UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported): January 18, 2000
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Commission File No. 333-82153
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AIRCRAFT FINANCE TRUST
State of Organization: Delaware
IRS Employer Identification No. 51-6512392
1100 North Market Street, Rodney Square North, Wilmington, Delaware
Telephone - (302) 651-1000
This document consists of 7 pages.
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Item 5. Other Events.
Attached hereto as Exhibit 99.1 is a copy of the Monthly Report to Noteholders
for the payment date of January 18, 2000, sent to the holders of the notes.
2
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AIRCRAFT FINANCE TRUST
(Registrant)
January 18, 2000 By: /s/ Wayne D. Lippman
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Wayne D. Lippman
Controlling Trustee
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AIRCRAFT FINANCE TRUST
ASSET BACKED NOTES, SERIES 1999-1
REPORT TO NOTEHOLDERS
All amounts in US dollars unless otherwise stated
Payment Date 15th of each month
Convention Modified Following Business Day
Current Payment Date January 18, 2000
Current Calculation Date January 11, 2000
<TABLE>
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1. Account Activity Summary between Calculation Dates
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<CAPTION>
Prior Balance on
Balance Deposits Withdrawals Calculation Date
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<S> <C> <C> <C> <C>
Expense Account $ 6,889,329.75 $ 3,374,750.38 $ (1,007,758.85) $ 9,256,321.28
Collection Account $ 67,563,404.66 $ 14,895,074.48 $ (16,135,404.66) $ 66,323,074.48
VARIG Reserve Account $ 6,750,000.00 $ - $ - $ 6,750,000.00
Lessee Funded Account $ 13,263,933.99 $ 25,919.49 $ (572,000.00) $ 12,717,853.48
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Total $ 94,466,668.40 $ 18,295,744.35 $ (17,715,163.51) $ 95,047,249.24
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<S> <C>
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2. Analysis of Expenses Account Activity
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Opening Balance on Previous Calculation Date $ 6,889,329.75
Transfer from Collection Account on Previous Payment Date $ 3,374,750.38
Interim Transfer from Collection Account $ -
Payments on Previous Payment Date $ (464,904.54)
Interim payments $ (542,854.31)
Other $ -
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Balance on Current Calculation Date $ 9,256,321.28
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3. Analysis of Collection Account Activity
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Opening Balance on Previous Calculation Date $ 67,563,404.66
Collections during period
- lease rentals $ 11,836,957.94
- maintenance reserves $ 2,076,643.21
- other $ -
- interest income $ 409,473.33
Drawings under Credit or Liquidity Enhancement Facilities $ -
Repayment of Drawings under Credit or Liquidity Enhancement Facilities $ -
Transfer to Expense Account on previous Payment Date $ (3,374,750.38)
Net Swap payments on previous Payment Date $ (127,895.84)
Net Transfers from (to) Lessee Funded Accounts $ 572,000.00
Net Transfers from (to) Varig Reserve Accounts $ -
Aggregate Note Payments on previous Payment Date $(12,632,758.44)
Interim Transfer to Expense Account $ -
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Balance on Current Calculation Date $ 66,323,074.48
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</TABLE>
Page 1 of 4
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<TABLE>
<S> <C>
Net Transfers pursuant to Section 3.07 of the Trust Indenture $ -
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Available Collections $ 66,323,074.48
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3. Analysis of Collection Account Activity (Continued)
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Analysis of Current Payment Date Distributions
(i) Required Expense Amount $ 547,932.43
(ii) a) Class A Interest but excluding Step-up/Additional Interest $ 5,786,114.45
b) Swap Payments other than subordinated swap payments $ -
(iii) Repayment of Primary Eligible Credit Facilities $ -
(iv) First Collection Account top-up $ 33,000,000.00
(v) Class A Minimum principal payment $ -
(vi) Class B Interest $ 897,248.22
(vii) Repayment of Secondary Eligible Credit Facilities $ -
(viii) Second collection account top-up $ 10,000,000.00
(ix) Class B Minimum principal payment $ -
(x) Class C Interest $ 706,666.67
(xi) Repayment of Tertiary Eligible Credit Facilities $ -
(xii) Third Collection Account top-up $ 5,000,000.00
(xiii) Class A Supplemental principal $ -
(xiv) Class B Supplemental principal $ -
(xv) Class C Minimum principal payment $ -
(xvi) Class D Interest $ 586,666.67
(xvii) Repayment of Subordinate Eligible Credit Facilities $ -
(xviii) Fourth Collection Account top-up $ 4,000,000.00
(xix) Class D Minimum principal payment $ -
(xx) Expense Accrual $ 3,196,050.00
(xxi) Additional and Step-up Interest
(a) Additional Interest $ -
(b) Maturity Step-up Interest $ -
(c) Registration Step-up Interest $ -
(xxii) Class A Scheduled principal $ -
(xxiii) Class B Scheduled principal $ -
(xxiv) Class C Scheduled principal $ -
(xxv) Class D Scheduled principal $ -
(xxvi) Reimbursment of Beneficial Interest Cure Payments $ -
(xxvii) Sale Premium
(a) Class C $ -
(b) Class D $ -
(xxviii) Expense Account for Modification Accruals and Refinancing Payments $ -
(xxix) Class A Outstanding Principal Balance $ 2,602,396.04
(xxx) Class B Outstanding Principal Balance $ -
(xxxi) Class C Outstanding Principal Balance $ -
(xxxii) Class D Outstanding Principal Balance $ -
(xxxiii) Subordinated Swap Payments $ -
(xxxiv) Additional Servicing Obligations $ -
(xxxv) Remainder to Beneficial Interest $ -
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$ 66,323,074.48
</TABLE>
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<TABLE>
Analysis of Liquidity Reserve Amount
<S> <C> <C>
First Collection Account Top-up $ 33,000,000.00
Second Collection Account Top-up $ 10,000,000.00
Third Collection Account Top-up $ 5,000,000.00
Fourth Collection Account Top-up $ 4,000,000.00
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Total Liquidity Reserve Amount $ 52,000,000.00 $(52,000,000.00)
Total Payments with respect to Payment Date
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less Collection Account Top Ups (iv), (viii), (xii), and (xviii) above $ 14,323,074.48
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4. Payments on the Notes by Subclass
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Subclass Subclass Class
(a) Floating Rate Notes A-1 A-2 B
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<S> <C> <C> <C>
Applicable LIBOR 6.46250% 6.46250% 6.46250%
Applicable Margin 0.48000% 0.50000% 1.15000%
Applicable Interest Rate 6.94250% 6.96250% 7.61250%
Actual Number of Days 34 34 34
Interest Amount Paid $ 3,360,362.85 $ 2,425,751.60 $ 897,248.22
Additional Interest Paid $ - $ - $ -
Maturity Step-up Interest Amount Paid $ - $ - $ -
Registration Step-up Interest Amount Paid $ - $ - $ -
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Total Interest Paid $ 3,360,362.85 $ 2,425,751.60 $ 897,248.22
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Expected Final Payment Date May 15, 2004 June 15, 2008 May 15, 2016
Excess Amortisation Date May 15, 2004 June 15, 1999 June 15, 1999
Original Balance $ 512,500,000.00 $ 400,000,000.00 $ 126,500,000.00
Opening Outstanding Principal Balance $ 512,500,000.00 $ 368,896,642.57 $ 124,798,361.14
Total Principal Distribution Amount $ - $ 2,602,396.04 $ -
Redemption Amount:
Amount allocable to principal $ - $ - $ -
Amount allocable to premium $ - $ - $ -
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Closing Outstanding Principal Balance $ 512,500,000.00 $ 366,294,246.53 $ 124,798,361.14
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Class Class
(b) Fixed Rate Notes C D
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Applicable Interest Rate 8.00% 11.00%
Number of Days 30 30
Interest Amount Payable $ 706,666.67 $ 586,666.67
Additional Interest Paid $ - $ -
Registration Step-up Interest Amount Paid $ - $ -
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Total Interest Paid $ 706,666.67 $ 586,666.67
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Expected Final Payment Date July 15, 2016 August 15, 2016
Excess Amortisation Date July 15, 2016 May 15, 2009
Original Balance $ 106,000,000.00 $ 64,000,000.00
Opening Outstanding Principal Balance $ 106,000,000.00 $ 64,000,000.00
Total Principal Distribution Amount $ - $ -
</TABLE>
Page 3 of 4
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<TABLE>
<S> <C> <C> <C>
Redemption Amount:
Amount allocable to principal $ - $ -
Amount allocable to premium $ - $ -
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Closing Outstanding Principal Balance $ 106,000,000.00 $ 64,000,000.00
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5. Floating Rate Note information for next Interest Accrual Period
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Next Payment Date February 15, 2000
Next Calculation Date February 9, 2000
Reference Date January 14, 2000
Subclass Subclass Class
A-1 A-2 B
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Applicable LIBOR 5.79250% 5.79250% 5.79250%
Applicable Margin 0.48000% 0.50000% 1.15000%
Applicable Interest Rate 6.27250% 6.29250% 6.94250%
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6. Payments per $100,000 Inital Outstanding Principal Balance of Notes
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Subclass Subclass Class
(a) Floating Rate Notes A-1 A-2 B
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Opening Outstanding Principal Balance 100,000.00 92,224.16 98,654.83
Total Principal Payments - 650.60 -
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Closing Outstanding Principal Balance 100,000.00 91,573.56 98,654.83
Total Interest 655.68 606.44 709.29
Total Premium - - -
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Class Class
(b) Fixed Rate Notes C D
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Opening Outstanding Principal Balance 100,000.00 100,000.00
Total Principal Payments - -
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Closing Outstanding Principal Balance 100,000.00 100,000.00
Total Interest 666.67 916.67
Total Premium - -
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</TABLE>
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