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
December 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 December 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: December 15, 1997 /s/ Roy M. Dantzic*
------------------------
Director and Officer
Date: December 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 Cetificateholders - All numbers in US$ unless otherwise stated
<TABLE>
<CAPTION>
Payment Date: 15 December , 1997.
Calculation Date: 9 December , 1997.
(i) ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates)
----------------------------------------------------
------------------------------------------------------------------------------------------------------
Balance on
Prior Balance Deposits Withdrawals Calculation Date
------------------------------------------------------------------------------------------------------
10-Nov-97 9-Dec-97
<S> <C> <C> <C> <C>
Lessee Funded Account 0.00 0.00 (0.00) 0.00
Expense Account (note ii) 11,855,065.04 11,114,898.90 (9,917,604.38) 13,052,359.56
Collection Account (note iii) 245,346,296.47 49,347,658.69 (62,790,605.47) 231,903,349.69
------------------------------------------------------------------------------------------------------
- Miscellaneous Reserve 40,000,000.00 40,000,000.00
- Maintenance Reserve 80,000,000.00 80,000,000.00
- Security Deposit 61,835,666.00 62,555,691.00
- Other Collections 63,510,630.47 49,347,658.69
-----------------------------------------------------------------------------------------------------
Total 257,201,361.51 60,462,557.59 (72,708,209.85) 244,955,709.25
-----------------------------------------------------------------------------------------------------
<CAPTION>
(ii) ANALYSIS OF EXPENSE ACCOUNT ACTIVITY
------------------------------------
-------------------------------------------------
<S> <C>
Balance on preceding
Calculation Date (Nov 10,1997) 11,855,065.04
Transfer from Collection Account
(previous Payment Date) 11,058,936.75
Interest Earned during period 55,962.15
Payments during period between
prior Calculation Date and the
relevant Calculation Date:
- Payments on previous Payment
Date (2,823,812.79)
- Other payments (7,093,791.59)
--------------
Balance on relevant Calculation
Date (Dec 9, 1997) 13,052,359.56
-------------------------------------------------
<CAPTION>
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY
---------------------------------------
-------------------------------------------------
<S> <C>
Balance on preceding Calculation
Date (Nov 10, 1997) 245,346,296.47
Collections during period 49,347,658.69
Transfer to Expense Account
(previous Payment Date) (11,058,936.75)
Net transfer to Lessee Funded
Accounts Aggregate Certificate
Payments (previous Payment
Date) (51,192,438.80)
Swap payments (previous Payment
Date) (539,229.92)
---------------
Balance on relevant Calculation
Date (Dec 9, 1997) 231,903,349.69
-----------------------------------------------------
</TABLE>
AIRPLANES GROUP
Report to Cetificateholders - All numbers in US$ unless otherwise stated
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd)
------------------------------------------------
Note:
Included in the Required Expense Amount is
a partial accrual of $5m in respect of costs expected
to be incurred in the refinancing of the Subclass A1
Certificates which is expected to occur in March 1998.
<TABLE>
<CAPTION>
ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS
----------------------------------------------
<S> <C>
Priority of Payments <C>
(i) Required Expense Amount 28,116,297.55
(ii) a) Class A Interest 11,870,672.58
b) Swap Payments 669,773.26
(iii) First Collection Account Top-up 120,000,000.00
(iv) Minimum Hedge Payment 128,250.00
(v) Class A Minimum Principal 0.00
(vi) Class B Interest 1,841,293.93
(vii) Class B Minimum Principal 1,064,461.75
(viii) Class C Interest 2,546,875.00
(ix) Class D Interest 3,625,000.00
(x) Second Collection Account Top-up 59,370,691.00
(xi) Class A Principal Adjustment Amount 0.00
(xii) Class C Scheduled Principal 0.00
(xiii) Class D Scheduled Principal 0.00
(xiv) Modification Payments 0.00
(xv) Soft Bullet Note Step-up Interest 0.00
(xvi) Class E Minimum Interest 492,684.17
(xvii) Supplemental Hedge Payment 128,250.00
(xviii) Class B Supplemental Principal 0.00
(xix) Class A Supplemental Principal 15,101,460.01
(xx) Class D Outstanding Principal 0.00
(xxi) Class C Outstanding Principal 0.00
(xxii) Class E Supplemental Interest 0.00
(xxiii) Class B Outstanding Principal 0.00
(xxiv) Class A Outstanding Principal 0.00
(xxv) Class E Accrued Unpaid Interest 0.00
(xxvi) Class E Outstanding Principal 0.00
(xxvii) Charitable Trust 0.00
----------------
Total Payments with respect to Payment Date 244,955,709.25
Less Collection Account Top-Ups
((iii) and (x)above) (179,370,691.00)
----------------
65,585,018.25
================
</TABLE>
AIRPLANES GROUP
Report to Cetificateholders - All numbers in US$ unless otherwise stated
<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 5.68750% 5.68750% 5.68750% 5.68750%
Applicable Margin 0.25000% 0.32000% 0.47000% 0.62000%
Applicable Interest Rate 5.93750% 6.00750% 6.15750% 6.30750%
Interest Amount Payable 3,925,347.22 3,504,375.00 2,394,583.33 981,166.67
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 (Dec 15, 1997) 850,000,000.00 750,000,000.00 500,000,000.00 200,000,000.00
-----------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------
A-5 Class B
<S> <C> <C>
Applicable LIBOR 5.68750% 5.68750%
Applicable Margin 0.35000% 1.10000%
Applicable Interest Rate 6.03750% 6.78750%
Interest Amount Payable 1,065,200.36 1,841,293.93
Step Up Interest Amount 0.00 0.00
Opening Principal Balance 226,839,472.34 348,784,959.40
Minimum Principal Payment Amount 0.00 1,064,461.75
Adjusted Principal Payment Amount 0.00
Supplemental Principal Payment Amount 15,101,460.01 0.00
Total Principal Distribution Amount 15,101,460.01 1,064,461.75
Redemption Amount
- amount allocable to principal 0.00 0.00
- premium allocable to premium 0.00 0.00
-------------------------------
Outstanding Principal Balance (Dec 15, 1997) 211,738,012.33 347,720,497.65
-------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
<CAPTION>
(b) FIXED RATE CERTIFICATES Class C Class D
-----------------------
<S> <C> <C>
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 (Dec 15, 1997) 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>
AIRPLANES GROUP
Report to Cetificateholders - All numbers in US$ unless otherwise stated
<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 5.98047% 5.98047% 5.98047% 5.98047%
Applicable Margin 0.25000% 0.32000% 0.47000% 0.62000%
Applicable Interest Rate 6.23047% 6.30047% 6.45047% 6.60047%
------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------
A-5 Class B
<S> <C> <C>
Applicable LIBOR 5.98047% 5.98047%
Applicable Margin 0.35000% 1.10000%
Applicable Interest Rate 6.33047% 7.08047%
---------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
(vi) CURRENT PERIOD PAYMENTS (Per $100,000 Initial Outstanding Principal Balance of Certificates)
--------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
(a) FLOATING RATE CERTIFICATES
--------------------------
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 39.25 35.04 23.95 9.81
Total Premium 0.00 0.00 0.00 0.00
------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------
A-5 Class B
<S> <C> <C>
Opening Principal Amount 2,268.39 3,487.85
Total Principal Payments 151.01 10.64
--------------------------
Closing Outstanding Principal Balance 2,117.38 3,477.20
Total Interest 10.65 18.41
Total Premium 0.00 0.00
---------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------
(b) FIXED RATE CERTIFICATES
-----------------------
Class C Class D
<S> <C> <C>
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>
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
