MORGAN STANLEY AIRCRAFT FINANCE
Report to Noteholders
All amounts in US dollars unless otherwise stated
Month November-00
Payment Date 15th of each month
Convention Modified Following Business Day
Current Payment Date 15-Nov-00
Current Calculation Date 09-Nov-00
Previous Payment Date 16-Oct-00
Previous Calculation Date 10-Oct-00
<TABLE>
-----------------------------------------------------------------------------------------------
1. Account Activity Summary between Calculation Dates
-----------------------------------------------------------------------------------------------
Prior Deposits Withdrawals Balance on
Balance Calculation Date
10-Oct-00 09-Nov-00
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Expense Account 5,049,848.28 2,827,953.90 (1,166,122.87) 6,711,679.31
Collection Account 21,752,876.28 21,450,599.06 (21,752,876.28) 21,450,599.06
Aircraft Purchase Account - - - -
Liquidity Reserve cash balance 49,559,891.00 50,000.00 (400,000.00) 49,209,891.00
----------------------------------------------------------------------------------------------
Total 76,362,615.56 24,328,552.96 (23,318,999.15) 77,372,169.37
==============================================================================================
2. Analysis of Expenses Account Activity
----------------------------------------------------------------------------------------------
Opening Balance on Previous Calculation Date 5,049,848.28
Transfer from Collection Account on previous Payment Date 2,794,241.98
Permitted Aircraft Accrual -
Interim Transfer from Collection Account -
Transfers from Aircraft Purchase Account -
Interest Income 33,711.92
Balance on current Calculation Date
- Payments on previous payment date (794,241.98)
- Interim payments (371,880.89)
- Other -
----------------------------------------------------------------------------------------------
Balance on current Calculation Date 6,711,679.31
==============================================================================================
3. Analysis of Collection Account Activity
----------------------------------------------------------------------------------------------
Opening Balance on Previous Calculation Date 21,752,876.28
Collections during period
- Lease rentals 15,491,182.33
- Maintenance reserves 2,006,296.79
- Other leasing income 3,470,723.18
- Interest income 366,044.76
- Lease rental received in error 116,352.00
- Interim transfer to Expense A/C -
Transfers from Aircraft Purchase Account -
Drawings under Credit or Liquidity Enhancement Facilities -
Repayment of Drawings under Credit or Liquidity Enhancement Facilities -
Transfer to Expense Account on previous Payment Date
- Required Expense Amount (2,794,241.98)
- Permitted Aircraft Modifications -
Net Swap payments on previous Payment Date (247,612.48)
Aggregate Note Payments on previous Payment Date (18,711,021.82)
----------------------------------------------------------------------------------------------
Balance on current Calculation Date 21,450,599.06
==============================================================================================
Analysis of Liquidity Reserve Amount
First Collection Account Reserve 30,000,000.00
Cash Held
- Accrued Expenses 6,711,679.31
- Security Deposits 19,209,891.00 25,921,570.31
Morgan Stanley Facility 30,000,000.00
ILFC Facility
- Letter of Credit 20,000,000.00
-Security Deposits 19,996,851.00 39,996,851.00
--------------
Liquidity Reserve Amount 125,918,421.31
--------------
Minimum Liquidity Reserve Amount 30,000,000.00
----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
MORGAN STANLEY AIRCRAFT FINANCE
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-Nov-00
Current Calculation Date 09-Nov-00
Previous Payment Date 16-Oct-00
Previous Calculation Date 10-Oct-00
<TABLE>
---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Balance in Collection Account 21,450,599.06
Liquidity Reserve Amount 125,918,421.31
-----------------
Available Collections 147,369,020.37
=================
3. Analysis of Collection Account Activity (Continued)
---------------------------------------------------------------------------------------------------------------
Analysis of Current Payment Date Distributions
(i) Required Expense Amount
- Servicer Fee 606,186.98
- Administration Agent Fee 68,039.31
- Other Service Providers 12,500.01
- Accrued Expenses 4,300,000.00
------------
Total Required Expense Amount 4,986,726.30
(ii) a) Class A Interest but excluding Step-up 8,040,882.80
b) Swap Payments other than subordinated swap payments (24,397.22)
(iii) a) Repayment of Primary Eligible Credit Facilities -
b) First Collection Account top-up (Minimum liquidity reserve $30 m) 30,000,000.00
(iv) Class A Minimum principal payment -
(v) Class B Interest 998,886.23
(vi) Class B Minimum principal payment 300,829.87
(vii) Class C Interest 1,011,607.50
(viii) Class C Minimum principal payment -
(ix) Class D Interest 797,500.00
(x) Class D Minimum principal payment -
(xi) a) Secondary Eligible Credit Facilities (ILFC and Morgan Stanley Facilities) -
b) Second collection account top-up 95,918,421.31
(xii) Class A Scheduled principal -
(xiii) Class B Scheduled principal 272,574.39
(xiv) Class C Scheduled principal 100,000.00
(xv) Class D Scheduled principal -
(xvi) Permitted accruals for Modifications -
(xvii) Step-up interest -
(xviii) Beneficial interest -
(xix) Class A Supplemental principal 4,965,989.19
(xx) Class B Supplemental principal -
(xxi) Class D Redemption Price -
(xxii) Class C Redemption Price -
(xxiii) Class B Redemption Price -
(xxiv) Class A Redemption Price -
(xxv) Subordinated Swap payments -
(xxvi) all remaining amounts to holders of Beneficial interests
Total Payments with respect to Payment Date 147,369,020.37
less collection Account Top Ups (iii) (b) and (xi) (b) above 125,918,421.31
-----------------
21,450,599.06
=================
===============================================================================================================
</TABLE>
<PAGE>
MORGAN STANLEY AIRCRAFT FINANCE
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-Nov-00
Current Calculation Date 09-Nov-00
Previous Payment Date 16-Oct-00
Previous Calculation Date 10-Oct-00
<TABLE>
-------------------------------------------------------------------------------------------------------------------------
4. Payments on the Notes by Subclass
-------------------------------------------------------------------------------------------------------------------------
Subclass Subclass Subclass Subclass Total
Floating Rate Notes A-2 A-3 A-4 A-5 Class A
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Applicable LIBOR 6.62000% 6.62000% 6.62000% 6.62000%
Applicable Margin 0.3500% 0.5200% 0.5400% 0.5800%
Applicable Interest Rate 6.97000% 7.14000% 7.16000% 7.20000%
Day Count Act/360 Act/360 Act/360 Act/360
Actual Number of Days 30 30 30 30
Interest Amount Payable 1,233,480.28 3,451,000.00 1,193,333.33 2,163,069.19
Step-up Interest Amount Payable NA NA NA NA
-------------------------------------------------------------------------------------------------------------------------
Total Interest Paid 1,233,480.28 3,451,000.00 1,193,333.33 2,163,069.19 8,040,882.80
-------------------------------------------------------------------------------------------------------------------------
Expected Final Payment Date 15-Sep-05 15-Mar-02 15-Mar-03 15-Jun-08
Excess Amortization Date 15-Apr-98 15-Mar-02 15-Mar-03 15-Apr-00
-------------------------------------------------------------------------------------------------------------------------
Original Balance 340,000,000.00 580,000,000.00 200,000,000.00 400,000,000.00
Opening Outstanding Principal Balance 212,363,893.70 580,000,000.00 200,000,000.00 360,511,532.18 1,352,875,425.88
-------------------------------------------------------------------------------------------------------------------------
Extended Pool Factors 76.43% 100.00% 100.00% 100.00%
Pool Factors 65.99% 100.00% 100.00% 91.22%
-------------------------------------------------------------------------------------------------------------------------
Extension Amount - - - -
Pool Factor Amount - - - -
Surplus Amortisation 1,840,883.29 - - 3,125,105.90
-------------------------------------------------------------------------------------------------------------------------
Total Principal Distribution Amount 1,840,883.29 - - 3,125,105.90 4,965,989.19
-------------------------------------------------------------------------------------------------------------------------
Redemption Amount
- amount allocable to principal
- amount allocable to premium
-------------------------------------------------------------------------------------------------------------------------
Closing Outstanding Principal Balance 210,523,010.41 580,000,000.00 200,000,000.00 357,386,426.28 1,347,909,436.69
------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Subclass Subclass Total
Floating Rate Notes B-1 B-2 Class B
--------------------------------------------------------------------------------------
Applicable LIBOR 6.6200% 6.6200%
Applicable Margin 0.6500% 1.0500%
Applicable Interest Rate 7.27000% 7.67000%
Day Count Act/360 Act/360
Actual Number of Days 30 30
Interest Amount Payable 519,559.17 479,327.06
Step-up Interest Amount Payable NA NA
--------------------------------------------------------------------------------------
Total Interest Paid 519,559.17 479,327.06 998,886.23
--------------------------------------------------------------------------------------
Expected Final Payment Date 15-Mar-13 15-Mar-07
Excess Amortisation Date 15-Apr-98 15-Mar-07
--------------------------------------------------------------------------------------
Original Balance 100,000,000.00 75,000,000.00
Opening Outstanding Principal Balance 85,759,423.52 74,992,500.00 160,751,923.52
--------------------------------------------------------------------------------------
Extended Pool Factors 93.46% 100.00%
Pool Factors 89.28% 99.98%
--------------------------------------------------------------------------------------
Extension Amount - -
Pool Factor Amount - 7,500.00
Surplus Amortisation 565,904.26 -
--------------------------------------------------------------------------------------
Total Principal Distribution Amount 565,904.26 7,500.00 573,404.26
--------------------------------------------------------------------------------------
Redemption Amount
- amount allocable to principal
- amount allocable to premium
--------------------------------------------------------------------------------------
Closing Outstanding Principal Balance 85,193,519.26 74,985,000.00 160,178,519.26
--------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------- ----------------
Subclass Subclass Total Subclass
Fixed Rate Notes C-1 C-2 Class C D-1
-------------------------------------------------------------------------------------- ----------------
Applicable Interest Rate 6.90000% 9.60000% 8.70000%
Day count 30 / 360 30 / 360 30 / 360
Number of Days 30 30 30
Interest Amount Payable 571,607.50 440,000.00 797,500.00
-------------------------------------------------------------------------------------- ----------------
Total Interest Paid 571,607.50 440,000.00 1,011,607.50 797,500.00
-------------------------------------------------------------------------------------- ----------------
Expected Final Payment Date 15-Mar-13 15-Oct-16 15-Mar-14
Excess Amortisation Date 15-Mar-13 15-Oct-16 15-Mar-10
Original Balance 100,000,000.00 55,000,000.00 110,000,000.00
Opening Outstanding Principal Balance 99,410,000.00 55,000,000.00 154,410,000.00 110,000,000.00
-------------------------------------------------------------------------------------- ----------------
Extended Pool Factors 100.00% 100.00% 100.00%
Expected Pool Factors 99.31% 100.00% 100.00%
--------------------------------------------------------------------------------------
Extended Amount - - -
Expected Pool Factor Amount 100,000.00 - -
Surplus Amortisation - -
-------------------------------------------------------------------------------------- ----------------
Total Principal Distribution Amount 100,000.00 - 100,000.00 -
-------------------------------------------------------------------------------------- ----------------
Redemption Amount - - -
- amount allocable to principal - - -
- amount allocable to premium - - -
-------------------------------------------------------------------------------------- ----------------
Closing Outstanding Principal Balance 99,310,000.00 55,000,000.00 154,310,000.00 110,000,000.00
-------------------------------------------------------------------------------------- ----------------
======================================================================================================================
</TABLE>
<PAGE>
MORGAN STANLEY AIRCRAFT FINANCE
Report to Noteholders
All amounts in US dollars unless otherwise stated
Current Payment Date 15-Nov-00
Current Calculation Date 09-Nov-00
Previous Payment Date 16-Oct-00
Previous Calculation Date 10-Oct-00
<TABLE>
------------------------------------------------------------------------------------------------------------------------------
5. Floating Rate Note information for next Interest Accrual Period
Start of Interest Accrual Period 15-Nov-00
End of Interest Accrual Period 15-Dec-00
Reference Date 13-Dec-00
------------------------------------------------------------------------------------------------------------------------------
A-2 A-3 A-4 A-5 B-1 B-2
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Applicable LIBOR 6.62000% 6.62000% 6.62000% 6.62000% 6.62000% 6.62000%
Applicable Margin 0.3500% 0.5200% 0.5400% 0.5800% 0.6500% 1.0500%
Applicable Interest Rate 6.9700% 7.1400% 7.1600% 7.2000% 7.2700% 7.6700%
Actual Pool Factor 61.92% 100.00% 100.00% 89.35% 85.19% 99.98%
------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Fixed Rate Notes C-1 C-2 D-1
--------------------------------------------------------------------------------------
Actual Pool Factor 99.31% 100.00% 100.00%
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
6. Payments per $ 100,000 Initial Outstanding Principal Balance of Notes
------------------------------------------------------------------------------------------------------------------------------
(a) Floating Rate Notes A-2 A-3 A-4 A-5 B-1 B-2
------------------------------------------------------------------------------------------------------------------------------
Opening Outstanding Principal Balance 62,459.97 100,000.00 100,000.00 90,127.88 85,759.42 99,990.00
Total Principal Payments 541.44 - - 781.28 565.90 10.00
Closing Outstanding Principal Balance 61,918.53 100,000.00 100,000.00 89,346.61 85,193.52 99,980.00
Total Interest 362.79 595.00 596.67 540.77 519.56 639.10
Total Premium 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
(b) Fixed Rate Notes C-1 C-2 D-1
--------------------------------------------------------------------------------------
Opening Outstanding Principal Balance 99,410.00 100,000.00 100,000.00
Total Principal Payments 100.00 - -
Closing Outstanding Principal Balance 99,310.00 100,000.00 100,000.00
Total Interest 571.61 800.00 725.00
Total Premium - - -
--------------------------------------------------------------------------------------
==============================================================================================================================
</TABLE>
<PAGE>
MORGAN STANLEY AIRCRAFT FINANCE
Cummulative Performance to Date - March 16, 200 to November 15, 200
<TABLE>
All amounts in millions of US Dollar amounts expressed as a percentage
dollars unless otherwise stated of 2000 Base Case Lease Rentals
-------------------------------------------------------------------------------- ----------------------------------------
Cumulative to Date Cumulative to Date
Actual Base Case Variance Actual Base Case Variance
-------------------------------------------------------------------------------- -----------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CASH COLLECTIONS
Lease Rentals 160.7 160.7 (0.0) 100.0% 100.0% 0.0%
[2] - Renegotiated Leases 0.0 - 0.0 0.0%
[3] - Rental Resets (0.1) - (0.1) 0.0%
--------------------------- --------------------------
[4]S [1].[3] Contracted Lease Rentals 160.6 160.7 (0.0) 100.0% 100.0% 0.0%
[5] Movement in Current Arrears Balance (0.7) - (0.7) -0.4% 0.0% -0.4%
less Net Stress-related Costs
[6] - Bad Debts (1.8) -1.1%
[7] - Security Deposits Dran Down 1.1 0.7%
[8] - Restructured Arrears - 0.0%
[9] - AOG (4.7) -2.9%
[10] - Other Leasing Income 9.1 5.7%
[11] - Repossession Costs (0.4) -0.3%
--------------------------- --------------------------
[12]S [6]..[11] sub-total 3.3 (7.2) 10.6 2.1% -4.5% 6.6%
[13] [4]+[5]+[12] Net Lease Rentals 163.2 153.4 9.8 101.6% 95.5% 6.1%
[14] Interest Earned 2.8 1.7 1.1 1.7% 1.1% 0.7%
Maintenance Receipts 19.3 - 19.3 12.0% 0.0% 12.0%
Maintenance Payments (19.8) - (19.8) -12.3% 0.0% -12.3%
--------------------------- --------------------------
[15] Net Maintenance (0.5) - (0.5) -0.3% 0.0% -0.3%
[16]S[13].[15] Total Cash Collections 165.5 155.1 10.4 103.0% 96.6% 6.5%
============================================================================= ==========================
CASH EXPENSES
Aircraft Operating Expenses
[17] - Insurance (0.6) -0.3%
[18] - Re-leasing and other overheads (0.2) -0.1%
--------------------------- --------------------------
[19][17]+[18] sub-total (0.8) (1.3) 0.5 -0.5% -0.8% 0.3%
SG&A Expenses
Aircraft Servicer Fees
- Base Fee (2.0) (2.0) 0.0 -1.2% -1.2% 0.0%
- Rent Collected Fee (1.9) (2.0) 0.0 -1.2% -1.2% 0.0%
- Rent Contracted Fee (1.6) (1.6) 0.1 -0.1% -1.0% 0.0%
- Incentive Fee - - - 0.0% 0.0% 0.0%
--------------------------- --------------------------
[20] sub-total (5.5) (5.5) 0.1 -3.4% -3.4% 0.0%
Other Servicer Fees
Cabot (0.7) (0.8) 0.0 -0.5% -0.5% 0.0%
Other Service Providers (1.3) (0.5) (0.8) -0.8% -0.3% -0.5%
--------------------------- --------------------------
[21] sub-total (2.0) (1.2) (0.8) -1.3% -0.8% -0.5%
[22]S [19].[21]Total Cash Expenses (8.3) (8.1) (0.2) -5.2% -5.0% -0.1%
============================================================================= ===========================
NET CASH COLLECTIONS
[23] [16] Total Cash Collections 165.5 155.1 10.4 103.0% 96.6% 6.5%
[24] [22] Total Cash Expenses (8.3) (8.1) (0.2) -5.2% -5.0% -0.1%
[25] Drawings from Expense Account 22.5 - 22.5 14.0% 0.0% 14.0%
[26] Transfer to Expense Account (27.7) - (27.7) -17.2% 0.0% -17.2%
[27] Interest Payments (88.1) (82.8) (5.3) -54.8% -51.6% -3.3%
[28] Swap Payments (2.0) (6.8) 4.8 -1.3% -4.3% 3.0%
[29] Exceptional Items - - - 0.0% 0.0% 0.0%
--------------------------- --------------------------
[30]S [23].[29][TOTAL 61.9 57.4 4.5 38.5% 35.7% 2.8%
=========================== ==========================
============================================================================= ==========================
[31] PRINCIPAL PAYMENTS
subclass A2 14.2 13.0 1.2 8.8% 8.1% 0.7%
subclass A3 - - - 0.0% 0.0% 0.0%
subclass A4 - - - 0.0% 0.0% 0.0%
subclass A5 42.6 39.3 3.3 26.5% 24.5% 2.0%
subclass B1 4.5 4.5 0.0 2.8% 2.8% 0.0%
subclass B2 0.0 0.0 - 0.0% 0.0% 0.0%
subclass C1 0.6 0.6 (0.0) 0.4% 0.4% 0.0%
subclass C2 - - - 0.0% 0.0% 0.0%
subclass D1 - - - 0.0% 0.0% 0.0%
--------------------------- --------------------------
Total 61.9 57.4 4.5 38.5% 35.7% 2.8%
=========================== ==========================
============================================================================= ==========================
Debt Balances
subclass A2 210.5 211.7 1.2
subclass A3 580.0 580.0 -
subclass A4 200.0 200.0 -
subclass A5 357.4 360.7 3.3
subclass B1 85.2 85.2 0.0
subclass B2 75.0 75.0 -
subclass C1 99.3 99.3 (0.0)
subclass C2 55.0 55.0 -
subclass D1 110.0 110.0 -
---------------------------
TOTAL 1,772.4 1,776.9 4.5
-----------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
Note: Report Line Name Description
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CASH COLLECTIONS
[1] Lease Rentals Assumptions per the March 2000 Prospectus, the "2000 Base Case".
[2] - Renegotiated Leases Loss in rental revenue caused by a lessee negotiating a reduction in the
lease rental.
[3] - Rental Resets Loss in rental when new lease rates are lower than those assumed in the 2000
Base Case.
[4]S [1].[3]. Contracted Lease Rentals Current Contracted Lease Rentals less adjustments for renegotiated leases and
rental resets.
[5] Movement in Current Arrears Current Contracted Lease Rentals not received as at the latest Calculation
Balance Date, excluding Bad Debts.
less Net Stress-related Costs
[6] - Bad Debts Rental Arrears owed by lessees who have defaulted and which are deemed
irrecoverable.
[7] - Security Deposits Drawn Down Amounts drawn down from Security Deposits to offset arrears or Bad Debts.
[8] - Restructured Arrears Current Arrears that have been capitalized and restructured into a note payable.
[9] - AOG Base Case lease rental lost when an aircraft is off-lease and non-revenue earning.
[10] - Other Leasing Income Includes lease termination payments, rental guarantees and late payments charges.
[11] - Repossession Costs Legal and technical costs incurred as a result of repossessing an aircraft.
[12]S [6].[11] sub-total
[13] [4]+[5]+ Net Lease Rentals Contracted Lease Rentals less Movement in Current Arrears Balance and
[12] Net Stress related costs
[14] Interest Earned Interest earned on monthly cash balances held in Collection and Expense Accounts.
[15] Net Maintenance Maintenance Revenue Reserve received less any reimbursements paid to lessees.
[16]S[14].[16] Total Cash Collections Net Lease Rentals + Interest Earned + Net Maintenance
====================================================================================================================================
CASH EXPENSES
Aircraft Operating Expenses All operational costs related to the leasing of aircraft.
[17] - Insurance Premium for contingent insurance policies.
[18] - Re-leasing and other overheads Miscellaneous re-delivery and leasing costs associated with re-leasing events.
[19][17]+[18] sub-total
SG&A Expenses All fees paid to the Aircraft Servicer and to other service providers.
[20] Aircraft Servicer Fees Monthly and annual fees paid to the Aircraft Servicer, ILFC.
- Base Fee Fixed amount per month per aircraft and changes only as aircraft are acquired
or sold.
- Rent Collected Fee Amount equal to approximately 1.25% of rentals received during the previous
calendar month.
- Rent Contracted Fee Amount equal to 1.00% of rentals contracted in the current calendar month.
- Incentive Fee Annual fee paid to Servicer for performance above an annually agreed target.
[21] Other Servicer Fees Fees paid to other service providers including the Administrative Agent,
Financial Advisor and Independent Trustees
[22]S[19].[21] Total Cash Expenses Aircraft Operating Expenses + SG&A Expenses
====================================================================================================================================
NET CASH COLLECTIONS
[23] [16] Total Cash Collections as per line 17 above.
[24] [22] Total Cash Expenses as per line 24 above.
[25] Drawings from Expense Account Cash drawn from the Expense Account and used to pay for expenses during the
period.
[26] Transfer to Expense Account Cash set aside in the Expense Account to pay for future expected expense
obligations.
[27] Interest Payments Interest Payments to Noteholders on all outstanding debt.
[28] Swap Payments Net Swap Payments (paid) / received.
[29] Exceptional Items Cash flows that occur infrequently and are outside the normal business activities
of MSAF Group.
[30]S[24].[29] TOTAL
====================================================================================================================================
[31] PRINCIPAL PAYMENTS Principal Payments to Noteholders.
====================================================================================================================================
</TABLE>
<PAGE>
MORGAN STANLEY AIRCRAFT FINANCE
Cummulative Performance to Date - march 15, 2000 to November 15, 2000
all amounts in millions of US dollars unless otherwise stated
<TABLE>
Actual 2000 Base Case Variance
<S> <C> <C> <C>
Source of Funds
Net Cash Collections 61.9 57.4 4.5
Add Back Interest 88.1 82.8 5.3
Add Back Swap Payments 2.0 6.8 (4.8)
-------------------------------------------------------------------------------------------------------------
a 152.0 147.0 5.0
-------------------------------------------------------------------------------------------------------------
Application of Funds
b Swap Payments 2.0 6.8 (4.8)
c Class A Interest 65.5 60.7 4.8
d Class A Minimum 5.8 4.8 1.0
e Class B Interest 8.1 7.6 0.5
f Class B Minimum 3.2 3.2 -
g Class C Interest 8.1 8.1 -
h Class C Minimum - - -
I Class D Interest 6.4 6.4 -
j Class D Minimum - - -
k Class A Scheduled 0.8 0.2 0.6
l Class B Scheduled 1.3 1.3 -
m Class C Scheduled 0.6 0.6 -
n Class D Scheduled - - -
o Permitted Aircraft Modifications - - -
p Class A Supplemental 50.2 47.3 2.9
-------------------------------------------------------------------------------------------------------------
152.0 147.0 5.0
-------------------------------------------------------------------------------------------------------------
[1] Interest Coverage Ratio
Class A 2.25 2.18 = a / (b+c)
Class B 1.87 1.84 = a / (b+c+d+e)
Class C 1.64 1.61 = a / (b+c+d+e+f+g)
Class D 1.53 1.51 = a / (b+c+d+e+f+g+h+i)
[2] Debt Coverage Ratio
Class A 1.52 1.50 = a / (b+c+d+e+f+g+h+i+j+k)
Class B 1.50 1.48 = a / (b+c+d+e+f+g+h+i+j+k+l)
Class C 1.49 1.47 = a / (b+c+d+e+f+g+h+i+j+k+l+m)
Class D 1.49 1.47 = a / (b+c+d+e+f+g+h+i+j+k+l+m+n)
</TABLE>
<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
Loan-to-Value Ratios 2000 Base Case Actual 2000 Base Case
15-Mar-00 15-Nov-00 15-Nov-00
------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
[3] Assumed Portfolio Value 2,000.9 1,952.3 1,952.3
[4] Adjusted Portfolio Value 1,900.9
Liquidity Reserve Amount
- Cash 30.0 30.0 30.0
- Accrued Expenses 6.0 11.0 11.0
- Security Deposits 7.1 19.2 19.2
subtotal cash 43.1 60.2 60.2
- Letters of Credit 82.1 70.0 70.0
Total Liquidity Reserve 125.2 130.2 130.2
------------------------------------------------------------------------------------------------
[5] Total Asset Value 2,126.1 2,082.5 2,082.5
Note Balance
Class A 1,404.7 66.1% 1,347.9 64.7% 1,352.4 64.9%
Class B 164.7 73.8% 160.2 72.4% 160.2 72.6%
Class C 154.9 81.1% 154.3 79.8% 154.3 80.0%
Class D 110.0 86.3% 110.0 85.1% 110.0 85.3%
Total 1,834.3 1,772.4 1,776.9
[[1] Interest Coverage Ratio is equal to Net Cash Collections, before interest
and swap payments, expressed as a ratio of the swap costs and interest payable
on each subclass of Notes plus the interest and minimum principal payments
payable on each subclass of Notes that rank senior in priority of payment to
the relevant subclass of Notes.
[2] Debt Coverage Ratio is equal to Net Cash Collections before interest and
swap payments, expressed as a ratio of the interest and minimum and scheduled
principal payments payable on each subclass of Notes plus the interest and
minimum and scheduled principal payments payable on each subclass of Notes that
ranks equally with or senior to the relevant subclass of Notes in the priority
of payments.
[3] Assumed Portfolio Value represents the Initial Appraised Value of each
aircraft in the Portfolio multiplied by the Depreciation Factor at Calculation
date divided by the Depreciation Factor at Closing date.
[4] Adjusted Portfolio Value represents the Base Value of each aircraft in the
Portfolio as determined by the most recent Appraisal multiplied by the
Depreciation Factor at Calculation date divided by the Depreciation Factor at
Closing date. The lower of the Assumed Portfolio Value or 105% of the Adjusted
Portfolio Value is used to calculate the principal repayment amounts to
Noteholders.
[5] Total Asset Value is equal to Total Portfolio Value plus Liquidity Reserve Amount.
</TABLE>
