Document:

SCHEDULE
	 

	 
		to the
	 

	 
		ISDA 2002 Master
		Agreement
	 

	 
		dated as of
		[  ], 2006
	 

	 
		between
	 

	 
		CITIBANK,
		N.A.,
	 

	 
		a national banking
		association organized under the laws of the United States
	 

	 
		(“Party A”)
	 

	 
		and
	 

	 
		GENESIS FUNDING
		LIMITED,
	 

	 
		a Bermuda exempted
		company
	 

	 
		(“Party B”)
	 

	 
		Part 1
	 

	 
		Termination
		Provisions
	 

	 
		In this
		Agreement:
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  “Specified
				  Entity” means, in relation to Party A
				  and Party B, for the purposes of Section 5(a)(v), 5(a)(vi), 5(a)(vii) and
				  5(b)(v), not applicable. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  “Specified
				  Transaction” will have the meaning specified
				  in Section 14 of this Agreement.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  The
				  “Breach of Agreement; Repudiation
				  of Agreement” provisions of Section 5(a)(ii)
				  will apply to Party A and will not apply to Party B.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  The
				  “Credit Support
				  Default” provisions of Section 5(a)(iii)
				  will apply to Party A and, prior to the delivery of an Assumption Notice, will
				  not apply to Party B.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (e)
				

			 	
				
				  The
				  “Misrepresentation” provisions of Section 5(a)(iv)
				  will apply to Party A and will not apply to Party B.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (f)
				

			 	
				
				  The
				  “Default under Specified
				  Transaction” provisions of Section 5(a)(v)
				  will not apply to Party A and will not apply to Party B.
				

			 

 

	 
		 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		-30-
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  (g)
				

			 	
				
				  The
				  “Cross Default” provisions of Section 5(a)(vi)
				  will apply to Party A and will not apply to Party B.
				

			 

 

	 
		For purposes of
		Section 5(a)(vi), the following provisions apply:
	 

	 
		“Specified
		Indebtedness” has the meaning specified in
		Section 14 of this Agreement; provided, however, that Specified Indebtedness
		shall not include deposits received in the course of a party’s ordinary banking
		business.
	 

	 
		“Threshold
		Amount” means 3% of the
		stockholders’ equity of Party A.
	 

	 
		For purposes of the
		above, stockholders’ equity shall be determined by
		reference to the relevant party’s most recent consolidated
		quarterly balance sheet and shall include legal capital, paid-in capital,
		retained earnings and cumulative translation adjustments. Such balance sheet
		shall be prepared in accordance with applicable generally accepted accounting
		principles.
	 

	 
			
				
				   
				

			 	
				
				  (h)
				

			 	
				
				  The
				  “Bankruptcy” provisions of Section 5(a)(vii)
				  will apply to Party A and will apply to Party B; provided that, with respect to
				  Party B only, Section 5(a)(vii)(2) will not apply.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  The
				  “Merger Without
				  Assumption” provisions of
				  Section 5(a)(viii) will apply to Party A and, subject to Part 5(i) of this
				  Schedule, will not apply to Party B.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (j)
				

			 	
				
				  The
				  “Force Majeure
				  Event” provisions of Section 5(b)(ii)
				  of this Agreement will not apply to Party A and will not apply to Party
				  B.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (k)
				

			 	
				
				  The
				  “Credit Event Upon
				  Merger” provisions of Section 5(b)(v) of
				  this Agreement will not apply to Party A and will not apply to Party B.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (l)
				

			 	
				
				  The
				  “Automatic Early
				  Termination” provisions of Section 6(a) will
				  not apply to Party A and will not apply to Party B; provided, however, that
				  with respect to a party, where the Event of Default specified in Section
				  5(a)(vii)(1), (3), (4), (5), (6) or to the extent analogous thereto, (8) is
				  governed by a system of law which does not permit termination to take place
				  after the occurrence of the relevant Event of Default, then the Automatic Early
				  Termination provisions of Section 6(a) will apply to such party.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (m)
				

			 	
				
				  “Termination
				  Currency” means United States
				  Dollars.
				

			 

 

	 
		 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		-31-
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  (n)
				

			 	
				
				  “Additional Termination
				  Event”. Each of the following shall
				  constitute an Additional Termination Event with respect to Party B (or, in the
				  case of clause (xi), Party A), in which each such case the sole Affected Party
				  shall be Party B (or, in the case of clause (xi), Party A), Party A (or, in the
				  case of clause (xi), subject to such clause, Party B, or in the case of clause
				  (iv)(B), Party A or Party B) shall have the right (notwithstanding the
				  provisions of Section 6(b)) to designate the Early Termination Date and each
				  Transaction shall be an Affected Transaction:
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  Acceleration of Notes.
				  The delivery of
				  a Default Notice in accordance with Section 4.02 of the Indenture following the
				  occurrence of an Event of Default (as defined in the Indenture) and the
				  declaration of the Outstanding Principal Balance of the Notes and all accrued
				  and unpaid interest thereon to be due and payable (upon such time that such
				  declaration can no longer be rescinded or annulled under the terms of the
				  Indenture).
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  Amendments. The entry into, without the
				  prior written consent of Party A, of any amendment, modification or supplement
				  of the Indenture that would adversely affect the rights of Party A hereunder or
				  under the Indenture in a material manner. Any payments owed to Party A under
				  Section 6(e) of this Agreement as a result of such Additional Termination Event
				  shall be made without regard to the effect of any such amendment, modification
				  or supplement. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (iii)
				

			 	
				
				  Redemptions in
				  Whole. The
				  delivery of notice under Section 3.11(c) of the Indenture by the Trustee of a
				  redemption in whole of the Class G-1 Notes in connection with an Optional
				  Redemption under Section 3.11(a) of the Indenture or a Redemption under Section
				  3.11(b) of the Indenture, as applicable.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (iv)
				

			 	
				
				  Redemptions in
				  Part. The
				  delivery of notice (A) under Section 3.11(c) of the Indenture by the
				  Trustee of a redemption in part of the Class G-1 Notes in connection with an
				  Optional Redemption pursuant to Section 3.11(a) of the Indenture or (B) by
				  Party B to Party A (which notice Party B agrees to provide) of Party B’s
				  scheduled receipt (specifying the date thereof) of a payment in respect of the
				  Aircraft Refund Amount (as defined in the Asset Purchase Agreement) under
				  Section 4.2 or Section 5.3 of the Asset Purchase Agreement resulting in a
				  partial redemption of the Class G-1 Notes under 
				

			 

 

	 
		 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		-32-
	 

	 
		 
	 

	 
		Section 3.09(a)(vi) of the
		Indenture. For the purposes hereof, an Additional Termination Event under this
		Part 1(n)(iv) shall be applicable only with respect to a portion of each
		Transaction hereunder proportional to the percentage of the Class G-1 Notes
		subject to such partial redemption. For the sake of clarity, the remaining
		portion of each Transaction hereunder shall remain in full force and
		effect.
	 

	 
			
				
				   
				

			 	
				
				  (v)
				

			 	
				
				  Defeasance. Party B exercises its Legal
				  Defeasance option or its Covenant Defeasance option pursuant to Section
				  11.01(b) of the Indenture and the conditions of Section 11.02 of the Indenture
				  have been satisfied.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (vi)
				

			 	
				
				  Discharge
				  of the Indenture. The Indenture is discharged
				  pursuant to Section 11.01 of the Indenture. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (vii)
				

			 	
				
				  Impairment
				  of Security Interest under Security Documents.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (1)
				

			 	
				
				  All or
				  substantially all of the collateral is released from the security interest
				  created under the Security Documents; 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (2)
				

			 	
				
				  the Security
				  Documents cease to create a valid, first priority and perfected security
				  interest on the [collateral]; or
				

			 

 

	 
			
				
				   
				

			 	
				
				  (3)
				

			 	
				
				  the lien
				  created under the Security Documents that secures the obligations to Party A is
				  no longer pari
				  passu with the
				  security interests securing the obligations to the other senior secured
				  creditors of Party B.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (viii)

				

			 	
				
				  Policy
				  Provider Default. The occurrence of a Policy
				  Provider Default after the delivery by Policy Provider to Party A of an
				  Assumption Notice duly furnished pursuant to Part 6(i) of this Schedule.

				

			 

 

	 
			
				
				   
				

			 	
				
				  (ix)
				

			 	
				
				  Downgrade
				  of the Policy Provider. After the delivery of an
				  Assumption Notice pursuant to Part 6(i) of this Schedule, either (A) the claims
				  paying ability rating of the Policy Provider falls below “A” by S&P or the financial
				  strength rating of the Policy Provider falls below “A2”
				   by Moody’s, or (B) any such rating is
				  withdrawn or suspended and not reinstated within 60 days.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (x)
				

			 	
				
				  Failure to
				  Close. The
				  transactions provided for in the Indenture fail to close on or before
				  [    ], 2006 or the transactions close 
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		-33-
	 

	 
		 
	 

	 
		without Party B
		having obtained the written consent of Party A to all changes made to the draft
		Indenture dated [    ], 2006 delivered to Party A that
		would adversely affect the rights of Party A hereunder or under the draft
		Indenture in a material manner.
	 

	 
			
				
				   
				

			 	
				
				  (xi)
				

			 	
				
				  Downgrade
				  of Party A. The
				  failure by Party A to assign its rights and obligations under all Transactions
				  to a Substitute Party (as defined herein) after the occurrence of a
				  Substitution Event (as defined herein) in accordance with Part 6(g) of this
				  Schedule; provided, however, that Party B shall have the sole right to select
				  the Early Termination Date upon five (5) Business Days’ notice to Party A.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (o)
				

			 	
				
				  “Subordinated Hedge
				  Payments”.
				  The parties hereto agree that payments owing to Party A under Section 6(e) of
				  this Agreement in the following circumstances shall constitute “Subordinated Hedge
				  Payments” under the Indenture (and,
				  accordingly, shall be subordinated in the priority of payments set forth in the
				  Indenture to the extent provided therein):
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  an Event of
				  Default as to which Party A is the Defaulting Party; or
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  an Additional
				  Termination Event under Part 1(n)(xi) hereof;
				

			 

 

	 
		provided that, if following any such
		event listed in Part 1(n), Party B replaces Party A with a replacement swap
		counterparty and such replacement swap counterparty is required to pay an
		amount to assume Party A’s obligations under this
		Agreement, Party B agrees that such amount shall be paid directly by such
		replacement swap counterparty to Party A, without such payment being applied in
		whole or in part to pay any other Secured Party or any other party both prior
		to or subsequent to the enforcement of security constituted by the Indenture,
		to the extent that a termination payment is owed to Party A under this
		Agreement.
	 

	 
			
				
				   
				

			 	
				
				  (p)
				

			 	
				
				  “Senior Hedge
				  Payments”.
				  For the avoidance of doubt, the parties hereto agree that payments made by the
				  Policy Provider pursuant to its obligations under Part 6(i) of this Schedule
				  shall be deemed to constitute “Senior Hedge
				  Payments” for purposes of the Indenture.
				  
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		-34-
	 

	 
		 
	 

	 
		Part 2
	 

	 
		Tax
		Representations
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Payer
				  Representations. For the purpose of Section 3(e)
				  of this Agreement, Party A will make the following representation and Party B
				  will make the following representation:
				

			 

 

	 
		It is not required by
		any applicable law, as modified by the practice of any relevant governmental
		revenue authority, of any Relevant Jurisdiction to make any deduction or
		withholding for or on account of any Tax from any payment (other than interest
		under Section 9(h) of this Agreement) to be made by it to the other party under
		this Agreement. In making this representation, it may rely on (i) the accuracy
		of any representations made by the other party pursuant to Section 3(f) of this
		Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i)
		or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any
		document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii)
		of this Agreement and (iii) the satisfaction of the agreement of the other
		party contained in Section 4(d) of this Agreement, except that it will not be a
		breach of this representation where reliance is placed on clause (ii) above and
		the other party does not deliver a form or documents under Section 4(a)(iii) by
		reason of material prejudice to its legal or commercial position.
	 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Payee
				  Representations.
				  For the purpose of Section 3(f) of the Agreement, Party A and Party B make the
				  representations specified below, if any:
				

			 

 

	 
		The following
		representation will apply to Party A:
	 

	 
		It is a national
		banking association organized under the laws of the United States and its U.S.
		taxpayer identification number is [13-5266470]. It is “exempt” within
		the meaning of Treasury Regulation sections 1.6041-3(p) and 1.6049-4(c) from
		information reporting on Form 1099 and backup withholding.
	 

	 
		The following
		representation will apply to Party B:
	 

	 
		It is a corporation
		resident in Bermuda.
	 

	 
		 
	 

	 

	 
	 

	 

	 
		-35-
	 

	 
		 
	 

	 
		Part 3 
	 

	 
		Agreement to
		Deliver Documents
	 

	 
		For the purpose of
		Section 4(a) of this Agreement:
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Tax forms,
				  documents or certificates to be delivered are:
				

			 

 

	 
		 
	 

	 
			
				
				  Party
				  required to 
 deliver 
 document
				

			 	
				
				   
				

			 	
				
				  Form/Document/

				  Certificate
				

			 	
				
				   
				

			 	
				
				  Date by
				  which to
 be delivered
				

			 
	
				
				  (i)  Party B
				

			 	
				
				   
				

			 	
				
				  [As required
				  under Section 4(a)(i) of the Agreement, IRS Form W-8BEN, IRS Form W-8ECI, IRS
				  Form W-8EXP and/or IRS Form W-8IMY, whichever is relevant.][To be reviewed by tax
				  counsel.]

				

			 	
				
				   
				

			 	
				
				   Promptly
				  upon (i) execution of this Agreement, and (ii) upon learning that any such form
				  or document previously delivered by Party B has become obsolete or
				  incorrect.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Other
				  documents to be delivered are:
				

			 

 

	 
		 
	 

	 
			
				
				  Party
				  required 
 to deliver 

				  document
				

			 	
				
				   
				

			 	
				
				  Form/Document/

				  Certificate
				

			 	
				
				   
				

			 	
				
				  Date by
				  which to
 be delivered
				

			 	
				
				   
				

			 	
				
				  Covered by
				  
 Section
				  3(d)
				

			 
							
	
				
				  (a) Party A
				

			 	
				
				   
				

			 	
				
				  An opinion of
				  counsel to Party A in form as is reasonably satisfactory to Party B.
				

			 	
				
				   
				

			 	
				
				  Upon
				  execution of this Agreement.
				

			 	
				
				   
				

			 	
				
				  No
				

			 
							
							
	
				
				  (b) Party B
				

			 	
				
				   
				

			 	
				
				  An opinion of
				  counsel to Party B in form as is reasonably satisfactory to Party A.
				

			 	
				
				   
				

			 	
				
				  Upon
				  execution of this Agreement.
				

			 	
				
				   
				

			 	
				
				  No
				

			 
							
							
	
				
				  (c) Party A 
				

			 	
				
				   
				

			 	
				
				  A certified
				  copy of (i) the by-laws of Party A, and (ii) the authority and genuine
				  signature 
				

			 	
				
				   
				

			 	
				
				  Upon
				  execution of this Agreement.
				

			 	
				
				   
				

			 	
				
				  Yes
				

			 
							
							

 

	 
		 
	 

	 

	 
	 

	 

	 
		-36-
	 

	 
		 
	 

	 
			
				
				  Party
				  required 
 to deliver 

				  document
				

			 	
				
				   
				

			 	
				
				  Form/Document/

				  Certificate
				

			 	
				
				   
				

			 	
				
				  Date by
				  which to
 be delivered
				

			 	
				
				   
				

			 	
				
				  Covered by
				  
 Section
				  3(d)
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  of the
				  individual signing the Agreement on behalf of Party A to execute the
				  same.
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
							
							
	
				
				  (d) Party B
				

			 	
				
				   
				

			 	
				
				  A certified
				  copy of (i) a resolution of Party B’s Board approving entry into of
				  this Agreement and each Transaction hereunder, and, if applicable, a board
				  resolution delegating the powers to named individuals to enter into any
				  Transactions hereunder, and (ii) the authority and genuine signature of the
				  individual signing the Agreement on behalf of Party B to execute the
				  same.
				

			 	
				
				   
				

			 	
				
				  Upon
				  execution of this Agreement.
				

			 	
				
				   
				

			 	
				
				  Yes
				

			 
							
							
	
				
				  (e) Party B
				

			 	
				
				   
				

			 	
				
				  A certified
				  copy of (i) Party B’s certificate of incorporation,
				  memorandum of association and articles of association, as amended, and (ii)
				  Party B’s offering document. 
				

			 	
				
				   
				

			 	
				
				  Upon
				  execution of this Agreement.
				

			 	
				
				   
				

			 	
				
				  Yes
				

			 
							
							
	
				
				  (f) Party B
				

			 	
				
				   
				

			 	
				
				  A certified
				  copy of Party B’s hedging policy.
				

			 	
				
				   
				

			 	
				
				  Promptly
				  following approval by Party B’s board of directors
				

			 	
				
				   
				

			 	
				
				  Yes
				

			 
							
							

 

	 
		 
	 

	 

	 
	 

	 

	 
		-37-
	 

	 
		 
	 

	 
			
				
				  Party
				  required 
 to deliver 

				  document
				

			 	
				
				   
				

			 	
				
				  Form/Document/

				  Certificate
				

			 	
				
				   
				

			 	
				
				  Date by
				  which to
 be delivered
				

			 	
				
				   
				

			 	
				
				  Covered by
				  
 Section
				  3(d)
				

			 
	
				
				  (g) Party B
				

			 	
				
				   
				

			 	
				
				  A certified
				  copy of (i) the Indenture, and (ii) the Security Trust Agreement.
				

			 	
				
				   
				

			 	
				
				  Upon closing
				  of the transactions described in the Indenture
				

			 	
				
				   
				

			 	
				
				  Yes
				

			 
							
							
	
				
				  (h) Party B
				

			 	
				
				   
				

			 	
				
				  A copy of
				  each notice and report required to be delivered by Party B or the Trustee, as
				  applicable, under the Indenture, including all reports of Party B under Section
				  6.11 of the Indenture.
				

			 	
				
				   
				

			 	
				
				  As required
				  by the Indenture.
				

			 	
				
				   
				

			 	
				
				  Yes
				

			 

 

	 
		Part 4
	 

	 
		Miscellaneous
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Addresses
				  for Notices. For
				  the purpose of Section 12(a) of this Agreement: 
				

			 

 

	 
		Address for
		notices or communications to Party A:
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  Address:
				

			 	
				
				  Citibank,
				  N.A.
 250 West
				  Street
 10th
				  Floor
 New York,
				  New York 10013
				

			 
	
				
				   
				

			 	
				
				  Attention:
				

			 	
				
				  Director
				  Derivatives Operations
				

			 
	
				
				   
				

			 	
				
				  Facsimile
				  No.:
				

			 	
				
				  212-723-2956
				

			 

 

	 
		In addition, in the
		case of notices or communications relating to Section 5, 6, 11 or 13 of this
		Agreement, a second copy of any such notice or communication shall be addressed
		to the attention of Party A’s legal department as follows:
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  Address:
				

			 	
				
				  Citibank,
				  N.A.
 Legal
				  Department
 77
				  Water Street, 9th Floor

				  New York, New York
				  10004
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		-38-
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  Attention:
				

			 	
				
				  Department
				  Head
				

			 
	
				
				   
				

			 	
				
				  Facsimile
				  No.:
				

			 	
				
				  212-657-1452
				

			 

 

	 
		Address for
		notices or communications to Party B:
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  Address:
				

			 	
				
				  Genesis
				  Funding Limited
 Clarendon House

				  2 Church Street

				  Hamilton, HM11

				  Bermuda 
				

			 
	
				
				   
				

			 	
				
				  Attention:
				

			 	
				
				  The Company
				  Secretary
				

			 
	
				
				   
				

			 	
				
				  Facsimile
				  No.:
				

			 	
				
				  [  ]
				

			 

 

	 
		With a copy
		to:
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  Address:
				

			 	
				
				  Genesis Lease
				  Limited
 [  ]

				  [  ]
				

			 
	
				
				   
				

			 	
				
				  Attention:
				

			 	
				
				  [  ]
				

			 
	
				
				   
				

			 	
				
				  Facsimile
				  No.:
				

			 	
				
				  [  ]
				

			 

 

	 
		Address for
		notices or communications to the Policy Provider:
	 

	 
		A copy of each notice
		and communication to either Party A or Party B shall be delivered by Party B
		and Party A, respectively, and each Step-In Event Notice specified in Part 6(i)
		of this Schedule shall be delivered by Party A, to the Policy Provider as
		follows:
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  Address:
				

			 	
				
				  125 Park
				  Avenue
 New York,
				  New York 10017
				

			 
	
				
				   
				

			 	
				
				  Attention:
				

			 	
				
				  Surveillance,
				  Commercial Structured Finance
				

			 
	
				
				   
				

			 	
				
				  Facsimile
				  No.:
				

			 	
				
				  [  ]
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Process
				  Agent. For the
				  purpose of Section 13(c) of this Agreement: 
				

			 

 

	 
		Party A appoints as
		its Process Agent: not applicable.
	 

	 
		 
	 

	 

	 
	 

	 

	 
		-39-
	 

	 
		 
	 

	 
		Party B appoints as
		its Process Agent: [Corporation Services Company, Address: 1133 Avenue of the
		Americas, Suite 3100, New York, New York 10036.]
	 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Offices.
				  The provisions
				  of Section 10(a) will apply to this Agreement.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  Multibranch Party.
				  For the purpose
				  of Section 10(b) of this Agreement: 
				

			 

 

	 
		Party A is not a
		Multibranch Party. 
	 

	 
		Party B is not a
		Multibranch Party.
	 

	 
			
				
				   
				

			 	
				
				  (e)
				

			 	
				
				  Calculation Agent.
				  The Calculation
				  Agent will be Party A.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (f)
				

			 	
				
				  Credit
				  Support Document. With respect to Party A: the ISDA
				  Credit Support Annex (Unilateral Form) (ISDA Agreements Subject to New York Law
				  Only) entered into among the parties hereto and dated as of the date hereof
				  (the “Credit
				  Support Annex”); provided that Party A
				  shall not be required to post any Eligible Collateral unless a Transfer Event
				  has occurred and if a Transfer Event has occurred, Party A shall post Eligible
				  Collateral as required by the Credit Support Annex. With respect to Party B:
				  the Security Documents (as defined in the Indenture) and, upon the delivery of
				  an Assumption Notice pursuant to Part 6(i) of this Schedule, the provisions of
				  Part 6(i) of this Schedule and the Assumption Agreement executed and delivered
				  by the Policy Provider in respect of such Assumption Notice shall constitute a
				  Credit Support Document with respect to Party B.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (g)
				

			 	
				
				  Credit
				  Support Provider. Not applicable; provided,
				  however, that, upon the delivery of an Assumption Notice pursuant to Part 6(i)
				  of this Schedule, the Policy Provider shall be a Credit Support Provider with
				  respect to Party B.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (h)
				

			 	
				
				  Governing
				  Law. This
				  Agreement will be governed by and construed in accordance with the laws of the
				  State of New York.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  Jurisdiction. Section 13(b)(i) of this
				  Agreement is hereby amended by deleting in line 2 of paragraph 2 the word
				  “non-” and by deleting paragraph (iii) thereof. The following shall
				  be added at the end of Section 13(b): “Nothing in this provision shall
				  prohibit a party from bringing an action to enforce a money judgment in any
				  other jurisdiction.”
				

			 

 

	 
			
				
				   
				

			 	
				
				  (j)
				

			 	
				
				  “Affiliate” will have the meaning specified
				  in Section 14 of this Agreement.
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		-40-
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  (k)
				

			 	
				
				  Absence of
				  Litigation. For
				  the purpose of Section 3(c): “Specified Entity” means in relation to Party A and
				  Party B, none. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (l)
				

			 	
				
				  No
				  Agency. The
				  provisions of Section 3(g) will apply to this Agreement.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (m)
				

			 	
				
				  Additional
				  Representation will apply. For the purpose of
				  Section 3 of this Agreement, each of the following will constitute an
				  Additional Representation:
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  Relationship Between Parties.
				  Each party will
				  be deemed to represent to the other party on the date on which it enters into a
				  Transaction that (absent a written agreement between the parties that expressly
				  imposes affirmative obligations to the contrary for that Transaction):
				

			 

 

	 
			
				
				   
				

			 	
				
				  (1)
				

			 	
				
				  No
				  Reliance. It is
				  acting for its own account, and it has made its own independent decisions to
				  enter into that Transaction and as to whether that Transaction is appropriate
				  or proper for it based upon its own judgment and upon advice from such advisors
				  as it has deemed necessary. It is not relying on any communication (written or
				  oral) of the other party as investment advice or as a recommendation to enter
				  into that Transaction; it being understood that information and explanations
				  related to the terms and conditions of a Transaction shall not be considered
				  investment advice or a recommendation to enter into that Transaction. It has
				  not received from the other party any assurance or guarantee as to the expected
				  results of that Transaction.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (2)
				

			 	
				
				  Evaluation
				  and Understanding. It is capable of evaluating and
				  understanding (on its own behalf or through independent professional advice),
				  and understands and accepts, the terms, conditions and risks of that
				  Transaction. It is also capable of assuming, and assumes, the financial and
				  other risks of that Transaction.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (3)
				

			 	
				
				  Status of
				  Parties. The
				  other party is not acting as a fiduciary for or an advisor to it in respect of
				  that Transaction. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  Eligible
				  Contract Participant. (a) it is an “eligible
				  contract participant” within the of Section 1a(12) of the Commodity
				  
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		-41-
	 

	 
		 
	 

	 
		Exchange Act, as
		amended (the “CEA”), (b) this Agreement and each Transaction is
		subject to individual negotiation by each party, and (c) neither this Agreement
		nor any Transaction will be executed or traded on a “trading
		facility” within the meaning of Section 1a(33) of the CEA.
	 

	 
			
				
				   
				

			 	
				
				  (iii)
				

			 	
				
				  Financial
				  Institution.
				  With respect to Party A only, it is a “financial institution” as
				  defined in the Federal Deposit Insurance Corporation Improvement Act of 1991 or
				  Regulation EE promulgated by the Federal Reserve Board thereunder.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (n)
				

			 	
				
				  “Netting of
				  Payments”. Multiple Transaction Payment
				  Netting will not apply for purposes of Section 2(c) of this Agreement.
				

			 

 

	 
		Part 5
	 

	 
		Other
		Provisions
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  WAIVER
				  OF RIGHT TO TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY
				  WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY
				  HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING RELATING
				  TO THIS AGREEMENT.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Severability. Except as otherwise provided in
				  Sections 5(b)(i) or 5(b)(ii) in the event that any one or more of the
				  provisions contained in this Agreement should be held invalid, illegal, or
				  unenforceable in any jurisdiction, the validity, legality and enforceability of
				  the remaining provisions contained herein shall not in any way be affected or
				  impaired thereby. The parties shall endeavor, in good faith negotiations, to
				  replace the invalid, illegal or unenforceable provisions with valid provisions,
				  the economic effect of which comes as close as possible to that of the invalid,
				  illegal or unenforceable provisions.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Netting. In the event that any Terminated
				  Transaction cannot be aggregated and netted against all other Terminated
				  Transactions under Section 6(e) of the Agreement, such excluded Terminated
				  Transactions shall be aggregated and netted amongst themselves to the fullest
				  extent permitted by law.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  Escrow
				  Payments. If by
				  reason of the time difference between the cities in which payments are to be
				  made, it is not possible for simultaneous payments to be made on any date on
				  which both parties are required to make payments hereunder, either party may at
				  its option and in its sole discretion notify the other party that payments
				  
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		-42-
	 

	 
		 
	 

	 
		on that date are to
		be made in escrow. In this case the deposit of the payment due earlier on that
		date shall be made by 2:00 p.m. (local time at the place for the earlier
		payment) on that date with an escrow agent selected by the party giving the
		notice, accompanied by irrevocable payment instructions (i) to release the
		deposited payment to the intended recipient upon receipt by the escrow agent of
		the required deposit of the corresponding payment from the other party on the
		same date accompanied by the irrevocable payment instructions to the same
		effect or (ii) if the required deposit of the corresponding payment is not made
		on that same date, to return the payment deposited to the party that paid it
		into escrow. The party that elects to have payments made in escrow shall pay
		the costs of the escrow arrangements and shall cause those arrangements to
		provide that the intended recipient of the payment due to be deposited first
		shall be entitled to interest on that deposited payment for each day in the
		period of its deposit at the rate offered by the escrow agent for that day for
		overnight deposits in the relevant currency in the office where it holds that
		deposited payment (at 11:00 am. local time on that day) if that payment is not
		released by 5:00 p.m. on the date it is deposited for any reason other than the
		intended recipients’ failure to make the escrow
		deposit it is required to make hereunder in a timely fashion.
	 

	 
			
				
				   
				

			 	
				
				  (e)
				

			 	
				
				  Notice of
				  Events of Default. Each party agrees, upon learning
				  of the occurrence of any event or commencement of any condition that
				  constitutes (or that with the giving of notice or passage of time or both would
				  constitute) an Event of Default or Termination Event with respect to such
				  party, promptly to give the other party and the Policy Provider notice of such
				  event or condition (or, in lieu of giving notice of such event or condition in
				  the case of an event or condition that with the giving of notice or passage of
				  time or both would constitute an Event of Default or Termination Event with
				  respect to the party, to cause such event or condition to cease to exist before
				  becoming an Event of Default or Termination Event).
				

			 

 

	 
			
				
				   
				

			 	
				
				  (f)
				

			 	
				
				  Recording
				  of Conversations. Each party hereto consents to
				  the recording of its telephone conversations relating to this Agreement or any
				  potential Transaction. To the extent that one party records telephone
				  conversations (the “Recording Party”) and the other party does not
				  (the “Non-Recording
				  Party”
				  ), the Recording Party
				  shall, in the event of any dispute, make a complete and unedited copy of such
				  party ’s tape of the entire
				  day’s conversations with the
				  Non-Recording Party’s personnel available to the
				  Non-Recording Party. The Recording Party’s tapes may be used by either
				  party in any forum in which a 
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		-43-
	 

	 
		 
	 

	 
		dispute is sought to
		be resolved and the Recording Party will retain tapes for a consistent period
		of time in accordance with the Recording Party’s policy unless one party
		notifies the other that a particular transaction is under review and warrants
		further retention.
	 

	 
			
				
				   
				

			 	
				
				  (g)
				

			 	
				
				  2002
				  Master Agreement Protocol. The parties agree that the
				  definitions and provisions contained in Annexes 1 to 16 and Section 6 of the
				  2002 Master Agreement Protocol published by the International Swaps and
				  Derivatives Association, Inc. on 15th July, 2003 are incorporated into and
				  apply to this Agreement.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (h)
				

			 	
				
				  Set-off.
				  Notwithstanding
				  Section 6(f) but without affecting the provisions of this Agreement requiring
				  the calculation of certain net payment amounts, as a result of an Event of
				  Default or Additional Termination Event or otherwise, all payments under this
				  Agreement will be made without setoff, offset or counterclaim.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  Assignment
				  and Assumption.
				  Party A and Party B each acknowledge and agree that, notwithstanding the
				  provisions of Section 7 of this Agreement, Party A will not unreasonably
				  withhold or delay its consent to assignment of this Agreement or any
				  Transaction hereunder by Party B to an Affiliate or a third party (whether by
				  way of merger or otherwise), provided that (i) such assignment and assumption
				  of this Agreement or any Transaction hereunder is properly documented and
				  executed by all relevant parties, and (ii) Party A obtains credit approval in
				  respect of any such Affiliate or third party (or surviving entity).
				  Additionally and for the avoidance of doubt, Party A consents to the assumption
				  of this Agreement or any Transaction hereunder by the Policy Provider upon the
				  delivery of an Assumption Notice by the Policy Provider to Party A.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (j)
				

			 	
				
				  Termination of Individual
				  Transactions. Party A and Party B each
				  acknowledge and agree that each Transaction entered into under this Agreement
				  may be terminated prior to its scheduled “Termination Date” (or
				  equivalent) by agreement between the parties. Party A may, in its sole
				  discretion, quote a price in respect of any such individual Transaction
				  termination to Party B upon the request of Party B. Any such price shall be
				  determined by Party A in its sole discretion acting in good faith and in a
				  commercially reasonable manner.
				

			 

 

	 
		 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		-44-
	 

	 
		 
	 

	 
		Part 6
	 

	 
		Provisions
		Relating to the Indenture
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Indenture.
				  Reference is
				  hereby made to the Trust Indenture (the “Indenture”) to be entered into among
				  Party B, [    ], in its capacity as the person accepting
				  appointment as the Trustee under the Indenture and as Operating Bank,
				  [    ], in its capacity as Cash Manager, a
				  [    ], [    ], as the Initial
				  Liquidity Facility Provider and Financial Guaranty Insurance Company, a New
				  York stock insurance company (the “Policy Provider”). Capitalized terms used in this
				  Agreement but not otherwise defined herein shall have the meanings assigned to
				  them in the Indenture.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Limited
				  Recourse. The
				  obligations of Party B under this Agreement or arising in connection with this
				  Agreement are limited recourse obligations of Party B, payable solely from the
				  Collateral in accordance with Section 3.09 and Article X of the Indenture, and
				  following realization of the Collateral in accordance with Section 3.09 and
				  Article X of the Indenture, all obligations of and all claims against Party B
				  hereunder or arising in connection herewith shall be extinguished and shall not
				  thereafter revive. No recourse shall be had against any officer, member,
				  shareholder, director, employee, security holder or incorporator of Party B or
				  its successors or assigns for the payment of any amounts payable hereunder. It
				  is understood that the foregoing provisions of this Part 6(b) shall not
				  constitute a waiver, release or discharge of any indebtedness or obligation
				  evidenced by this Agreement or secured by the Indenture until all Collateral
				  has been realized, whereupon any outstanding indebtedness or obligation shall
				  be extinguished. It is further understood that the foregoing provisions of this
				  Part 6(b) shall not limit the right of any Person to name Party B as a party
				  defendant in any action or suit or in the exercise of any other remedy under
				  this Agreement, so long as no judgment in the nature of a deficiency judgment
				  or seeking personal liability shall be asked for or (if obtained) enforced
				  against any such person or entity.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Assignment. Notwithstanding the provision of
				  Section 7, Party B may assign and delegate its rights and obligations under
				  this Agreement to the Trustee as provided in the Indenture.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  No
				  Petition for Bankruptcy. Party A may not, prior to the
				  date which is one year and one day, or if longer the applicable preference
				  period then in effect, after the payment in full of all of the Notes, institute
				  against, or join any other person or entity in instituting against, Party B any
				  bankruptcy, reorganization, arrangement, insolvency, moratorium 
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		-45-
	 

	 
		 
	 

	 
		or liquidation
		proceedings, or other proceedings under federal or state bankruptcy or similar
		laws (of any jurisdiction). Nothing in this Part 6(d) shall preclude, or be
		deemed to stop, Party A (i) from taking any action prior to the expiration of
		the aforementioned one year and one day period, or if longer the applicable
		preference period then in effect, in (A) any case or proceeding voluntarily
		filed or commenced by Party B or (B) any involuntary insolvency proceeding
		filed or commenced by a person or entity other than Party A or any of its
		affiliates, or (ii) from commencing against Party B or any of its properties
		any legal action which is not a bankruptcy, reorganization, arrangement,
		insolvency, moratorium, liquidation or similar proceeding.
	 

	 
			
				
				   
				

			 	
				
				  (e)
				

			 	
				
				  Rating
				  Agency Confirmation and Policy Provider Consent of Amendments, Assignments and
				  Transfers. All
				  amendments, transfers and assignments hereunder and other modifications of the
				  provisions hereof (including, without limitation, any modification made through
				  a Confirmation and any termination of a Transaction under Part 5(j) of this
				  Schedule) after the closing date for the issuance of the Notes shall require
				  Party B to obtain (i) prior written confirmations from S&P and
				  Moody’s that such amendment, transfer
				  or assignment, as the case may be, will not result in the lowering,
				  qualification or withdrawal by such rating agency of its then current credit
				  rating of the Class G-1 Notes (determined without regard to the Policy), and
				  (ii) prior written consent of the Policy Provider.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (f)
				

			 	
				
				  Additional
				  Covenant of Party B. Party B covenants that it will
				  not, without the prior written consent of Party A, enter into any amendment,
				  modification or supplement to the Indenture that would adversely affect the
				  rights of Party A hereunder in a material manner. Party B will furnish to Party
				  A a copy of each proposed and each executed agreement evidencing each
				  amendment, modification or supplement of the Indenture, as applicable, and
				  copies of any related Rating Agency Confirmations and Board Resolutions in
				  accordance with the terms of the Indenture.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (g)
				

			 	
				
				  Downgrade
				  Provisions.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (1)
				

			 	
				
				  If a Transfer
				  Event occurs, Party A shall within 30 days of the occurrence of such Transfer
				  Event either (i) deliver to the Trustee on behalf of and for the benefit of
				  Party B Eligible Credit Support of such types, in such amounts and at such
				  times as required pursuant to, and as defined in, the Credit Support Annex to
				  maintain the then current rating of the Class G-1
				  Notes by S&P
				  and Moody’s, (ii) find a replacement Hedge 
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		-46-
	 

	 
		 
	 

	 
		Counterparty that
		satisfies the Hedge Counterparty Ratings Requirement, (iii) obtain a guarantor
		with such form of guarantee meeting S&P’s and Moody’s then
		current published criteria (if so published) with respect to guarantees for the
		obligations of Party A under this Agreement with (x) a long-term senior,
		unsecured debt rating from S&P and Moody’s of at least
		“A+” or a short- term unsecured
		debt rating from S&P and Moody’s of at least 
		“A-1” and (y) either a long-term
		senior, unsecured debt rating from Moody’s of at least “Al” or a
		long-term senior, unsecured debt rating from Moody’s of at least
		“A2” and a short-term unsecured
		debt rating from Moody’s, of at least “P-1” or (iv) take such other
		steps as S&P or Moody’s may require to ensure that the then-current
		ratings of the Class G-1 Notes by S&P and Moody’s are not reduced or
		withdrawn. Upon finding a replacement pursuant to clause (ii) above, successful
		consummation of any guarantee pursuant to clause (iii) above, or the taking of
		such steps as required pursuant to clause (iv) above, Party A’s
		obligations to deliver Eligible Credit Support contemplated above shall
		terminate and Party B shall return to Party A any then-delivered Eligible
		Credit Support. Party A shall pay its own costs due to the occurrence of a
		Transfer Event.
	 

	 
			
				
				   
				

			 	
				
				  (2)
				

			 	
				
				  If at any
				  time a Substitution Event has occurred and is continuing, then Party A will,
				  (x) in the case of a Substitution Event referred to in sub-clause (a) or (b) of
				  the definition thereof, within 10 Business Days following such Substitution
				  Event or (y) in the case of a Substitution Event referred to in sub-clause (c)
				  of the definition thereof, within 5 Business Days following such Substitution
				  Event, assign its rights and obligations under this Agreement, at no cost to
				  Party B, to a party (the “Substitute Party”) selected by Party A that (i)
				  satisfies the Hedge Counterparty Ratings Requirement, and (ii) assumes all of
				  Party A’s obligations under this
				  Agreement pursuant to an agreement satisfactory to Party B provided, however,
				  that such right shall be subject to the assumption by the Substitute Party of
				  all of Party A’s obligations thereunder and
				  subject to the payment to Party A or by Party A (as applicable) of the
				  “Substitution Assignment
				  Amount” (as defined herein) or such
				  lesser or greater amount as Party A and such Substitute Party may agree, which
				  in either case shall be the only amount payable by or to Party A in connection
				  with such assignment. If Party A fails to assign its rights and 
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		-47-
	 

	 
		 
	 

	 
		obligations under
		this Agreement to a Substitute Party within 10 Business Days following such
		Substitution Event (in the case of a Substitution Event referred to in
		sub-clause (a) or (b) of the definition thereof) or within 5 Business Days
		following such Substitution Event (in the case of a Substitution Event referred
		to in sub-clause (c) of the definition thereof above), then (x) Party A shall,
		while it continues in good faith to search for an eligible Substitute Party,
		deliver Eligible Credit Support as required pursuant to the Credit Support
		Annex and (y) Party B shall have the right to declare an Additional Termination
		Event pursuant to Part 1(n)(xi), with Party A as the sole Affected Party and
		all Transactions as Affected Transactions, and terminate this Agreement with
		all properly incurred costs of such termination to be paid by Party A. Upon
		successful consummation of the assignment to a Substitute Party as contemplated
		in this Part 6(g)(2), Party A’s obligations to deliver Eligible
		Credit Support as contemplated in Part 6(g)(1) shall terminate and Party B
		shall return to Party A any then-delivered Eligible Credit Support. The
		“Substitution Assignment
		Amount” shall be calculated in
		accordance with Section 6(e) of the Agreement as if the date of determination
		were an Early Termination Date for which all Transactions were Affected
		Transactions and Party A were the sole Affected Party.
	 

	 
			
				
				   
				

			 	
				
				  (h)
				

			 	
				
				  Acknowledgment of Security
				  Interest. Party
				  A hereby acknowledges and consents to Party B’s grant of all its right, title
				  and interest in, to and under, in each case, whether now owned or existing, or
				  hereafter acquired or arising, this Agreement (including, without limitation,
				  its right to payments due to it hereunder or with respect hereto), pursuant to
				  the terms of the Security Trust Agreement, to the Security Trustee, for the
				  benefit of the persons identified therein, and further acknowledges and agrees
				  that the Security Trustee may directly enforce the rights of Party B hereunder.
				  For the purpose of the security granted pursuant to the Security Trust
				  Agreement, Party B hereby irrevocably appoints the Security Trustee its agent
				  and attorney-in-fact for enforcing its rights hereunder, which appointment is
				  coupled with an interest, and Party B confirms that notice of such appointment
				  has been effectively given to the Security Trustee. Party A agrees that, unless
				  notified in writing by the Security Trustee of other payment instructions, any
				  and all amounts payable by Party A to Party B under this Agreement will be paid
				  to the Security Trustee, at such account as the Security Trustee specifies in
				  writing to Party A.
				

			 

 

	 
		 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		-48-
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  Step-in
				  Rights of the Policy Provider. (i) Party A shall, promptly
				  following the occurrence of a Step-In Event, deliver to the Policy Provider
				  written notice (the “Step-In Event
				  Notice”) of the occurrence of an Event
				  of Default as to which Party B is the Defaulting Party (except an Event of
				  Default under Section 5(a)(vii) (a “Non-Step-In Event of
				  Default ”)) or of a Termination Event as
				  to which Party B is an Affected Party (except an Additional Termination Event
				  under Part 1(n)(i), (iii), (v), (vi), (viii), (ix), (x) or (xi) (a “Non-Step-In Termination
				  Event”)) (each of the foregoing Events
				  of Default or Termination Events that is not a Non-Step-In Event of Default or
				  a Non-Step-In Termination Event, a “Step-In Event”). If a Step-In Event has
				  occurred and is continuing, then (so long as no Policy Provider Default has
				  occurred and is then continuing and subject to the Step-In Condition set forth
				  in clause (iii) below), the Policy Provider may, by notice in writing to Party
				  A and Party B within 10 Business Days of receipt by the Policy Provider from
				  Party A of the Step-In Event Notice (an “Assumption Notice”), irrevocably assume all payment
				  obligations of Party B hereunder. If the Policy Provider so delivers an
				  Assumption Notice, then, from and after the date on which such Assumption
				  Notice is given:
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  the Policy
				  Provider shall be obligated to make all payments under this Agreement that
				  otherwise would be made by Party B as and when due under this Agreement
				  (determined, however, without regard to Part 6(b) of this Schedule), including
				  all payments due and owing by Party B, but unpaid, on and as of the date on
				  which such Assumption Notice is given (and, for the avoidance of doubt, Party B
				  shall not be obligated to make any further payments to Party A);
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  Party A shall
				  continue to make to Party B all payments that it is required to make under this
				  Agreement (and, for the avoidance of doubt, Party A will make no payments under
				  this Agreement to the Policy Provider); and
				

			 

 

	 
			
				
				   
				

			 	
				
				  (iii)
				

			 	
				
				  Party A shall
				  have no right to terminate this Agreement due to any Event of Default or
				  Termination Event with respect to Party B after the Policy Provider has
				  delivered its Assumption Notice to Party A, it being understood that nothing in
				  this Part 6(i) shall limit the ability of Party A to terminate this Agreement
				  due to an Event of Default or Termination Event with respect to the Policy
				  Provider after the Policy Provider shall become a Credit Support Provider of
				  Party B.
				

			 

 

	 
		 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		-49-
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  (1)
				

			 	
				
				  Without
				  limiting anything above in this Part 6(i), if requested by Party A, the Policy
				  Provider shall execute and deliver to Party A, promptly following such request,
				  an assumption agreement in form and substance satisfactory to Party A in its
				  sole discretion to further effectuate the provisions set forth in this Part
				  6(i) (an “Assumption Agreement”).
				

			 

 

	 
			
				
				   
				

			 	
				
				  (2)
				

			 	
				
				  The option of
				  the Policy Provider as set forth under this Part 6(i) is subject to the
				  condition precedent (the “Step-In Condition”) that, as of the date that the
				  Assumption Notice is furnished under clause (i) above, the claims paying
				  ability rating of the Policy Provider by S&P is “AAA” and the financial strength
				  rating by Moody’s is “Aaa”.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (j)
				

			 	
				
				  Additional
				  Defined Terms.
				

			 

 

	 
		“Hedge Counterparty Ratings
		Requirement” means, with respect to the Hedge
		Ratings Determining Party, (a) either (i) both (x) the short-term unsecured
		debt rating of such Hedge Ratings Determining Party by Moody’s is not withdrawn, suspended or
		downgraded below “P-1” and (y) the long-term senior,
		unsecured debt rating of such Hedge Ratings Determining Party by
		Moody’s is not withdrawn, suspended or
		downgraded below “A2” or (ii) if such Hedge Ratings
		Determining Party has no short-term unsecured debt rating from
		Moody’s, the long-term senior,
		unsecured debt rating of such Hedge Ratings Determining Party by
		Moody’s is not withdrawn, suspended or
		downgraded below “Al” and (b) either (i) the
		short-term unsecured debt rating of such Hedge Ratings Determining Party is not
		withdrawn, suspended or downgraded below “A-1” by S&P or (ii) if such Hedge
		Ratings Determining Party does not have a short-term unsecured debt rating from
		S&P, the long-term senior, unsecured debt rating of such Hedge Ratings
		Determining Party by S&P is not withdrawn, suspended or downgraded below
		“A+”.
	 

	 
		“Hedge Ratings Determining
		Party” means (a) unless clause (b) of
		this definition applies with respect to any Permitted Hedge Agreement, the
		counterparty to Party B thereto or any transferee thereof or (b) any Affiliate
		of such Person or any transferee thereof that unconditionally and absolutely
		guarantees (with the form of such guarantee meeting S&P’s then current published criteria
		with respect to guarantees as of the date such guarantee was entered into) the
		obligations of such counterparty to Party B or such transferee, as the case may
		be, under 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		-50-
	 

	 
		 
	 

	 
		the Permitted Hedge
		Agreements. For purposes of this definition, no direct or indirect recourse
		against one or more shareholders of such counterparty to Party B or any such
		transferee (or against any Person in control of, or controlled by, or under
		common control with, any such shareholder) shall be deed to constitute a
		guarantee, security or support of obligations of such Person or any such
		transferee.
	 

	 
		“Permitted Hedge
		Agreement” means one or more interest rate
		swap agreements on substantially identical terms to this Agreement.
	 

	 
		“Substitution
		Event” means the occurrence of any of
		the following for so long as any Notes are Outstanding: (a) the long-term
		senior, unsecured debt rating of Party A from S&P is withdrawn, suspended
		or downgraded below “A-”, or, if no long-term senior,
		unsecured debt rating from S&P is available, the short-term unsecured debt
		rating of Party A from S&P is withdrawn, suspended or downgraded below
		“A-2”, or (b) the short-term unsecured
		debt rating of Party A from Moody’s is withdrawn, suspended or
		downgraded below “P-2”or the long-term senior,
		unsecured debt rating of Party A from Moody’s is withdrawn, suspended or
		downgraded below “A3” or, if Party A does not have a
		short-term unsecured debt rating from Moody’s, the long-term senior,
		unsecured debt rating of Party A from Moody’s is withdrawn, suspended or
		downgraded below “A3”, or (c) the failure of Party A
		to comply with Part 6(g)(1) of this Schedule.
	 

	 
		“Transfer Event” provided that no Substitution
		Event has occurred and is continuing, means any of the following events: (a)
		the short-term unsecured debt rating of Party A from Moody’s is below “P-1” or the long-term senior,
		unsecured debt rating of Party A from Moody’s is withdrawn, suspended or
		downgraded below “A2”, (b) if Party A does not have a
		short-term unsecured debt rating from Moody’s, the long-term senior,
		unsecured debt rating of Party A from Moody’s is withdrawn, suspended or
		downgraded below “Al” or (c) the short-term unsecured
		debt rating of Party A from S&P is withdrawn, suspended or downgraded below
		“A-1” or, if no short-term unsecured
		debt rating is available from S&P, the long-term senior, unsecured debt
		rating of Party A is withdrawn, suspended or downgraded below “A+”.
	 

	 
			
				
				   
				

			 	
				
				  (k)
				

			 	
				
				  Acknowledgment Regarding Policy
				  Provider. The
				  parties agree that prior to a duly delivered Assumption Notice pursuant to Part
				  6(i) of this Schedule, the Policy Provider is party to this Agreement solely
				  for purposes of Part 4(a), Part 5(i) and Part 6(i) of this Schedule.
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		IN WITNESS
		WHEREOF the
		parties have executed this document on the respective dates specified below
		with effect from the date specified on the first page of this document.
	 

	 
		 
	 

	 
		
		  	
				  
					 CITIBANK, N.A.
				  

					
				  
					  
				  

					
				  
					 GENESIS
					 FUNDING LIMITED
				  

				
	

				  
					  
				  

					
				  
					  
				  

					

				  
					  
				  

				
	
				  
					 By:
				  

					
				  
					  
				  

					
				  
					 By:
				  

				
	
				  
					 Name:
				  

					
				  
					  
				  

					
				  
					 Name:
				  

				
	
				  
					 Title:
				  

					
				  
					  
				  

					
				  
					 Title:
				  

				

 

		
		   
		

		
		   
		

		
		  	
				  
					  
				  

					
				  
					  
				  

					
				  
					 FINANCIAL GUARANTY INSURANCE
					 COMPANY, as Policy Provider
				  

				
	
				  
					  
				  

					
				  
					  
				  

					

				  
					  
				  

				
	
				  
					  
				  

					
				  
					  
				  

					
				  
					 By:
				  

				
	
				  
					  
				  

					
				  
					  
				  

					
				  
					 Name:
				  

				
	
				  
					  
				  

					
				  
					  
				  

					
				  
					 Title:2006 GENESIS LEASE
		LIMITED
	 

	 
		SHARE INCENTIVE
		PLAN
	 

	 
			
				
				  1.
				

			 	
				
				  Purpose of
				  the Plan
				

			 

 

	 
		The purpose of the
		Plan is to promote the Company and its Affiliates’ interests and the
		interests of our shareholders by (i) attracting and retaining exceptional
		officers, directors and other key employees; (ii) motivating such individuals
		by means of performance-related incentives to achieve long-range performance
		goals; and (iii) enabling such individuals to participate in the Company and
		its Affiliates’ long-term growth and financial success. 
	 

	 
			
				
				  2.
				

			 	
				
				  Definitions
				

			 

 

	 
		The following
		capitalized terms used in the Plan have the respective meanings set forth in
		this Section:
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Act: The United States Securities
				  Exchange Act of 1934, as amended, or any successor thereto.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  ADS: An American Depository Share
				  that represents the right to receive one common share of the Company and is
				  evidenced by an American Depository Receipt.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Affiliate: With respect to the Company,
				  any entity directly or indirectly controlling, controlled by, or under common
				  control with, the Company or any other entity designated by the Board in which
				  the Company or an Affiliate has an interest.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  Award: An Option, Share Appreciation
				  Right or Other Share-Based Award granted pursuant to the Plan.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (e)
				

			 	
				
				  Award
				  Agreement: The
				  agreement between the Company and a Participant which contains the terms,
				  conditions and restrictions pertaining to the Participant’s Award.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (f)
				

			 	
				
				  Beneficial
				  Owner: A
				  “beneficial owner”, as such term is defined in Rule 13d-3 under the
				  Act (or any successor rule thereto).
				

			 

 

	 
			
				
				   
				

			 	
				
				  (g)
				

			 	
				
				  Board: The Board of Directors of the
				  Company.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (h)
				

			 	
				
				  Change in
				  Control: The
				  occurrence of any of the following events: 
				

			 

 

	 
		(i) the sale or
		disposition, in one or a series of related transactions, of all or
		substantially all, of the assets of the Company to any “person” or
		“group” (as such terms are defined in Sections 13(d)(3) or 14(4)(2)
		of the Act) other than the Permitted Holders;
	 

	 
		(ii) any person or
		group, other than the Permitted Holders, is or becomes the Beneficial Owner
		(except that a person shall be deemed to have 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		“beneficial
		ownership” of all shares that any such person has the right to acquire,
		whether such right is exercisable immediately or only after the passage of
		time), directly or indirectly, of more than 50% of the total voting power of
		the voting shares of the Company (or any entity which controls the Company),
		including by way of merger, amalgamation, consolidation, tender or exchange
		offer or otherwise; 
	 

	 
		(iii) during any
		period of two consecutive years, individuals who at the beginning of such
		period constituted the Board (together with any new directors whose election by
		such Board or whose nomination for election by the shareholders of the Company
		was approved by a vote of a majority of the directors of the Company, then
		still in office, who were either directors at the beginning of such period or
		whose election or nomination for election was previously so approved) cease for
		any reason to constitute a majority of the Board, then in office; or
	 

	 
		(iv) Approval by the
		shareholders of the Company of a complete liquidation or dissolution of the
		Company.
	 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  Committee: The Compensation Committee of
				  the Board.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (j)
				

			 	
				
				  Company: Genesis Lease Limited, a
				  Bermuda company.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (k)
				

			 	
				
				  Effective
				  Date: The date
				  the Board approves the Plan, or such later date as is designated by the
				  Board.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (l)
				

			 	
				
				  Employment: The term “Employment”
				  as used herein shall be deemed to refer to (i) a Participant’s employment
				  if the Participant is an employee of the Company or any of its Subsidiaries or
				  Affiliates, and (ii) a Participant’s services as an non-employee director,
				  if the Participant is a non-employee member of the Board.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (m)
				

			 	
				
				  Fair
				  Market Value: On a given date, (i) if
				  there should be a public market for the Shares on such date, the value of a
				  Share at the closing of trading on such date on the principal exchange on which
				  the Shares are then trading, if any, or if Shares were not traded on such date,
				  then on the closest preceding date on which a trade occurred, or, if the Shares
				  are not listed or admitted on any national securities exchange, the value of a
				  Share at the closing of trading on such date as reported by the National
				  Association of Securities Dealers Automated Quotation System (or such market in
				  which such prices are regularly quoted)(the “NASDAQ”) or, if no sale
				  of Shares shall have been reported on any national securities exchange or
				  quoted on the NASDAQ on such date, then the immediately preceding date on which
				  sales of the Shares have been so reported or quoted shall be used, and (ii) if
				  there should not be a public market for the Shares on such date, the Fair
				  Market Value shall be the value established by the Committee in good faith;
				  provided, however, that for purposes of any Awards
				  to be granted on the Effective Date, the Fair Market Value of a Share on the
				  Effective Date shall mean the initial public offering price of each Share in
				  the Company’s initial public offering.
				

			 

 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 

	 
	 

	 

	 
			
				
				   
				

			 	
				
				  (n)
				

			 	
				
				  LSAR: A limited share appreciation
				  right granted pursuant to Section 9(d) of the Plan.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (o)
				

			 	
				
				  Other
				  Share-Based Awards: Awards granted pursuant to
				  Section 10 of the Plan.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (p)
				

			 	
				
				  Option: An option granted pursuant to
				  Section 8 of the Plan.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (q)
				

			 	
				
				  Option
				  Price: The
				  purchase price per Share of an Option, as determined pursuant to Section 8(b)
				  of the Plan.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (r)
				

			 	
				
				  Participant: An employee or director who is
				  selected by the Committee to participate in the Plan.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (s)
				

			 	
				
				  Permitted
				  Holder: As of
				  the date of determination, any and all of an employee benefit plan (or trust
				  forming a part thereof) maintained by (A) the Company or (B) any corporation or
				  other Person of which a majority of its voting power of its voting equity
				  securities or equity interest is owned, directly or indirectly, by the
				  Company.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (t)
				

			 	
				
				  Person: A “person”, as such
				  term is used for purposes of Section 13(d) or 14(d) of the Act (or any
				  successor section thereto).
				

			 

 

	 
			
				
				   
				

			 	
				
				  (u)
				

			 	
				
				  Plan: The 2006 Genesis Lease Limited
				  Share Incentive Plan.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (v)
				

			 	
				
				  Share: A common share of the
				  Company.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (w)
				

			 	
				
				  Share
				  Appreciation Right: A share appreciation right
				  granted pursuant to Section 9 of the Plan.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (x)
				

			 	
				
				  Subsidiary: Any Person of which a majority
				  of the outstanding voting securities or other equity interests are owned,
				  directly or indirectly, by the Company. 
				

			 

 

	 
			
				
				  3.
				

			 	
				
				  Shares
				  Subject to the Plan
				

			 

 

	 
		The total number of
		Shares which may be issued under the Plan is
		[                 ],
		subject to adjustments under Section 11. The Shares shall, until issued,
		consist of unissued Shares. The issuance of Shares under the terms of this Plan
		or in consideration of the cancellation or termination of an Award shall reduce
		the total number of Shares available under the Plan, as applicable. In the
		event that any outstanding Award expires, is forfeited, cancelled or otherwise
		terminated without consideration therefor, the Shares allocable to such Award,
		including the unexercised portion of any Award, shall again be available for
		the purposes of the Plan. Any Shares delivered to the Company as part or full
		payment for the purchase price of an Award granted under this Plan or to
		satisfy the Company’s withholding obligation with respect to an Award
		granted under this Plan, shall again be available for Awards under the
		Plan.
	 

	 
			
				
				  4.
				

			 	
				
				  Administration
				

			 

 

	 
		The Plan shall be
		administered by the Committee, which may delegate its duties and powers in
		whole or in part to any subcommittee thereof. Awards may, in the discretion of
		the 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 

	 
	 

	 

	 
		Committee, be made
		under the Plan in assumption of, or in substitution for, outstanding Awards
		previously granted by the Company or its Affiliates or a company acquired by
		the Company or with which the Company combines. The number of Shares underlying
		such substitute awards shall be counted against the aggregate number of Shares
		available for Awards under the Plan. The Committee is authorized to interpret
		the Plan, to establish, amend and rescind any rules and regulations relating to
		the Plan, and to make any other determinations that it deems necessary or
		desirable for the administration of the Plan. The Committee may correct any
		defect or supply any omission or reconcile any inconsistency in the Plan in the
		manner and to the extent the Committee deems necessary or desirable. Any
		decision of the Committee in the interpretation and administration of the Plan,
		as described herein, shall lie within its sole and absolute discretion and
		shall be final, conclusive and binding on all parties concerned (including, but
		not limited to, Participants and their beneficiaries or successors). The
		Committee shall have the full power and authority to establish the terms and
		conditions of any Award consistent with the provisions of the Plan and to waive
		any such terms and conditions at any time (including, without limitation,
		accelerating or waiving any vesting conditions). The Committee shall require
		payment of any amount it may determine to be necessary to withhold for federal,
		state, local or other taxes as a result of the exercise, grant or vesting of an
		Award. Unless the Committee specifies otherwise, the Participant may elect to
		pay a portion or all of such withholding taxes by (a) delivery in Shares or (b)
		having Shares withheld by the Company from any Shares that would have otherwise
		been received by the Participant.
	 

	 
			
				
				  5.
				

			 	
				
				  Shares
				  underlying Awards
				

			 

 

	 
		Unless otherwise
		determined by the Committee, all Shares issued in respect of any Award granted
		hereunder shall be in the form of ADS’s.
	 

	 
			
				
				  6.
				

			 	
				
				  Limitations
				

			 

 

	 
		No Award may be
		granted under the Plan after the tenth anniversary of the Effective Date, but
		Awards theretofore granted may extend beyond that date.
	 

	 
			
				
				  7.
				

			 	
				
				  General
				  Terms
				

			 

 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Eligibility. The Committee is authorized to
				  grant Awards to directors and employees of the Company and its Affiliates. The
				  selection of Participants is within the sole discretion of the Committee.
				  
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Types of
				  Awards. Awards under the Plan may be
				  granted in any one or a combination of: (a) Options, (b) Share Appreciation
				  Rights (including Limited Share Appreciation Rights) and (c) Other Share-Based
				  Awards. Awards granted under the Plan shall be evidenced by Award Agreements
				  (which need not be identical) that provide additional terms and conditions
				  associated with such Awards (including, without limitation, the effect of a
				  Participant’s termination of Employment upon such Awards), as determined
				  by the Committee in its sole discretion; provided,
				  however, that in the event of any conflict between the
				  provisions of the Plan and any such agreement, the provisions of the Plan shall
				  prevail. 
				

			 

 

	 
			
				
				  8.
				

			 	
				
				  Terms and
				  Conditions of Options 
				

			 

 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 

	 
	 

	 

	 
		Options granted under
		the Plan shall be subject to the foregoing and the following terms and
		conditions and to such other terms and conditions, not inconsistent therewith,
		as the Committee shall determine:
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Number of
				  Shares. Each
				  Award Agreement with respect to the Options shall specify the number of Shares
				  that are subject to the Option and shall provide for the adjustment of such
				  number in accordance with Section 11 hereof. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Option
				  Price. The
				  Committee shall determine, in its sole discretion, the Option Price under any
				  Option on the date of grant and set forth the Option Price in the Award
				  Agreement; provided that the Option Price per Share shall not be less than the
				  greater of the Fair Market Value of a Share on the date of grant or the par
				  value of a Share on the date of grant. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Exercisability. Options granted under the Plan
				  shall be exercisable at such time and upon such terms and conditions as may be
				  determined by the Committee, but in no event shall an Option be exercisable
				  more than ten years after the date it is granted.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  Exercise
				  of Options. Except as otherwise
				  provided in the Plan or in an Award Agreement, an Option may be exercised for
				  all, or from time to time any part, of the Shares for which it is then
				  exercisable. For purposes of Section 8 of the Plan, the exercise date of an
				  Option shall be the later of the date a notice of exercise is received by the
				  Company and, if applicable, the date payment is received by the Company
				  pursuant to clauses (i), (ii), (iii) or (iv) in the following sentence. The
				  purchase price for the Shares as to which an Option is exercised shall be paid
				  to the Company in full at the time of exercise at the election of the
				  Participant (i) in cash or its equivalent (e.g., by check), (ii) to the extent
				  permitted by the Committee, in Shares having a Fair Market Value equal to the
				  aggregate Option Price for the Shares being purchased and satisfying such other
				  requirements as may be imposed by the Committee, (iii) partly in cash and, to
				  the extent permitted by the Committee, partly in such Shares or (iv) if there
				  is a public market for the Shares at such time, through the delivery of
				  irrevocable instructions to a broker to sell Shares obtained upon the exercise
				  of the Option and to deliver promptly to the Company an amount out of the
				  proceeds of such sale equal to the aggregate Option Price for the Shares being
				  purchased; provided, in each case, that such method results in the Shares being
				  issued as fully paid under Bermuda law. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (e)
				

			 	
				
				  Shareholder
				  Rights. No
				  Participant shall have any rights to dividends or other rights of a shareholder
				  with respect to Shares subject to an Option until the Participant has given
				  written notice of exercise of the Option, paid in full for such Shares and, if
				  applicable, has satisfied any other conditions imposed by the Committee
				  pursuant to the Plan.
				

			 

 

	 
			
				
				   
				

			 	
				
				  9.
				

			 	
				
				  Terms and
				  Conditions of Share Appreciation Rights 
				

			 

 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 

	 
	 

	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Grants. The Committee also may grant Share Appreciation
				  Rights. Each Share Appreciation Right shall entitle a Participant upon exercise
				  to an amount equal to (i) the excess of (A) the Fair Market Value on the
				  exercise date of one Share over (B) the per Share exercise price of the Share
				  Appreciation Right, times (ii) the number of Shares covered by the Share
				  Appreciation Right. The Share Appreciation Rights shall be evidenced by an
				  Award Agreement, which shall specify the terms and conditions of such awards,
				  as determined by the Committee in its sole discretion, including the number of
				  Shares covered by the Share Appreciation Right, the exercise price of the Share
				  Appreciation Right (which shall not be less than the greater of the Fair Market
				  Value or par value of a Share on the date the Share Appreciation Right is
				  granted), the period over which the Share Appreciation Right may be exercised
				  and such other terms and conditions not inconsistent with the Plan. The Share
				  Appreciation Right shall be settled in Shares, cash or a combination thereof,
				  as determined by the Committee, in its sole discretion.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Exercise. For purposes of Section 9 of the Plan, the exercise
				  date of a Share Appreciation Right shall be the later of the date a notice of
				  exercise is received by the Company and, if applicable, the date payment is
				  received by the Company pursuant to the following sentence. Payment shall be
				  made to the Company at the time of exercise in cash or by such other method
				  approved by the Committee, provided any such method results in the Shares being
				  issued as fully paid under Bermuda law, all as shall be determined by the
				  Committee. Share Appreciation Rights may be exercised from time to time upon
				  actual receipt by the Company of written notice of exercise stating the number
				  of Shares with respect to which the Share Appreciation Right is being
				  exercised. No fractional Shares will be issued in payment for Share
				  Appreciation Rights, but instead cash will be paid for a fraction or, if the
				  Committee should so determine, the number of Shares will be rounded downward to
				  the next whole Share.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Limitations. The Committee may impose, in
				  its discretion, such conditions upon the exercisability or transferability of
				  Share Appreciation Rights as it may deem fit.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  Limited
				  Share Appreciation Rights. The Committee may grant LSARs
				  that are exercisable upon the occurrence of specified contingent events. Such
				  LSARs may provide for a different method of determining appreciation, may
				  specify that payment will be made only in cash and may provide that any related
				  Awards are not exercisable while such LSARs are exercisable. Unless the context
				  otherwise requires, whenever the term “Share Appreciation Right” is
				  used in the Plan, such term shall include LSARs.
				

			 

 

	 
			
				
				  10.
				

			 	
				
				  Other
				  Share-Based Awards
				

			 

 

	 
		The Committee, in its
		sole discretion, may grant or sell Awards of Shares, Awards of restricted
		Shares and Awards that are valued in whole or in part by reference to, or are
		
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 

	 
	 

	 

	 
		otherwise based on
		the Fair Market Value of, Shares (“Other Share-Based Awards”). Such
		Other Share-Based Awards shall be in such form, and dependent on such
		conditions, as the Committee shall determine, including, without limitation,
		the right to receive, or vest with respect to, one or more Shares (or the
		equivalent cash value of such Shares) upon the completion of a specified period
		of service, the occurrence of an event and/or the attainment of performance
		objectives. Other Share-Based Awards may be granted alone or in addition to any
		other Awards granted under the Plan. Subject to the provisions of the Plan, the
		Committee shall determine to whom and when Other Share-Based Awards will be
		made, the number of Shares to be awarded under (or otherwise related to) such
		Other Share Based Awards; whether such Other Share-Based Awards shall be
		settled in cash, Shares or a combination of cash and Shares; and all other
		terms and conditions of such Awards (including, without limitation, the vesting
		provisions thereof and provisions ensuring that all Shares so awarded and
		issued shall be fully paid and non-assessable).
	 

	 
			
				
				  11.
				

			 	
				
				  Adjustments Upon Certain
				  Events
				

			 

 

	 
		Notwithstanding any
		other provisions in the Plan to the contrary, the following provisions shall
		apply to all Awards granted under the Plan:
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Generally. In the event of any change in the outstanding Shares
				  after the Effective Date by reason of any Share dividend or split,
				  reorganization, recapitalization, merger, amalgamation, consolidation,
				  spin-off, combination or transaction or exchange of Shares or other corporate
				  exchange, or any distribution to shareholders of Shares other than regular cash
				  dividends or any transaction similar to the foregoing, the Committee in its
				  sole discretion and without liability to any person shall make such
				  substitution or adjustment, as applicable, as it deems to be equitable, as to
				  (i) the number or kind of Shares or other securities issued or reserved for
				  issuance pursuant to the Plan or pursuant to outstanding Awards, (ii) the
				  Option Price of any Option or exercise price of any Share Appreciation Right
				  and/or (iii) any other affected terms of such Awards.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Change in
				  Control. In the
				  event of a Change in Control after the Effective Date, the Committee is
				  authorized (but not obligated) to make adjustments in the terms and conditions
				  of outstanding Awards, including without limitation the following (or any
				  combination thereof): (i) continuation or assumption of such outstanding Awards
				  under the Plan by the Company (if it is the surviving company or corporation)
				  or by the surviving company or corporation or its parent; (ii) substitution by
				  the surviving company or corporation or its parent of awards with substantially
				  the same terms for such outstanding Awards; (iii) accelerated exercisability,
				  vesting and/or lapse of restrictions under all then outstanding Awards
				  immediately prior to the occurrence of such event; (iv) upon written notice,
				  provide that any outstanding Awards must be exercised, to the extent then
				  exercisable, within fifteen days immediately prior to the scheduled
				  consummation of the event, or such other period as determined by the Committee
				  (in either case contingent upon the consummation of the event), and at the end
				  of such period, such Awards shall terminate to the extent not so exercised
				  within the relevant period; and (v) cancellation of all or any portion of
				  outstanding Awards by cash payment of the excess, if any, of the Fair Market
				  Value of the Shares subject to such outstanding Awards or portion thereof being
				  
				

			 

 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 

	 
	 

	 

	 
		canceled over the
		purchase price, if any, with respect to such Awards or portion thereof being
		canceled. 
	 

	 
			
				
				  12.
				

			 	
				
				  No Right
				  to Employment or Awards
				

			 

 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  The granting
				  of an Award under the Plan shall impose no obligation on the Company, any
				  Subsidiary or any Affiliate to continue the Employment of a Participant and
				  shall not lessen or affect any right that the Company, any Subsidiary or any
				  Affiliate may have to terminate the Employment of such Participant. No
				  Participant or other Person shall have any claim to be granted any Award, and
				  there is no obligation for uniformity of treatment of Participants, or holders
				  or beneficiaries of Awards. The terms and conditions of Awards and the
				  Committee’s determinations and interpretations with respect thereto need
				  not be the same with respect to each Participant (whether or not such
				  Participants are similarly situated).
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  The
				  Participant acknowledges that he has no entitlement to any remedy whether of
				  compensation or of any other type, in relation to awards, either vested or
				  unvested, which are cancelled pursuant to the cancellation provisions of this
				  Plan or any applicable Award Agreement, notwithstanding any finding by any
				  court or tribunal or other forum that his employment was not terminated in
				  accordance with local law.
				

			 

 

	 
			
				
				  13.
				

			 	
				
				  Successors
				  and Assigns
				

			 

 

	 
		The Plan shall be
		binding on all successors and assigns of the Company and a Participant,
		including (as applicable and without limitation), the personal representatives
		of the Participant in the event of his death, the estate of such Participant,
		executor, administrator or trustee of such estate, or any receiver or trustee
		in bankruptcy or representative of the Participant’s creditors.
	 

	 
			
				
				  14.
				

			 	
				
				  Nontransferability of
				  Awards
				

			 

 

	 
		Unless otherwise
		determined by the Committee, an Award shall not be transferable or assignable
		by the Participant except in the event of his death (subject to the applicable
		laws of descent and distribution) and any such purported assignment,
		alienation, pledge, attachment, sale, transfer or encumbrance shall be void and
		unenforceable against the Company or any Affiliate. An award exercisable after
		the death of a Participant may be exercised by the legatees, personal
		representatives or distributees of the Participant. Any permitted transfer of
		the Awards to heirs or legatees of the Participant shall not be effective to
		bind the Company unless the Committee shall have been furnished with written
		notice thereof and a copy of such evidence as the Committee may deem necessary
		to establish the validity of the transfer and the acceptance by the transferee
		or transferees of the terms and conditions hereof.
	 

	 
			
				
				  15.
				

			 	
				
				  Amendments
				  or Termination
				

			 

 

	 
		The Board may amend,
		alter, suspend, discontinue, or terminate the Plan or any portion thereof or
		any Award (or Award Agreement) thereunder at any time; provided that no such
		amendment, alteration, suspension, discontinuation or termination shall be made
		(i) without shareholder approval if such approval is necessary to comply with
		any tax or regulatory 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 

	 
	 

	 

	 
		requirement
		applicable to the Plan and (ii) without the consent of the Participant, if such
		action would materially diminish any of the rights of any Participant under any
		Award theretofore granted to such Participant under the Plan; provided,
		however, the Committee may amend the Plan in such manner as it deems necessary
		to permit the granting of Awards meeting the requirements of applicable laws.
		
	 

	 
			
				
				  16.
				

			 	
				
				  International
				  Participants
				

			 

 

	 
		With respect to
		Participants who reside or work outside of [Ireland], the Committee may, in its
		sole discretion, amend the terms of the Plan or Awards with respect to such
		Participants in order to conform such terms with the requirements of local
		law.
	 

	 
			
				
				  17.
				

			 	
				
				  Choice of
				  Law
				

			 

 

	 
		The Plan shall be
		governed by and construed in accordance with the laws of Bermuda without regard
		to conflicts of laws.
	 

	 
			
				
				  18.
				

			 	
				
				  Effectiveness of the
				  Plan
				

			 

 

	 
		The Plan shall be
		effective as of the Effective Date.
	 

	 
		 
	 

	 
		9

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