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 14, 1998
(Date of Earliest Event Reported)
AIRPLANES LIMITED AIRPLANES U.S. TRUST
(Exact Name of Registrants as Specified in Memorandum of Association or Trust
Agreement)
Jersey, Channel Islands Delaware
(State or Other Jurisdiction of Incorporation or Organization)
33-99970-01 13-3521640
(Commission File Number) (IRS Employer Identification No.)
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)
<PAGE>
Item 5. Other Events
Attached hereto as Exhibit A is a copy of a Report to
Certificateholders dated December 14, 1998, sent to each holder of a Pass
Through Certificate issued by Airplanes Pass Through Trust.
2
<PAGE>
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 14, 1998 /s/ Roy M. Dantzic*
-------------------
Director and Officer
Date: December 14, 1998 AIRPLANES U.S. TRUST
/s/ Roy M. Dantzic*
-------------------
Controlling Trustee
and Officer
*By: /s/ Patrick H. Blaney
--------------------------
Attorney-in-Fact
3
<PAGE>
EXHIBIT INDEX
Exhibit 99.A - Report to Certificateholders
Exhibit 99.B - Power of Attorney for Airplanes Limited
Exhibit 99.C - Power of Attorney for Airplanes U.S. Trust
4
<PAGE>
Exhibit 99.A
AIRPLANES Group
Report to Certificateholders
All numbers in US$ unless otherwise stated
Payment Date: 15 December, 1998.
Calculation Date: 9 December, 1998.
(i) ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates)
<TABLE>
-------------------------------------------------------------------------------------------------------------------------
Prior Balance Deposits Withdrawals Balance on
Calculation Date
-------------------------------------------------------------------------------------------------------------------------
9-Nov-98 9-Dec-98
<S> <C> <C> <C> <C>
Lessee Funded Account 0.00 0.00 (0.00) 0.00
Expense Account (note ii) 765,682.46 16,381,148.37 (13,000,146.10) 4,146,684.73
Collection Account (note iii) 216,099,064.32 41,531,765.87 (45,254,560.32) 212,376,269.87
-------------------------------------------------------------------------------------------------------------------------
- Miscellaneous Reserve 40,000,000.00 40,000,000.00
- Maintenance Reserve 80,000,000.00 80,000,000.00
- Security Deposit 52,138,162.00 50,844,504.00
- Other Collections (net of interim withdrawals) 43,960,902.32 41,531,765.87
-------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------
Total 216,864,746.78 57,912,914.24 (58,254,706.42) 216,522,954.60
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
(ii) ANALYSIS OF EXPENSE ACCOUNT ACTIVITY
----------------------------------------------------------------------
<TABLE>
<S> <C>
Balance on preceding Calculation Date (Nov 09,1998) 765,682.46
Transfer from Collection Account (previous Payment Date) 16,362,212.28
Transfer from Collection Account (interim deposit) 0.00
Interest Earned during period 18,936.09
Payments during period between prior
Calculation Date and the relevant Calculation Date:
- Payments on previous Payment Date (2,682,467.23)
- Other payments (10,317,678.87)
-----------------
Balance on relevant Calculation Date (Dec 09, 1998) 4,146,684.73
</TABLE>
----------------------------------------------------------------------
(iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY
----------------------------------------------------------------------
<TABLE>
<S> <C>
Balance on preceding Calculation Date (Nov 09, 1998) 216,099,064.32
Collections during period 41,470,171.08
Swap receipts (previous Payment Date) 61,594.79
Transfer to Expense Account (previous Payment Date) (16,362,212.28)
Transfer to Expense Account (interim withdrawal)
Net transfer to Lessee Funded Accounts
Aggregate Certificate Payments (previous Payment Date) (28,254,560.32)
Swap payments (previous Payment Date) (637,787.72)
---------------
Balance on relevant Calculation Date (Dec 09, 1998) 212,376,269.87
</TABLE>
----------------------------------------------------------------------
-5-
<PAGE>
(iii)ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd)
================================================================================
ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS
<TABLE>
Priority of Payments
<S> <C>
(i)Required Expense Amount 17,694,315.27
(ii)a) Class A Interest 10,081,195.00
b) Swap Payments 952,369.46
(iii)First Collection Account Top-up 120,000,000.00
(iv)Minimum Hedge Payment 0.00
(v)Class A Minimum Principal 0.00
(vi)Class B Interest 1,541,474.71
(vii)Class B Minimum Principal 1,061,882.83
(viii)Class C Interest 2,502,814.06
(ix)Class D Interest 3,625,000.00
(x)Second Collection Account Top-up 50,404,232.00
(xi)Class A Principal Adjustment Amount 0.00
(xii)Class C Scheduled Principal 975,000.00
(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 0.00
(xviii)Class B Supplemental Principal 0.00
(xix)Class A Supplemental Principal 7,191,987.10
(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 216,522,954.60
Less Collection Account Top-Ups ((iii) and (x)above) (170,404,232.00)
===================
46,118,722.60
===================
</TABLE>
================================================================================
-6-
<PAGE>
(iv) PAYMENT ON THE CERTIFICATES
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
(a) FLOATING RATE CERTIFICATES A-4 A-6 A-7 A-8 Class B
--------------------------
<S> <C> <C> <C> <C> <C>
Applicable LIBOR 5.27781% 5.27781% 5.27781% 5.27781% 5.27781%
Applicable Margin 0.62000% 0.34000% 0.26000% 0.37500% 0.75000%
Applicable Interest Rate 5.89781% 5.61781% 5.53781% 5.65281% 6.02781%
Interest Amount Payable 950,202.72 3,489,878.04 2,453,557.49 3,187,556.75 1,541,474.71
Step Up Interest Amount 0.00 0.00 0.00 0.00 0.00
Opening Principal Balance 200,000,000.00 771,165,702.88 550,000,000.00 700,000,000.00 317,454,401.48
Minimum Principal Payment Amount 0.00 0.00 0.00 0.00 1,061,882.83
Adjusted Principal Payment Amount 0.00 0.00 0.00 0.00 0.00
Supplemental Principal Payment Amount 0.00 7,191,987.10 0.00 0.00 0.00
Total Principal Distribution Amount 0.00 7,191,987.10 0.00 0.00 1,061,882.83
Redemption Amount
- amount allocable to principal 0.00 0.00 0.00 0.00 0.00
- premium allocable to premium 0.00 0.00 0.00 0.00 0.00
----------------------------------------------------------------------------------
Outstanding Principal Balance (Dec 15,1998) 200,000,000.00 763,973,715.78 550,000,000.00 700,000,000.00 316,392,518.65
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------------
(b) FIXED RATE CERTIFICATES Class C Class D
<S> <C> <C>
Applicable Interest Rate 8.1500% 10.8750%
Interest Amount Payable 2,502,814.06 3,625,000.00
Opening Principal Balance 368,512,500.00 400,000,000.00
Scheduled Principal Payment Amount 975,000.00 0.00
Redemption Amount
- amount allocable to principal 0.00 0.00
- amount allocable to premium 0.00 0.00
Actual Pool Factor 0.9801000 1.0000000
-----------------------------------
Outstanding Principal Balance (Dec 15, 1998) 367,537,500.00 400,000,000.00
- -------------------------------------------------------------------------------------
Table of rescheduled Pool Factors n/a n/a
in the event of a partial redemption
</TABLE>
-7-
<PAGE>
(v) FLOATING RATE CERTIFICATE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD
(Aggregate Amounts)
<TABLE>
- --------------------------------------------------------------------------------------------------------
A-4 A-6 A-7 A-8 Class B
<S> <C> <C> <C> <C> <C>
Applicable LIBOR 5.53547% 5.53547% 5.53547% 5.53547% 5.53547%
Applicable Margin 0.62000% 0.34000% 0.26000% 0.37500% 0.75000%
Applicable Interest Rate 6.15547% 5.87547% 5.79547% 5.91047% 6.28547%
- --------------------------------------------------------------------------------------------------------
</TABLE>
(vi) CURRENT PERIOD PAYMENTS Per $100,000 Initial Outstanding Principal Balance
of Certificates)
<TABLE>
- ------------------------------------------------------------------------------------------------------
(a) FLOATING RATE CERTIFICATES
A-4 A-6 A-7 A-8 Class B
<S> <C> <C> <C> <C> <C>
Opening Principal Amount 2,000.00 7,711.66 5,500.00 7,000.00 3,174.54
Total Principal Payments 0.00 71.92 0.00 0.00 10.62
-------------------------------------------------------------
Closing Outstanding Principal Balance 2,000.00 7,639.74 5,500.00 7,000.00 3,163.93
Total Interest 9.50 34.90 24.54 31.88 15.41
Total Premium 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------
</TABLE>
- ----------------------------------------------------------------------
<TABLE>
(b) FIXED RATE CERTIFICATES
Class C Class D
<S> <C> <C>
Opening Principal Amount 3,685.13 4,000.00
Total Principal Payments 9.75 0.00
-----------------------------------------
Outstanding Principal Balance 3,675.38 4,000.00
Total Interest 25.03 36.25
Total Premium 0.00 0.00
</TABLE>
- -----------------------------------------------------------------------
8
<PAGE>
Exhibit 99.B
Attached hereto is a true and correct copy of a Power of Attorney given
by each of the persons signatory thereto.
/s/ John Banes
--------------
John Banes
9
<PAGE>
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 occurrence 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.
10
<PAGE>
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
---------------------
11
<PAGE>
Exhibit 99.C
Attached hereto is a true and correct copy of a Power of
Attorney given by each of the persons signatory thereto.
/s/ John Banes
--------------
John Banes
12
<PAGE>
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 occurrence
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.
13
<PAGE>
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
14
