Document:

TRANSITIONAL SUPPORT AGREEMENT
	 

	 
		BETWEEN
	 

	 
		GE COMMERCIAL AVIATION SERVICES LIMITED
	 

	 
		AND
	 

	 
		GENESIS LEASE LIMITED
	 

	 
		Dated ____________, 2006
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		
	 

	 
		
 

	 

	 
		 
	 

	 
		

	 

	 
	 
		TABLE OF CONTENTS
	 

	 
		

	 

	 
		Page
	 

	 
		

	 

	 
		

	 

	 
		ARTICLE I
	 

	 
		DEFINITIONS
	 

	 
		1.1
	 

	 
		Certain Definitions
	 

	 
		1.2
	 

	 
		Other Terms
	 

	 
		ARTICLE II
	 

	 
		TRANSITIONAL SUPPORT
	 

	 
		2.1
	 

	 
		Agreement for Exchange of Information
	 

	 
		2.2
	 

	 
		Ownership of Information
	 

	 
		2.3
	 

	 
		Compensation for Providing Information
	 

	 
		2.4
	 

	 
		Transition Period; Standards Applicable to GECAS Assistance
	 

	 
		2.5
	 

	 
		Record Retention
	 

	 
		2.5
	 

	 
		Liability
	 

	 
		2.6
	 

	 
		Return of Information
	 

	 
		2.7
	 

	 
		Privilege
	 

	 
		2.8
	 

	 
		Employees
	 

	 
		ARTICLE III
	 

	 
		MISCELLANEOUS
	 

	 
		3.1
	 

	 
		Governing Law
	 

	 
		3.2
	 

	 
		Notices
	 

	 
		3.3
	 

	 
		Severability
	 

	 
		3.4
	 

	 
		Entire Agreement
	 

	 
		3.5
	 

	 
		Assignment; No Third-Party Beneficiaries
	 

	 
		3.6
	 

	 
		Amendment
	 

	 
		3.7
	 

	 
		Rules of Construction
	 

	 
		3.8
	 

	 
		Counterparts
	 

	 
		3.9
	 

	 
		Transaction Documents
	 

	 
		
 

	 

	 
		i
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		TRANSITIONAL SUPPORT AGREEMENT
	 

	 
		TRANSITIONAL SUPPORT AGREEMENT, dated _______, 2006 (this
		“Agreement”), among GE Commercial Aviation Services Limited,
		an Irish corporation (“GECAS”), and Genesis Lease Limited, a
		Bermuda exempted company (“GLL”).  Certain terms used in
		this Agreement are defined in Section 1.1.
	 

	 
		W I T N E S S E T H:
	 

	 
		WHEREAS, affiliates of GECAS have approved the sale of 41 aircraft (the
		“Portfolio”) to affiliates of GLL pursuant to an asset
		purchase agreement among General Electric Capital Corporation, the other
		sellers named in such agreement and Genesis Funding Limited, a Bermuda exempted
		company and a subsidiary of GLL (“GFL”);
	 

	 
		WHEREAS, GFL intends to finance the purchase of the Portfolio through the
		issuance and sale of aircraft lease-backed notes (the
		“Securitization”) and a capital contribution that GLL intends
		to make to GFL, such capital contribution to be funded by GLL through an
		initial public offering (the “IPO”) of its common shares and
		the private placement (the “Private Placement”, and
		collectively with the Securitization and the IPO, the
		“Transactions”) of its common shares to an affiliate of GECAS;

	 

	 
		WHEREAS, GFL and GLL have been incorporated solely for these purposes and
		have not engaged in activities except in preparation for the Transactions;
	 

	 
		WHEREAS, it is appropriate and desirable for GECAS and GLL to cooperate
		with respect to the matters set forth herein following the consummation of the
		Transactions.
	 

	 
		NOW, THEREFORE, in consideration of the premises and the covenants and
		agreements contained herein, and for other good and valuable consideration, the
		receipt and sufficiency of which are hereby acknowledged, and intending to be
		legally bound hereby, the parties hereby agree as follows:
	 

	 
		
	 

	 
		ARTICLE I
 
 DEFINITIONS
	 

	 
		
	 

	 
		1.1
	 

	 
		Certain Definitions.  For purposes of this Agreement, the
		following terms shall have the meanings specified in this
		Section 1.1:
	 

	 
		 “ADS Registration Statement” means the
		registration statement on Form  F-6 filed under the Securities Act (No.
		333-______) pursuant to which the offer and sale of American Depositary Shares
		representing GLL Common Shares will be registered.
	 

	 
		
 

	 

	 
		

	 

	 
		1
	 

	 
		

	 

	 
	 
		

	 

	 
		 “Affiliate” (and, with a correlative meaning,
		“affiliated”) means, with respect to any Person, any direct or
		indirect subsidiary of such Person, and any other Person that directly, or
		through one or more intermediaries, controls or is controlled by or is under
		common control with such first Person.  As used in this definition,
		“control” (including with correlative meanings,
		“controlled by” and “under common control
		with”) means possession, directly or indirectly, of power to direct or
		cause the direction of management or policies or the power to appoint and
		remove a majority of directors (whether through ownership of securities or
		partnership or other ownership interests, by contract or otherwise).
	 

	 
		“Aircraft Assets” shall have the meaning specified in
		the Securitization Servicing Agreement.
	 

	 
		“Closing Date” shall mean the date of the consummation
		of the initial public offering of American Depositary Receipts representing GLL
		Common Shares.
	 

	 
		“Exchange Act” shall mean the Securities Exchange Act of
		1934, as amended, and the rules and regulations of the SEC thereunder, all as
		the same shall be in effect at the time that reference is made thereto.
	 

	 
		“GECAS Group” means GECAS and each Person that is an
		Affiliate of GECAS immediately after the Closing.
	 

	 
		“GECAS Information” means (i) the information set forth
		in the IPO Registration Statement under the headings “[to come]”,
		(ii) the information set forth in the Offering Memorandum under the headings
		“[to come]”, and (iii) similar information that GECAS identifies in
		writing to GLL after the date hereof that may be disclosed in public SEC
		filings of GLL and agrees is GECAS Information for the purposes of this
		Agreement.
	 

	 
		“GLL Business” means the businesses of GLL.
	 

	 
		“GLL Common Shares” means the common shares, par value
		$0.001, of GLL.
	 

	 
		 “GLL Group” means GLL, each Subsidiary of GLL
		immediately after the Closing Date and each other Person that is either
		controlled directly or indirectly by GLL immediately after the Closing Date.
	 

	 
		“Governmental Approvals” means any notice, report or
		other filing to be made with, or any consent, registration, approval, permit or
		authorization to be obtained from, any Governmental Authority.
	 

	 
		“Governmental Authority”  means any entity
		exercising executive, legislative, judicial, regulatory or administrative
		functions of or pertaining to government, including any governmental authority,
		agency, department, board, commission or instrumentality whether federal,
		state, local or foreign (or any political subdivision thereof), and any
		tribunal, court or arbitrator(s) of competent jurisdiction.
	 

	 
		“Group” means the GECAS Group or the GLL Group, as the
		context requires.
	 

	 
		“Information” means information directly relating to the
		Aircraft Assets or the Transactions, whether or not patentable or
		copyrightable, in written, oral, electronic or other tangible or intangible
		forms, stored in any medium, including studies, reports, records, books,
		contracts, instruments, surveys, discoveries, ideas, concepts, know-how,
		techniques, designs, specifications, drawings, blueprints, diagrams, models,
		prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes,
		computer programs or other software, marketing plans, customer names,
		communications by or to attorneys (including attorney-client privileged
		communications), memoranda and other materials prepared by attorneys or under
		their direction (including attorney work product), and other technical,
		financial, employee or business information or data, but in each case as and
		only to the extent directly related to the Aircraft Assets or the Transactions.

	 

	 
		“IPO Registration Statement” means the registration
		statement on Form  F-1 filed under the Securities Act (No. 333-______)
		pursuant to which the offer and sale of GLL Common Shares will be registered.
	 

	 
		“Law” means any federal, state, local or foreign law
		(including common law), statute, code, ordinance, rule, regulation or other
		requirement enacted, promulgated, issued or entered by a Governmental
		Authority.
	 

	 
		“Master Servicing Agreement” means the Master Servicing
		Agreement dated as of the date hereof between GECAS and GLL.
	 

	 
		“Offering Memorandum” means any of the preliminary
		offering memorandum, dated November 7, 2006, or the final offering memorandum,
		dated November 21, 2006, relating to the offer and sale by Genesis Funding
		Limited of $810,000,000 aggregate principal amount of the Class G-1 Floating
		Rate Asset Backed Notes Series 2006-1.
	 

	 
		“Person” means any individual, corporation, partnership,
		firm, joint venture, association, joint-stock company, trust, unincorporated
		organization, Governmental Authority or other entity.
	 

	 
		

	 

	 
		2
	 

	 
	 
		

	 

	 
		“Prospectus” means the prospectus or prospectuses
		included in any of the Registration Statements, as amended or supplemented by
		any prospectus supplement and by all other amendments and supplements to any
		such prospectus, including post-effective amendments and all material
		incorporated by reference in such prospectus.
	 

	 
		“Registration Statements” means the IPO Registration
		Statement and the ADS Registration Statement, including in each case the
		Prospectus related thereto, amendments and supplements to any such Registration
		Statement, including post-effective amendments, all exhibits and all materials
		incorporated by reference in any such Registration Statement and Prospectus.
	 

	 
		“SEC” means the Securities and Exchange Commission.
	 

	 
		“Securities Act” means the Securities Act of 1933, as
		amended.
	 

	 
		“Securitization Servicing Agreement” has the meaning
		specified in the Master Servicing Agreement.
	 

	 
		 “Servicing Agreements” means the Master Servicing
		Agreement and the Securitization Servicing Agreement.
	 

	 
		“Standard of Care” and “Standard of
		Liability” shall have the respective meanings specified in the Master
		Servicing Agreement.
	 

	 
		“Subsidiary” or “subsidiary” means,
		with respect to any Person, any corporation, limited liability company, joint
		venture or partnership of which such Person (a) beneficially owns, either
		directly or indirectly, more than fifty percent (50%) of (i) the total combined
		voting power of all classes of voting securities of such entity, (ii) the total
		combined equity interests, or (iii) the capital or profit interests, in the
		case of a partnership; or (b) otherwise has the power to vote, either directly
		or indirectly, sufficient securities to elect a majority of the board of
		directors or similar governing body.
	 

	 
		
	 

	 
		“Transaction Documents” means each of the following: [To
		come]
	 

	 
		“Transactions” means the transactions provided for in
		the Transaction Documents.
	 

	 
		1.2
	 

	 
		Other Terms.  For purposes of this Agreement, the following
		terms have the meanings set forth in the sections indicated.
	 

	 		
	
			 
				Term
			 

		  	
			 
				Section
			 

		  
	
			 
				Privilege
			 

		  	
			 
				2.9
			 

		  
	
			 
				Transition Services
			 

		  	
			 
				2.4
			 

		  

	 
		

	 

	 
		
	 

	 
		ARTICLE II
 
 TRANSITIONAL SUPPORT
	 

	 
		
	 

	 
		2.1
	 

	 
		Agreement for Exchange of Information.
	 

	 
		(a)
	 

	 
		Each of GECAS and GLL, on behalf of its respective Group, agrees to use
		reasonable commercial efforts to provide, or cause to be provided, to the other
		Group, as soon as reasonably practicable after written request therefor in
		accordance with the provisions hereof but subject to Section 13.04 of the
		Master Servicing Agreement, any Information in the possession or under the
		control of such Group that relates to any period prior to the date hereof (it
		being agreed that the applicable Servicing Agreement shall apply to Information
		to be provided by GECAS or its Group relating to any period after the date
		hereof) that the requesting party reasonably believes shall be necessary (i) to
		comply with reporting, disclosure, filing or
	 

	 
		
 

	 

	 
		

	 

	 
		3
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		(b)
	 

	 
		other requirements, including with respect to audited financial
		statements, imposed on the requesting party (including under applicable
		securities or tax Laws) by a Governmental Authority having jurisdiction over
		the requesting party, or (ii) for use in any other judicial, regulatory,
		administrative, tax or other proceeding , in each case other than claims or
		allegations that one party to this Agreement has against the other;
		provided, however, that neither party shall be required to
		provide Information (x) previously made available by either party in connection
		with the Transactions, or (y) if the provision of such Information could
		reasonably be commercially detrimental, violate any Law or agreement, or waive
		any attorney-client privilege.
	 

	 
		(c)
	 

	 
		For the six-month period beginning on the date hereof, GECAS shall
		provide reasonable access to members of the GLL Group and their designated
		advisors to such Finance and Operations employees of GECAS as have been working
		on the GECAS deal teams in connection with the Transactions, such access to be
		in a similar fashion as that prior to the Closing Date, but as coordinated
		through the individual designated by GECAS pursuant to Section 5.05 of each of
		the Servicing Agreements and taking into account that these services shall not
		interfere with the performance by such employees of their primary
		responsibilities for and at GECAS.
	 

	 
		(d)
	 

	 
		The requesting party shall, if so instructed by the party to which the
		request for Information has been made, use its reasonable best efforts, at its
		own expense, in connection with any compliance or use described in clause (i)
		or (ii) of subsection 2.1(a), to obtain confidential treatment of Information
		provided or otherwise limit the content or scope of the Information requested
		and its disclosure in connection with any such compliance or use, as instructed
		by the party to which the request for Information has been made.
	 

	 
		
	 

	 
		2.2
	 

	 
		Ownership of Information.  Any Information owned by one Group
		that is provided to a requesting party pursuant to Section 2.1
		shall be deemed to remain the property of the providing party.  Unless
		specifically set forth herein, nothing contained in this Agreement shall be
		construed as granting or conferring rights of license or otherwise in any such
		Information.
	 

	 
		
	 

	 
		2.3
	 

	 
		Compensation for Providing Information.  The party requesting
		Information agrees to reimburse the other party for the reasonable
		out-of-pocket costs, if any, of creating, gathering and copying such
		Information, to the extent that such costs are incurred for the benefit of the
		requesting party.  Except as may be otherwise specifically provided
		elsewhere in this Agreement or in any other agreement between the parties, such
		costs shall be computed in accordance with the providing party’s standard
		methodology and procedures.
	 

	 
		2.4
	 

	 
		Standards Applicable to GECAS Assistance.  Subject to the
		terms and conditions set forth in this Agreement, each party shall use
		reasonable commercial efforts to provide or cause to be provided to the other
		the services described in Section 2.1 (the “Transition
		Services”).  The Transition Services and other cooperation
		described in this Agreement shall be provided in accordance with the Standard
		of Care and subject to the Standard of Liability.  In furtherance of the
		foregoing, Sections 3.01, 3.03, and 3.04
	 

	 
		
 

	 

	 
		

	 

	 
		4
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		and Article XI of the Master Servicing Agreement are hereby incorporated
		into this Agreement and made applicable to the Transition Services and the
		provision thereof by each party hereunder, mutatis mutandis.
	 

	 
		
	 

	 
		2.5
	 

	 
		Liability.  No party shall have any liability to any other
		party in the event that any Information exchanged or provided pursuant to this
		Agreement which is  found to be inaccurate in the absence of willful
		misconduct by the party providing such Information. No party shall have any
		liability to any other party if any Information is destroyed in connection with
		such party’s policies as they exist from time to time.
	 

	 
		
	 

	 
		2.6
	 

	 
		Return of Information.  When any Information provided by one
		Group to the other is no longer needed for the purposes contemplated by this
		Agreement  or is no longer required to be retained by applicable Law, the
		receiving party will promptly after request of the other party either return to
		the other party all Information in a tangible form (including all copies
		thereof and all notes, extracts or summaries based thereon) or certify to the
		other party that it has destroyed such Information (and such copies thereof and
		such notes, extracts or summaries based thereon). Neither party shall use any
		Information except for the specific purpose for which it was provided and in
		accordance with this Agreement and, in the case of Information provided by
		GECAS or a Person in its Group, in accordance with and subject to Section 13.04
		of the Master Servicing Agreement.
	 

	 
		
	 

	 
		2.7
	 

	 
		Privilege.  The provision of any information pursuant to this
		Article II shall not be deemed a waiver of any privilege, including
		privileges arising under or related to the attorney-client privilege or any
		other applicable privileges (a “Privilege”).  Neither GLL
		or its Affiliates nor GECAS or its Affiliates will be required to provide any
		information pursuant to this Article II if the provision of such
		information would serve as a waiver of any Privilege afforded such information.

	 

	 
		
 

	 

	 
		

	 

	 
		5
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		

	 

	 
		2.8
	 

	 
		Employees.
	 

	 
		 
	 

	 
		(a)
	 

	 
		Each of the parties hereto acknowledges that the other party’s
		employees have unique and valuable knowledge and experience, as well as
		knowledge of confidential information owned by the employer of such employee,
		in each case in relation to such party’s business (including its future
		business plans and finances), and that such knowledge and experience has been
		or will have been acquired through the employee’s involvement in such
		party’s business and enhanced by the activities of such party, including
		exposure to its systems, processes and expertise, which the employee has gained
		or will have gained at the expense and as a result of the training of and
		investment in the employee by such party.  Each party hereto acknowledges
		and agrees that the other party will suffer a high cost (including the cost of
		training) if it is required to replace any of its employees
	 

	 
		(b)
	 

	 
		Each party agrees that, without the other party’s prior written
		consent, it shall not offer employment to or employ any person who is, or has
		been within the previous two (2) years prior to the applicable proposed date of
		employment, an employee of such other party.
	 

	 
		(c)
	 

	 
		As referred to in this Section, an “employee” of either party
		shall mean any person employed or engaged by such party or any of its
		Affiliates on the date of this Agreement or hereafter.
		 “Employee” shall not include any person whose employment is
		hereafter terminated by such party whether due to redundancy, retirement or
		otherwise, except where for cause.
	 

	 
		
	 

	 
		ARTICLE III
  
 MISCELLANEOUS
	 

	 
		
	 

	 
		3.1
	 

	 
		Governing Law.  This Agreement shall be governed by and
		construed and interpreted in accordance with the Laws of the State of New York
		irrespective of the choice of Laws principles of the State of New York other
		than Section 5-1401 of the General Obligations Law of the State of New York.
	 

	 
		
	 

	 
		3.2
	 

	 
		Notices.  All notices, requests, claims, demands and other
		communications under this Agreement and, to the extent applicable and unless
		otherwise provided therein, under each of the Transaction Documents shall be in
		writing and shall be given or made (and shall be deemed to have been duly given
		or made upon receipt) by delivery in person, by overnight courier service, by
		facsimile with receipt confirmed (followed by delivery of an original via
		overnight courier service) or by registered or certified mail (postage prepaid,
		return receipt requested) to the respective parties at the following addresses
		(or at such other address for a party as shall be specified in a notice given
		in accordance with this Section 5.2):
	 

	 
		
 

	 

	 
		

	 

	 
		6
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		

	 

	 
		If to GECAS, to:
	 

	 
		Aviation House
	 

	 
		Shannon, County Clare
	 

	 
		Ireland
	 

	 
		Attention:  Company Secretary
	 

	 
		

	 

	 
		Fax:  (353) 61-360888
	 

	 
		Telephone:  (353) 61-706500
	 

	 
		

	 

	 
		with a copy to:
	 

	 
		

	 

	 
		GE Commercial Aviation Services LLC
	 

	 
		201 High Ridge Road (Ground Floor)
	 

	 
		Stamford, Connecticut 06927
	 

	 
		Attention:  General Counsel
	 

	 
		

	 

	 
		Fax:  (203) 921-0029
	 

	 
		Telephone:  (203) 961-2985
	 

	 
		

	 

	 
		If to Genesis, to:
	 

	 
		Genesis Lease Limited
	 

	 
		c/o A&L Goodbody
	 

	 
		25/28 North Wall Quay
	 

	 
		Dublin 1, Ireland
	 

	 
		Telephone: +353-61-633-333
	 

	 
		

	 

	 
		

	 

	 
		
	 

	 
		3.3
	 

	 
		Severability.  If any term or other provision of this
		Agreement is invalid, illegal or incapable of being enforced under any Law or
		as a matter of public policy, all other conditions and provisions of this
		Agreement shall nevertheless remain in full force and effect.  Upon such
		determination that any term or other provision is invalid, illegal or incapable
		of being enforced, the parties to this Agreement shall negotiate in good faith
		to modify this Agreement so as to effect the original intent of the parties as
		closely as possible in a mutually acceptable manner in order that the
		transactions contemplated by this Agreement be consummated as originally
		contemplated to the greatest extent possible.
	 

	 
		
	 

	 
		3.4
	 

	 
		Entire Agreement.  Except as otherwise expressly provided in
		this Agreement, this Agreement constitutes the entire agreement of the parties
		hereto with respect to the subject matter of this Agreement and supersedes all
		prior agreements and undertakings, both written and oral, between or on behalf
		of the parties hereto with respect to the subject matter of this Agreement.
	 

	 
		
	 

	 
		
 

	 

	 
		

	 

	 
		7
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		3.5
	 

	 
		Assignment; No Third-Party Beneficiaries.  This Agreement
		shall not be assigned by any party hereto without the prior written consent of
		the other party hereto.  This Agreement is for the sole benefit of the
		parties to this Agreement and members of their respective Group and their
		permitted successors and assigns and nothing in this Agreement, express or
		implied, is intended to or shall confer upon any other Person or entity any
		legal or equitable right, benefit or remedy of any nature whatsoever under or
		by reason of this Agreement.
	 

	 
		
	 

	 
		3.6
	 

	 
		Amendment.  No provision of this Agreement may be amended or
		modified except by a written instrument signed by all the parties to such
		agreement.  No waiver by any party of any provision hereof shall be
		effective unless explicitly set forth in writing and executed by the party so
		waiving.  The waiver by any party hereto of a breach of any provision of
		this Agreement shall not operate or be construed as a waiver of any other
		subsequent breach.
	 

	 
		
	 

	 
		3.7
	 

	 
		Rules of Construction.  Interpretation of this Agreement
		shall be governed by the following rules of construction:  (a) words in
		the singular shall be held to include the plural and vice versa and words of
		one gender shall be held to include the other gender as the context requires,
		(b) references to the terms Article, Section, paragraph, and Schedule are
		references to the Articles, Sections, paragraphs, and Schedules to this
		Agreement unless otherwise specified, (c) the word “including” and
		words of similar import shall mean “including, without limitation,”
		(d) provisions shall apply, when appropriate, to successive events and
		transactions, (e) the table of contents and headings contained herein are for
		reference purposes only and shall not affect in any way the meaning or
		interpretation of this Agreement and (f) this Agreement shall be construed
		without regard to any presumption or rule requiring construction or
		interpretation against the party drafting or causing any instrument to be
		drafted.
	 

	 
		
	 

	 
		3.8
	 

	 
		Counterparts.  This Agreement may be executed in one or more
		counterparts, and by the different parties to each such agreement in separate
		counterparts, each of which when executed shall be deemed to be an original but
		all of which taken together shall constitute one and the same agreement.
		 Delivery of an executed counterpart of a signature page to this Agreement
		by facsimile shall be as effective as delivery of a manually executed
		counterpart of any such Agreement.
	 

	 
		3.9
	 

	 
		Transaction Documents.  Nothing in this Agreement shall limit
		or restrict any obligation, liability, right, benefit or remedy of any party
		hereto or any Person who is in such party’s Group in any Transaction
		Document, all of which shall be and remain in full force and effect except as
		otherwise expressly provided therein.
	 

	 
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		8
	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
		executed on the date first written above by their respective duly authorized
		officers.
	 

	 
		GE COMMERCIAL AVIATION SERVICES LIMITED
	 

	 
		By:                                                    

		Name:
Title:
	 

	 
		 

	 

	 
		 

	 

	 
		

	 

	 
		

	 

	 
		GENESIS LEASE LIMITED
	 

	 
		By:                                                    

		Name:
Title:
	 

	 
		
 

	 

	 
		

	 

	 
		9To: 	GE
Commercial Aviation Services Limited
Aviation House
Shannon,
Co. Clare, Ireland

		    , 2006

Ladies and
Gentlemen:

We refer to the (1) Underwriting Agreement dated as of
                    , 2006 (the
‘‘Underwriting Agreement’’),
pursuant to which Genesis Lease Limited, a Bermuda company (the
‘‘Company’’), will sell
                            of its common
shares (                         with full
exercise of the underwriters’ over-allotment option) in the form
of American Depositary Shares
(‘‘ADSs’’) in an initial
public offering of the Company (the
‘‘IPO’’), (2) the purchase
agreement, dated November  21,  2006, pursuant to which
Genesis Funding Limited (‘‘Genesis
Funding’’), a subsidiary of the Company, agreed
to sell floating-rate aircraft lease-backed notes in a securitization
transaction (the
‘‘Securitization’’), (3) the
private placement agreement, dated November     , 2006, between GE
Capital Equity Investments, Inc. and the Company, pursuant to which GE
Capital Equity Investments, Inc. will purchase ADSs from the Company in
a private placement (the ‘‘Private
Placement’’), (4) the asset purchase agreement,
dated         , 2006 among General Electric Capital
Corporation, the other sellers listed therein and Genesis Funding (the
‘‘Asset Purchase
Agreement’’), pursuant to which Genesis Funding
will purchase an initial portfolio of 41 aircraft (the
‘‘Initial Portfolio’’) and
(5) the commitment letter, dated                 ,
2006, among Citigroup Global Markets Inc., Wachovia Capital Markets,
LLC and the Company, providing for a commitment for a $1  billion
credit facility (the ‘‘Credit
Facility’’). This agreement sets forth the
understanding of the parties regarding the payment of expenses relating
to the Company’s formation, the IPO, the Securitization and the
Credit Facility (the
‘‘Transactions’’).

Expenditures GE Commercial Aviation Services Limited
(‘‘GECAS’’) has paid in
connection with the Transactions prior to the completion of the IPO
will not be reimbursed by the Company.

The Company will pay, or
cause to be paid, the expenses of all parties relating to the
completion of the Transactions set forth on Annex A upon completion of
the IPO (expected to be on a date between December  18,
2006 and December  22,  2006) from the proceeds of the IPO,
the Securitization and the Private Placement. In the event that the
underwriters for the IPO exercise their over-allotment option and as a
result reimburse the Company for additional expenses as described in
the prospectus for the IPO, the Company shall pay to GECAS the amount
so reimbursed to the Company.

GECAS agrees to pay the following
expenses directly related to the completion of the Transactions
incurred or invoiced after the completion of the
IPO:

			
		1. 	fees and expenses directly incurred in
connection with the Transactions before the completion of the IPO but
not invoiced until after the completion of the
IPO;

			
		2. 	fees and expenses relating to the
delivery to Genesis Funding and its subsidiaries of the aircraft in the
Initial Portfolio and the novation of the leases thereof pursuant to
the Asset Purchase Agreement;

			
		3. 	upon the
execution of the Credit Facility, the legal fees and expenses incurred
during the period from the date hereof to February  28,
2007 directly in connection with the negotiation and execution of
documentation for the Credit Facility;

			
		4. 	upon
the execution of the Credit Facility, the underwriting fee of
1.25% in respect of $250  million in principal amount of
the Credit Facility;

			
		5. 	commitment fees of
0.375% per annum paid in advance in respect of the initial
twelve months of the Company’s option to increase the commitment
for the Credit Facility by an additional $750  million in
principal amount, subject to a rebate to be paid by the Company to
GECAS for the amount of such commitment fees paid in advance credited
to the Company upon the Company’s exercise of the option to
increase the commitment; and

6.    such other fees expenses as may
be agreed by GECAS in writing.

In the event that the Company
receives an invoice for any of the fees and expenses enumerated in
clauses 1 through 6 of this paragraph, the Company shall forward it to
GECAS, at the above address, Facsimile: +353-61-70-6886, Attention of
Diarmuid Hyde, together with a statement that the Company has reviewed
such invoice and confirms that such invoice is for a fee or expense
enumerated in this paragraph.

For purposes of clarification, the
Company agrees to pay for all of its and other parties’ expenses
and costs not expressly provided to be the responsibility of GECAS as
set forth above.

This letter shall be governed by, and construed
in accordance with, the laws of the State of New
York.

[Signature page
follows.]

2

Please confirm your agreement to
the above by countersigning this letter in the space provided
below.

		Yours faithfully,

		By:
                                                

Name:
Title:

		For
and on behalf of
GENESIS LEASE LIMITED

We agree to
the terms and conditions of this letter as set forth
above.

GE COMMERCIAL AVIATION SERVICES
LIMITED

By:
                                            

Name:
Title:

3

Annex
A

										
	Item			Amount			Recipient			Wire
Instructions
	 			 			 			 
	 			 			 			 
	 			 			 			 
	 			 			 			 
	 			 			 			 
	 			 			 			 
	 			 			 			 
	 			 			 			 
	 			 			 			 
	 			 			 			 
	

4

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