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AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Summary of Operating Lease Economics - 2003 Manufacture(in US$)
A. Sale of Aircraft:
Aircraft (Manufacture Date) B737-800 (February 2003 Manufacture)
Lease Term 72 months
Assumed Closing Date 31-Dec-06
Expiration Date 31-Dec-12
Aircraft Purchase Pr ice $45.000 mm (100.000% of Aircraft Purchase Price)
Less: Debt Security Deposit $6.220 mm (13.822% of Aircraft Purchase Price)Net Cash Proceeds to Lessee $38.780 mm (86.178% of Aircraft Purchase Price)
Airclaims Current FMV as of 1-Aug-06 $38.780 mm
AVAC Current FMV as of 10-Nov-06 (HGW plus $0.750 mm winglets) $45.590 mm
B. Funding of Lessor
A Loan Funding $27.728 mm (61.617% of Aircraft Purchase Price)
B Loan Funding $6.220 mm (13.822% of Aircraft Purchase Price)
Total Loan Funding $33.948 mm (75.439% of Aircraft Purchase Price)
Equity Investment in Aircraf t $11.052 mm (24.561% of Aircraft Purchase Price)Equity Funded Transaction Costs $1.115 mm (2.477% of Aircraft Purchase Price)
Total Equity Investment $12.167 mm (27.038% of Aircraft Purchase Price)
Total Lessor Funding $46.115 mm (102.477% of Aircraft Purchase Price)
C. Equity Funded Transaction Costs
A Lender Participation Fee $0.083 mm (0.300% of A Loan Funding)
B Lender Participation Fee $0.030 mm (0.478% of B Loan Funding)
Lender Legal Counsel Fee $0.010 mm ($150,000 for Fifteen (15) Aircraft)
Arranger Fee $0.180 mm (0.400% of Aircraft Purchase Price)
RVI Premium $0.812 mm (5.750% of Base Term Loan Balloon)
Total Equity Funded Transaction Costs $1.115 mm (2.477% of Aircraft Purchase Price)
D. Net Equity Investment
Total Equity Investment $12.167 mm (27.038% of Aircraft Purchase Price)
Less: First Quarterly Advance Rent $2.384 mm (5.298% of Aircraft Purchase Price)
Net Equity Investment $9.783 mm (21.740% of Aircraft Purchase Price)
E. Lease
Term of Lease 72 monthsLease Expiry Date 31-Dec-12
Step 1 (years 0-3) Lease Rental
Step 1 Quarterly A Loan Debt Service $1,273,942 (2.831% of Aircraft Purchase Price)
Step 1 Quarterly B Loan Debt Service $457,887 (1.018% of Aircraft Purchase Price)
Step 1 Quarterly Equity Rent $652,208 (1.449% of Aircraft Purchase Price)
Total Step 1 Quarterly Lease Rental (in advance) $2,384,037 (5.298% of Aircraft Purchase Price)
Total Step 1 Monthly Equivalent Lease Rental (in advance) $794,679 (1.766% of Aircraft Purchase Price)
P&L Effects for 2007 (on average)
Less: Quarterly Interest Income on Debt Security Deposit $71,469 (0.159% of Aircraft Purchase Price)
Total Quarterly P&L Expense $2,312,568 (5.139% of Aircraft Purchase Price)
Total Monthly Equivalent P&L Expense $770,856 (1.713% of Aircraft Purchase Price)
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Full Lease Term Rental
Average Quarterly A Loan Debt Service $928,673 (2.064% of Aircraft Purchase Price)
Average Quarterly B Loan Debt Service $286,179 (0.636% of Aircraft Purchase Price)
Average Quarterly Equity Rent $506,965 (1.127% of Aircraft Purchase Price)
Total Quarterly Lease Rental (in advance) $1,721,817 (3.826% of Aircraft Purchase Price)
Total Monthly Equivalent Lease Rental (in advance) $573,939 (1.275% of Aircraft Purchase Price)
P&L Effects for 2007 (on average)
Less: Quarterly Interest Income on Debt Security Deposit $71,469 (0.159% of Aircraft Purchase Price)
Total Quarterly P&L Expense $1,650,348 (3.667% of Aircraft Purchase Price)
Total Monthly Equivalent P&L Expense $550,116 (1.222% of Aircraft Purchase Price)
Aggregate Rentals
Aggregate Lease Rentals $41,323,619 (91.830% of Aircraft Purchase Price)PV of Aggregate Lease Rentals, discounting at 6.528% p.a. $36,197,408 (80.439% of Aircraft Purchase Price)
F. Loan Structure
A Loan
Term 72 months
Average Life 3.985 Years
Final Maturity Date 31-Dec-12
Initial A Loan Funding $27.728 mm
Step 1 Quarterly A Debt Service $1,273,942 (18.378% p.a. of A Loan Funding)Step 2 Quarterly A Debt Service $397,377 (5.733% p.a. of A Loan Funding)
A Lender Participation Fee $83,183 (0.300% of A Loan Funding)
Principal Repayment Level (mortgage-style) payments
Projected Airclaims Interpolated Soft FMV $19.465 mm
A Loan Balloon $12.652 mm
(65.000% of Projected Airclaims Interpolated Soft FMV)
2.5-year SFRE of 3-month US$ LIBOR 0 5.028% p.a
A Loan Margin 1.500% p.a
A Loan Fixed Interest Rate 6.528% p.a
Weighted Average Loan Coverage Rate 82.73%
Security ignment of Lease, Aircraft Mortgage, pari passu with B Lender, with
B Loan
Term 45 months
Average Life 2.059 Years
Final Maturity Date 30-Sep-10
Initial B Loan Funding $6.220 mm
Quarterly B Loan Debt Service $457,887 (29.446% p.a. of B Loan Funding)
B Lender Participation Fee $29,708 (0.478% of B Loan Funding)
Principal Repayment Level (mortgage-style) payments
Projected Airclaims Interpolated Soft FMV $19.465 mm
B Loan Balloon $0.000 mm
(0.000% of Projected Airclaims Interpolated Soft FMV)
2-year SFRE of 3-month US$ LIBOR 0 5.063% p.a
B Loan Margin 0.000% p.a
B Loan Fixed Interest Rate 5.063% p.a
Security Assignment of Lease, Aircraft Mortgage, pari passu with A Lender
G. Debt Security Deposit
Debt Security Deposit Amount $6 220 mm
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I. Equity Yields at Lease-end
I. Equity Position for 0% Return
Step 1 Quarterly Equity Rent $652,208 26.667% p.a. of Net Equity Investment
Step 2 Quarterly Equity Rent $0 0.000% p.a. of Net Equity InvestmentEquity Payback Period 3.75 years
Equity (Out) of the Money Period 1.50 years
Net Equity Investment $9.783 mm
Less: Aggregate Equity Rents $9.783 mm
Lease-end Equity Remaining Balance $0.000 mm
Plus: Lease-end Loan Balloon $12.652 mm
Lease-end Equity Position $12.652 mm
Expected Lease-end Residual Value $21.617 mm
Less: Lease-end Loan Balloon Repayment $12.652 mm
Expected Equity Residual
$8.964 mm
Equity Total Return to Expected Equity Residual 19.160% p.a
Expected Lease-end Residual Value $25.182 mm
Less: Lease-end Loan Balloon Repayment $12.652 mm
Expected Equity Residual $12.529 mm
Equity Total Return to Expected Equity Residual 22.765% p.a
IV. Equity Total Yield to Assumed $0 Residual
Expected Lease-end Residual Value $12.652 mm
Less: Lease-end Loan Balloon Repayment $12.652 mm
Expected Equity Residual $0.000 mm
Equity Total Return to Expected Equity Residual 0.000% p.a
II. Equity Total Yield to Airclaims Interpolated Base Value, Uninflated(95%-Confidence Level)
III. Equity Total Yield to Airclaims Interpolated Base Value, Inflated(80%-Confidence Level)
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AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Lease Schedule - 2001 Manufacture, 3-Year Base Term
(in US$)
Date
A B C D = SUM(A:C) E F H = SUM(D:G)
31-Dec-06 (27,727,700) (6,220,000) (12,167,163) (46,114,863) 1,114,863 6,220,000 (38,780,000)
(Closing Date)
31-Dec-06 0 0 2,384,037 2,384,037 0 0 2,384,037
31-Mar-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Jun-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,15030-Sep-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
31-Dec-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
31-Mar-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Jun-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Sep-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
31-Dec-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
31-Mar-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Jun-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Sep-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
31-Dec-09 0 457,887 0 457,887 0 (457,887) 0
(Payment Date)31-Dec-09 0 0 0 0 0 0 0
(Lease-end Date)
A Loan Funding /A Loan
Debt Service
B Loan Funding /B Loan
Debt Service
TotalEquity Funding /Total Equity Rent
TotalLessor Funding /Rental Payments
Payment ofTotal Lessor
Transaction Costs
Debt SecurityDeposit
RepaymentsNet LesseeCash Flow
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AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Lease Schedule - 2003 Manufacture, 6-Year Term
(in US$)
Date
A B C D = SUM(A:C) E F H = SUM(D:G)
31-Dec-06 (27,727,700) (6,220,000) (12,167,163) (46,114,863) 1,114,863 6,220,000 (38,780,000)
(Closing Date)
31-Dec-06 0 0 2,384,037 2,384,037 0 0 2,384,037
31-Mar-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Jun-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Sep-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
31-Dec-07 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
31-Mar-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Jun-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Sep-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
31-Dec-08 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
31-Mar-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Jun-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Sep-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
31-Dec-09 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,15031-Mar-10 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Jun-10 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
30-Sep-10 1,273,942 457,887 652,208 2,384,037 0 (457,887) 1,926,150
31-Dec-10 397,377 0 0 397,377 0 0 397,377
31-Mar-11 397,377 0 0 397,377 0 0 397,377
30-Jun-11 397,377 0 0 397,377 0 0 397,377
30-Sep-11 397,377 0 0 397,377 0 0 397,377
31-Dec-11 397,377 0 0 397,377 0 0 397,377
31-Mar-12 397,377 0 0 397,377 0 0 397,377
30-Jun-12 397,377 0 0 397,377 0 0 397,377
30-Sep-12 397,377 0 0 397,377 0 0 397,37731-Dec-12 0 0 0 0 0 0 0
(Payment Date)
31-Dec-12 0 0 0 0 0 0 0
(Lease-end Date)
Average Quarterly A Loan Debt Service 928,673
Average Quarterly B Loan Debt Service 286,179
Average Quarterly Equity Rent 506,965
Average Quarterly Lease Rental 1,721,817
Average Monthly Equivalent Lease Rental 573,939
A Loan Funding /A Loan
Debt Service
B Loan Funding /B Loan
Debt Service
TotalEquity Funding /Total Equity Rent
TotalLessor Funding /Rental Payments
Payment ofTotal Lessor
Transaction Costs
Debt SecurityDeposit
RepaymentsNet LesseeCash Flow
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AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Effective Forward Sale Price - 2003 Manufacture, 6-Year Term(in US$)
Date
31-Dec-06 (38,780,000) 10,580,257
(Closing Date)
31-Dec-06 2,384,037 (28,199,743) 10,580,257
31-Mar-07 1,926,150 (26,461,098) 10,844,764
30-Jun-07 1,926,150 (25,148,321) 11,115,883
30-Sep-07 1,926,150 (23,802,725) 11,393,78031-Dec-07 1,926,150 (22,423,489) 11,678,624
31-Mar-08 1,926,150 (21,009,772) 11,970,590
30-Jun-08 1,926,150 (19,560,712) 12,269,855
30-Sep-08 1,926,150 (18,075,426) 12,576,601
31-Dec-08 1,926,150 (16,553,007) 12,891,016
31-Mar-09 1,926,150 (14,992,528) 13,213,291
30-Jun-09 1,926,150 (13,393,038) 13,543,624
30-Sep-09 1,926,150 (11,753,559) 13,882,214
31-Dec-09 1,926,150 (10,073,094) 14,229,270
31-Mar-10 1,926,150 (8,350,617) 14,585,001
30-Jun-10 1,926,150 (6,585,079) 14,949,62630-Sep-10 1,926,150 (4,775,401) 15,323,367
31-Dec-10 397,377 (2,920,482) 15,706,451
31-Mar-11 397,377 (2,586,182) 16,099,113
30-Jun-11 397,377 (2,243,525) 16,501,590
30-Sep-11 397,377 (1,892,301) 16,914,130
31-Dec-11 397,377 (1,532,297) 17,336,983
31-Mar-12 397,377 (1,163,292) 17,770,408
30-Jun-12 397,377 (785,063) 18,214,668
30-Sep-12 397,377 (397,377) 18,670,035
31-Dec-12 0 0 19,136,786
(Lease-end Date)
* Calculated using a 10% p.a. discount/compounding rate.
Net LeaseCash Flow
NPV Benefit* ofLease Cash Flows
Future Value* ofNPV Benefit
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AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Lease IRR Calculation
(in US$)
Date IRR
A B C D E = SUM(A:D) 12.017%
31-Dec-06 (45,000,000) 2,384,037 0 6,220,000 (36,395,963) (2,053,523)
(Closing Date)
31-Mar-07 0 2,384,037 0 (457,887) 1,926,150 35,374,155
30-Jun-07 0 2,384,037 0 (457,887) 1,926,150 34,452,850
30-Sep-07 0 2,384,037 0 (457,887) 1,926,150 33,503,867
31-Dec-07 0 2,384,037 0 (457,887) 1,926,150 32,526,37431-Mar-08 0 2,384,037 0 (457,887) 1,926,150 31,519,516
30-Jun-08 0 2,384,037 0 (457,887) 1,926,150 30,482,409
30-Sep-08 0 2,384,037 0 (457,887) 1,926,150 29,414,146
31-Dec-08 0 2,384,037 0 (457,887) 1,926,150 28,313,790
31-Mar-09 0 2,384,037 0 (457,887) 1,926,150 27,180,377
30-Jun-09 0 2,384,037 0 (457,887) 1,926,150 26,012,914
30-Sep-09 0 2,384,037 0 (457,887) 1,926,150 24,810,378
31-Dec-09 0 2,384,037 0 (457,887) 1,926,150 23,571,716
31-Mar-10 0 2,384,037 0 (457,887) 1,926,150 22,295,841
30-Jun-10 0 2,384,037 0 (457,887) 1,926,150 20,981,637
30-Sep-10 0 2,384,037 0 (457,887) 1,926,150 19,627,95231-Dec-10 0 397,377 0 0 397,377 18,233,599
31-Mar-11 0 397,377 0 0 397,377 18,372,057
30-Jun-11 0 397,377 0 0 397,377 18,514,675
30-Sep-11 0 397,377 0 0 397,377 18,661,577
31-Dec-11 0 397,377 0 0 397,377 18,812,893
31-Mar-12 0 397,377 0 0 397,377 18,968,754
30-Jun-12 0 397,377 0 0 397,377 19,129,298
30-Sep-12 0 397,377 0 0 397,377 19,294,665
31-Dec-12 0 0 19,465,000 0 19,465,000 19,465,000
(Lease-end Date)
AircraftSale Price
RentalPayments
Aircraft Residual(Airclaims Inflated Soft)
DebtSecurity Deposit
Net LeaseCash Flow
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September 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
III.A. Annual P&L Comparison Schedule(in US$)
No Refinancing With Lease Refinancing
Year Ending
A B C = A+B D E F G H I J K = SUM(D:J) L = K-C M = L+M'
Dec-06 0 0 0 0 0 0 0 0 0 0 0 0 0
Dec-07 (1,979,547) (5,833,333) (7,812,881) (3,821,826) (1,373,661) (4,340,663) 285,877 #VALUE! #REF! (32,856) #VALUE! #VALUE! #VALUE!Dec-08 (1,388,147) (5,833,333) (7,221,481) (5,095,768) (1,831,548) (2,608,833) 206,122 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE!
Dec-09 (796,747) (5,833,333) (6,630,081) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!
Dec-10 (209,454) (5,833,333) (6,042,788) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!
Dec-11 0 0 0 #REF! #REF! #REF! 122,252 #VALUE! #REF! 0 #REF! #REF! #REF!
(Lease-end Date)
* Loan Margin of 2.00% p.a. on existing loan for three (3) B767-300ER aircraft.
** Assumes a 5% p.a. depreciation from the original aircraft purchase price.
InterestExpense* on
Existing Loan
Aircraft
Depreciation**
Total
P&L Expense
A Loan
Rents
B Loan
Rents
Equity
Rents
InterestIncome on
Debt Security
Deposit
InterestIncome on
Equity Security
Deposit
Interest Incomeon
Cummulative
CF Balance
InterestExpense* on
Existing Loan
Total
P&L Expense
Change in
P&L Expense
CummulativeChange in
P&L Expense
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September
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
III.B. Quarterly P&L Comparison Schedule(in US$)
No Refinancing With Lease Refinancing
Quarter Ending
A B C = A+B D E F G H I J K = SUM(D:J) L = K-C M = L+M
31-Dec-06 0 0 0 0 0 0 0 0 0 0 0 0 0
31-Mar-07 (550,331) (1,458,333) (2,008,664) 0 0 (2,384,037) 78,729 #VALUE! #REF! (32,856) #VALUE! #VALUE! #VALUE
30-Jun-07 (513,368) (1,458,333) (1,971,701) (1,273,942) (457,887) (652,208) 73,930 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE
30-Sep-07 (476,406) (1,458,333) (1,934,739) (1,273,942) (457,887) (652,208) 69,070 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE
31-Dec-07 (439,443) (1,458,333) (1,897,776) (1,273,942) (457,887) (652,208) 64,149 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE
31-Mar-08 (402,481) (1,458,333) (1,860,814) (1,273,942) (457,887) (652,208) 59,165 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE
30-Jun-08 (365,518) (1,458,333) (1,823,851) (1,273,942) (457,887) (652,208) 54,118 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE
30-Sep-08 (328,556) (1,458,333) (1,786,889) (1,273,942) (457,887) (652,208) 49,007 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE
31-Dec-08 (291,593) (1,458,333) (1,749,926) (1,273,942) (457,887) (652,208) 43,832 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE
#REF! (254,631) (1,458,333) (1,712,964) (397,377) 0 0 #REF! #VALUE! #REF! 0 #REF! #REF! #REF!
#REF! (217,668) (1,458,333) (1,676,001) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!
#REF! (180,706) (1,458,333) (1,639,039) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!#REF! (143,743) (1,458,333) (1,602,076) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!
#REF! (106,781) (1,458,333) (1,565,114) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!
#REF! (69,818) (1,458,333) (1,528,151) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!
#REF! (32,856) (1,458,333) (1,491,189) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!
#REF! 0 (1,458,333) (1,458,333) #REF! #REF! #REF! #REF! #VALUE! #REF! 0 #REF! #REF! #REF!
31-Mar-09 0 0 0 #REF! #REF! #REF! 38,591 #VALUE! #REF! 0 #REF! #REF! #REF!
30-Jun-09 0 0 0 (397,377) 0 0 33,284 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE
30-Sep-09 0 0 0 (397,377) 0 0 27,910 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE
31-Dec-09 0 0 0 (397,377) 0 0 22,467 #VALUE! #REF! 0 #VALUE! #VALUE! #VALUE
(Lease-end Date)
* Loan Margin of 2.00% p.a. on existing loan for three (3) B767-300ER aircraft.
** Assumes a 5% p.a. depreciation from the original aircraft purchase price.
InterestExpense* on
Existing LoanAircraft
Depreciation**Total
P&L ExpenseA LoanRents
B LoanRents
EquityRents
InterestIncome on
Debt SecurityDeposit
InterestIncome on
Equity SecurityDeposit
Interest Incomeon
CummulativeCF Balance
InterestExpense* on
Existing LoanTotal
P&L ExpenseChange in
P&L Expense
CummulatiChange in
P&L Expen
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September 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
III.C. Annual Cash Flow Comparison Schedule(in US$)
No Refinancing With Lease Refinancing
Year Ending
A B = A C D E F=C+D+E G H I J = SUM(F:I) K = J-B L M = M'+L+K
Dec-06 0 0 0 0 (2,384,037) (2,384,037) 0 #REF! 0 #REF! #REF! 0 #REF!
Dec-07 (8,000,000) (8,000,000) (5,095,768) (1,831,548) (2,608,833) (9,536,150) 1,831,548 #REF! (2,000,000) #REF! #REF! #REF! #REF!
Dec-08 (8,000,000) (8,000,000) (4,219,204) (1,373,661) (1,956,625) (7,549,490) 1,373,661 #REF! 0 #REF! #REF! #REF! #REF!Dec-09 (8,000,000) (8,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!
Dec-10 (6,000,000) (6,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!
Dec-11 0 0 (1,192,132) 0 0 (1,192,132) 0 #REF! 0 #REF! #REF! #REF! #REF!
(Lease-end Date)
* Interest is earned on the Cumulative Cash Flow Difference at the 3-month US$ LIBOR (5.39% p.a.)
Existing Loan
Debt Service
Total
Cash Flow
A Loan
Debt Service
B Loan
Debt Service
Equity
Rents
Total
Rents
Repayment ofDebt Security
Deposit
Repayment ofEquity
SecurityDeposit
Existing Loan
Debt Service
Total
Cash Flow
Cash Flow
Difference
InterestEarned onCash FlowDifference*
CummulativeCash Flow
Difference
8/14/2019 16Nov AirBerlin B738 2003 Stepped
11/26
September 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
III.D. Quarterly Cash Flow Comparison Schedule(in US$)
No Refinancing With Lease Refinancing
Quarter Ending
A B = A C D E F=C+D+E G H I J = SUM(F:I) K = J-B L M = M'+L+K
31-Dec-06 0 0 0 0 (2,384,037) (2,384,037) 0 #REF! 0 #REF! #REF! 0 #REF!
31-Mar-07 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! (2,000,000) #REF! #REF! #REF! #REF!
30-Jun-07 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! 0 #REF! #REF! #REF! #REF!30-Sep-07 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! 0 #REF! #REF! #REF! #REF!
31-Dec-07 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! 0 #REF! #REF! #REF! #REF!
31-Mar-08 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! 0 #REF! #REF! #REF! #REF!
30-Jun-08 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! 0 #REF! #REF! #REF! #REF!
30-Sep-08 (2,000,000) (2,000,000) (1,273,942) (457,887) (652,208) (2,384,037) 457,887 #REF! 0 #REF! #REF! #REF! #REF!
31-Dec-08 (2,000,000) (2,000,000) (397,377) 0 0 (397,377) 0 #REF! 0 #REF! #REF! #REF! #REF!
#REF! (2,000,000) (2,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!
#REF! (2,000,000) (2,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!
#REF! (2,000,000) (2,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!
#REF! (2,000,000) (2,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!
#REF! (2,000,000) (2,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!#REF! (2,000,000) (2,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!
#REF! (2,000,000) (2,000,000) #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!
#REF! 0 0 #REF! #REF! #REF! #REF! #REF! #REF! 0 #REF! #REF! #REF! #REF!
31-Mar-09 0 0 (397,377) 0 0 (397,377) 0 #REF! 0 #REF! #REF! #REF! #REF!
30-Jun-09 0 0 (397,377) 0 0 (397,377) 0 #REF! 0 #REF! #REF! #REF! #REF!
30-Sep-09 0 0 (397,377) 0 0 (397,377) 0 #REF! 0 #REF! #REF! #REF! #REF!
31-Dec-09 0 0 0 0 0 0 0 #REF! 0 #REF! #REF! #REF! #REF!
(Lease-end Date)
* Interest is earned on the Cumulative Cash Flow Difference at the 3-month US$ LIBOR (5.39% p.a.)
Existing LoanDebt Service
TotalCash Flow
A LoanDebt Service
B LoanDebt Service
EquityRents
TotalRents
Repayment ofDebt Security
Deposit
Repayment ofEquity
SecurityDeposit
Existing LoanDebt Service
TotalCash Flow
Cash FlowDifference
InterestEarned onCash FlowDifference*
CummulativeCash FlowDifference
8/14/2019 16Nov AirBerlin B738 2003 Stepped
12/26
17 August 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Existing 3xB767-300ER Loan Schedule(in US$)
Date
A = B+C B C D E
1-Dec-06 0 0 30,000,000
(Closing Date)
21-Feb-07 2,492,833 492,833 2,000,000 28,000,000 30,492,833
1-Mar-07 57,497 0 28,000,000
21-May-07 2,517,475 459,978 2,000,000 26,000,000 28,459,9781-Jun-07 53,390 0 26,000,000
21-Aug-07 2,480,513 427,122 2,000,000 24,000,000 26,427,122
1-Sep-07 49,283 0 24,000,000
21-Nov-07 2,443,550 394,267 2,000,000 22,000,000 24,394,267
1-Dec-07 45,176 0 22,000,000
21-Feb-08 2,406,588 361,411 2,000,000 20,000,000 22,361,411
1-Mar-08 41,069 0 20,000,000
21-May-08 2,369,625 328,556 2,000,000 18,000,000 20,328,556
1-Jun-08 36,963 0 18,000,000
21-Aug-08 2,332,663 295,700 2,000,000 16,000,000 18,295,700
1-Sep-08 32,856 0 16,000,00021-Nov-08 2,295,700 262,844 2,000,000 14,000,000 16,262,844
1-Dec-08 28,749 0 14,000,000
21-Feb-09 2,258,738 229,989 2,000,000 12,000,000 14,229,989
1-Mar-09 24,642 0 12,000,000
21-May-09 2,221,775 197,133 2,000,000 10,000,000 12,197,133
1-Jun-09 20,535 0 10,000,000
21-Aug-09 2,184,813 164,278 2,000,000 8,000,000 10,164,278
1-Sep-09 16,428 0 8,000,000
21-Nov-09 2,147,850 131,422 2,000,000 6,000,000 8,131,422
1-Dec-09 12,321 0 6,000,000
21-Feb-10 2,110,888 98,567 2,000,000 4,000,000 6,098,5671-Mar-10 8,214 0 4,000,000
21-May-10 2,073,925 65,711 2,000,000 2,000,000 4,065,711
1-Jun-10 4,107 0 2,000,000
21-Aug-10 2,036,963 32,856 2,000,000 0 2,032,856
1-Sep-10 0 0 0
Err:511
LoanDebt Service
InterestPayments
PrincipalRepayments
After Debt ServicePrincipal Balance
Before Debt ServicePrincipal Balance
8/14/2019 16Nov AirBerlin B738 2003 Stepped
13/26
November 15, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
A Loan Schedule - 2001 Manufacture, 36-month Base Term(in US$)
Date
A = B+C B C D E
31-Dec-06 (27,727,700) 0 (27,727,700) 27,727,700 0
(Closing Date)
31-Mar-07 1,273,942 452,543 821,399 26,906,301 28,180,243
30-Jun-07 1,273,942 439,137 834,805 26,071,497 27,345,439
30-Sep-07 1,273,942 425,513 848,430 25,223,067 26,497,009
31-Dec-07 1,273,942 411,665 862,277 24,360,790 25,634,73231-Mar-08 1,273,942 397,592 876,350 23,484,441 24,758,383
30-Jun-08 1,273,942 383,289 890,653 22,593,788 23,867,730
30-Sep-08 1,273,942 368,753 905,189 21,688,599 22,962,541
31-Dec-08 1,273,942 353,979 919,963 20,768,636 22,042,578
31-Mar-09 1,273,942 338,965 934,977 19,833,658 21,107,600
30-Jun-09 1,273,942 323,705 950,237 18,883,421 20,157,363
30-Sep-09 1,273,942 308,196 965,746 17,917,675 19,191,617
31-Dec-09 1,273,942 292,434 981,508 16,936,167 18,210,109
31-Mar-10 1,273,942 276,415 997,527 15,938,640 17,212,582
30-Jun-10 1,273,942 260,134 1,013,808 14,924,832 16,198,775
30-Sep-10 1,273,942 243,588 1,030,354 13,894,478 15,168,42031-Dec-10 0 226,772 (226,772) 14,121,250 14,121,250
(Payment Date)
31-Dec-10 14,121,250 0 14,121,250 0 14,121,250
(Final Maturity Date)
Err:511
A LoanDebt Service
InterestPayments
PrincipalRepayments
After Debt ServicePrincipal Balance
Before Debt ServicePrincipal Balance
8/14/2019 16Nov AirBerlin B738 2003 Stepped
14/26
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
A Loan Schedule - 2003 Manufacture, 6-Year Term(in US$)
Date
A = B+C B C D E
31-Dec-06 (27,727,700) 0 (27,727,700) 27,727,700 0
(Closing Date)
31-Mar-07 1,273,942 452,543 821,399 26,906,301 28,180,243
30-Jun-07 1,273,942 439,137 834,805 26,071,497 27,345,439
30-Sep-07 1,273,942 425,513 848,430 25,223,067 26,497,009
31-Dec-07 1,273,942 411,665 862,277 24,360,790 25,634,73231-Mar-08 1,273,942 397,592 876,350 23,484,441 24,758,383
30-Jun-08 1,273,942 383,289 890,653 22,593,788 23,867,730
30-Sep-08 1,273,942 368,753 905,189 21,688,599 22,962,541
31-Dec-08 1,273,942 353,979 919,963 20,768,636 22,042,578
31-Mar-09 1,273,942 338,965 934,977 19,833,658 21,107,600
30-Jun-09 1,273,942 323,705 950,237 18,883,421 20,157,363
30-Sep-09 1,273,942 308,196 965,746 17,917,675 19,191,617
31-Dec-09 1,273,942 292,434 981,508 16,936,167 18,210,109
31-Mar-10 1,273,942 276,415 997,527 15,938,640 17,212,582
30-Jun-10 1,273,942 260,134 1,013,808 14,924,832 16,198,775
30-Sep-10 1,273,942 243,588 1,030,354 13,894,478 15,168,42031-Dec-10 397,377 226,772 170,606 13,723,873 14,121,250
31-Mar-11 397,377 223,987 173,390 13,550,482 13,947,860
30-Jun-11 397,377 221,157 176,220 13,374,262 13,771,639
30-Sep-11 397,377 218,281 179,096 13,195,166 13,592,543
31-Dec-11 397,377 215,358 182,019 13,013,146 13,410,524
31-Mar-12 397,377 212,387 184,990 12,828,156 13,225,534
30-Jun-12 397,377 209,368 188,009 12,640,147 13,037,524
30-Sep-12 397,377 206,300 191,078 12,449,069 12,846,446
31-Dec-12 0 203,181 (203,181) 12,652,250 12,652,250
(Payment Date)
31-Dec-12 12,652,250 0 12,652,250 0 12,652,250(Final Maturity Date)
Err:511
A LoanDebt Service
InterestPayments
PrincipalRepayments
After Debt ServicePrincipal Balance
Before Debt ServicePrincipal Balance
8/14/2019 16Nov AirBerlin B738 2003 Stepped
15/26
September 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
A Loan Extension Term Schedule (first one-year extension)(in US$)
Date
A=B+C B C D
1-Sep-11 12,449,069
1-Dec-11 2,384,037 203,181 2,180,856 10,268,213
1-Mar-12 2,384,037 167,587 2,216,450 8,051,762
1-Jun-12 2,384,037 131,413 2,252,625 5,799,138
1-Sep-12 2,384,037 94,648 2,289,390 3,509,748
1-Dec-12 0 57,283 (57,283) 3,567,030
(Payment Date)
1-Dec-12 3,567,030 0 3,567,030 0
A LoanDebt Service
InterestPayments
PrincipalRepayments
After Debt ServicePrincipal Balance
(Final Maturity Date)
8/14/2019 16Nov AirBerlin B738 2003 Stepped
16/26
September 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
A Loan Extension Term Schedule (second one-year extension)(in US$)
Date
A=B+C B C D
1-Sep-12 3,509,748
1-Dec-12 2,384,037 57,283 2,326,755 1,182,993
1-Mar-13 2,384,037 19,308 2,364,730 (1,181,737)
1-Jun-13 (1,201,024) (19,287) (1,181,737) 0
1-Sep-13 0 0 0 0
1-Dec-13 0 0 0 0
(Payment Date)
1-Dec-13 0 0 0 0
A LoanDebt Service
InterestPayments
PrincipalRepayments
After Debt ServicePrincipal Balance
(Final Maturity Date)
8/14/2019 16Nov AirBerlin B738 2003 Stepped
17/26
November 15, 2006
AIR BERLINSales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Loan to Value Schedule Assuming Airclaims Inflated Soft and Base(in US$, indicative for one (1) B737-800 Aircraft, 2003 Manufacture)
Date
A B C = A/B D E = A/D F G = Max(A-F,0)
31-Dec-06 27,727,700 35,420,000 78.283% 36,570,000 75.821% 21,252,000 6,475,700
(Closing Date)
31-Mar-07 26,906,301 33,740,000 79.746% 35,465,000 75.867% 20,244,000 6,662,301
30-Jun-07 26,071,497 32,060,000 81.321% 34,360,000 75.877% 19,236,000 6,835,49730-Sep-07 25,223,067 31,152,500 80.966% 33,930,000 74.339% 18,691,500 6,531,567
31-Dec-07 24,360,790 30,245,000 80.545% 33,500,000 72.719% 18,147,000 6,213,790
31-Mar-08 23,484,441 29,337,500 80.049% 33,070,000 71.014% 17,602,500 5,881,941
30-Jun-08 22,593,788 28,430,000 79.472% 32,640,000 69.221% 17,058,000 5,535,788
30-Sep-08 21,688,599 27,620,000 78.525% 32,222,500 67.309% 16,572,000 5,116,599
31-Dec-08 20,768,636 26,810,000 77.466% 31,805,000 65.300% 16,086,000 4,682,636
31-Mar-09 19,833,658 26,000,000 76.283% 31,387,500 63.190% 15,600,000 4,233,658
30-Jun-09 18,883,421 25,190,000 74.964% 30,970,000 60.973% 15,114,000 3,769,421
30-Sep-09 17,917,675 24,470,000 73.223% 30,570,000 58.612% 14,682,000 3,235,675
31-Dec-09 16,936,167 23,750,000 71.310% 30,170,000 56.136% 14,250,000 2,686,167
31-Mar-10 15,938,640 23,030,000 69.208% 29,770,000 53.539% 13,818,000 2,120,640
30-Jun-10 14,924,832 22,310,000 66.898% 29,370,000 50.817% 13,386,000 1,538,832
30-Sep-10 13,894,478 22,017,500 63.107% 28,982,500 47.941% 13,210,500 683,978
31-Dec-10 13,723,873 21,725,000 63.171% 28,595,000 47.994% 13,035,000 688,873
31-Mar-11 13,550,482 21,432,500 63.224% 28,207,500 48.039% 12,859,500 690,982
30-Jun-11 13,374,262 21,140,000 63.265% 27,820,000 48.074% 12,684,000 690,262
30-Sep-11 13,195,166 20,857,500 63.263% 27,445,000 48.079% 12,514,500 680,666
31-Dec-11 13,013,146 20,575,000 63.247% 27,070,000 48.072% 12,345,000 668,146
31-Mar-12 12,828,156 20,292,500 63.216% 26,695,000 48.055% 12,175,500 652,656
30-Jun-12 12,640,147 20,010,000 63.169% 26,320,000 48.025% 12,006,000 634,147
30-Sep-12 12,449,069 19,737,500 63.073% 25,960,000 47.955% 11,842,500 606,56931-Dec-12 12,652,250 19,465,000 65.000% 25,600,000 49.423% 11,679,000 973,250
After Debt ServicePrincipal Balance
Airclaims InflatedSoft Market Value
LTV AssumingAirclaims InflatedSoft Market Value
Airclaims InflatedBase Market Value
LTV AssumingAirclaims InflatedBase Market Value
60% ofAirclaims InflatedSoft Market Value
Excess OutstandingPrincipal Balance
over 60% of ASMV
8/14/2019 16Nov AirBerlin B738 2003 Stepped
18/26
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
B Loan Schedule - 2003 Manufacture, 6-Year Term(in US$)
Date
A = B+C B C D E
31-Dec-06 (6,220,000) 0 (6,220,000) 6,220,000 0
(Closing Date)
31-Mar-07 457,887 78,729 379,158 5,840,842 6,298,729
30-Jun-07 457,887 73,930 383,957 5 ,456,885 5,914,772
30-Sep-07 457,887 69,070 388,817 5 ,068,068 5,525,955
31-Dec-07 457,887 64,149 393,739 4,674,329 5,132,216
31-Mar-08 457,887 59,165 398,722 4,275,607 4,733,494
30-Jun-08 457,887 54,118 403,769 3 ,871,838 4,329,725
30-Sep-08 457,887 49,007 408,880 3 ,462,958 3,920,845
31-Dec-08 457,887 43,832 414,055 3,048,903 3,506,790
31-Mar-09 457,887 38,591 419,296 2,629,607 3,087,494
30-Jun-09 457,887 33,284 424,603 2 ,205,004 2,662,891
30-Sep-09 457,887 27,910 429,977 1 ,775,027 2,232,914
31-Dec-09 457,887 22,467 435,420 1,339,607 1,797,494
31-Mar-10 457,887 16,956 440,931 898,676 1,356,563
30-Jun-10 457,887 11,375 446,512 452,164 910,051
30-Sep-10 457,887 5,723 452,164 (0) 457,88731-Dec-10 0 (0) 0 (0) (0)
31-Mar-11 0 (0) 0 (0) (0)
30-Jun-11 0 (0) 0 (0) (0)
30-Sep-11 0 (0) 0 (0) (0)
31-Dec-11 0 (0) 0 (0) (0)
31-Mar-12 0 (0) 0 (0) (0)
30-Jun-12 0 (0) 0 (0) (0)
30-Sep-12 0 (0) 0 (0) (0)
31-Dec-12 0 (0) 0 (0) (0)
(Payment Date)
31-Dec-12 0 0 0 1,339,607 1,339,607(Final Maturity Date)
Err:511
B LoanDebt Service
InterestPayments
PrincipalRepayments
After Debt ServicePrincipal Balance
Before Debt ServicePrincipal Balance
8/14/2019 16Nov AirBerlin B738 2003 Stepped
19/26
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Debt Security Deposit Schedule - 2003 Manufacture, 6-Year Term(in US$)
Date
A = B+C B C D
31-Dec-06 (6,220,000) 0 (6,220,000) 6,220,000
(Closing Date)
31-Mar-07 457,887 78,729 379,158 5,840,842
30-Jun-07 457,887 73,930 383,957 5,456,885
30-Sep-07 457,887 69,070 388,817 5,068,068
31-Dec-07 457,887 64,149 393,739 4,674,329
31-Mar-08 457,887 59,165 398,722 4,275,607
30-Jun-08 457,887 54,118 403,769 3,871,838
30-Sep-08 457,887 49,007 408,880 3,462,958
31-Dec-08 457,887 43,832 414,055 3,048,903
31-Mar-09 457,887 38,591 419,296 2,629,607
30-Jun-09 457,887 33,284 424,603 2,205,004
30-Sep-09 457,887 27,910 429,977 1,775,027
31-Dec-09 457,887 22,467 435,420 1,339,607
31-Mar-10 457,887 16,956 440,931 898,676
30-Jun-10 457,887 11,375 446,512 452,164
30-Sep-10 457,887 5,723 452,164 (0)
31-Dec-10 0 (0) 0 (0)
31-Mar-11 0 (0) 0 (0)
30-Jun-11 0 (0) 0 (0)
30-Sep-11 0 (0) 0 (0)
31-Dec-11 0 (0) 0 (0)
31-Mar-12 0 (0) 0 (0)
30-Jun-12 0 (0) 0 (0)
30-Sep-12 0 (0) 0 (0)
31-Dec-12 0 (0) 0 (0)
(Payment Date)
31-Dec-12 0 0 0 1,339,607
(Final Maturity Date)
Err:511
Total Debt SecurityDeposit Repayment
InterestRepayment*
PrincipalRepayments
Outstanding DebtSecurity Deposit Balance
8/14/2019 16Nov AirBerlin B738 2003 Stepped
20/26
November 15, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Equity Schedule - 2001 Manufacture, 36-month Base Term(in US$)
Date Equity Rent
A B C D = SUM(A:C)
31-Dec-06 (12,167,163) 2,384,037 0 (9,783,126)
(Closing Date)
31-Mar-07 0 652,208 0 652,208
30-Jun-07 0 652,208 0 652,208
30-Sep-07 0 652,208 0 652,208
31-Dec-07 0 652,208 0 652,208
31-Mar-08 0 652,208 0 652,20830-Jun-08 0 652,208 0 652,208
30-Sep-08 0 652,208 0 652,208
31-Dec-08 0 652,208 0 652,208
31-Mar-09 0 652,208 0 652,208
30-Jun-09 0 652,208 0 652,208
30-Sep-09 0 652,208 0 652,208
31-Dec-09 0 0 0 0
(Payment Date)
31-Dec-09 0 0 #REF! #REF!
(Lease-end Date)
Total EquityInvestment
Expected Equity Residual(Airclaims Inflated Soft MV)
EquityCash Flows
8/14/2019 16Nov AirBerlin B738 2003 Stepped
21/26
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Equity Schedule - 2003 Manufacture, 6-Year Term(in US$)
Date Equity Rent
A B C D = SUM(A:C)
31-Dec-06 (12,167,163) 2,384,037 0 (9,783,126)
(Closing Date)
31-Mar-07 0 652,208 0 652,208
30-Jun-07 0 652,208 0 652,208
30-Sep-07 0 652,208 0 652,208
31-Dec-07 0 652,208 0 652,208
31-Mar-08 0 652,208 0 652,20830-Jun-08 0 652,208 0 652,208
30-Sep-08 0 652,208 0 652,208
31-Dec-08 0 652,208 0 652,208
31-Mar-09 0 652,208 0 652,208
30-Jun-09 0 652,208 0 652,208
30-Sep-09 0 652,208 0 652,208
31-Dec-09 0 652,208 0 652,208
31-Mar-10 0 652,208 0 652,208
30-Jun-10 0 652,208 0 652,208
30-Sep-10 0 652,208 0 652,208
31-Dec-10 0 0 0 031-Mar-11 0 0 0 0
30-Jun-11 0 0 0 0
30-Sep-11 0 0 0 0
31-Dec-11 0 0 0 0
31-Mar-12 0 0 0 0
30-Jun-12 0 0 0 0
30-Sep-12 0 0 0 0
31-Dec-12 0 0 0 0
(Payment Date)
31-Dec-12 0 0 6,812,750 6,812,750
(Lease-end Date)
Total EquityInvestment
Expected Equity Residual(Airclaims Inflated Soft MV)
EquityCash Flows
8/14/2019 16Nov AirBerlin B738 2003 Stepped
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November 16, 2006
AIR BERLINa es an everage perat ng ease ac s o up to teen - rcra t
Aircraft SaleAircraft Sale Price 45,000,000
rranger ee , .Sale Price/Lessor's Cost 45,180,000Airclaims Current Market Value 38,780,000
tep ease enta , , , , .Step 1 Lease Rental (Monthly) 794,679 1.766%Step 2 Lease Rental 397,377Step 2 Lease Rental (Monthly) 132,459
Security Deposit 6,220,000
oanTerm 72 monthsPeriodicity QuarterlyA Loan Drawdown 27,727,700 71.5000%
oan tep e t erv ce , , .A Loan Step 1 Balloon 14,121,250 65%A Loan Step 2 Debt Service 397,377 0.0000
oan tep a oon , ,
A Loan Interest RateAverage Life (years) 3.985
erm . years2-year SFRE of 6-month US LIBOR 5.0950% as of 14 Nov 20063-year SFRE of 6-month US LIBOR 5.0250% as of 14 Nov 20062.5-year SFRE of 6-month US LIBOR 5.0600% as of 14 Nov 2006. -year o -mont .
A Loan Margin 1.5000%A Loan Interest Rate 6.5284%
B LoanTerm 69 monthsPeriodicity QuarterlyB Loan Drawdown 6,220,000B Loan Debt Service 457,887 (0.0000)B Loan Balloon 0
B Loan Interest RateAverage Life (years) 2.059Term 5.75 years
-year o -mont . as o ov2-year SFRE of 3-month US LIBOR 0 5.0630%B Loan Margin 0.0000%
oan nterest ate .
Transaction CostsA Lender Participation Fee 83,183 0.30%
en er art c pat on ee , .Arranger Fee 180,000Lender's Legal Fee 10,000 150,000RVI Premium 811,972 5.75%Total Transaction Costs 1,114,863
Equity Investmentqu ty nvestment , , .
Transaction Expenses 1,114,863 0.0000Total Equity Investment 12,167,163
rst vance ent , ,Net Equity Investment 9,783,126Step 1 Cash Rent 652,208 27% 0.0000Step 2 Cash Rent 0
Assumed Step 2 Lease-end AppraisalsInterpolated Inflated Soft Market Value 19,465,000 6,812,750Interpolated Uninflated Base Value 21,616,667 8,964,417
nterpo ate n ate ase a ue , , , ,
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As At:01/08/2006
Aircraft ValuationSingle Aircraft Value
Aircraft Details:
Registration number D-ABBH
Serial number 32919
Manufacturer Boeing
Type 737 (NG)
Variant 800 SeriesMinor Variant 86J
Engine Manufacturer CFM International
Engine Type CFM56
Engine Variant
MTOW 167549 lb
Year of Build 2003
Utilisation:
Airframe hours 13182
Airframes cycles 6777
Utilisation data as of 1-Sep-10
Current Operator Air Berlin
Current Owner Air Berlin
Current Manager Air Berlin
Current Values:
$ millions Specification details
[Market Value] 38.78 Winglets
[Market Lease Rate] 0.36[Base Value] 36.13
Base Lease Rate 0.3
Forecast Values:
Sustained Inflation Rate assumption: 2.5% p.a. (in US$ millions)[Base Value] [Soft Market Value] Base Lease Rate
Year Constant Inflated Constant Inflated Nominal
Jun-06 38.78 38.78 38.78 38.78
Jun-07 33.55 34.36 31.31 32.06 0.29
Jun-08 31.12 32.64 27.12 28.43 0.28Jun-09 28.85 30.97 23.48 25.19 0.27
Jun-10 26.71 29.37 20.32 22.31 0.26
Jul-10 26.54 29.24 20.2 22.21
Aug-10 26.38 29.11 20.07 22.12
Sep-10 26.21 28.98 19.95 22.02
Oct-10 26.05 28.85 19.82 21.92
Nov-10 25.88 28.72 19.7 21.82
Dec-10 25.72 28.6 19.57 21.73
Jan-11 25.55 28.47 19.45 21.63
Feb-11 25.38 28.34 19.32 21.53Mar-11 25.22 28.21 19.2 21.43
Apr-11 25.05 28.08 19.07 21.34
May-11 24.89 27.95 18.95 21.24
J 11 24 72 27 82 18 82 21 14 0 26
7B26
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2021 10.79 15.28 8.29 11.66 0.18
2022 9.88 14.3 7.6 10.92 0.17
2023 9.04 13.38 6.96 10.22 0.16
2024 8.26 12.5 6.37 9.55 0.16
2025 7.54 11.66 5.82 8.91 0.15
2026 6.88 10.87 5.32 8.31 0.15
All values should be used or read in conjunction with the support information provided in the Glossary and Methodology sections on the V1website.
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Residual Confidence LevelsAir Berlin 737-800's
Generic 737-800 Jun-2001-Built CFM56-7B2 169,000 lb MTOW (HGW)
AVAC AVAC AVAC AVAC Airclaims Airclaims Airclaims Airclaims AVITAS Airclaims AirclaimsBEST Mid Mid WRST Base Base Soft Soft Base Base Base
Inflated Inflated Constant Inflated Inflated Constant Inflated Constant Inflated Inflated Constant2006 45.23 41.50 37.25 35.78 33.30 CMV 2007 42.53 41.69 40.63 37.43 30.85 30.13 28.8 28.13 30.40 80% 95%2008 42.21 40.57 38.35 35.02 29.37 28.01 25.6 24.42 29.102009 39.35 36.93 33.96 30.37 27.93 26.02 22.74 21.2 27.902010 35.55 32.56 29.21 25.48 26.53 24.15 20.19 18.4 26.702011 33.76 30.28 26.63 22.71 25.18 22.39 19.17 17.07 25.702012 32.34 28.41 24.45 20.43 23.88 20.74 18.18 15.83 24.602013 22.62 19.19
Generic 737-800 Jun-2002-Built CFM56-7B2 169,000 lb MTOW (HGW)
AVAC AVAC AVAC AVAC Airclaims Airclaims Airclaims Airclaims AVITASBEST Mid Mid WRST Base Base Soft Soft Base
Inflated Inflated Constant Inflated Inflated Constant Inflated Constant Inflated2006 47.46 43.54 - 39.19 - - - - 35.60 CMV2007 44.64 43.75 42.64 39.28 32.49 31.73 - - 32.502008 44.31 42.58 40.25 36.75 30.89 29.46 - - 31.102009 41.52 38.96 35.83 32.04 29.35 27.34 23.88 22.26 29.802010 37.67 34.51 30.96 27.01 27.85 25.34 21.18 19.29 28.602011 35.63 32.23 28.35 24.17 26.41 23.47 20.09 17.88 27.302012 34.54 30.35 26.12 21.83 25.02 21.72 19.03 16.56 26.302013 23.67 20.08
Generic 737-800 Feb-2003-Built CFM56-7B2 169,000 lb MTOW (HGW) D-ABBH
AVAC AVAC AVAC AVAC Airclaims Airclaims Airclaims Airclaims AVITASBEST Mid Mid WRST Base Base Soft Soft Base
Inflated Inflated Constant Inflated Inflated Constant Inflated Constant Inflated2006 48.95 44.91 - 40.42 - - - - 37.27 CMV2007 46.04 45.12 43.98 40.51 33.74 32.94 - - 34.032008 45.70 43.92 41.52 37.91 32.06 30.57 - - 32.572009 42.83 40.19 36.96 33.05 30.43 28.35 24.75 23.07 31.20
29.65 27.302010 38.33 35.72 32.05 41.30 28.86 26.25 21.93 19.98 29.932011 37.21 33.43 29.44 25.10 27.35 24.30 20.79 18.51 28.632012 35.97 31.61 27.21 22.74 25.89 22.47 19.68 17.13 27.43
25.18 21.622013 24.48 20.76
Generic 737-800 Jun-2003-Built CFM56-7B2 169,000 lb MTOW (HGW)
AVAC AVAC AVAC AVAC Airclaims Airclaims Airclaims Airclaims AVITASBEST Mid Mid WRST Base Base Soft Soft Base
Inflated Inflated Constant Inflated Inflated Constant Inflated Constant Inflated
2006 49.69 45.59 41.03 38.78 38.10 CMV2007 46.74 45.81 44.65 41.13 34.36 33.55 32.06 31.31 34.802008 46.4 44.59 42.16 38.49 32.64 31.12 28.43 27.12 33.302009 43.48 40.81 37.53 33.56 30.97 28.85 25.19 23.48 31.902010 38.66 36.33 32.59 48.44 29.37 26.71 22.31 20.32 30.602011 38 34.03 29.98 25.57 27.82 24.72 21.14 18.82 29.302012 36.69 32.24 27.75 23.19 26.32 22.85 20.01 17.41 28.002013 24.88 21.1
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95% 80% CONFIDENCELEVELS FOR
- 'VALUES ADJUSTED FOR MONTH OF BUILD:
OCT-1991 BUILD MSN 25312
AVAC AVAC AVAC Airclaims Airclaims Airclaims AVITASMid Mid WRST Base Base Soft Base
Inflated Constant Inflated Inflated Constant Inflated Inflated2006 31.03 29.27 27.23 27.932007 29.54 28.74 25.92 25.81 25.22 23.96 26.402008 25.81 24.30 21.22 24.40 23.32 21.08 24.932009 21.33 19.52 16.24 23.03 21.53 18.53 23.332010 18.52 16.56 13.25 21.72 19.86 16.30 21.732011 16.57 14.51 11.17 20.44 18.30 15.38 20.23
2012 15.83 13.55 10.15 19.21 16.84 14.49 18.8317-Jul-12 15.63 13.35 9.97 19.11 16.73 14.42 18.72
2013 13.42 11.17 8.03 18.02 15.48 13.62 17.43
95% 80%
JAN-1992-BUILD MSN 26469 & 26470
AVAC AVAC AVAC Airclaims Airclaims Airclaims AVITASMid Mid WRST Base Base Soft Base
Inflated Constant Inflated Inflated Constant Inflated Inflated
2006 31.75 29.67 27.70 28.482007 30.24 29.42 26.53 26.24 25.65 24.36 26.932008 26.43 24.89 21.73 24.80 23.70 21.42 25.482009 21.86 20.01 16.64 23.41 21.88 18.83 23.882010 18.99 16.97 13.58 22.06 20.17 16.55 22.282011 17.00 14.89 11.46 20.76 18.58 15.61 20.712012 16.25 13.90 10.42 19.50 17.09 14.70 19.31
17-Jul-12 16.04 13.70 10.24 19.40 16.98 14.63 19.192013 13.78 11.47 8.25 18.28 15.71 13.82 17.91
95% 80%
2006 2007 2008 2009 2010 2011 2012 17-Jul-12 2013
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
Oct-91 Built 767-300ER
AVAC Mid Inflated
AVAC Mid Constant
AVAC WRST Inflated
Airclaims BaseInflated
Airclaims BaseConstant
Airclaims SoftInflated
AVITAS BaseInflated
$Millions
2006 2007 2008 2009 2010 2011 2012 17-Jul-12 2013
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
Jan-92 Built 767-300ER
AVAC Mid Inflated
AVAC Mid ConstantAVAC WRST Inflated
Airclaims BaseInflated
Airclaims BaseConstant
Airclaims SoftInflated
AVITAS BaseInflated
$Millions