8-K 1 oct1002_8k.txt 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 October 10, 2002 (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 (IRS Employer Number) 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) Item 5. Other Events Attached hereto as Exhibit A is a copy of a Report to Certificate holders dated October 10, 2002, sent to each holder of a Pass Through Certificate issued by Airplanes Pass Through Trust. 2 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: October 10, 2002 /s/ Roy M. Dantzic* ------------------------------- Director and Officer Date: October 10, 2002 AIRPLANES U.S. TRUST /s/ Roy M . Dantzic* ------------------------------- Controlling Trustee and Officer *By: /s/ Gerard Hastings --------------------------- Attorney-in-Fact 3 EXHIBIT INDEX Exhibit A - Report to Certificateholders Exhibit B - Power of Attorney for Airplanes Limited Exhibit C - Power of Attorney for Airplanes U.S. Trust 4 Exhibit A AIRPLANES Group Report to Certificateholders All numbers in US$ unless otherwise stated Payment Date: 15 October 2002. Calculation Date: 8 October 2002. (i) ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates) ---------------------------------------------------------------------------------------------------------------------------- Balance on Prior Balance Deposits Withdrawals Calculation Date ---------------------------------------------------------------------------------------------------------------------------- 10-Sep-02 8-Oct-02 Lessee Funded Account 0.00 0.00 (0.00) 0.00 Expense Account (note ii) 3,669,048.39 6,336,563.97 (6,344,381.81) 3,661,230.55 Collection Account (note iii) 142,859,141.81 27,998,648.01 (31,014,303.81) 139,843,486.01 ---------------------------------------------------------------------------------------------------------------------------- - Miscellaneous Reserve - - - Maintenance Reserve 80,000,000.00 80,000,000.00 - Security Deposit 31,868,934.00 31,844,838.00 - Other Collections (net of interim withdrawals) 30,990,207.81 27,998,648.01 ---------------------------------------------------------------------------------------------------------------------------- Total 146,528,190.20 34,335,211.98 (37,358,685.62) 143,504,716.56 ---------------------------------------------------------------------------------------------------------------------------- (ii) ANALYSIS OF EXPENSE ACCOUNT ACTIVITY ------------------------------------------------------------------------------- Balance on preceding Calculation Date (September 10, 2002) 3,669,048.39 Transfer from Collection Account (previous Payment Date) 6,330,951.61 Transfer from Collection Account (interim deposit) 0.00 Interest Earned during period 5,612.36 Payments during period between prior Calculation Date and the relevant Calculation Date: - Payments on previous Payment Date (3,023,038.78) - Other payments (3,321,343.03) ----------------- Balance on relevant Calculation Date (October 8, 2002) 3,661,230.55 ---------------------------------------------------------------------------- (iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY ---------------------------------------------------------------------------- Balance on preceding Calculation Date (September 10, 2002) 142,859,141.81 Collections during period 27,998,648.01 Swap receipts (previous Payment Date) 0.00 Transfer to Expense Account (previous Payment Date) (6,330,951.61) Transfer to Expense Account (interim withdrawal) 0.00 Net transfer to Lessee Funded Accounts 0.00 Aggregate Certificate Payments (previous Payment Date) (18,981,072.19) Swap payments (previous Payment Date) (5,702,280.01) ----------------- Balance on relevant Calculation Date (October 8, 2002) 139,843,486.01 ---------------------------------------------------------------------------- 5 AIRPLANES Group Report to Certificateholders All numbers in US$ unless otherwise stated (iii) ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd) =========================================================================================================================== ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS Priority of Payments (i) Required Expense Amount 10,000,000.00 (ii) a) Class A Interest 3,052,724.02 b) Swap Payments 4,929,921.58 (iii) First Collection Account Top-up 60,000,000.00 (iv) Minimum Hedge Payment 0.00 (v) Class A Minimum Principal 0.00 (vi) Class B Interest 520,372.62 (vii) Class B Minimum Principal 1,495,518.93 (viii) Class C Interest 2,375,979.69 (ix) Class D Interest 3,580,412.50 (x) Second Collection Account Top-up 49,892,141.00 (xi) Class A Principal Adjustment Amount 7,657,646.22 (xii) Class C Scheduled Principal 0.00 (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 0.00 (xvii) Supplemental Hedge Payment 0.00 (xviii) Class B Supplemental Principal 0.00 (xix) Class A Supplemental Principal 0.00 (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 143,504,716.56 Less Collection Account Top-Ups ((iii) and (x)above) (109,892,141.00) ------------------- 33,612,575.56 =================== =========================================================================================================================== 6 AIRPLANES Group Report to Certificateholders All numbers in US$ unless otherwise stated (iv) PAYMENT ON THE CERTIFICATES --------------------------------------------------------------------------------------------------------------------- (a) FLOATING RATE CERTIFICATES A-6 A-8 A-9 Class B Applicable LIBOR 1.82313% 1.82313% 1.82313% 1.82313% Applicable Margin 0.34000% 0.37500% 0.55000% 0.75000% Applicable Interest Rate 2.16313% 2.19813% 2.37313% 2.57313% Interest Amount Payable 379,456.90 1,239,501.08 1,433,766.04 520,372.62 Step Up Interest Amount 0.00 0.00 0.00 0.00 Opening Principal Balance 217,763,122.10 700,000,000.00 750,000,000.00 251,048,256.04 Minimum Principal Payment Amount 0.00 0.00 0.00 1,495,518.93 Adjusted Principal Payment Amount 7,657,646.22 0.00 0.00 0.00 Supplemental Principal Payment Amount 0.00 0.00 0.00 0.00 Total Principal Distribution Amount 7,657,646.22 0.00 0.00 1,495,518.93 Redemption Amount - amount allocable to principal 0.00 0.00 0.00 0.00 - premium allocable to premium 0.00 0.00 0.00 0.00 ---------------------------------------------------------------- Outstanding Principal Balance (October 15, 2002) 210,105,475.88 700,000,000.00 750,000,000.00 249,552,737.11 --------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- (b) FIXED RATE CERTIFICATES Class C Class D Applicable Interest Rate 8.1500% 10.8750% Interest Amount Payable 2,375,979.69 3,580,412.50 Opening Principal Balance 349,837,500.00 395,080,000.00 Scheduled Principal Payment Amount 0.00 0.00 Redemption Amount 0.00 0.00 - amount allocable to principal 0.00 0.00 - amount allocable to premium 0.00 0.00 Actual Pool Factor 0.9329000 0.9877000 -------------------------------- Outstanding Principal Balance (October 15, 2002) 349,837,500.00 395,080,000.00 ------------------------------------------------------------------------------------- Table of rescheduled Pool Factors n/a n/a in the event of a partial redemption 7 AIRPLANES Group Report to Certificateholders All numbers in US$ unless otherwise stated (v) FLOATING RATE CERTIFICATE INFORMATION FOR NEXT INTEREST ACCRUAL PERIOD (Aggregate Amounts) -------------------------------------------------------------------------------------------------- A-6 A-8 A-9 Class B Applicable LIBOR 1.80000% 1.80000% 1.80000% 1.80000% Applicable Margin 0.34000% 0.37500% 0.55000% 0.75000% Applicable Interest Rate 2.14000% 2.17500% 2.35000% 2.55000% -------------------------------------------------------------------------------------------------- (vi) CURRENT PERIOD PAYMENTS Per $100,000 Initial Outstanding Principal Balance of Certificates) -------------------------------------------------------------------------------------------------- (a) FLOATING RATE CERTIFICATES A-6 A-8 A-9 Class B Opening Principal Amount 2,177.63 7,000.00 7,500.00 2,510.48 Total Principal Payments (76.58) 0.00 0.00 (14.96) ----------------------------------------- Closing Outstanding Principal Balance 2,101.05 7,000.00 7,500.00 2,495.53 Total Interest 3.79 12.40 14.34 5.20 Total Premium 0.00 0.00 0.00 0.00 -------------------------------------------------------------------------------------------------- --------------------------------------------------------------------- (b) FIXED RATE CERTIFICATES Class C Class D Opening Principal Amount 3,498.38 3,950.80 Total Principal Payments 0.00 0.00 --------------------- Outstanding Principal Balance 3,498.38 3,950.80 Total Interest 23.76 35.80 Total Premium 0.00 0.00 ---------------------------------------------------------------------

8 Exhibit 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 POWER OF ATTORNEY Each of the undersigned, being a Director and officer of Airplanes Limited, hereby individually appoints Frank Haspel, John McMahon, Huib van Doorn, Erwin den Dikken, Brian Marks, Gerry Hastings and Sean Brennan and each of them, acting on behalf of debis AirFinance Financial Services (Ireland) Limited (formerly AerFi 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 by power of attorney 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 Securities and Exchange Commission (the "SEC") upon the occurrence of certain events listed in the SEC rules and regulations with 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 IN WITNESS WHEREOF, each of the undersigned has caused this Power of Attorney to be duly executed and delivered in Jersey, Channel Islands on the date indicated below. Dated: June 6, 2002 /s/ William M. McCann ----------------------- William M. McCann Witness: /s/ Michael Walsh ----------------------------- Dated: June 6, 2002 /s/ Roy M. Dantzic ----------------------- Roy M. Dantzic Witness: /s/ Michael Walsh ----------------------------- Dated: June 6, 2002 /s/ Hugh R. Jenkins ----------------------- Hugh R. Jenkins Witness: /s/ Michael Walsh ----------------------------- Dated: June 6, 2002 /s/ Richard E. Cavanagh ----------------------- Richard E. Cavanagh Witness: /s/ Michael Walsh ----------------------------- Dated: June 6, 2002 /s/ Brian T. Hayden ----------------------- Brian T. Hayden Witness: /s/ Michael Walsh ----------------------------- 11 Exhibit 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 POWER OF ATTORNEY Each of the undersigned, being a Controlling Trustee and officer of Airplanes U.S. Trust, hereby individually appoints Frank Haspel, John McMahon, Huib van Doorn, Erwin den Dikken, Brian Marks, Gerry Hastings and Sean Brennan and each of them, acting on behalf of debis AirFinance Financial Services (Ireland) Limited (formerly AerFi 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 by power of attorney 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 Securities and Exchange Commission (the "SEC") upon the occurrence of certain events listed in the SEC rules and regulations with 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 the 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 IN WITNESS WHEREOF, each of the undersigned has caused this Power of Attorney to be duly executed and delivered in Jersey, Channel Islands on the date indicated below. Dated: June 6, 2002 /s/ William M. McCann --------------------- William M. McCann Witness: /s/ Michael Walsh ---------------------------- Dated: June 6, 2002 /s/ Roy M. Dantzic ------------------- Roy M. Dantzic Witness: /s Michael Walsh ---------------------------- Dated: June 6, 2002 /s/ Hugh R. Jenkins ------------------- Hugh R. Jenkins Witness: /s/ Michael Walsh ---------------------------- Dated: June 6, 2002 /s/ Richard E. Cavanagh ----------------------- Richard E. Cavanagh Witness: /s/ Michael Walsh ---------------------------- Dated: June 6, 2002 /s/ Brian T. Hayden ------------------- Brian T. Hayden Witness: /s/ Michael Walsh ---------------------------- 14

AIRPLANES US TRUST 8-K