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
February 18, 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.)
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 February 18, 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: February 18, 1997 /s/ Roy M. Dantzic*
Director and Officer
Date: February 18, 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
<TABLE>
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Payment Date: 18 February , 1997.
Calculation Date: 11 February , 1997.
(i) ACCOUNT ACTIVITY SUMMARY
(Between Calculation Dates)
--------------------------------------
<S> <C> <C> <C> <C>
Prior Balance Deposits Withdrawals Balance on Calculation
Date
9-Jan-97 11-Feb-97
Lessee Funded Account 0.00 0.00 (0.00) 0.00
Expense Account (note ii) 17,411,928.50 15,099,836.58 (9,575,859.18) 22,935,905.90
Collection Account (note iii) 230,719,431.76 52,023,952.04 (50,147,681.76) 232,595,702.04
- Miscellaneous Reserve 40,000,000.00 40,000,000.00
- Maintenance Reserve 80,000,000.00 80,000,000.00
- Security Deposit 59,137,000.00 60,571,750.00
- Other Collections 51,582,431.76 52,023,952.04
Total 248,131,360.26 67,123,788.62 (59,723,540.94) 255,531,607.94
(ii) ANALYSIS OF EXPENSE ACCOUNT ACTIVITY
-------------------------------------
Balance on preceding Calculation Date
(January 9,1997) 17,411,928.50
Transfer from Collection Account
(previous Payment Date) 15,000,000.00
Interest Earned during period 99,836.58
Payments during period between prior
Calculation Date and the
relevant Calculation Date:
- Payments on previous Payment Date (2,587,988.25)
- Other payments (6,987,870.93)
Balance on relevant Calculation Date
(February 11, 1997) 22,935,905.90
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY
---------------------------------------
Balance on preceding Calculation Date
(January 9, 1997) 230,719,431.76
Collections during period 52,023,952.04
Transfer to Expense Account
(previous Payment Date) (15,000,000.00)
Net transfer to Lessee Funded Accounts
Aggregate Certificate Payments
(previous Payment Date) (34,758,284.81)
Swap payments (previous Payment Date) (389,396.95)
Balance on relevant Calculation Date
(February 11, 1997) 232,595,702.04
ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd)
-------------------------------------------------
(iii)
ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS
-----------------------------------------------------------------------------
Priority of Payments
(i) Required Expense Amount 31,935,905.90
(ii) a) Class A Interest 15,003,335.71
b) Swap Payments 404,400.10
(iii) First Collection Account Top-up 120,000,000.00
(iv) Minimum Hedge Payment 48,400.00
(v) Class A Minimum Principal 0.00
(vi) Class B Interest 2,257,866.60
(vii) Class B Minimum Principal 1,344,153.00
(viii) Class C Interest 2,546,875.00
(ix) Class D Interest 3,625,000.00
(x) Second Collection Account Top-up 60,571,750.00
(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 48,400.00
(xviii) Class B Supplemental Principal 0.00
(xix) Class A Supplemental Principal 17,252,837.46
(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 255,531,607.94
Less Collection Account Top-Ups ((iii) and (x)above) (180,571,750.00)
74,959,857.94
</TABLE>
<TABLE>
<CAPTION>
(iv) PAYMENT ON THE CERTIFICATES
---------------------------
(a) FLOATING RATE
CERTIFICATES A-1 A-2 A-3 A-4 A-5 Class B
-------------
<S> <C> <C> <C> <C> <C> <C>
Applicable LIBOR 5.48438% 5.48438% 5.48438% 5.48438% 5.48438% 5.48438%
Applicable Margin 0.25000% 0.32000% 0.47000% 0.62000% 0.35000% 1.10000%
Applicable Interest Rate 5.73438% 5.80438% 5.95438% 6.10438% 5.83438% 6.58438%
Interest Amount Payable 4,603,432.83 4,111,435.83 2,811,790.56 1,153,049.56 2,323,626.93 2,257,866.60
Step Up Interest Amount 0.00 0.00 0.00 0.00 0.00 0.00
Opening Principal Balance 850,000,000.00 750,000,000.00 500,000,000.00 200,000,000.00 421,691,913.32 363,083,887.00
Minimum Principal Payment
Amount 0.00 0.00 0.00 0.00 0.00 1,344,153.00
Adjusted Principal
Payment Amount 0.00 0.00 0.00 0.00 0.00 0.00
Supplemental Principal
Payment Amount 0.00 0.00 0.00 0.00 17,252,837.46 0.00
Total Principal
Distribution
Amount 0.00 0.00 0.00 0.00 17,252,837.46 1,344,153.00
Redemption Amount
- amount allocable to
principal 0.00 0.00 0.00 0.00 0.00 0.00
- premium allocable to
premium 0.00 0.00 0.00 0.00 0.00 0.00
Outstanding Principal
Balance
(Feb 18, 1997) 850,000,000.00 750,000,000.00 500,000,000.00 200,000,000.00 404,439,075.86 361,739,734.00
</TABLE>
(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
(Feb 18, 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>
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(v) FLOATING RATE CERTIFICATE INFORMATION FOR NEXT INTEREST
ACCRUAL PERIOD (Aggregate Amounts)
-------------------------------------------------------
A-1 A-2 A-3 A-4 A-5 Class B
<S> <C> <C> <C> <C> <C> <C>
Applicable LIBOR 5.42188% 5.42188% 5.42188% 5.42188% 5.42188% 5.42188%
Applicable Margin 0.25000% 0.32000% 0.47000% 0.62000% 0.35000% 1.10000%
Applicable Interest Rate 5.67188% 5.74188% 5.89188% 6.04188% 5.77188% 6.52188%
</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 A-5 Class B
<S> <C> <C> <C> <C> <C> <C>
Opening Principal Amount 8,500.00 7,500.00 5,000.00 2,000.00 4,216.92 3,630.84
Total Principal Payments 0.00 0.00 0.00 0.00 172.53 13.44
Closing Outstanding Principal
Balance 8,500.00 7,500.00 5,000.00 2,000.00 4,044.39 3,617.40
Total Interest 46.03 41.11 28.12 11.53 23.24 22.58
Total Premium 0.00 0.00 0.00 0.00 0.00 0.00
</TABLE>
(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>
<CAPTION>
Particulars of the Portfolio as of December 31, 1996
(except for Appraised Values which are as of October 31, 1995)
are contained in the table below
AIRPLANES GROUP PORTFOLIO ANALYSIS
Region Lessee Country Lessee
- --------------------------- ------------------------- ---------------- -------------------------------
<S> <C> <C> <C>
Africa Kenya Airways Kenya Kenya Airways
Africa Kenya Airways Kenya Kenya Airways
Africa Nouvelair Tunisie Tunisia Nouvelair Tunisie
Africa Nouvelair Tunisie Tunisia Nouvelair Tunisie
Asia & Far East China Southern China China Southern
Asia & Far East China Southern China China Southern
Asia & Far East China Southern China China Southern
Asia & Far East China Southern China China Southern
Asia & Far East China Southwest China China Southwest
Asia & Far East Xiamen China Xiamen
Asia & Far East Jet Airways India Jet Airways
Asia & Far East Jet Airways India Jet Airways
Asia & Far East Off Lease India Jet Airways
Asia & Far East Garuda Indonesia Garuda
Asia & Far East Garuda Indonesia Garuda
Asia & Far East PT Mandala Airlines Indonesia PT Mandala Airlines
Asia & Far East Sempati Indonesia Sempati(1)
Asia & Far East Sempati Indonesia Sempati
Asia & Far East Sempati Indonesia Sempati
Asia & Far East Sempati Indonesia Sempati
Asia & Far East Ukraine International Malaysia Air Asia
Asia & Far East Pakistan Int. Airline Pakistan Pakistan Int. Airline
Asia & Far East Grand International Philippines Grand International
Asia & Far East Philippine Airlines Philippines Philippine Airlines
Asia & Far East Philippine Airlines Philippines Philippine Airlines
</TABLE>
<TABLE>
<CAPTION>
Region Lessee Country Lessee
- --------------------------- ------------------------- ---------------- -------------------------------
<S> <C> <C> <C>
Africa Kenya Airways Kenya Kenya Airways
Africa Kenya Airways Kenya Kenya Airways
Africa Nouvelair Tunisie Tunisia Nouvelair Tunisie
Africa Nouvelair Tunisie Tunisia Nouvelair Tunisie
Asia & Far East China Southern China China Southern
Asia & Far East China Southern China China Southern
Asia & Far East China Southern China China Southern
Asia & Far East China Southern China China Southern
Asia & Far East China Southwest China China Southwest
Asia & Far East Xiamen China Xiamen
Asia & Far East Jet Airways India Jet Airways
Asia & Far East Jet Airways India Jet Airways
Asia & Far East Off Lease India Jet Airways
Asia & Far East Garuda Indonesia Garuda
Asia & Far East Garuda Indonesia Garuda
Asia & Far East PT Mandala Airlines Indonesia PT Mandala Airlines
Asia & Far East Sempati Indonesia Sempati(1)
Asia & Far East Sempati Indonesia Sempati
Asia & Far East Sempati Indonesia Sempati
Asia & Far East Sempati Indonesia Sempati
Asia & Far East Ukraine International Malaysia Air Asia
Asia & Far East Pakistan Int. Airline Pakistan Pakistan Int. Airline
Asia & Far East Grand International Philippines Grand International
Asia & Far East Philippine Airlines Philippines Philippine Airlines
Asia & Far East Philippine Airlines Philippines Philippine Airlines
Asia & Far East Asiana Airlines South Korea Asiana Airlines
Asia & Far East Asiana Airlines South Korea Asiana Airlines
Australia & New Zealand National Jet Systems Australia National Jet Systems
Australia & New Zealand Air Nelson New Zealand Air Nelson
Australia & New Zealand Air Nelson New Zealand Air Nelson
Australia & New Zealand Air Nelson New Zealand Air Nelson
Europe Rheintalflug Austria Rheintalflug
Europe Air France France Air France
Europe Air France France Air France
Europe Aero Lloyd Germany Aero Lloyd
Europe Malev Hungary Malev
Europe Malev Hungary Malev
Europe Malev Hungary Malev
Europe Malev Hungary Malev
Europe Malev Hungary Malev
Europe Malev Hungary Malev
Europe Malev Hungary Malev
Europe Air Atlanta Iceland Air Atlanta
Europe Aer Lingus Ireland Aer Lingus
Europe Translift Airways Ireland Translift Airways
Europe Translift Airways Ireland Translift Airways
Europe Aliadriatica Italy Aliadriatica
Europe Aliadriatica Italy Aliadriatica
Europe Eurofly Italy Eurofly
Europe Eurofly Italy Eurofly
Europe Schreiner Airways Netherlands Schreiner Airways
Europe Schreiner Airways Netherlands Schreiner Airways
Europe Contact Air Netherlands Schreiner Airways
Europe Schreiner Airways Netherlands Schreiner Airways
Europe Schreiner Airways Netherlands Schreiner Airways
Europe Transavia Netherlands Transavia
Europe Wideroe's Norway Wideroe's Flyveselskap a/s
Flyveselskap a/s
Europe Wideroe's Norway Wideroe's Flyveselskap a/s
Flyveselskap a/s
Europe Air Europa Spain Air Europa
Europe Air Europa Spain Air Europa
Europe Air Europa Spain Air Europa
Europe Air Europa Spain Air Europa
Europe Futura Spain Futura
Europe Futura Spain Futura
Europe IBERIA Spain IBERIA
Europe Spanair Spain Spanair
Europe Spanair Spain Spanair
Europe Spanair Spain Spanair
Europe Spanair Spain Spanair
Europe Nordic East Airways Sweden Nordic East Airways
Europe Transwede Sweden Transwede
Europe Transwede Sweden Transwede
Europe SAS Sweden SAS
Europe Edelweiss Air AG Switzerland Edelweiss Air AG
Europe Edelweiss Air AG Switzerland Edelweiss Air AG
Europe Istanbul Turkey Istanbul
Europe Istanbul Turkey Istanbul
Europe Pegasus Turkey Pegasus
Europe Pegasus Turkey Pegasus
Europe Sun Express Turkey Sun Express
Europe Sunways Turkey Sunways
Europe Sunways Turkey Sunways
Europe Sunways Turkey Sunways
Europe Turk Hava Yollari Turkey Turk Hava Yollari
Europe Turk Hava Yollari Turkey Turk Hava Yollari
Europe Turk Hava Yollari Turkey Turk Hava Yollari
Europe Turk Hava Yollari Turkey Turk Hava Yollari
Europe Turk Hava Yollari Turkey Turk Hava Yollari
Europe Turk Hava Yollari Turkey Turk Hava Yollari
Europe Turk Hava Yollari Turkey Turk Hava Yollari
Europe Airtours International United Airtours International
Kingdom
Europe Airtours International United Airtours International
Kingdom
Europe Airtours International United Airtours International
Kingdom
Europe Airtours International United Airtours International
Kingdom
Europe British Midland United British Midland
Kingdom
Europe Titan Airways United Titan Airways
Kingdom
Europe Titan Airways United Titan Airways
Kingdom
Latin America Liat Antigua Liat
Latin America Liat Antigua Liat
Latin America Liat Antigua Liat
Latin America Liat Antigua Liat
Latin America LAPA Argentina LAPA
Latin America LAPA Argentina LAPA
Latin America LAPA Argentina LAPA
Latin America LAPA Argentina LAPA
Latin America Air Aruba Aruba Air Aruba
Latin America Rio Sul Brazil Rio Sul
Latin America Rio Sul Brazil Rio Sul
Latin America Rio Sul Brazil Rio Sul
Latin America TAM Brazil TAM
Latin America TAM Brazil TAM
Latin America TAM Brazil TAM
Latin America TAM Brazil TAM
Latin America TAM Brazil TAM
Latin America Transbrasil Brazil Transbrasil
Latin America Transbrasil Brazil Transbrasil
Latin America VARIG(1) Brazil VARIG(1)
Latin America VARIG(1) Brazil VARIG(1)
Latin America VARIG(1) Brazil VARIG(1)
Latin America Garuda Brazil VARIG
Latin America Fast Air Chile Fast Air
Latin America Fast Air Chile Fast Air
Latin America Fast Air Chile Fast Air
Latin America Fast Air Chile Fast Air
Latin America Fast Air Chile Fast Air
Latin America Lan Chile Airlines Chile Lan Chile Airlines
Latin America Lan Chile Airlines Chile Lan Chile Airlines
Latin America Lan Chile Airlines Chile Lan Chile Airlines
Latin America Lan Chile Airlines Chile Lan Chile Airlines
Latin America Lan Chile Airlines Chile Lan Chile Airlines
Latin America ACES Colombia ACES
Latin America Avianca Colombia Avianca
Latin America Avianca Colombia Avianca
Latin America Avianca Colombia Avianca
Latin America Avianca Colombia Avianca
Latin America Avianca Colombia Avianca
Latin America Tampa Colombia Tampa
Latin America Tampa Colombia Tampa
Latin America Air Jamaica Jamaica Air Jamaica
Latin America Aerocalifornia Mexico Aerocalifornia
Latin America Aerocalifornia Mexico Aerocalifornia
Latin America Aerocalifornia Mexico Aerocalifornia
Latin America Aerocalifornia Mexico Aerocalifornia
Latin America Aerocalifornia Mexico Aerocalifornia
Latin America Aerocalifornia Mexico Aerocalifornia
Latin America Aerocalifornia Mexico Aerocalifornia
Latin America Aerocalifornia Mexico Aerocalifornia
Latin America Aeromexico Mexico Aeromexico
Latin America Aeromexico Mexico Aeromexico
Latin America Aeromexico Mexico Aeromexico
Latin America Aeromexico Mexico Aeromexico
Latin America Aeromexico Mexico Aeromexico
Latin America Aeromexico Mexico Aeromexico
Latin America Aeromexico Mexico Aeromexico
Latin America Aeromexico Mexico Aeromexico
Latin America Aeromexico Mexico Aeromexico
Latin America Aeromexico Mexico Aeromexico
Latin America Aeromexico Mexico Aeromexico
Latin America Aeromexico Mexico Aeromexico
Latin America Mexicana Mexico Mexicana
Latin America Mexicana Mexico Mexicana
Latin America Mexicana Mexico Mexicana
Latin America Mexicana Mexico Mexicana
Latin America Mexicana Mexico Mexicana
Latin America Mexicana Mexico Mexicana
Latin America Mexicana Mexico Mexicana
Latin America Mexicana Mexico Mexicana
Latin America Off Lease Netherlands ALM
Antilles
Latin America Aerosanta Peru Aerosanta
Latin America BWIA International Trinidad & BWIA International
Tobago
North America BOMBARDIER INC Canada BOMBARDIER INC
North America BOMBARDIER INC Canada BOMBARDIER INC
North America BOMBARDIER INC Canada BOMBARDIER INC
North America BOMBARDIER INC Canada BOMBARDIER INC
North America Canadian Airlines Canada Canadian Airlines
North America Canadian Airlines Canada Canadian Airlines
North America Canadian Airlines Canada Canadian Airlines
North America Canadian Airlines Canada Canadian Airlines
North America Canadian Airlines Canada Canadian Airlines
North America Canadian Airlines Canada Canadian Airlines
North America Canadian Airlines Canada Canadian Airlines(1)
North America Canadian Airlines Canada Canadian Airlines(1)
North America Canadian Airlines Canada Canadian Airlines(1)
North America Canadian Airlines Canada Canadian Airlines(1)
North America Canadian Airlines Canada Canadian Airlines(1)
North America Canadian Airlines Canada Canadian Airlines(1)
North America Canadian Airlines Canada Canadian Airlines(1)
North America Aloha Airlines United States Aloha Airlines
of America
North America Aloha Airlines United States Aloha Airlines
of America
North America Burlington Air Express United States Burlington Air Express
of America
North America Burlington Air Express United States Burlington Air Express
of America
North America Burlington Air Express United States Burlington Air Express
of America
North America Burlington Air Express United States Burlington Air Express
of America
North America Burlington Air Express United States Burlington Air Express
of America
North America Burlington Air Express United States Burlington Air Express
of America
North America Burlington Air Express United States Burlington Air Express
of America
North America Burlington Air Express United States Burlington Air Express
of America
North America Burlington Air Express United States Burlington Air Express
of America
North America Burlington Air Express United States Burlington Air Express
of America
North America Emery Worldwide United States Emery Worldwide
of America
North America Emery Worldwide United States Emery Worldwide
of America
North America Emery Worldwide United States Emery Worldwide
of America
North America Emery Worldwide United States Emery Worldwide
of America
North America Emery Worldwide United States Emery Worldwide
of America
North America Emery Worldwide United States Emery Worldwide
of America
North America Emery Worldwide United States Emery Worldwide
of America
North America Emery Worldwide United States Emery Worldwide
of America
North America Emery Worldwide United States Emery Worldwide
of America
North America Frontier United States Frontier
of America
North America Hawaiian Airlines United States Hawaiian Airlines
of America
North America Hawaiian Airlines United States Hawaiian Airlines
of America
North America Hawaiian Airlines United States Hawaiian Airlines
of America
North America Hawaiian Airlines United States Hawaiian Airlines
of America
North America Idefix United States Idefix
of America
North America Reno Air United States Reno Air
of America
North America Reno Air United States Reno Air
of America
North America SAT United States SAT
of America
North America Tower Air United States Tower Air
of America
North America TWA United States TWA
of America
North America US Air Express United States US Air Express
of America
Others Fornax Aircraft Cyprus Fornax Aircraft Leasing
Leasing
Others Lithuanian Airlines Lithuania Lithuanian Airlines
Others Ukraine International Ukraine Ukraine International
Off Lease East West Off Lease - Sale LOI
Aerosweet (2)
Off Lease East West Off Lease - LOI Aerosweet
(2)
Off Lease Off Lease Off Lease - Sale LOI DAS Air
(2)
Off Lease Off Lease Off Lease - LOI Caledonian
(2)
Off Lease Contact Air Off Lease
Off Lease Off Lease Off Lease - Lease ALM (3)
</TABLE>
<TABLE>
<CAPTION>
Appraised
Date of Value
Aircraft Engine Serial Manufacture/ at October
31, 1995
Region Type Configuration Number Conversion (US$000's)
- ------ ------------- ------------------ --------- --------------- -------------
<C> <C> <C> <C> <C>
Africa B737-200A JT8D-17 21193 1-Jul-76 5,409
Africa B737-200A JT8D-17 21196 1-Jul-76 5,411
Africa MD83 JT8D-219 49442 29-Apr-87 21,343
Africa MD83 JT8D-219 49624 1-Aug-88 22,169
Asia & Far East B737-500 CFM56-3C1 24897 26-Feb-91 23,082
Asia & Far East B737-500 CFM56-3C1 25182 3-Feb-92 24,322
Asia & Far East B737-500 CFM56-3C1 25183 14-Feb-92 24,133
Asia & Far East B737-500 CFM56-3C1 25188 12-Mar-92 24,086
Asia & Far East B757-200 RB211-535E4-37 26156 25-Nov-92 46,325
Asia & Far East B737-200QC JT8D-17A 23066 9-Dec-83 9,548
Asia & Far East B737-400 CFM56-3C1 24345 1-Jun-89 26,311
Asia & Far East B737-400 CFM56-3C1 24687 25-May-90 27,123
Asia & Far East B737-500 CFM56-3C1 25191 10-Apr-92 23,998
Asia & Far East MD11 CF6-80C2-D1F 48500 1-Mar-92 89,453
Asia & Far East MD11 CF6-80C2-D1F 48501 1-Sep-92 90,442
Asia & Far East B737-200A JT8D-17A 23023 30-Mar-83 8,052
Asia & Far East F100 TAY650-15 11266 17-Aug-90 15,796
Asia & Far East F100 TAY650-15 11336 5-Jun-91 21,157
Asia & Far East F100 TAY650-15 11339 1-Jul-91 21,156
Asia & Far East F100 TAY650-15 11347 1-Oct-91 20,960
Asia & Far East B737-300 CFM56-3C1 24907 1-Mar-91 26,307
Asia & Far East A300-B4-203 CF6-50C2 269 11-Aug-83 19,414
Asia & Far East A300-B4-100 CF6-50C2 9 26-Dec-74 9,647
Asia & Far East A300-C4-203 CF6-50C2 83 1-May-79 20,517
Asia & Far East B737-300 CFM56-3B1 24770 1-Oct-90 24,398
Asia & Far East B737-400 CFM56-3C1 24493 14-Jul-89 25,915
Asia & Far East B737-400 CFM56-3C1 24520 21-Dec-89 26,569
Australia & New Zealand DHC8-100 PW121 229 1-Sep-90 7,477
Australia & New Zealand METRO-III TPE331-11 705 1-Aug-88 1,767
Australia & New Zealand METRO-III TPE331-11 711 1-Mar-88 1,767
Australia & New Zealand METRO-III TPE331-11 712 1-Jun-88 1,767
Europe DHC8-300 PW123 307 1-Dec-91 10,031
Europe A320-200 CFM56-5A3 203 1-Sep-91 32,384
Europe A320-200 CFM56 220 1-Sep-91 32,020
Europe MD83 JT8D-219 49620 1-Jul-88 22,737
Europe B737-200A JT8D-15 21735 1-Jun-79 6,246
Europe B737-200A JT8D-15 22090 1-May-80 6,570
Europe B737-200A JT8D-17A 22803 14-Feb-83 8,569
Europe B737-200A JT8D-17A 22804 1-Feb-83 8,274
Europe B737-200A JT8D-15 22979 1-Mar-83 7,335
Europe B737-400 CFM56-3C1 26069 2-Nov-92 30,577
Europe B737-400 CFM56-3C1 26071 13-Nov-92 30,590
Europe B737-200A JT8D-17 21192 1-Mar-76 5,529
Europe B737-400 CFM56-3C1 24690 1-Jul-90 27,262
Europe A300-B4-100 CF6-50C2 12 20-May-75 9,548
Europe A300-B4-100 CF6-50C2 20 1-Oct-75 9,739
Europe B737-300 CFM56-3C1 25187 14-Mar-92 27,605
Europe B737-300 CFM56-3C1 25179 12-Feb-92 27,841
Europe MD83 JT8D-219 49390 1-Apr-86 19,999
Europe MD83 JT8D-219 49631 14-Jun-89 23,356
Europe DHC8-300A PW123 276 13-May-91 9,637
Europe DHC8-300A PW123 283 1-Sep-91 9,983
Europe DHC8-300A PW123 296 1-Oct-91 9,647
Europe DHC8-300A PW123 298 1-Apr-92 10,100
Europe DHC8-300A PW123 300 1-Apr-92 10,349
Europe B737-300 CFM56-3C1 24905 1-Feb-91 26,155
Europe DHC8-300 PW123 293 1-Oct-91 10,057
Europe DHC8-300 PW123 342 1-Dec-92 11,004
Europe B737-300 CFM56-3B2 23749 1-May-87 22,370
Europe B737-300 CFM56-3B2 23923 1-Apr-88 23,454
Europe B737-400 CFM56-3C1 24906 24-Feb-91 28,246
Europe B737-400 CFM56-3C1 24912 14-Jun-91 28,914
Europe B737-400 CFM56-3C1 24689 3-Jul-90 27,442
Europe B737-400 CFM56-3C1 25180 21-Jan-92 29,733
Europe DC8-71F CFM56-2C1 45945 19-May-92 18,687
Europe MD83 JT8D-219 49626 22-Oct-88 22,523
Europe MD83 JT8D-219 49672 1-Jul-88 22,377
Europe MD83 JT8D-219 49709 1-Dec-88 22,559
Europe MD83 JT8D-219 49938 1-Dec-90 25,306
Europe B737-400 CFM56-3C1 24911 1-Apr-91 28,969
Europe F100 TAY650-15 11371 19-Dec-91 20,945
Europe B757-200 RB2110-535E4-37 26151 23-Jul-92 46,125
Europe B767-300ER PW4060 25411 15-Jan-92 70,847
Europe MD83 JT8D-219 49935 26-Sep-90 25,006
Europe MD83 JT8D-219 49951 25-Aug-91 26,405
Europe B737-400 CFM56-3C1 24683 7-Aug-90 27,420
Europe B737-400 CFM56-3C1 24691 9-Aug-90 27,396
Europe B737-400 CFM56-3C1 26081 10-Mar-93 31,607
Europe B737-400 CFM56-3C1 24684 1-Apr-90 27,201
Europe B737-400 CFM56-3C1 25190 7-Apr-92 29,872
Europe MD83 JT8D-219 49792 1-Nov-89 24,028
Europe MD83 JT8D-219 49936 6-Oct-90 25,029
Europe MD83 JT8D-219 49943 1-Jul-91 26,403
Europe B737-400 CFM56-3C1 24917 24-Jun-91 28,612
Europe B737-400 CFM56-3C1 25181 3-Feb-92 29,676
Europe B737-400 CFM56-3C1 25184 2-Mar-92 29,831
Europe B737-400 CFM56-3C1 25261 9-Apr-92 29,939
Europe B737-400 CFM56-3C1 26065 1-May-92 30,002
Europe B737-500 CFM56-3C1 25288 16-Jun-92 24,380
Europe B737-500 CFM56-3C1 25289 12-Jun-92 24,279
Europe A320-200 CFM56 348 17-Jun-92 34,368
Europe A320-200 CFM56 301 22-Apr-92 33,760
Europe A320-200 CFM56 294 2-Apr-92 33,427
Europe A320-200 CFM56-5A3 349 30-Oct-92 34,213
Europe B737-500 CFM56-3C1 25185 18-Feb-92 23,903
Europe ATR42-300 PW120 109 14-Oct-88 6,443
Europe ATR42-300 PW120 113 18-Nov-88 6,463
Latin America DHC8-100 PW120-A 140 1-Mar-89 6,242
Latin America DHC8-100 PW120-A 144 1-Mar-89 6,433
Latin America DHC8-100 PW120-A 270 1-May-91 7,345
Latin America DHC8-102 PW120-A 113 1-Sep-88 5,782
Latin America B737-200A JT8D-15 22278 19-Mar-80 7,082
Latin America B737-200A JT8D-15 22368 1-Sep-80 6,722
Latin America B737-200A JT8D-15 22369 1-Sep-80 6,795
Latin America B737-200QC JT8D-17A 23065 15-Oct-96 9,316
Latin America MD83 JT8D-219 49950 1-Nov-91 26,695
Latin America B737-500 CFM56-3C1 25186 11-Mar-92 23,991
Latin America B737-500 CFM56-3C1 25192 14-Apr-92 24,051
Latin America B737-500 CFM56-3C1 26075 23-Oct-92 24,607
Latin America F100 TAY650-15 11284 31-Jul-90 19,648
Latin America F100 TAY650-15 11285 1-Aug-90 19,627
Latin America F100 TAY650-15 11304 27-Feb-91 20,887
Latin America F100 TAY650-15 11305 19-Apr-91 20,903
Latin America F100 TAY650-15 11348 6-Aug-91 20,806
Latin America B767-200ER PW4056 25421 14-Jan-92 59,697
Latin America B767-300ER PW4060 24948 19-Jul-91 68,304
Latin America B737-300 CFM56-3B2 26852 20-Apr-92 23,295
Latin America DC10-30F CF6-50C2 47841 3-Jul-80 21,736
Latin America DC10-30F CF6-50C2 47842 8-Apr-80 21,736
Latin America MD11 CF6-80C2-D1F 48499 31-Dec-91 85,461
Latin America DC8-71F CFM56-2C1 45810 9-Apr-92 19,053
Latin America DC8-71F CFM56-2C1 45970 15-Oct-92 18,793
Latin America DC8-71F CFM56-2C1 45976 10-Aug-91 18,933
Latin America DC8-71F CFM56-2C1 45996 29-Oct-92 18,797
Latin America DC8-71F CFM56-2C1 45997 7-Dec-93 18,787
Latin America B737-200A JT8D-15 21960 1-Mar-80 6,529
Latin America B737-200A JT8D-15 22397 1-Feb-81 7,556
Latin America B737-200A JT8D-17A 22407 1-Sep-80 7,281
Latin America B737-200A JT8D-15 22632 1-Feb-82 7,531
Latin America B737-200A JT8D-17A 23024 1-May-83 7,850
Latin America ATR42-320 PW121-5A1 284 1-Jan-92 8,447
Latin America B757-200 RB211-535E4-37 26154 22-Sep-92 46,327
Latin America MD83 JT8D-219 49939 26-Oct-90 25,376
Latin America MD83 JT8D-219 49946 18-Jul-91 26,329
Latin America MD83 JT8D-219 53120 29-Jul-92 27,647
Latin America MD83 JT8D-219 53125 2-Apr-92 27,968
Latin America DC8-71F CFM56-2C1 45849 9-Mar-91 18,307
Latin America DC8-71F CFM56-2C1 46066 24-Apr-91 18,680
Latin America A300-B4-203 CF6-50C2 131 7-Feb-81 16,362
Latin America DC9-14 JT8D-7B 45736 1-Aug-66 1,143
Latin America DC9-14 JT8D-7B 45743 1-May-66 1,043
Latin America DC9-15 JT8D-7A 45785 1-Nov-66 1,096
Latin America DC9-15 JT8D-7B 45786 1-Mar-67 1,190
Latin America DC9-15 JT8D-7A 47059 1-May-67 1,073
Latin America DC9-15 JT8D-7A 47085 1-Jul-67 1,073
Latin America DC9-15 JT8D-7A 47122 1-Dec-67 1,073
Latin America DC9-15 JT8D-7A 47126 1-Oct-68 1,107
Latin America B767-300ER PW4060 26200 1-Sep-92 72,814
Latin America B767-300ER PW4060 26204 1-Oct-92 72,874
Latin America DC9-32 JT8D-17 47594 1-Feb-74 4,043
Latin America DC9-32 JT8D-17 48125 1-Apr-80 5,777
Latin America DC9-32 JT8D-17 48126 1-Apr-80 5,763
Latin America DC9-32 JT8D-17 48127 1-Jul-80 5,850
Latin America DC9-32 JT8D-17 48128 1-Aug-80 5,874
Latin America DC9-32 JT8D-17 48129 1-Nov-80 5,890
Latin America DC9-32 JT8D-17 48130 1-Dec-80 5,547
Latin America MD82 JT8D-217 49660 1-Mar-88 21,167
Latin America MD82 JT8D-217A 49667 21-Jan-88 21,279
Latin America MD87 JT8D-219 49673 1-Dec-88 18,155
Latin America B727-200A JT8D-17R 21346 1-Oct-80 5,459
Latin America B727-200A JT8D-17R 21600 1-Nov-80 5,483
Latin America F100 TAY650-15 11309 16-May-91 21,123
Latin America F100 TAY650-15 11319 5-Apr-91 21,243
Latin America F100 TAY650-15 11374 20-Jan-92 22,314
Latin America F100 TAY650-15 11375 1-Dec-92 22,356
Latin America F100 TAY650-15 11382 1-Jan-93 22,372
Latin America F100 TAY650-15 11384 1-Jan-93 22,379
Latin America DHC8-300C PW123 242 1-Nov-90 9,606
Latin America B737-200A JT8D-17 21206 26-Feb-76 4,961
Latin America MD83 JT8D-219 49789 23-Sep-89 23,626
North America DHC8-300 PW123 232 20-Oct-90 8,973
North America DHC8-300 PW123 244 1-Dec-90 9,017
North America DHC8-300A PW123 266 20-Mar-91 9,583
North America DHC8-300A PW123 267 4-Apr-91 9,617
North America A320-200 CFM56-5A1 174 1-Apr-91 31,688
North America A320-200 CFM56-5A1 175 1-Apr-91 32,146
North America A320-200 CFM56-5A1 232 1-Oct-91 32,232
North America A320-200 CFM56-5A1 284 9-Mar-92 33,507
North America A320-200 CFM56-5A1 309 13-May-92 33,486
North America A320-200 CFM56-5A1 404 1-Jan-94 35,951
North America B737-200A JT8D-9A 20922 1-Aug-74 3,226
North America B737-200A JT8D-9A 20958 1-Jan-75 4,176
North America B737-200A JT8D-9A 20959 1-Nov-74 4,177
North America B737-200A JT8D-9A 21115 1-Dec-75 4,176
North America B737-200A JT8D-9A 21639 1-Nov-78 5,682
North America B737-200A JT8D-9A 21712 1-Feb-79 6,190
North America B737-200A JT8D-9A 22873 1-Jul-82 9,551
North America B737-300 CFM56-3B1 23499 1-Jun-86 22,840
North America B737-300 CFM56-3B1 23500 1-Jun-86 22,823
North America DC8-71F CFM56-2C1 45811 30-May-91 18,460
North America DC8-71F CFM56-2C1 45813 28-Apr-92 18,690
North America DC8-71F CFM56-2C1 45946 23-Apr-92 18,680
North America DC8-71F CFM56-2C1 45971 13-Feb-92 18,753
North America DC8-71F CFM56-2C1 45973 27-Feb-92 19,215
North America DC8-71F CFM56-2C1 45978 23-Apr-93 18,550
North America DC8-71F CFM56-2C1 45993 23-Jun-93 18,690
North America DC8-71F CFM56-2C1 45994 1-Sep-94 19,000
North America DC8-71F CFM56-2C1 45998 21-May-93 18,800
North America DC8-71F CFM56-2C1 46065 12-Jan-92 18,760
North America DC8-71F CFM56-2C1 45812 14-Jul-94 18,537
North America DC8-71F CFM56-2C1 45941 27-Aug-91 18,887
North America DC8-71F CFM56-2C1 45947 11-Mar-94 18,667
North America DC8-71F CFM56-2C1 45974 25-Jun-91 19,473
North America DC8-71F CFM56-2C1 45975 21-Jul-92 19,167
North America DC8-71F CFM56-2C1 45977 23-Nov-90 19,040
North America DC8-71F CFM56-2C1 45983 24-Jan-94 18,197
North America DC8-71F CFM56-2C1 45995 30-Dec-94 18,750
North America DC8-71F CFM56-2C1 46039 29-Oct-90 19,010
North America B737-300 CFM56-3B1 23177 1-Apr-86 21,085
North America DC9-51 JT8D-17 47742 1-Jun-77 5,129
North America DC9-51 JT8D-17 47784 1-May-79 5,483
North America DC9-51 JT8D-17 47796 1-Apr-79 5,679
North America DC9-51 JT8D-17 48122 26-Jan-81 6,466
North America ATR42-300 PW120 249 1-Jun-91 8,064
North America MD-83 JT8D-219 49941 1-Dec-90 25,022
North America MD-83 JT8D-219 49949 5-Aug-91 26,421
North America DC8-73CF CFM56-2C1 46091 1-Dec-89 22,870
North America B747-200BC JT9D-7Q 21730 7-Jun-79 38,447
North America MD83 JT8D-219 49575 1-Oct-87 21,786
North America DHC8-100 PW121 258 1-Jan-91 7,527
Others B737-200A JT8D-17 21685 1-Jan-79 6,374
Others B737-200A JT8D-15 22453 1-Mar-81 7,288
Others B737-200A JT8D-17A 22802 1-Feb-83 8,113
Off Lease B737-200A JT8D-15 22396 1-Feb-81 7,014
Off Lease B737-200A JT8D-15 22633 1-Mar-81 6,979
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 DHC8-300 PW123 334 8-Oct-92 10,226
Off Lease DHC8-300C PW123 230 1-Feb-91 9,691
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/purchaser.
(3) These aircraft are subject to lease contracts and are scheduled for
delivery to the relevant lessees after 31 December 1996.
</TABLE>
</DCOUMENT>
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 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
</DCOUMENT>
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, 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
