AIRCRAFT FINANCE TRUST
ASSET BACKED NOTES, SERIES 1999-1
MONTHLY 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 16, 2001
Current Calculation Date January 9, 2001
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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 15,869,052.48 732,950.68 (1,953,370.72) 14,648,632.44
Collection Account 65,840,142.63 11,860,369.98 (14,025,142.63) 63,675,369.98
VARIG Reserve Account 6,750,000.00 - - 6,750,000.00
Lessee Funded Account 10,792,492.58 212,145.25 - 11,004,637.83
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Total 99,251,687.69 12,805,465.91 (15,978,513.35) 96,078,640.25
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2. Analysis of Expenses Account Activity
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Opening Balance on Previous Calculation Date 15,869,052.48
Transfer from Collection Account on Previous Payment Date 732,950.68
Interim Transfer from (to) Collection Account -
Payments on Previous Payment Date (420,996.16)
Interim payments (1,532,374.56)
Other -
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Balance on Current Calculation Date 14,648,632.44
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3. Analysis of Collection Account Activity
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Opening Balance on Previous Calculation Date 65,840,142.63
Collections during period
- lease rentals 9,644,385.71
- maintenance reserves 880,867.79
- other 209,000.00
- interest income 486,283.15
Drawings under Credit or Liquidity Enhancement Facilities -
Repayment of Drawings under Credit or Liquidity Enhancement Facilities -
Transfer to Expense Account on previous Payment Date (732,950.68)
Net Swap receipts (payments) on previous Payment Date 639,833.33
Net Transfers from (to) Lessee Funded Accounts (185,000.00)
Net Transfers from (to) Varig Reserve Accounts -
Aggregate Note Payments on previous Payment Date (13,107,191.95)
Interim Transfer from (to) Expense Account -
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Balance on Current Calculation Date 63,675,369.98
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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 63,675,369.98
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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 1,213,493.56
(ii) (a) Class A Interest but excluding Step-up/Additional Interest 5,344,238.40
(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 849,172.73
(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 15,830.25
(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 463,244.83
(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 2,496,056.87
(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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63,675,369.98
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<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
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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 11,675,369.98
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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 6.71000% 6.71000% 6.71000%
Applicable Margin 0.48000% 0.50000% 1.15000%
Applicable Interest Rate 7.19000% 7.21000% 7.86000%
Actual Number of Days 32 32 32
Interest Amount Paid 3,275,444.44 2,068,793.96 849,172.73
Additional Interest Paid - - -
Maturity Step-up Interest Amount Paid - - -
Registration Step-up Interest Amount Paid - - -
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Total Interest Paid 3,275,444.44 2,068,793.96 849,172.73
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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 512,500,000.00 322,800,722.02 121,541,898.82
Total Principal Distribution Amount - 2,496,056.87 463,244.83
Redemption Amount:
Amount allocable to principal - - -
Amount allocable to premium - - -
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Closing Outstanding Principal Balance 512,500,000.00 320,304,665.15 121,078,653.99
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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 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
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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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<TABLE>
<S> <C> <C> <C>
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5. Floating Rate Note information for next Interest Accrual Period
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Next Payment Date February 15, 2001
Next Calculation Date February 9, 2001
Reference Date January 12, 2001
Subclass Subclass Class
A-1 A-2 B
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Applicable LIBOR 5.88063% 5.88063% 5.88063%
Applicable Margin 0.48000% 0.50000% 1.15000%
Applicable Interest Rate 6.36063% 6.38063% 7.03063%
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6. Payments per $100,000 Initial 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 80,700.18 96,080.55
Total Principal Payments - 624.01 366.20
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Closing Outstanding Principal Balance 100,000.00 80,076.17 95,714.35
Total Interest 639.11 517.20 671.28
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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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: 900,340.29
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