Exhibit 99.4

Analysis of Activity in the Collection Account during the Quarter

Aircraft  Finance makes payments on the Notes monthly on the 15th of each month,
or the next business day if the 15th is not a business day (the "Payment Date").
The amount of cash available for payment is determined on the Calculation  Date,
which is defined as being four business days prior to the Payment Date.  For the
purposes  of  this  report,   the  unaudited  "Three  Month  Period"   comprises
information  from the three Monthly Reports to Noteholders  through December 15,
2000 and the unaudited  "Cumulative to Date",  comprises information from all of
the Monthly Reports to Noteholders since the Closing Date, May 5, 1999,  through
December 15, 2000. This data has been prepared by management and was not subject
to a review or examination by the external auditors.

The April 21, 1999 Offering  Memorandum  (the  "Offering  Memorandum")  contains
assumptions in respect of Aircraft Finance's future cash flows and expenses (the
"Assumed  Case").  The following  reports contain an analysis of the actual cash
flows versus the Assumed Case for the Three Month Period and Cumulative to Date.



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<PAGE>


                             Aircraft Finance Trust
                        Asset Backed Notes, Series 1999-1
                      Actual Cash Flows versus Assumed Case
                        May 5, 1999 to December 15, 2000
                                   (unaudited)

<TABLE>
<CAPTION>
                                                  Cumulative to Date                  As % of Assumed Gross Lease Revenue
                                     ----------------------------------------------   -------------------------------------
                                         Actual          Assumed       Variance         Actual      Assumed     Variance
                                     ----------------------------------------------   -------------------------------------

<S>                                      <C>             <C>           <C>                <C>          <C>          <C>
CASH COLLECTIONS
Lease rentals                            217,204,725     217,204,725             0        100.00%      100.00%       0.00%
- Renegotiated leases                      (405,265)               0     (405,265)         -0.19%        0.00%      -0.19%
- Rental resets                          (2,155,629)               0   (2,155,629)         -0.99%        0.00%      -0.99%
- Excess rents at closing                  5,924,523               0     5,924,523          2.73%        0.00%       2.73%
                                     ----------------------------------------------   -------------------------------------
Contracted lease rentals                 220,568,354     217,204,725     3,363,629        101.55%      100.00%       1.55%

Movement in current arrears balance        (618,725)               0     (618,725)         -0.28%        0.00%      -0.28%
Less net stress related costs
- Bad debts                              (2,173,418)     (2,177,996)         4,578         -1.00%       -1.00%       0.00%
- AOG                                    (2,298,627)     (6,533,989)     4,235,362         -1.06%       -3.01%       1.95%
- Other leasing income                       320,370               0       320,370          0.15%        0.00%       0.15%
                                     ----------------------------------------------   -------------------------------------
Sub-total                                (4,770,400)     (8,711,985)     3,941,585         -2.20%       -4.01%       1.81%

Net lease revenues                       215,797,954     208,492,740     7,305,214         99.35%       95.99%       3.36%
                                     ----------------------------------------------   -------------------------------------

Investment income                          7,654,734       4,796,355     2,858,379          3.52%        2.21%       1.32%

Maintenance receipts                      30,797,982                    30,797,982         14.18%                   14.18%
Maintenance disbursements               (15,125,923)                  (15,125,923)         -6.96%                   -6.96%
                                     ----------------------------------------------   -------------------------------------
Net maintenance                           15,672,059               0    15,672,059          7.22%        0.00%       7.22%

                                     ----------------------------------------------   -------------------------------------
          Total cash collections         239,124,747     213,289,095    25,835,652        110.09%       98.20%      11.89%
                                     ==============================================   =====================================

CASH EXPENSES
Aircraft operating expenses              (4,663,432)     (8,711,985)     4,048,553         -2.15%       -4.01%       1.86%

SG&A expenses
Aircraft servicer fees                   (7,156,758)     (7,096,352)      (60,406)         -3.29%       -3.27%      -0.03%
Other                                    (2,245,584)     (3,325,000)     1,079,416         -1.03%       -1.53%       0.50%
                                     ----------------------------------------------   -------------------------------------
Sub-total                                (9,402,342)    (10,421,352)     1,019,010         -4.33%       -4.80%       0.47%

                                     ----------------------------------------------   -------------------------------------
          Total cash expenses           (14,065,774)    (19,133,337)     5,067,563         -6.48%       -8.81%       2.33%
                                     ==============================================   =====================================

NET CASH COLLECTIONS
Total cash collections                   239,124,747     213,289,095    25,835,652        110.09%       98.20%      11.89%
Total cash expenses                     (14,065,774)    (19,133,337)     5,067,563         -6.48%       -8.81%       2.33%
Movement in expense account             (16,181,007)               0  (16,181,007)         -7.45%        0.00%      -7.45%
Interest payments                      (131,565,549)   (115,723,798)  (15,841,751)        -60.57%      -53.28%      -7.29%
Swap receipts (payments)                   4,844,962     (8,271,266)    13,116,228          2.23%       -3.81%       6.04%

                                     ----------------------------------------------   -------------------------------------
          Total                           82,157,379      70,160,694    11,996,685         37.82%       32.30%       5.52%
                                     ==============================================   =====================================

Principal payments
A1                                                 0               0             0          0.00%        0.00%       0.00%
A2                                      (77,199,278)    (65,229,662)  (11,969,616)        -35.54%      -30.03%      -5.51%
B                                        (4,958,101)     (4,931,032)      (27,069)         -2.28%       -2.27%      -0.01%
C                                                  0               0             0          0.00%        0.00%       0.00%
D                                                  0               0             0          0.00%        0.00%       0.00%
                                     ----------------------------------------------   -------------------------------------
          Total                         (82,157,379)    (70,160,694)  (11,996,685)        -37.82%      -32.30%      -5.52%
                                     ==============================================   =====================================
</TABLE>

                                    96
<PAGE>

                             Aircraft Finance Trust
                        Asset Backed Notes, Series 1999-1
                      Actual Cash Flows versus Assumed Case
                     September 16, 2000 to December 15, 2000
                                   (unaudited)

<TABLE>
<CAPTION>
                                        Three Months ended December 15, 2000       As % of Assumed Gross Lease Revenue
                                     -------------------------------------------   -------------------------------------
                                         Actual        Assumed      Variance          Actual      Assumed    Variance
                                     -------------------------------------------   -------------------------------------

<S>                                     <C>           <C>           <C>                 <C>         <C>         <C>
CASH COLLECTIONS
Lease rentals                            33,878,617    33,878,617             0         100.00%     100.00%       0.00%
- Renegotiated leases                      (24,470)             0      (24,470)          -0.07%       0.00%      -0.07%
- Rental resets                         (1,368,325)             0   (1,368,325)          -4.04%       0.00%      -4.04%
                                     -------------------------------------------   -------------------------------------
Contracted lease rentals                 32,485,822    33,878,617   (1,392,795)          95.89%     100.00%      -4.11%

Movement in current arrears balance         263,885             0       263,885           0.78%       0.00%       0.78%
Less net stress related costs
- Bad debts                                       0     (339,714)       339,714           0.00%      -1.00%       1.00%
- AOG                                     (737,533)   (1,019,142)       281,609          -2.18%      -3.01%       0.83%
- Other leasing income                       35,810             0        35,810           0.11%       0.00%       0.11%
                                     -------------------------------------------   -------------------------------------
Sub-total                                 (437,838)   (1,358,856)       921,018          -1.29%      -4.01%       2.72%

Net lease revenues                       32,047,984    32,519,761     (471,777)          94.60%      95.99%      -1.39%
                                     -------------------------------------------   -------------------------------------

Investment income                         1,442,380       740,810       701,570           4.26%       2.19%       2.07%

Maintenance receipts                      5,519,813                   5,519,813          16.29%                  16.29%
Maintenance disbursements               (1,673,277)                 (1,673,277)          -4.94%                  -4.94%
                                     -------------------------------------------   -------------------------------------
Net maintenance                           3,846,536             0     3,846,536          11.35%       0.00%      11.35%

                                     -------------------------------------------   -------------------------------------
          Total cash collections         37,336,900    33,260,571     4,076,329         110.21%      98.18%      12.03%
                                     ===========================================   =====================================

CASH EXPENSES
Aircraft operating expenses             (2,227,104)   (1,358,856)     (868,248)          -6.57%      -4.01%      -2.56%

SG&A expenses
Aircraft servicer fees                  (1,087,935)   (1,112,327)        24,392          -3.21%      -3.28%       0.07%
Other                                     (242,683)     (525,000)       282,317          -0.72%      -1.55%       0.83%
                                     -------------------------------------------   -------------------------------------
Sub-total                               (1,330,618)   (1,637,327)       306,709          -3.93%      -4.83%       0.91%

                                     -------------------------------------------   -------------------------------------
          Total cash expenses           (3,557,722)   (2,996,183)     (561,539)         -10.50%      -8.84%      -1.66%
                                     ===========================================   =====================================

NET CASH COLLECTIONS
Total cash collections                   37,336,900    33,260,571     4,076,329         110.21%      98.18%      12.03%
Total cash expenses                     (3,557,722)   (2,996,183)     (561,539)         -10.50%      -8.84%      -1.66%
Movement in expense account               1,840,417             0     1,840,417           5.43%       0.00%       5.43%
Interest payments                      (21,467,396)  (17,458,033)   (4,009,363)         -63.37%     -51.53%     -11.83%
Swap receipts (payments)                  2,237,628   (1,319,700)     3,557,328           6.60%      -3.90%      10.50%

                                     -------------------------------------------   -------------------------------------
          Total                          16,389,827    11,486,655     4,903,172          48.38%      33.91%      14.47%
                                     ===========================================   =====================================

Principal payments
A1                                                0             0             0           0.00%       0.00%       0.00%
A2                                     (15,128,914)  (10,192,684)   (4,936,230)         -44.66%     -30.09%     -14.57%
B                                       (1,260,913)   (1,293,971)        33,058          -3.72%      -3.82%       0.10%
C                                                 0             0             0           0.00%       0.00%       0.00%
D                                                 0             0             0           0.00%       0.00%       0.00%
                                     -------------------------------------------   -------------------------------------
          Total                        (16,389,827)  (11,486,655)   (4,903,172)         -48.38%     -33.91%     -14.47%
                                     ===========================================   =====================================
</TABLE>

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<PAGE>




Notes:

The line item  descriptions  below should be read in conjunction with the Actual
Cash Flows versus Assumed Case reports provided above.

Lease rentals. Lease rentals refers to gross revenue based on the assumptions in
the offering memorandum dated April 21, 1999.

Renegotiated  leases.  Renegotiated  leases refer to the loss in rental  revenue
caused by a lessee  negotiating a reduction in the lease  rental.  This can be a
permanent  reduction  over  the  remaining  lease  term in  exchange  for  other
contractual  concessions  or a result of  seasonal  adjustments  in the  monthly
rental  amount or timing  differences  between the assumed  case and actual rent
payment due dates.

Rental resets. Rental resets are a measure of the gain or loss in rental revenue
when new lease  rates are  different  from those  assumed in the  Assumed  Case,
including lease rate  adjustments for changes in interest rates on floating rate
leases,  lease  extensions  or renewals  with current  lessees at the end of the
lease term.

Excess  rents at  closing.  Excess  rents at Closing  refer to the excess of the
actual  rental  revenue over the  anticipated  rental  revenue under the Assumed
Case.  Aircraft Finance received rents from April 29, 1999 forward and pro-rated
rental  payment  from the  seller,  for rents  earned by Aircraft  Finance,  but
received by the seller(s) prior to the close of Aircraft Finance.

Contracted  lease  rentals.  Contracted  lease  rentals  represent  the  current
contracted  lease rental rollout which equates to the Assumed Case lease rentals
less  adjustments  for  renegotiated  leases,  rental  resets and excess rent at
closing.

Movement in current arrears balance.  Movement in current arrears balance is the
total contracted lease rentals  outstanding from current lessees at a given date
and excludes any amounts classified as bad debts.

Net stress-related  costs. Net stress-related  costs is a combination of all the
factors  which  can cause  actual  lease  rentals  received  to differ  from the
contracted lease rentals.  The Assumed Case estimated net  stress-related  costs
based on a  percentage  of the sum of the  Assumed  Case lease  rentals  and the
interest on the lease rentals.

Bad debts.  Bad debts are total  contracted  lease  rentals in  arrears,  net of
security  deposits drawn down,  owed by lessees who have defaulted and which are
deemed  irrecoverable.  Rental arrears from non-accrual lessees are reclassified
to Bad Debts when the aircraft is redelivered from the lessee.

Aircraft on ground ("AOG"). AOG is defined as the Assumed Case lease rental lost
when an aircraft is off-lease and non-revenue earning.

Other leasing  income.  Other leasing income  consists of  miscellaneous  income
received in connection with a lease other than contracted  rentals,  maintenance
receipts and security  deposits,  such as early termination  payments or default
interest.

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<PAGE>


Net lease  rentals.  Net lease  rentals is  contracted  lease  rentals  less any
movement in current arrears balance and net stress-related costs.

Interest  earned.  Interest  earned mainly relates to interest  received on cash
balances held in the  collection,  expense and certain  lessee funded  accounts.
Cash held in the  collection  account  consists  of the cash  liquidity  reserve
amount of $52 million,  in addition to the intra-month cash balances for all the
rentals and  maintenance  payments  collected prior to the monthly payment date.
The  expense  account  contains  cash set  aside to pay for  expenses  which are
expected to be payable over the next five months. Lessee funded accounts consist
of cash security  deposits.  In most instances,  interest earned from the lessee
funded accounts, accrues in favor of Aircraft Finance.

Net maintenance.  Net maintenance refers to maintenance reserve revenue received
less any  maintenance  reimbursements  paid. The Assumed Case assumes that, over
time,  maintenance revenue will equal maintenance  expenditures.  However, it is
unlikely that in any particular  note payment period,  maintenance  revenue will
exactly equal maintenance expenses.

Aircraft   operating   expenses.   Aircraft   operating  expenses  includes  all
operational  costs  related to the  leasing of an  aircraft  including  costs of
re-leasing, repossession and other overhead costs.

Aircraft servicer fees.  Aircraft servicer fees are amounts paid to the aircraft
servicer, GE Capital Aviation Services Ltd., in accordance with the terms of the
servicing agreement.

Other.  Other  relates  to fees  and  expenses  paid to and  for  other  service
providers including the administrative agent, financial advisor, legal advisors,
auditors,  rating  agencies,  the  trustees,  and  other  selling,  general  and
administrative expenses.

Movement in expense account. Movement in expense account relates to increases or
decreases in the accrued  expense  amounts  transferred in or out of the expense
account.

Interest  payments.  Interest payments  represent the amount of interest paid on
Aircraft Finance's outstanding classes of Notes issued on May 5, 1999.

Swap  receipts  (payments).  According  to the terms of the  interest  rate swap
agreements,  Aircraft  Finance  pays a fixed rate of  interest  on the  notional
amount  of the  swaps  to the  counterparty  and in turn the  counterparty  pays
Aircraft  Finance a rate of interest on the notional  amount based on the 30 day
LIBOR rate, which will results in monthly net swap payments paid or received.


                                    99