AIRCRAFT FINANCE TRUST
8-K, 2000-03-15
PERSONAL CREDIT INSTITUTIONS
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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                               ------------------

                                    FORM 8-K
                               ------------------

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


        Date of report (date of earliest event reported): March 15, 2000


                               -------------------

                          Commission File No. 333-82153

                               -------------------


                             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.

<PAGE>


Item 5.  Other Events.

Attached  hereto as Exhibit 99.1 is a copy of the Monthly  Report to Noteholders
for the payment date of March 15, 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)





           March 15, 2000                   By:       /s/ Wayne D. Lippman
     ---------------------------                     ---------------------------
                                                     Wayne D. Lippman
                                                     Controlling Trustee


                                       3



                             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                 March 15, 2000
Current Calculation Date             March 9, 2000

<TABLE>

- ----------------------------------------------------------------------------------------------------------------------
1. Account Activity Summary between Calculation Dates
- ----------------------------------------------------------------------------------------------------------------------
<CAPTION>

                                              Prior                                                        Balance on
                                            Balance              Deposits           Withdrawals      Calculation Date

- ----------------------------------------------------------------------------------------------------------------------

<S>                                   <C>                   <C>                  <C>                    <C>
Expense Account                        9,186,500.67          2,029,530.57           (485,118.32)        10,730,912.92
Collection Account                    64,175,171.51         11,807,683.95        (12,175,204.01)        63,807,651.45
VARIG Reserve Account                  6,750,000.00                     -                     -          6,750,000.00
Lessee Funded Account                 12,843,861.32            755,589.86                     -         13,599,451.18
- ----------------------------------------------------------------------------------------------------------------------
Total                                 92,955,533.50         14,592,804.38        (12,660,322.33)        94,888,015.55
- ----------------------------------------------------------------------------------------------------------------------

<S>                                                                                                     <C>
- ----------------------------------------------------------------------------------------------------------------------
2. Analysis of Expenses Account Activity
- ----------------------------------------------------------------------------------------------------------------------

Opening Balance on Previous Calculation Date                                                             9,186,500.67
Transfer from Collection Account on Previous Payment Date                                                2,029,530.57
Interim Transfer from Collection Account                                                                            -
Payments on Previous Payment Date                                                                         (393,375.24)
Interim payments                                                                                           (91,743.08)
Other                                                                                                               -
- ----------------------------------------------------------------------------------------------------------------------
Balance on Current Calculation Date                                                                     10,730,912.92
- ----------------------------------------------------------------------------------------------------------------------


- ----------------------------------------------------------------------------------------------------------------------
3. Analysis of Collection Account Activity
- ----------------------------------------------------------------------------------------------------------------------

Opening Balance on Previous Calculation Date                                                            64,175,171.51
Collections during period
 - lease rentals                                                                                         9,834,019.42
 - maintenance reserves                                                                                  1,314,318.78
 - other                                                                                                            -
 - interest income                                                                                         387,611.03
Drawings under Credit or Liquidity Enhancement Facilities                                                           -
Repayment of Drawings under Credit or Liquidity Enhancement Facilities                                              -
Transfer to Expense Account on previous Payment Date                                                    (2,029,530.57)
Net Swap receipts (payments) on previous Payment Date                                                      271,734.72
Net Transfers from (to) Lessee Funded Accounts                                                                 (32.50)
Net Transfers from (to) Varig Reserve Accounts                                                                      -
Aggregate Note Payments on previous Payment Date                                                       (10,145,640.94)
Interim Transfer to Expense Account                                                                                 -
- ----------------------------------------------------------------------------------------------------------------------
Balance on Current Calculation Date                                                                     63,807,651.45
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>

                                   Page 1 of 4
<PAGE>
<TABLE>
<S>                                                                                                     <C>

Net Transfers pursuant to Section 3.07 of the Trust Indenture                                                       -
                                                                                                ----------------------
Available Collections                                                                                   63,807,651.45
                                                                                                ----------------------

- ----------------------------------------------------------------------------------------------------------------------
3. Analysis of Collection Account Activity (Continued)
- ----------------------------------------------------------------------------------------------------------------------

Analysis of Current Payment Date Distributions

(i)         Required Expense Amount                                                                      1,208,153.42
(ii)   a)   Class A Interest but excluding Step-up/Additional Interest                                   4,491,812.21
       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                                                                               707,242.71
(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                                                                              2,087,050.00
(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                                                                      4,489.27
(xxiv)      Class C Scheduled principal                                                                             -
(xxv)       Class D Scheduled principal                                                                             -
(xxvi)      Reimbursement 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                                                        2,015,570.50
(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                                                                        -
                                                                                               ----------------------
                                                                                                        63,807,651.45
</TABLE>
                                  Page 2 of 4
<PAGE>
<TABLE>

<S>                                                         <C>                                        <C>
Analysis of Liquidity Reserve Amount

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
                                                    ----------------------
  Total Liquidity Reserve Amount                            52,000,000.00                              (52,000,000.00)

             Total Payments with respect to Payment Date
                                                                                                ----------------------
             less Collection Account Top Ups (iv), (viii), (xii), and (xviii) above                     11,807,651.45
                                                                                                ----------------------

- ----------------------------------------------------------------------------------------------------------------------
4. Payments on the Notes by Subclass
- ----------------------------------------------------------------------------------------------------------------------

                                                                 Subclass              Subclass                 Class
(a) Floating Rate Notes                                               A-1                   A-2                     B
- ----------------------------------------------------------------------------------------------------------------------

<S>                                                          <C>                  <C>                   <C>
Applicable LIBOR                                                 5.88500%              5.88500%              5.88500%
Applicable Margin                                                0.48000%              0.50000%              1.15000%
Applicable Interest Rate                                         6.36500%              6.38500%              7.03500%
Actual Number of Days                                                  29                    29                    29
Interest Amount Paid                                         2,627,772.57          1,864,039.64            707,242.71
Additional Interest Paid                                                -                     -                     -
Maturity Step-up Interest Amount Paid                                   -                     -                     -
Registration Step-up Interest Amount Paid                               -                     -                     -
- ----------------------------------------------------------------------------------------------------------------------
Total Interest Paid                                          2,627,772.57          1,864,039.64            707,242.71
- ----------------------------------------------------------------------------------------------------------------------

Expected Final Payment Date                                  May 15, 2004         June 15, 2008          May 15, 2016
Excess Amortization 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        362,408,808.69        124,798,361.14
Total Principal Distribution Amount                                     -          2,015,570.50              4,489.27
Redemption Amount:
  Amount allocable to principal                                         -                     -                     -
  Amount allocable to premium                                           -                     -                     -
- ----------------------------------------------------------------------------------------------------------------------
Closing Outstanding Principal Balance                      512,500,000.00        360,393,238.19        124,793,871.87
- ----------------------------------------------------------------------------------------------------------------------


                                                                    Class                 Class
(b) Fixed Rate Notes                                                    C                     D
- ------------------------------------------------------------------------------------------------

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                               -                     -
- ------------------------------------------------------------------------------------------------
Total Interest Paid                                            706,666.67            586,666.67
- ------------------------------------------------------------------------------------------------

Expected Final Payment Date                                 July 15, 2016       August 15, 2016
Excess Amortization 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                                     -                     -

                                  Page 3 of 4
<PAGE>

Redemption Amount:
 Amount allocable to principal                                          -                     -
 Amount allocable to premium                                            -                     -
- ------------------------------------------------------------------------------------------------
Closing Outstanding Principal Balance                      106,000,000.00         64,000,000.00
- ------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<S>                                                        <C>                        <C>                   <C>
- ----------------------------------------------------------------------------------------------------------------------
5. Floating Rate Note information for next Interest Accrual Period
- ----------------------------------------------------------------------------------------------------------------------

Next Payment Date                                          April 17, 2000
Next Calculation Date                                      April 11, 2000
Reference Date                                             March 13, 2000

                                                                 Subclass              Subclass                 Class
                                                                      A-1                   A-2                     B
- ----------------------------------------------------------------------------------------------------------------------
Applicable LIBOR                                                 6.00375%              6.00375%              6.00375%
Applicable Margin                                                0.48000%              0.50000%              1.15000%
Applicable Interest Rate                                         6.48375%              6.50375%              7.15375%

- ----------------------------------------------------------------------------------------------------------------------
6. Payments per $100,000 Initial Outstanding Principal Balance of Notes
- ----------------------------------------------------------------------------------------------------------------------
                                                                 Subclass              Subclass                 Class
(a) Floating Rate Notes                                               A-1                   A-2                     B
- ----------------------------------------------------------------------------------------------------------------------

Opening Outstanding Principal Balance                          100,000.00             90,602.20             98,654.83
Total Principal Payments                                                -                503.89                  3.55
- ----------------------------------------------------------------------------------------------------------------------
Closing Outstanding Principal Balance                          100,000.00             90,098.31             98,651.28

Total Interest                                                     512.74                466.01                559.09
Total Premium                                                           -                     -                     -
- ----------------------------------------------------------------------------------------------------------------------

                                                                    Class                 Class
(b) Fixed Rate Notes                                                    C                     D
- ------------------------------------------------------------------------------------------------

Opening Outstanding Principal Balance                          100,000.00            100,000.00
Total Principal Payments                                                -                     -
- ------------------------------------------------------------------------------------------------
Closing Outstanding Principal Balance                          100,000.00            100,000.00

Total Interest                                                     666.67                916.67
Total Premium                                                           -                     -
- ------------------------------------------------------------------------------------------------
</TABLE>


Swap  Payments  to be made on the  current  Payment  Date  are  included  in the
'Analysis of Current Payment Date  Distributions'.  Swap Receipts to be received
on the current  Payment Date are considered a Collection and are included in the
next  Collection  Period.  The amount of Swap  Receipts  to be  received  on the
current Payment Date are as follows: 65,926.39

                                  Page 4 of 4


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