JT8D-219 53120 29-Jul-92 25,279
Latin America Colombia Avianca MD83 JT8D-219 53125 2-Apr-92 26,036
Latin America Colombia Tampa DC8-71F CFM56-2C1 45849 9-Mar-91 17,167
Latin America Colombia Tampa DC8-71F CFM56-2C1 46066 24-Apr-91 16,827
Latin America Jamaica Air Jamaica A300-B4-203 CF6-50C2 131 7-Feb-81 11,587
Latin America Mexico Aerocalifornia DC9-14 JT8D-7B 45736 1-Aug-66 1,050
Latin America Mexico Aerocalifornia DC9-14 JT8D-7B 45743 1-May-66 999
Latin America Mexico Aerocalifornia DC9-15 JT8D-7A 45785 1-Nov-66 1,000
Latin America Mexico Aerocalifornia DC9-15 JT8D-7B 45786 1-Mar-67 1,067
Latin America Mexico Aerocalifornia DC9-15 JT8D-7A 47059 1-May-67 958
Latin America Mexico Aerocalifornia DC9-15 JT8D-7A 47085 1-Jul-67 959
Latin America Mexico Aerocalifornia DC9-15 JT8D-7A 47122 1-Dec-67 903
Latin America Mexico Aerocalifornia DC9-15 JT8D-7A 47126 1-Oct-68 980
Latin America Mexico Aeromexico B767-300ER PW4060 26200 1-Sep-92 69,748
Latin America Mexico Aeromexico B767-300ER PW4060 26204 1-Oct-92 70,082
Latin America Mexico Aeromexico DC9-32 JT8D-17 47594 1-Feb-74 3,299
Latin America Mexico Aeromexico DC9-32 JT8D-17 48125 1-Apr-80 4,906
Latin America Mexico Aeromexico DC9-32 JT8D-17 48126 1-Apr-80 5,156
Latin America Mexico Aeromexico DC9-32 JT8D-17 48127 1-Jul-80 5,069
Latin America Mexico Aeromexico DC9-32 JT8D-17 48128 1-Aug-80 5,097
Latin America Mexico Aeromexico DC9-32 JT8D-17 48129 1-Nov-80 5,139
Latin America Mexico Aeromexico DC9-32 JT8D-17 48130 1-Dec-80 5,493
Latin America Mexico Aeromexico MD82 JT8D-217 49660 1-Mar-88 19,579
Latin America Mexico Aeromexico MD82 JT8D-217A 49667 21-Jan-88 19,848
Latin America Mexico Aeromexico MD87 JT8D-219 49673 1-Dec-88 16,349
Latin America Mexico Mexicana F100 TAY650-15 11309 16-May-91 18,759
Latin America Mexico Mexicana F100 TAY650-15 11319 5-Apr-91 18,713
Latin America Mexico Mexicana F100 TAY650-15 11374 20-Jan-92 19,777
Latin America Mexico Mexicana F100 TAY650-15 11375 1-Dec-92 19,815
Latin America Mexico Mexicana F100 TAY650-15 11382 1-Jan-93 19,832
Latin America Mexico Mexicana F100 TAY650-15 11384 1-Jan-93 19,929
Latin America Mexico Mexicana B727-200A JT8D-17R 21346 1-Oct-80 4,909
Latin America Mexico Mexicana B727-200A JT8D-17R 21600 1-Nov-80 4,805
Latin America Netherlands
Antilles ALM DHC8-300C PW123 230 1-Feb-91 9,533
Latin America Netherlands
Antilles ALM DHC8-300C PW123 242 1-Nov-90 9,437
Latin America Peru Aerosanta B737-200A JT8D-17 21206 26-Feb-76 4,673
Latin America Trinidad &
Tobago BWIA International MD83 JT8D-219 49789 23-Sep-89 22,252
North America Canada BOMBARDIER INC DHC8-300 PW123 244 1-Dec-90 8,723
North America Canada BOMBARDIER INC DHC8-300A PW123 266 20-Mar-91 9,213
North America Canada BOMBARDIER INC DHC8-300A PW123 267 4-Apr-91 9,227
North America Canada Canadian Airlines A320-200 CFM56-5A1 174 1-Apr-91 31,302
North America Canada Canadian Airlines A320-200 CFM56-5A1 175 1-Apr-91 31,282
North America Canada Canadian Airlines A320-200 CFM56-5A1 232 1-Oct-91 31,533
North America Canada Canadian Airlines A320-200 CFM56-5A1 284 9-Mar-92 32,722
North America Canada Canadian Airlines A320-200 CFM56-5A1 309 13-May-92 32,639
North America Canada Canadian Airlines A320-200 CFM56-5A1 404 1-Jan-94 35,231
North America Canada Canadian Airlines(1) B737-200A JT8D-9A 20922 1-Aug-74 2,516
North America Canada Canadian Airlines(1) B737-200A JT8D-9A 20958 1-Jan-75 3,463
North America Canada Canadian Airlines(1) B737-200A JT8D-9A 20959 1-Nov-74 3,463
North America Canada Canadian Airlines(1) B737-200A JT8D-9A 21115 1-Dec-75 3,463
North America Canada Canadian Airlines(1) B737-200A JT8D-9A 21639 1-Nov-78 4,801
North America Canada Canadian Airlines(1) B737-200A JT8D-9A 21712 1-Feb-79 5,240
North America Canada Canadian Airlines(1) B737-200A JT8D-9A 22873 1-Jul-82 8,595
North America United States
of America Aloha Airlines B737-300 CFM56-3B1 23500 1-Jun-86 21,700
North America United States
of America America West B737-300 CFM56-3B1 23499 1-Jun-86 21,727
North America United States
of America Burlington Air Express DC8-71F CFM56-2C1 45811 30-May-91 16,493
North America United States
of America Burlington Air Express DC8-71F CFM56-2C1 45813 28-Apr-92 17,330
North America United States
of America Burlington Air Express DC8-71F CFM56-2C1 45946 23-Apr-92 16,790
North America United States
of America Burlington Air Express DC8-71F CFM56-2C1 45971 13-Feb-92 16,977
North America United States
of America Burlington Air Express DC8-71F CFM56-2C1 45973 27-Feb-92 16,953
North America United States
of America Burlington Air Express DC8-71F CFM56-2C1 45978 23-Apr-93 17,240
North America United States
of America Burlington Air Express DC8-71F CFM56-2C1 45993 23-Jun-93 17,090
North America United States
of America Burlington Air Express DC8-71F CFM56-2C1 45994 1-Sep-94 17,009
North America United States
of America Burlington Air Express DC8-71F CFM56-2C1 45998 21-May-93 17,042
North America United States
of America Burlington Air Express DC8-71F CFM56-2C1 46065 12-Jan-92 16,438
North America United States
of America Emery Worldwide DC8-71F CFM56-2C1 45812 14-Jul-94 17,253
North America United States
of America Emery Worldwide DC8-71F CFM56-2C1 45941 27-Aug-91 16,723
North America United States
of America Emery Worldwide DC8-71F CFM56-2C1 45947 11-Mar-94 17,163
North America United States
of America Emery Worldwide DC8-71F CFM56-2C1 45974 25-Jun-91 16,933
North America United States
of America Emery Worldwide DC8-71F CFM56-2C1 45975 21-Jul-92 16,833
North America United States
of America Emery Worldwide DC8-71F CFM56-2C1 45977 23-Nov-90 16,837
North America United States
of America Emery Worldwide DC8-71F CFM56-2C1 45983 24-Jan-94 16,448
North America United States
of America Emery Worldwide DC8-71F CFM56-2C1 45995 30-Dec-94 17,203
North America United States
of America Emery Worldwide DC8-71F CFM56-2C1 46039 29-Oct-90 16,823
North America United States
of America Frontier B737-300 CFM56-3B1 23177 1-Apr-86 19,944
North America United States
of America Hawaiian Airlines DC9-51 JT8D-17 47742 1-Jun-77 4,775
North America United States
of America Hawaiian Airlines DC9-51 JT8D-17 47784 1-May-79 5,422
North America United States
of America Hawaiian Airlines DC9-51 JT8D-17 47796 1-Apr-79 5,403
North America United States
of America Hawaiian Airlines DC9-51 JT8D-17 48122 26-Jan-81 5,658
North America United States
of America Idefix ATR42-300 PW120 249 1-Jun-91 7,650
North America United States
of America Reno Air MD-83 JT8D-219 49941 1-Dec-90 23,243
North America United States
of America Reno Air MD-83 JT8D-219 49949 5-Aug-91 24,498
North America United States
of America SAT DC8-73CF CFM56-2C1 46091 1-Dec-89 21,403
North America United States
of America Tower Air B747-200BC JT9D-7Q 21730 7-Jun-79 34,617
North America United States
of America TWA MD83 JT8D-219 49575 1-Oct-87 19,668
North America United States
of America US Air Express DHC8-100 PW121 258 1-Jan-91 7,020
Others Cyprus Fornax Aircraft Leasing B737-200A JT8D-17 21685 1-Jan-79 5,546
Others Lithuania Lithuanian Airlines B737-200A JT8D-15 22453 1-Mar-81 6,444
Others Ukraine Ukraine International B737-200A JT8D-17A 22802 1-Feb-83 7,540
Off Lease Off Lease A300-B4-100 CF6-50C2 92 6-Dec-74 5,753
Off Lease Off Lease - Sale LOI
MNG Airlines Cargo (2) A300-C4-203 CF6-50C2 83 1-May-79 15,445
Off Lease Off Lease - Lease LOI
Aerosweet (3) B737-200A JT8D-15 22633 1-Mar-81 7,311
Off Lease Off Lease - Sale LOI
Gemini (2) DC10-30 CF6-50C2 46978 29-Nov-78 17,930
Off Lease Off Lease - Lease
PT Mandala (4) B737-200A JT8D-15 22396 1-Feb-81 6,872
---------
4,188,723
<FN>
Note:
(1) Aircraft Lease Receivable Book Values are used for the Aircraft
subject to finance leases (11 in total) rather than the Appraised
Values of these Aircraft.
(2) "Sale LOI" denotes Aircraft subject to a non-binding Letter of intent
for sale.
(3) "Lease LOI" denotes Aircraft subject to non-binding Letter of Intent
for operating lease.
(4) This Aircraft is subject to a lease contract and is scheduled for
delivery to the relevant leases after July 31, 1997.
</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/Vivian Fu
---------
Vivian Fu
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 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/Vivian Fu
---------
Vivian Fu
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. 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 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
