Document:

TRUST
		INDENTURE

	  

	 dated as
		of [__________], 2006

	  

	 among

	  

	 GENESIS
		FUNDING LIMITED,

	  

	 as the
		Issuer

	  

	 DEUTSCHE
		BANK TRUST COMPANY AMERICAS,

	  

	 as the
		Operating Bank and Trustee

	  

	 DEUTSCHE
		BANK TRUST COMPANY AMERICAS,

	  

	 as the
		Cash Manager

	  

	 PK
		AIRFINANCE US, INC.,

	  

	 as the
		Initial Liquidity Facility Provider

	  

	 and

	  

	 FINANCIAL
		GUARANTY INSURANCE COMPANY

	  

	 as the
		Policy Provider

	 
		
 

	 
 

	 
		
	 

	 

	 
 
	  

	 TABLE
		OF CONTENTS

	  

	 
			 	
				Page 

				
	
				ARTICLE
				  I DEFINITIONS
 	
				1

				
	
				Section
				  1.01
 	
				Definitions

					
				1

				
	
				Section
				  1.02
 	
				Rules of
				  Construction
 	
				36

				
	
				Section
				  1.03
 	
				Compliance
				  Certificates and Opinions
 	
				37

				
	
				Section
				  1.04
 	
				Acts of
				  Holders
 	
				38

				
	 	 	 
	
				ARTICLE
				  II THE NOTES
 	
				39

				
	
				Section
				  2.01
 	
				Authorized
				  Amount; Terms; Form; Execution and Delivery
 	
				39

				
	
				Section
				  2.02
 	
				Restrictive
				  Legends
 	
				42

				
	
				Section
				  2.03
 	
				Registrar
				  and Paying Agent
 	
				45

				
	
				Section
				  2.04
 	
				Paying
				  Agent to Hold Money in Trust
 	
				46

				
	
				Section
				  2.05
 	
				Method
				  of Payment
 	
				47

				
	
				Section
				  2.06
 	
				Minimum
				  Denomination
 	
				47

				
	
				Section
				  2.07
 	
				Transfer
				  and Exchange; Cancellation
 	
				47

				
	
				Section
				  2.08
 	
				Mutilated,
				  Destroyed, Lost or Stolen Notes
 	
				49

				
	
				Section
				  2.09
 	
				Payments
				  of Transfer Taxes
 	
				50

				
	
				Section
				  2.10
 	
				Refinancing
				  of Initial Notes
 	
				50

				
	
				Section
				  2.11
 	
				Additional
				  Notes
 	
				53

				
	
				Section
				  2.12
 	
				Special
				  Transfer Provisions
 	
				55

				
	
				Section
				  2.13
 	
				[Reserved]

					
				57

				
	
				Section
				  2.14
 	
				Statements
				  to Holders
 	
				57

				
	
				Section
				  2.15
 	
				CUSIP,
				  CCN and ISIN Numbers
 	
				59

				
	
				Section
				  2.16
 	
				Holder
				  Representations and Covenants
 	
				59

				
	 	 	 
	
				ARTICLE
				  III ACCOUNTS; PRIORITY OF PAYMENTS
 	
				59

				
	
				Section
				  3.01
 	
				Accounts

					
				59

				
	
				Section
				  3.02
 	
				Investments
				  of Cash
 	
				66

				
	
				Section
				  3.03
 	
				Closing
				  Date Deposits, Withdrawals and Transfers
 	
				68

				
	
				Section
				  3.04
 	
				Interim
				  Deposits, Transfers and Withdrawals
 	
				69

				
	
				Section
				  3.05
 	
				DSCR
				  Failure
 	
				70

				
	
				Section
				  3.06
 	
				Interim
				  Deposits and Withdrawals for Aircraft Sales
 	
				70

				
	
				Section
				  3.07
 	
				Calculation
				  Date Calculations
 	
				71

				
	
				Section
				  3.08
 	
				Payment
				  Date First Step Withdrawals and Transfers
 	
				76

				
	
				Section
				  3.09
 	
				Payment
				  Date Second Step Withdrawals
 	
				77

				
	
				Section
				  3.10
 	
				Allocations
				  of Principal Payments Among Subclasses of the Notes
 	
				82

				
	
				Section
				  3.11
 	
				Certain
				  Redemptions; Certain Premiums
 	
				82

				
	
				Section
				  3.12
 	
				Adjustment
				  of Certain Percentages, Factors and Balances
 	
				85

				
	
				Section
				  3.13
 	
				Eligible
				  Credit Facilities
 	
				85

				
	
				Section
				  3.14
 	
				Initial
				  Liquidity Facility
 	
				85

				
	
				Section
				  3.15
 	
				The
				  Policy
 	
				92

				
	
				Section
				  3.16
 	
				Class A
				  Share Cure Rights.
 	
				96

				

 

	  

	 
		i
	 

	 

	 
 
	 	
			 ARTICLE
				IV DEFAULT AND REMEDIES
 	
			 96

			 
	
			 Section
				4.01
 	
			 Events
				of Default
 	
			 96

			 
	
			 Section
				4.02
 	
			 Acceleration,
				Rescission and Annulment
 	
			 98

			 
	
			 Section
				4.03
 	
			 Other
				Remedies
 	
			 98

			 
	
			 Section
				4.04
 	
			 Limitation
				on Suits
 	
			 99

			 
	
			 Section
				4.05
 	
			 Waiver
				of Existing Defaults
 	
			 99

			 
	
			 Section
				4.06
 	
			 Restoration
				of Rights and Remedies
 	
			 100

			 
	
			 Section
				4.07
 	
			 Remedies
				Cumulative
 	
			 100

			 
	
			 Section
				4.08
 	
			 Authority
				of Courts Not Required
 	
			 100

			 
	
			 Section
				4.09
 	
			 Rights
				of Holders to Receive Payment
 	
			 100

			 
	
			 Section
				4.10
 	
			 Trustee
				May File Proofs of Claim
 	
			 101

			 
	
			 Section
				4.11
 	
			 Undertaking
				for Costs
 	
			 101

			 
	
			 Section
				4.12
 	
			 Remedies;
				Rights of Controlling Party
 	
			 101

			 
	 	 	 
	
			 ARTICLE
				V REPRESENTATIONS, WARRANTIES AND COVENANTS
 	
			 101

			 
	
			 Section
				5.01
 	
			 Representations
				and Warranties
 	
			 101

			 
	
			 Section
				5.02
 	
			 General
				Covenants
 	
			 104

			 
	
			 Section
				5.03
 	
			 Operating
				Covenants
 	
			 119

			 
	
			 Section
				5.04
 	
			 Compliance
				Through Agents
 	
			 123

			 
	 	 	 
	
			 ARTICLE
				VI THE TRUSTEE
 	
			 123

			 
	
			 Section
				6.01
 	
			 Acceptance
				of Trusts and Duties
 	
			 123

			 
	
			 Section
				6.02
 	
			 Absence
				of Duties
 	
			 124

			 
	
			 Section
				6.03
 	
			 Representations
				or Warranties
 	
			 124

			 
	
			 Section
				6.04
 	
			 Reliance;
				Agents; Advice of Counsel
 	
			 124

			 
	
			 Section
				6.05
 	
			 No
				Compensation from Holders
 	
			 126

			 
	
			 Section
				6.06
 	
			 Notice
				of Defaults
 	
			 126

			 
	
			 Section
				6.07
 	
			 May Hold
				Securities
 	
			 126

			 
	
			 Section
				6.08
 	
			 Corporate
				Trustee Required; Eligibility
 	
			 126

			 
	
			 Section
				6.09
 	
			 Disqualification
				of Trustee
 	
			 127

			 
	
			 Section
				6.10
 	
			 Preferential
				Collection of Claims Against Issuer
 	
			 127

			 
	
			 Section
				6.11
 	
			 Reports
				by the Issuer
 	
			 127

			 
	
			 Section
				6.12
 	
			 Holder
				Lists
 	
			 127

			 
	
			 Section
				6.13
 	
			 Preservation
				of Information; Communications to Holders
 	
			 128

			 
	 	 	 
	
			 ARTICLE
				VII SUCCESSOR TRUSTEES
 	
			 128

			 
	
			 Section
				7.01
 	
			 Resignation
				and Removal of Trustee
 	
			 128

			 
	
			 Section
				7.02
 	
			 Appointment
				of Successor
 	
			 129

			 
	 	 	 
	
			 ARTICLE
				VIII INDEMNITY
 	
			 130

			 
	
			 Section
				8.01
 	
			 Indemnity

			 	
			 130

			 
	
			 Section
				8.02
 	
			 Holders’
				Indemnity
 	
			 130

			 
	 	 	 
	
			 ARTICLE
				IX MODIFICATION
 	
			 131

			 
	
			 Section
				9.01
 	
			 Modification
				with Consent of Holders, the Policy Provider and the Initial Liquidity Facility
				Provider
 	
			 131

			 

	 
		ii
	 

	 

	 
 
	  

	 
			
				Section
				  9.02
 	
				Modification
				  Without Consent of Holders, Providers of Eligible Credit Facilities and the
				  Policy Provider
 	
				131

				
	
				Section
				  9.03
 	
				Subordination
				  and Priority of Payments
 	
				132

				
	
				Section
				  9.04
 	
				Execution
				  of Amendments by Trustee
 	
				132

				
	 	 	 
	
				ARTICLE
				  X SUBORDINATION
 	
				133

				
	
				Section
				  10.01
 	
				Subordination
				  of the Securities and Other Subordinated Obligations
 	
				133

				
	
				Section
				  10.02
 	
				Rights
				  of Subrogation
 	
				134

				
	
				Section
				  10.03
 	
				Further
				  Assurances of Junior Representatives
 	
				134

				
	
				Section
				  10.04
 	
				Enforcement

					
				134

				
	
				Section
				  10.05
 	
				Continued
				  Effectiveness
 	
				134

				
	
				Section
				  10.06
 	
				Senior
				  Claims and Junior Claims Unimpaired
 	
				134

				
	 	 	 
	
				ARTICLE
				  XI DISCHARGE OF INDENTURE; DEFEASANCE
 	
				134

				
	
				Section
				  11.01
 	
				Discharge
				  of Liability on the Notes; Defeasance
 	
				134

				
	
				Section
				  11.02
 	
				Conditions
				  to Defeasance
 	
				135

				
	
				Section
				  11.03
 	
				Application
				  of Trust Money
 	
				137

				
	
				Section
				  11.04
 	
				Repayment
				  to Issuer
 	
				137

				
	
				Section
				  11.05
 	
				Indemnity
				  for Government Obligations and Corporate Obligations
 	
				137

				
	
				Section
				  11.06
 	
				Reinstatement

					
				137

				
	 	 	 
	
				ARTICLE
				  XII MISCELLANEOUS
 	
				137

				
	
				Section
				  12.01
 	
				Right of
				  Trustee to Perform
 	
				137

				
	
				Section
				  12.02
 	
				Waiver

					
				138

				
	
				Section
				  12.03
 	
				Severability

					
				138

				
	
				Section
				  12.04
 	
				Restrictions
				  on Exercise of Certain Rights; Limited Recourse
 	
				138

				
	
				Section
				  12.05
 	
				Notices

					
				139

				
	
				Section
				  12.06
 	
				Assignments;
				  Third Party Beneficiary
 	
				141

				
	
				Section
				  12.07
 	
				Currency
				  Conversion
 	
				141

				
	
				Section
				  12.08
 	
				Application
				  to Court
 	
				142

				
	
				Section
				  12.09
 	
				Governing
				  Law
 	
				142

				
	
				Section
				  12.10
 	
				Jurisdiction

					
				142

				
	
				Section
				  12.11
 	
				Counterparts

					
				143

				
	
				Section
				  12.12
 	
				Table of
				  Contents, Headings, Etc
 	
				143

				
	
				Section
				  12.13
 	
				Compliance
				  with Applicable Anti-Terrorism and Anti-Money Laundering
				  Regulations
 	
				143

				

 

	  

	  

	 
		
		  iii
		

		

		
  

	 Schedules

	  

	 
			
				Schedule 1

					
				-

					
				Initial
				  Aircraft
 
	
				Schedule 2

					
				-

					
				Issuer
				  Subsidiaries
 
	
				Schedule 3

					
				-

					
				Initial
				  Leases
 
	
				Schedule 4

					
				-

					
				Pool
				  Factors 
 
	
				Schedule 5

					
				-

					
				Extended
				  Pool Factors
 
	
				Schedule
				  6
 	
				-

					
				Minimum
				  Target Principal Balance
 
	
				Schedule
				  7
 	
				-

					
				Amortization
				  Percentages 
 
	 	 	 
	
				Exhibits

				
	 
	
				Exhibit A-1

					
				-

					
				Form of
				  Note for any subclass of Notes that are Floating Rate Notes
 
	
				Exhibit A-2

					
				-

					
				Form of
				  Note for any subclass of Notes that are Fixed Rate Notes
 
	
				Exhibit B

					
				-

					
				Concentration
				  Limits
 
	
				Exhibit C

					
				-

					
				Insurance
				  Provisions
 
	
				Exhibit D

					
				-

					
				Form of
				  Monthly Report to Each Noteholder
 
	
				Exhibit E

					
				-

					
				Form of
				  Certificate of Transfer
 
	
				Exhibit F

					
				-

					
				Core
				  Lease Provisions
 
	
				Exhibit G

					
				-

					
				Form of
				  Policy
 
	
				Exhibit
				  H
 	
				-

					
				Form of
				  Compliance Certificate
 

 

	  

	 

		
		  iv
		

		

		
 
		 

		 

		This
		  TRUST INDENTURE, dated as of [__________], 2006 (this “Indenture”),
		  is made among GENESIS FUNDING LIMITED, a Bermuda exempted company (the
		  “Issuer”),
		  DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation (the
		  “Trustee”),
		  DEUTSCHE BANK TRUST COMPANY AMERICAS, in its capacity as Cash Manager (the
		  “Cash
		  Manager”),
		  PK AIRFINANCE US, INC., a Delaware corporation (together with its successors
		  and permitted assigns, the “Initial
		  Liquidity Facility Provider”)
		  and FINANCIAL GUARANTY INSURANCE COMPANY, a New York stock insurance company
		  (the “Policy
		  Provider”).

		 

		The
		  parties to this Indenture hereby agree as follows.

		 

		ARTICLE
		  I

		 

		DEFINITIONS

		 

		Section
		  1.01 Definitions. For
		  purposes of this Indenture, the following terms have the meanings indicated
		  below:

		 

		“Acceleration”
		  means, with respect to the principal, interest and other amounts payable in
		  respect of the Notes, such amounts becoming immediately due and payable by
		  declaration or otherwise. “Accelerate,” “Accelerated” and
		  “Accelerating” have meanings correlative to the
		  foregoing.

		 

		“Acceleration
		  Default” means any Event of Default of the type described in Section
		  4.01(e) or 4.01(f).

		 

		“Account”
		  means any or, in its plural form, all of the accounts established pursuant to
		  Section 3.01(a) and any ledger accounts and ledger subaccounts maintained
		  therein in accordance with this Indenture.

		 

		“Accrued
		  Class G Interest” means, as of any date of determination, all amounts
		  due and owing in respect of accrued and unpaid interest on the Outstanding
		  Principal Balance of the Class G-1 Notes (less any Policy Drawing previously
		  paid in respect of principal of the Class G-1 Notes) at the Applicable Rate of
		  Interest for such subclass of Notes.

		 

		“Acquisition
		  Agreement” means the Asset Purchase Agreement and any agreements pursuant
		  to which Additional Aircraft (or related Aircraft Interest) are
		  acquired.

		 

		“Acquisition
		  Date” means, with respect to any Aircraft Interest (and the Aircraft
		  subject to that Aircraft Interest), the “Closing Date” as defined in
		  the Asset Purchase Agreement or “Closing Date” or any comparable term
		  in any other Acquisition Agreement.

		 

		“Act”
		  has, with respect to any Holder, the meaning given to such term in
		  Section 1.04(a).

		 

		“Additional
		  Aircraft” means any aircraft and any related engine acquired by any Issuer
		  Group Member from a Seller or an Affiliate of a Seller or from any other Person
		  after the Initial Closing Date (other than any Initial Aircraft, Remaining
		  Aircraft or Substitute Aircraft) in 

		 

		

		  
			 
		  

		  

		  
  

		accordance
		  with the provisions hereof (including, in the case of any Additional Aircraft
		  acquired through the issuance of Additional Notes, after obtaining the consent
		  of the Policy Provider and the Initial Liquidity Facility Provider and a Rating
		  Agency Confirmation), including any Aircraft acquired by way of a contribution
		  but excluding any such Aircraft after it has been sold or disposed of by way of
		  a completed Aircraft Sale.

		 

		“Additional
		  Issuance” has the meaning given to such term in
		  Section 2.11(a).

		 

		“Additional
		  Lease” means, with respect to each Additional Aircraft, each aircraft
		  lease agreement, conditional sale agreement, hire purchase agreement or other
		  similar arrangement with respect to such Additional Aircraft on the Closing
		  Date therefor.

		 

		“Additional
		  Notes” means any Notes of any subclass of Notes issued pursuant to this
		  Indenture, the proceeds of which are used, in substantial part, to acquire
		  Additional Aircraft or corresponding Aircraft Interest or to make Conversion
		  Payments.

		 

		“Additional
		  Rent” means rent (whether called additional rent, supplemental rent,
		  utilization rent, maintenance reserve or any similar term) that is in addition
		  to a base rent for the Aircraft (regardless of how such base rent is
		  calculated) payable under a Lease based on hours or cycles of operation of the
		  airframe, engines, life-limited engine parts, landing gear and/or auxiliary
		  power unit of an Aircraft, with respect to maintenance of which the lessor
		  under the Lease customarily has a maintenance contribution obligation measured
		  in part by or with reference to such additional rent.

		 

		“Affiliate”
		  has the meaning given to such term in Section 5.02(b).

		 

		“Aggregate
		  Minimum Principal Payment Amount” means, for any Payment Date, the sum of
		  (x) the aggregate unpaid Minimum Principal Payment Amount, if any, with respect
		  to the previous Payment Dates plus (y) the Minimum Principal Payment Amount for
		  such Payment Date.

		 

		“Agreed
		  Currency” has the meaning given to such term in
		  Section 12.07(a).

		 

		“Agreed
		  Value Payment” means a payment to be made by or on behalf of a Lessee
		  under a Lease upon or following a Total Loss of an Aircraft with respect to
		  such Total Loss.

		 

		“Aircraft”
		  means the Initial Aircraft (or related Aircraft Interest) and the Additional
		  Aircraft (or related Aircraft Interest).

		 

		“Aircraft
		  Agreement” means any lease, sublease, conditional sale agreement, finance
		  lease, hire purchase agreement or other agreement (other than an agreement
		  relating to maintenance, modification or repairs) or any purchase option
		  granted to a Person (other than a Purchase Option granted to an Issuer Group
		  Member) to purchase an Aircraft, in each case pursuant to which any Person
		  acquires or is entitled to acquire legal title to, or the economic benefits of
		  ownership of, such Aircraft.

		 

		
		  
			 2
		  

		  

		  
 
		  
 

		  “Aircraft
			 Assets Related Documents” means all Issuer Group Leases and related
			 documents and other contracts and agreements including any side letters,
			 assignments of warranties or option agreements of Issuer Group Members the
			 terms of which affect the rights or obligations of any Issuer Group Member in
			 respect of any of the Aircraft. 

		   

		  “Aircraft
			 Conversion” has the meaning given to such term in Section 5.02(i)
			 hereof.

		   

		  “Aircraft
			 Conversion Account” has the meaning given to such term in
			 Section 3.01(a) hereof.

		   

		  “Aircraft
			 Interest” means (a) the Ownership Interest in any Person, including
			 without limitation a trust, that owns an aircraft or (b) the Person that holds,
			 directly or indirectly, the interest referred to in clause (a) above. The
			 acquisition or disposition of all of the Aircraft Interest with respect to an
			 Aircraft constitutes, respectively, the acquisition or disposition of that
			 Aircraft.

		   

		  “Aircraft
			 Purchase Account” has the meaning given to such term in
			 Section 3.01(a).

		   

		  “Aircraft
			 Purchase Price” has the meaning, with respect to each Aircraft, given to
			 such term in the Acquisition Agreement pursuant to which such Aircraft is
			 purchased by an Issuer Group Member.

		   

		  “Aircraft
			 Sale” means any sale or other disposition of any Aircraft, including by
			 reason of such Aircraft suffering a Total Loss.

		   

		  “Allowed
			 Restructuring” has the meaning given to such term in
			 Section 5.02(e).

		   

		  “Amortization
			 Percentage” means, with respect to the Notes on any Payment Date occurring
			 on or after the Initial Amortization Date, the percentage set forth directly
			 opposite such Payment Date on Schedule 7 to this Indenture.

		   

		  “Annual
			 Report” has the meaning given to such term in
			 Section 2.14(a).

		   

		  “Applicable
			 Aviation Authority” means, in relation to any Aircraft, each governmental
			 or regulatory authority that has responsibility for the supervision of civil
			 aviation and/or the registration and operations of civil aircraft in the State
			 of Registration of such Aircraft.

		   

		  “Applicable
			 Law” means, with respect to any Person, all laws, rules, regulations and
			 orders of governmental or regulatory authorities applicable to such Person,
			 including, without limitation, the regulations of each Applicable Aviation
			 Authority applicable to such Person or the Aircraft owned or operated by it or
			 as to which it has a contractual responsibility.

		   

		  “Applicable
			 Procedures” means, with respect to any transfer or exchange of Beneficial
			 Interests, the rules and procedures of the Depositary, Euroclear or Clearstream
			 and any of their Participants and Indirect Participants that apply to such
			 transfer or exchange.

		   

		  
			 
				3
			 

			 

			 
 
			  

			 “Applicable
				Rate of Interest” means, with respect to each subclass of Notes, as of any
				date of determination thereof, the interest rate set forth in or determined in
				accordance with the terms of such subclass of Notes.

			  

			 “Applicable
				Regulations” has the meaning given to such term in Section
				12.13.

			  

			 “Appraisers”
				means Aircraft Information Services, Inc., Airclaims Limited, and BK
				Associates, Inc.

			  

			 “Asset
				Purchase Agreement” means the Asset Purchase Agreement dated as of
				[__________], 2006 between the Sellers and the Issuer.

			  

			 “Assumed
				Base Value” means, with respect to any Payment Date, for any
				Aircraft, the product of (a) the Average Base Value of such Aircraft and
				(b) the quotient obtained by dividing the Depreciation Factor applicable
				to such Aircraft on the Calculation Date related to such Payment Date by the
				Depreciation Factor applicable to such Aircraft on the Closing Date on which
				Notes were issued to finance the acquisition of such Aircraft.

			  

			 “Assumed
				Portfolio Value” means, in respect of any Payment Date and for all
				Aircraft in the Portfolio (not including any Aircraft acquired by way of a
				contribution), the sum of the product, with respect to each Aircraft in the
				Portfolio on the Calculation Date preceding such Payment Date, of (a) the
				Average Base Value of such Aircraft and (b) the quotient obtained by dividing
				the Depreciation Factor applicable to such Aircraft on such Calculation Date by
				the Depreciation Factor applicable to such Aircraft on the Closing Date on
				which Notes were issued to finance the acquisition of such
				Aircraft.

			  

			 “Authorized
				Agent” means, with respect to the Notes of any subclass, any authorized
				Paying Agent or Registrar for the Notes of such subclass.

			  

			 “Available
				Amount” means, subject to the proviso contained in Section 3.14(g), at any
				date of determination, (a) the Maximum Facility Commitment at such time less
				(b) the aggregate amount of each Facility Drawing under the Initial Liquidity
				Facility outstanding at such time; provided that
				following a Downgrade Drawing, a Final Drawing or a Non-Extension Drawing, the
				Available Amount shall be zero.

			  

			 “Available
				Budgeted Cash Amount” means, subject to the proviso contained in Section
				3.14(g), at any date of determination, (a) an amount equal to the Maximum
				Budgeted Cash Commitment at such time less (b) the aggregate amount of each
				Budgeted Cash Shortfall Drawing under the Initial Liquidity Facility
				outstanding at such time; provided that
				(i) upon the occurrence of the Budgeted Cash Termination Date or (ii) following
				a Downgrade Drawing, a Final Drawing or a Non-Extension Drawing, the Available
				Budgeted Cash Amount shall be zero.

			  

			 “Available
				Collections” means, as of the close of business on any Calculation Date,
				amounts on deposit in the Collections Account. The Available Collections with
				respect to any payment to be made therefrom shall be determined after giving
				effect to all payments, if any, having priority to such payment under
				Section 3.09.

			  

			 

			 
				4
			 

			 

			 
 
			  

			 “Average
				Base Value” means (a) in the case of each Initial Aircraft (other
				than a Substitute Aircraft), the lesser of the mean and median of the Base
				Values in respect of such Aircraft rendered by each of the Appraisers as of
				June 30, 2006, (b) in the case of any Substitute Aircraft, the lesser of
				the mean and median of the Base Values in respect of such Aircraft rendered by
				each of the Appraisers as of a date not more than six months prior to the date
				of the acquisition of such Aircraft and (c) in the case of any Additional
				Aircraft, the lesser of the mean and median of the Base Values in respect of
				such Aircraft rendered by each of the Appraisers as of a date not more than six
				months prior to the Closing Date for the issuance of the relevant Additional
				Notes.

			  

			 “Avoidance
				Drawing” has the meaning given to such term in
				Section 3.15(e).

			  

			 “Avoided
				Payment” means any amount paid or required to be paid in respect of the
				Class G-1 Notes to a holder of such Class G-1 Notes which is avoided under any
				applicable bankruptcy, insolvency, receivership or similar law in an insolvency
				proceeding by or against the Issuer, any Issuer Subsidiary, the Initial
				Liquidity Facility Provider or any other provider of an Eligible Credit
				Facility and, as a result of such an avoidance event, the Trustee or any holder
				of any such Class G-1 Notes is required to return all or any portion of such
				avoided payment made or to be made in respect of such Class G-1 Notes
				(including any disgorgement from the holders of the Class G-1 Notes resulting
				from any insolvency proceeding, whether such disgorgement is determined on a
				theory of preferential conveyance or otherwise).

			  

			 “Base
				Value” means the value of an Aircraft in an open, unrestricted, stable
				market environment with a reasonable balance of supply and demand, and with
				full consideration of the Aircraft’s “highest and best use”,
				presuming an arm’s-length, cash transaction between willing, able and
				knowledgeable parties, acting prudently, with an absence of duress and with a
				reasonable period of time available for marketing, adjusted to account for the
				maintenance status of such Aircraft (with such assumptions as to use since the
				last reported status as may be reasonably stated in the appraisal setting forth
				such Base Value).

			  

			 “Basic
				Terms Modification” has the meaning given to such term in
				Section 9.01.

			  

			 “Beneficial
				Interest” means an indirect beneficial interest in a Global Note held
				through a corresponding Depositary Interest and shown on, and transferred only
				through, records maintained in book-entry form by the Depositary (with respect
				to the Participants) and its Participants. References to Beneficial Interests
				in a Global Note should be understood to mean Beneficial Interests in the
				Depositary Interest issued with respect to such Global Note. 

			  

			 “Board”
				means the Board of Directors of the Issuer.

			  

			 “Board
				Resolution” means a copy of a resolution certified as having been duly
				adopted by the Board of the Issuer and being in full force and effect on the
				date of such certification.

			  

			 “Budgeted
				Cash Amount” means any maintenance expenditure in respect of the Portfolio
				for major airframe overhauls, engine overhauls, engine life limited parts
				replacement, auxiliary power unit overhauls and landing gear overhauls and
				similar expenditures of the type in respect of which Additional Rent is
				customarily payable.

			  

			 

			 
				5
			 

			 

			 
 
			  

			 “Budgeted
				Cash Account” has the meaning given to such term in
				Section 3.01(a).

			  

			 “Budgeted
				Cash Requirement” means, as of any date of determination thereof, the
				aggregate Budgeted Cash Amounts that the Manager reasonably anticipates to be
				payable during the six-month period following such date of
				determination.

			  

			 “Budgeted
				Cash Reserve Account” means the Budgeted Cash Reserve Account and any
				other Cash Collateral Account established by or pursuant to a Board Resolution
				designating such Account as a “Budgeted Cash Reserve
				Account”.

			  

			 “Budgeted
				Cash Shortfall” means, as of any date of determination thereof, the extent
				to which amounts in the Budgeted Cash Account are insufficient to pay in full
				the Budgeted Cash Amounts then payable or that will become payable during the
				applicable monthly period (as determined by the Cash Manager after consultation
				with the Manager).

			  

			 “Budgeted
				Cash Shortfall Drawing” has the meaning given to such term in Section
				3.14(a)(ii).

			  

			 “Budgeted
				Cash Termination Date” means [__________], 2009.

			  

			 “Business
				Day” means (i) a day on which commercial banks and foreign exchange
				markets are open in New York, New York and, with respect to the payment of
				interest on any Floating Rate Note, a day on which U.S. dollar deposits may be
				dealt in on the London inter-bank market and, with respect to payments to or
				withdrawals from the Non-Trustee Accounts, a day on which the financial
				institution at which such account is located is open for business or
				(ii) solely with respect to drawings under the Policy, any date other than
				a Saturday, a Sunday or a day on which (a) the fiscal agent under such
				Policy, at its office specified in the Policy, (b) the Policy Provider, at
				its office specified in such Policy, (c) commercial banking institutions
				in the cities in which the corporate trust office of the Trustee or
				(d) insurance companies in New York, New York are, in any such case,
				required or authorized by law or executive order to close or (iii) with respect
				to the determination of the rate of interest on any Floating Rate Note, a day
				on which U.S. dollar deposits may be dealt in on the London inter-bank
				market.

			  

			 “Calculation
				Date” means the fifth Business Day immediately preceding a Payment
				Date.

			  

			 “Cape
				Town Convention” means the Convention on International Interests in Mobile
				Equipment and its Protocol on Matters Specific to Aircraft Equipment, concluded
				in Cape Town on 16 November 2001.

			  

			 “Capital
				Account” has the meaning given to such term in Section
				3.01(a).

			  

			 “Cash
				Collateral Account” means each Eligible Credit Facility established as an
				Account pursuant to Section 3.01(m). The Issuer shall not be deemed a
				provider of an Eligible Credit Facility with respect to any Cash Collateral
				Account.

			  

			 

			 
				6
			 

			 

			 
 
			  

			 “Cash
				Management Agreement” means the Cash Management Agreement dated as of the
				Initial Closing Date among the Cash Manager, the Trustee, the Security Trustee
				and the Issuer.

			  

			 “Cash
				Manager” means the Person acting, at the time of determination, in the
				capacity of the cash manager under the Cash Management Agreement or any
				replacement agreement therefor. The initial Cash Manager is Deutsche Bank Trust
				Company Americas. 

			  

			 “Class
				A Shares” means the shares issued by the Issuer and designated as such in
				accordance with its constitutional documents.

			  

			 “Class
				B Shares” means the shares issued by the Issuer and designated as such in
				accordance with its constitutional documents.

			  

			 “Class
				B Share Payment” means, with respect to each Payment Date,
				$833.

			  

			 “Class
				B Shareholder Account” has the meaning given to such term in Section
				3.01(a).

			  

			 “Class G-1
				Notes” means the Initial Notes that are designated Class G-1 Notes
				with an initial Outstanding Principal Balance not to exceed $810,000,000, and
				all Notes, if any, issued in replacement or substitution therefor.

			  

			 “Class
				G-1 Note Target Price” means, as of any date of determination thereof and
				with respect to any Aircraft (not including any Aircraft acquired by way of a
				contribution, the Note Target Price for which shall be zero), an amount equal
				to the product of the Designated Percentage with respect to such Aircraft and
				the then (determined after the intended application of Available Collections
				(but without taking into account any Net Sale Proceeds or Total Loss Proceeds
				from the sale, disposition or total loss of such Aircraft) as of the next
				succeeding Payment Date) aggregate Outstanding Principal Balance of the Class
				G-1 Notes (less any Policy Drawings previously paid in respect of principal of
				the Class G-1 Notes).

			  

			 “Clearstream”
				means Clearstream Banking, société
				anonyme,
				Luxembourg.

			  

			 “Closing
				Date” means in the case of (a) the Initial Notes and the Initial
				Aircraft, the Initial Closing Date, (b) any Refinancing Notes or
				Additional Notes, the relevant date of issuance of such Securities and
				(c) any Additional Aircraft or Aircraft Conversion, the date of issuance
				of the Additional Notes issued to finance the acquisition of such Additional
				Aircraft or such Aircraft Conversion.

			  

			 “Code”
				means the Internal Revenue Code of 1986 as amended.

			  

			 “Collateral”
				has the meaning given to such term in the Security Trust
				Agreement.

			  

			 “Collections”
				means without duplication (a) Rental Payments and all other amounts
				received by any Issuer Group Member pursuant to any Lease or Related Collateral
				Document (other than any amounts transferred from the Rental Account to the
				Budgeted Cash Account pursuant to Section 3.01(g)), (b) amounts
				transferred from any Cash Collateral Account 

			  

			 

			 
				7
			 

			 

			 
 
			 

			 to the
				Collections Account pursuant to Section 3.01(m) or from the Budgeted Cash
				Account to the Collections Account pursuant to Section 3.01(q),
				(c) amounts received in respect of claims for damages or in respect of any
				breach of contract for nonpayment of any of the foregoing, (d) amounts
				received by an Issuer Group Member in connection with any Aircraft Sale or
				otherwise received under any Aircraft Agreement, including sale proceeds, Total
				Loss Proceeds, Agreed Value Payments, proceeds of Repossession Insurance,
				Requisition Compensation and all Partial Loss Proceeds, less, in each case, any
				expenses payable by such Issuer Group Member to any Person that is not an
				Issuer Group Member in connection therewith, (e) amounts received by any
				Issuer Group Member from insurance with respect to any Aircraft, (f) any
				amounts transferred from a Lessee Funded Account or from the Security Deposit
				Account into the Collections Account in accordance with Section 3.08,
				(g) any Hedge Payments, (h) the proceeds of any Investments of the
				funds in the Accounts (except (i) to the extent that any such proceeds are
				required to be paid over to any Lessee under a Lease or (ii) the proceeds
				of any Investments of the funds in the Liquidity Facility Reserve Account and
				the Budgeted Cash Reserve Account), (i) any amounts transferred from any
				Aircraft Purchase Account into the Collections Account in accordance with
				Section 3.03, (j) any amounts transferred from the Aircraft Conversion
				Account into the Collections Account in accordance with Section 3.08(j),
				(k) any amounts received by an Issuer Group Member under an Acquisition
				Agreement, including any loss proceeds and other amounts under the second
				sentence of Section 4.2, Section 5.2 and/or Section 5.3 of the Asset Purchase
				Agreement and any Non-Delivery Payments, and (l) any other amounts
				received by any Issuer Group Member (including any amounts received from any
				other Issuer Group Member, whether by way of distribution, dividend, repayment
				of a loan or otherwise, and any proceeds received in connection with any
				Allowed Restructuring); provided that
				Collections shall not include (i) payments under the Policy,
				(ii) Segregated Funds transferred to a Lessee Funded Account, (iii)
				security deposits under any Lease that are not Segregated Funds transferred to
				the Security Deposit Account, (iv) amounts deposited in the
				Defeasance/Redemption Account or the Refinancing Account in connection with a
				Redemption (except any amounts that are amounts under clauses (a) through
				(l) above), (v) amounts received in connection with a Refinancing,
				(vi) amounts in the Capital Account and, except as provided above with
				respect to any amounts transferred therefrom to the Collections Account,
				amounts in any Cash Collateral Account, the Aircraft Purchase Account and the
				Aircraft Conversion Account, (vii) amounts not payable to an Issuer Group
				Member, expenses incurred in connection with the receipt of any Collections or
				amounts otherwise not to be included as Collections pursuant to any Related
				Document and (viii) payments under the Initial Liquidity Facility, in each
				case subject to the restrictions set forth in this Indenture.

			  

			 “Collections
				Account” has the meaning given to such term in
				Section 3.01(a).

			  

			 “Commission”
				means the U.S. Securities and Exchange Commission.

			  

			 “Concentration
				Default” means an Event of Default under Section 4.01(d) as a result
				of a breach of the agreements under Section 5.03(a) which would arise if
				effect were given to any sale, transfer or other disposition or any purchase or
				other acquisition (other than in respect of any Aircraft acquired by way of
				contribution) pursuant to an Aircraft Agreement as of the date of such Aircraft
				Agreement regardless of whether such sale, transfer or other disposition or
				purchase or other acquisition is scheduled or expected to occur after the date
				of such Aircraft Agreement.

			  

			 

				
				  8
				

				

				
 
				 

				“Concentration
				  Limits” has the meaning given to such term in
				  Section 5.03(a).

				 

				“Contribution
				  Amounts” has the meaning given to such term in Section 3.16.

				 

				“Control”
				  has the meaning given to such term in Section 5.02(b).
				  “Controlled” and “Controlling” have meanings correlative to
				  the foregoing.

				 

				“Controlling
				  Party” means, at any time of determination, the Policy Provider until such
				  time as the Class G-1 Notes and the Policy Provider Obligations have been paid
				  or repaid in full except that if a Policy Provider Default has occurred and is
				  continuing, the Controlling Party shall be the Trustee; provided that in
				  the case of any Eligible Credit Facility (other than the Initial Liquidity
				  Facility so long as the Initial Liquidity Facility Provider is an Affiliate of
				  the initial Servicer or any other Eligible Credit Facility for so long as it is
				  provided by the initial Servicer or any Affiliate of the initial Servicer), if
				  and only if so provided in the Board Resolution providing for such Eligible
				  Credit Facility, at any time from and including the date that is no earlier
				  than 30 months from the earliest to occur of (a) the date on which
				  the entire amount available under such Eligible Credit Facility (other than any
				  Eligible Credit Facility in the form of a Cash Collateral Account) shall have
				  been drawn (except as a result of (i) a Downgrade Drawing or (ii) a
				  Non-Extension Drawing, in each case not applied to pay any Required Expenses
				  Shortfalls, Senior Hedge Payments Shortfalls, Liquidity Facility Interest
				  Class G Shortfalls or Budgeted Cash Shortfalls) and remain unreimbursed
				  and (b) the date on which the Notes shall have been Accelerated, the
				  provider of such Eligible Credit Facility shall have the right to elect, by at
				  least 15 Business Days’ prior Written Notice to the Trustee and the Policy
				  Provider, to become the Controlling Party (in place of the Policy Provider or
				  the Trustee, as applicable) thereafter (subject to the next succeeding proviso)
				  but only for so long as any Credit Facility Obligations due to such provider
				  remain unpaid; provided further, that
				  if, notwithstanding the foregoing, within 15 Business Days after its receipt of
				  any such Written Notice from such provider of such Eligible Credit Facility
				  (which notice may be given on or after the fifteenth Business Day prior to the
				  end of such 30-month period) the Policy Provider pays to such provider of such
				  Eligible Credit Facility all outstanding Credit Facility Obligations owing to
				  such provider of such Eligible Credit Facility in respect of its Eligible
				  Credit Facility, and interest accrued thereon to such date, the Policy Provider
				  (if it otherwise would have been the Controlling Party) shall remain the
				  Controlling Party so long as no Policy Provider Default has occurred and is
				  continuing. At any time after such 30-month period, if a Policy Provider
				  Default has occurred and is continuing and the provider of such Eligible Credit
				  Facility does not elect to be the Controlling Party or if no Credit Facility
				  Obligations remain outstanding, then the Trustee shall continue to be the
				  Controlling Party.

				 

				“Conversion
				  Agreement” means an aircraft modification agreement which provides for an
				  Aircraft to undergo an Aircraft Conversion. 

				 

				“Conversion
				  Payment” has the meaning given to such term in Section 5.02(i)
				  hereof.

				 

				“Core
				  Lease Provisions” has the meaning given to such term in Section 5.03(e)
				  hereof.

				 

				
				  
					 9
				  

				  

				  
 
				   

				  “Corporate
					 Obligations” has the meaning given to such term in
					 Section 11.02(a).

				   

				  “Corporate
					 Trust Office” means, with respect to the Trustee for each subclass of
					 Notes, the office of such Trustee at which at any particular time its corporate
					 trust business shall be principally administered, which office at the date of
					 the execution of this Agreement is 60 Wall Street, MS NYC60-2606, New York, NY
					 10005, Attention: Corporate Trust & Agency Services - Structured Finance
					 Services, or at such other address as the Trustee may designate from time to
					 time.

				   

				  “Costs”
					 means liabilities, obligations, damages, judgments, settlements, penalties,
					 claims, actions, suits, costs, expenses and disbursements (including, without
					 limitation, reasonable fees and disbursements of legal counsel and costs of
					 investigation).

				   

				  “Covenant
					 Defeasance” has the meaning given to such term in
					 Section 11.01(b).

				   

				  “Credit
					 Facility Advance Obligations” means all Credit Facility Obligations other
					 than (i) Credit Facility Expenses and (ii) Special Indemnity
					 Payments.

				   

				  “Credit
					 Facility Expenses” means all Credit Facility Obligations other than
					 (i) the principal amounts under, or the principal amount of any drawings
					 under any Eligible Credit Facility, (ii) interest accrued on Credit
					 Facility Obligations and (iii) Special Indemnity Payments.

				   

				  “Credit
					 Facility Obligations” means all principal (including principal of any
					 Budgeted Cash Shortfall Drawings), interest, fees, expenses, indemnities, costs
					 and other amounts owing to or incurred by the providers of Eligible Credit
					 Facilities.

				   

				  “Default”
					 means a condition, event or act that, with the giving of notice or the lapse of
					 time or both, would constitute an Event of Default.

				   

				  “Default
					 Notice” means a notice given pursuant to Section 4.02, declaring all
					 outstanding principal of and accrued and unpaid interest on the Notes to be
					 immediately due and payable.

				   

				  “Defeasance/Redemption
					 Account” has the meaning given to such term in
					 Section 3.01(a).

				   

				  “Deficiency
					 Class G Shortfall” has the meaning given to such term in
					 Section 3.07(g)(ii).

				   

				  “Deficiency
					 Drawing” has the meaning given to such term in
					 Section 3.15(b).

				   

				  “Definitive
					 Notes” has the meaning given to such term in
					 Section 2.07(a).

				   

				  “Depositary”
					 means The Depository Trust Company, its nominees and its and their respective
					 successors, as registered holder of Beneficial Interests representing Global
					 Notes.

				   

				  

				  
					 10
				  

				  

				  
 
				   

				  “Depositary
					 Interest” means a certificateless depositary interest created under this
					 Indenture representing a 100% beneficial interest in a Global
					 Note.

				   

				  “Depreciation
					 Factor” means, with respect to each Aircraft on any date of determination,
					 the product of [1 - ((1-R)/L)×A] and (1+I)A/12, where
					 “R” equals 0.10 for wide-body and classic airframes and 0.12 for all
					 other airframe types, “L” equals the Expected Useful Life of such
					 Aircraft expressed in months, “A” equals the current age of such
					 Aircraft in months from the date of its manufacture (as provided in Schedule 1
					 hereto or, with respect to any Substitute Aircraft or Additional Aircraft, as
					 reasonably determined by the Manager (subject to the approval of the Policy
					 Provider)) and I equals 0.02; provided that,
					 with respect to each Additional Aircraft (not including any Additional Aircraft
					 acquired by way of a contribution, in which case the Depreciation Factor shall
					 be determined by the Manager), the Depreciation Factor shall be determined by
					 the Board (subject to the consent of the Policy Provider) in connection with
					 the issuance of the Additional Notes funding the acquisition of such Additional
					 Aircraft.

				   

				  “Designated
					 Percentage” means, as of any date of determination thereof and with
					 respect to any Aircraft, the percentage obtained by dividing the then most
					 recent Assumed Base Value of such Aircraft by the then most recent Assumed
					 Portfolio Value of all Aircraft.

				   

				  “Developed
					 Markets” has the meaning determined, from time to time, in accordance with
					 Exhibit B.

				   

				  “Direction”
					 has the meaning given to such term in Section 1.04(c).

				   

				  “Director”
					 means a member of board of directors of the Issuer.

				   

				  “Downgrade
					 Drawing” has the meaning assigned to such term in
					 Section 3.14(c).

				   

				  “Downgrade
					 Event” has the meaning assigned to such term in the Initial Liquidity
					 Facility.

				   

				  “DSCR”
					 means, as of any Calculation Date, the amount obtained by dividing (a) the
					 amount of DSCR Available Cash as of such Calculation Date by (b) the sum of (i)
					 the DSCR Aggregate Interest Amount for the related Payment Date and (ii) the
					 DSCR Aggregate Minimum Principal Amount for such Payment Date.

				   

				  “DSCR
					 Aggregate Interest Amount” means, with respect to any Payment Date
					 occurring after [__________], 2009, the sum of (a) the Interest Amount on the
					 Notes for such Payment Date plus the net amounts payable (or minus the net
					 amounts receivable) under any Hedge Agreement on such Payment Date (whether or
					 not actually paid or received on such Payment Date) and (b) (without
					 duplication) the aggregate Interest Amount on the Notes for the previous five
					 Payment Dates plus the net amounts payable (or minus the net amounts
					 receivable) under any Hedge Agreement on the related Payment Date (whether or
					 not actually paid or received on such Payment Date).

				   

				  “DSCR
					 Aggregate Minimum Principal Amount” means, with respect to any Payment
					 Date occurring after [__________], 2009, the sum of (a) the Minimum Principal
					 

				   

				   

				  

				  
					 11
				  

				  

				  
 
				  
 

				  Payment
					 Amount for such Payment Date and (b) (without duplication) the aggregate
					 Minimum Principal Payment Amount for the previous five Payment
					 Dates.

				   

				  “DSCR
					 Available Cash” means, as of any Calculation Date, an amount equal to the
					 difference between (a) the sum of the aggregate Rental Payments (excluding
					 Additional Rent payments) actually received by the Issuer Group during the
					 six-month period ending on such Calculation Date and (b) the sum of the
					 aggregate Re-leasing Expenses incurred by the Issuer Group during the six-month
					 period ending on such Calculation Date.

				   

				  “DSCR
					 Failure” means the occurrence on two consecutive Payment Dates, each
					 occurring after the 34th month
					 and through the 59th month
					 after the Initial Closing Date, of the amount of DSCR for each such Payment
					 Date equaling less than 1.80.

				   

				  “DTC”
					 means the Depositary.

				   

				  “Eligibility
					 Requirements” has the meaning given to such term in
					 Section 2.03(b).

				   

				  “Eligible
					 Account” means (a) a segregated trust account maintained on the books
					 and records of an Eligible Institution in the name of the Security Trustee as a
					 Securities Account under, and as defined in, the Security Trust Agreement;
					 provided that no
					 Cash Collateral Account may be maintained with a liquidity provider at any time
					 at which the Issuer holds any participation in the liquidity facility unless
					 written confirmation shall have been received from each Rating Agency prior to
					 such time to the effect that such maintenance of the Cash Collateral Account
					 with the liquidity provider will not result in a withdrawal or downgrading of
					 the ratings of the Notes, (b) an account maintained on the books and
					 records of an Eligible Institution (so long as such Eligible Institution has a
					 long-term unsecured debt rating of at least AA- by Standard & Poor’s
					 and Aa3 by Moody’s) in the name of an Issuer Group Member as a Non-Trustee
					 Account in compliance with the terms of the Security Trust Agreement and (c)
					 the Irish VAT Refund Account.

				   

				  “Eligible
					 Credit Facility” means (a) the Initial Liquidity Facility provided by
					 the Initial Liquidity Facility Provider, (b) any credit agreement, letter
					 of credit, guarantee, credit or liquidity enhancement facility, term loan
					 facility or other credit facility provided by, or supported by a further such
					 credit facility provided by, an Eligible Provider in favor of any Issuer Group
					 Member and subjected to the lien of the Security Trust Agreement and designated
					 by the Board as an Eligible Credit Facility and (c) any Eligible Account
					 established for the purpose of providing like credit or liquidity support and
					 designated by the Board as an Eligible Credit Facility.

				   

				  “Eligible
					 Institution” means (a) Deutsche Bank Trust Company Americas in its
					 capacity as the Operating Bank and as Trustee in respect of any Eligible
					 Account, so long as it (i) has either (A) a long-term unsecured debt
					 rating of A (or the equivalent) or better by each Rating Agency or (B) a
					 short-term unsecured debt rating of A-1 by Standard & Poor’s and P-1
					 by Moody’s and (ii) can act as a securities intermediary under the
					 New York Uniform Commercial Code; (b) any bank not organized under the
					 laws of the United States of America so long as it has either (i) a long-term
					 unsecured debt rating of A or better by Standard & Poor’s or A2 or
					 better by Moody’s or (ii) a short-term unsecured debt rating of A-1+ by
					 

				   

				  

				  
					 12
				  

				  

				  
  

				  Standard
					 & Poor’s or P-1 or better by Moody’s; and (c) any bank
					 organized under the laws of the United States of America or any state thereof,
					 or the District of Columbia (or any branch of a foreign bank licensed under any
					 such laws) appointed as the Operating Bank in respect of any Eligible Account,
					 so long as it (i) has either (A) a long-term unsecured debt rating of
					 AA (or the equivalent) or better by each Rating Agency or (B) a short-term
					 unsecured debt rating of A-l+ by Standard & Poor’s and P-1 by
					 Moody’s and (ii) can act as a securities intermediary under the New
					 York Uniform Commercial Code, including a Person providing an Eligible
					 Credit Facility so long as such Person shall otherwise so qualify and shall
					 have waived all rights of set-off and counterclaim with respect to the account
					 to be maintained as an Eligible Account.

				   

				  “Eligible
					 Provider” means a Person (other than any Issuer Group Member or any
					 Affiliate thereof) whose short-term or long-term (as the case may be) unsecured
					 debt rating or short-term or long-term (as the case may be) unsecured issuer
					 credit rating, as the case may be, issued by each of the Rating Agencies are
					 equal to or higher than the Threshold Rating, or whose obligations under the
					 Initial Liquidity Facility or any other Eligible Credit Facility are guaranteed
					 by an Affiliate whose short-term or long-term (as the case may be) unsecured
					 debt rating or short-term or long-term (as the case may be) unsecured issuer
					 credit rating, as the case may be, issued by each of the Rating Agencies are
					 equal to or higher than the Threshold Rating, or is otherwise designated as an
					 Eligible Provider by the Board subject to the prior written consent of the
					 Policy Provider and receipt of a Rating Agency Confirmation.

				   

				  “Encumbrance”
					 has the meaning given to such term in Section 5.02(b).

				   

				  “Engine”
					 means each engine installed (or constituting a spare for an engine installed)
					 on any Aircraft, including any engine replacing a previously installed engine
					 under the relevant Lease, and any and all Parts incorporated in, installed on
					 or attached to any such engine.

				   

				  “Euroclear”
					 means Euroclear Bank, S.A./N.V., as operator of the Euroclear
					 System.

				   

				  “Event
					 of Default” has the meaning, with respect to a subclass of Notes, given to
					 such term in Section 4.01.

				   

				  “Excess
					 Policy Rate” has the meaning given to such term in the Policy Provider
					 Agreement.

				   

				  “Exchange
					 Act” means the U.S. Securities Exchange Act of 1934, as
					 amended.

				   

				  “Expected
					 Final Payment Date” means with respect to (a) the Class G-1
					 Notes, [__________], 2011 and (b) any Refinancing Notes or Additional
					 Notes, the Expected Final Payment Date, if any, established by or pursuant to a
					 Board Resolution or in any indenture supplemental hereto providing for the
					 issuance of such Notes or specified in the form of such Notes.

				   

				  “Expected
					 Useful Life” means, with respect to each Initial Aircraft, 25 years from
					 the date of manufacture (or, in the case of cargo aircraft, 30 years from the
					 date of manufacture) and, with respect to any Additional Aircraft (not
					 including any Additional Aircraft acquired by way of a contribution) or
					 Aircraft subject to an Aircraft Conversion, the “Useful Life”
					 

				   

				  
					 
						13
					 

					 

					 
 
					 
 

					 established
						by or pursuant to a Board Resolution or in any indenture supplemental hereto
						providing for the issuance of Additional Notes to fund the acquisition of such
						Additional Aircraft or such Aircraft Conversion (in any such case, subject to
						the consent of the Policy Provider and the receipt of a Rating Agency
						Confirmation). 

					  

					 “Expense
						Account” has the meaning given to such term in
						Section 3.01(a).

					  

					 “Expenses”
						means, collectively, any fees, costs or expenses Incurred or other amounts
						payable by an Issuer Group Member in the course of the business activities
						permitted under Section 5.02(e), including, without limitation,
						(i) any fees, expenses and indemnification amounts (including, without
						limitation, any and all claims, expenses, obligations, liabilities, losses,
						damages and penalties) of, or owing to, the Trustee, the Board, any officer of
						any Issuer Group Member, the Security Trustee, the Operating Bank, any
						Authorized Agent, the Manager, the Cash Manager, the Servicer, the Sellers and
						any other Service Provider, (ii) any premiums on the liability insurance
						required to be maintained for the benefit of the Board, (iii) all Taxes
						payable by the Issuer Group Members by reason of the business activities
						permitted under Section 5.02(e) and the other activities described in and
						permitted under the Related Documents, (iv) any Credit Facility Expenses,
						(v) any Policy Expenses, (vi) any amounts payable to Lessees in accordance
						with the Leases (to the extent not otherwise provided for by Segregated Funds),
						(vii) subject to a limit of 2% of the average monthly head lease rent with
						respect to the relevant Aircraft (or other amount approved by a Board
						Resolution with a Rating Agency Confirmation and the prior written consent of
						the Policy Provider with respect thereto) with respect to each Issuer
						Subsidiary entitled thereto, the shortfall between Rental Payments received by
						or on behalf of such Issuer Subsidiary in respect of a Lease of such Aircraft
						and the amount payable by such Issuer Subsidiary, as head lease rent with
						respect to such Aircraft, to another Issuer Group Member that is the owner of
						such Issuer Subsidiary and (viii) any up-front payments payable on the Initial
						Closing Date in connection with the entering into of the Initial Hedge
						Agreements, and subject to a limit of $5,000,000, any up-front payments payable
						by an Issuer Group Member in connection with any future hedge arrangements
						permitted under Section 5.02(e)(iv); provided,
						however, that,
						except as expressly provided herein, Expenses shall not include (i) any amount
						payable on the Securities or under any Hedge Agreement, any Policy Premium or
						Policy Redemption Premium or any interest accrued on any Policy Premium or
						Policy Redemption Premium, any Special Indemnity Payment or any Credit Facility
						Advance Obligations or (ii) to the extent there would otherwise be a deduction
						for an Expense of an amount already deducted in the determination of
						“Collections”, any expense referred to in clause (d) of the
						definition of “Collections”.

					  

					 “Extended
						Pool Factor” means, with respect to each subclass of Notes, the
						“Extended Pool Factor” set forth in Schedule 5 hereto or in the
						appendix to such Notes, as the same may be adjusted in accordance with
						Section 3.12.

					  

					 “Extension
						Amount” has the meaning given to such term in
						Section 3.10.

					  

					 “Facility
						Drawing” has the meaning given to such term in
						Section 3.14(a).

					  

					 “Final
						Drawing” has the meaning assigned to such term in
						Section 3.14(i).

					  

					 
						
						  14
						

						

						
 
						 

						“Final
						  Maturity Date” means with respect to (a) the Initial Notes,
						  [__________], 2032 and (b) any Refinancing Notes or Additional Notes, the
						  date specified in the form of such Notes.

						 

						“Final
						  Order” means in respect of an Avoided Payment, a final, nonappealable
						  order of a court exercising jurisdiction in an insolvency proceeding by or
						  against the Issuer, any Issuer Group Member, the Initial Liquidity Facility
						  Provider or any other provider of an Eligible Credit Facility.

						 

						“Final
						  Policy Election” has the meaning assigned to such term in Section
						  3.15(c).

						 

						“Fixed
						  Rate Notes” means any Refinancing Notes or Additional Notes issued with a
						  fixed rate of interest.

						 

						“Floating
						  Rate Notes” means the Class G-1 Notes and any Refinancing Notes or
						  Additional Notes issued with a floating or variable rate of
						  interest.

						 

						“Future
						  Lease” means, with respect to each Aircraft, any aircraft lease agreement
						  as may be in effect at any time after the Closing Date on which Notes were
						  issued to finance the acquisition of such Aircraft between an Issuer Group
						  Member (as lessor) and a Person not an Issuer Group Member (as lessee), in each
						  case other than any Initial Lease or Additional Lease; provided that
						  if, under any sub-leasing arrangement with respect to an Aircraft, the lessor
						  thereof agrees to receive payments or collateral directly from, or is to make
						  payments directly to, the sub-lessee, in any such case to the exclusion of the
						  related Lessee, then the relevant sub-lease shall constitute the
						  “Lease”, and the sub-lessee shall constitute the related
						  “Lessee” with respect to such Aircraft, but only to the extent of the
						  provisions of such sub-lease agreement relevant to such payments and collateral
						  and to the extent agreed by the relevant lessor.

						 

						“GAAP”
						  means generally accepted accounting principles in the United
						  States.

						 

						“Global
						  Notes” means any Rule 144A Global Notes and Regulation S Global
						  Notes.

						 

						“Guarantee”
						  means any obligation, contingent or otherwise, of any Person directly or
						  indirectly guaranteeing any Indebtedness or other obligation of any other
						  Person and, without limiting the generality of the foregoing, any obligation,
						  direct or indirect, contingent or otherwise, of such Person (i) to
						  purchase or pay (or advance or supply funds for the purchase or payment of)
						  such Indebtedness or other obligation of such other Person or (ii) entered
						  into for purposes of assuring in any other manner the obligee of such
						  Indebtedness or other obligation of the payment thereof or to protect such
						  obligee against loss in respect thereof (in whole or in part); provided that
						  the term “Guarantee” shall not include endorsements for collection or
						  deposit in the ordinary course of business. The term “Guarantee” when
						  used as a verb has a corresponding meaning.

						 

						“Guaranty”
						  means the Guaranty dated as of the Initial Closing Date issued by General
						  Electric Capital Corporation in accordance with the terms of the Asset Purchase
						  Agreement.

						 

						
						  
							 15
						  

						  

						  
 
						   

						  “Hedge
							 Agreement” means any interest rate or currency swap, cap, floor, Swaption,
							 or other interest rate or currency hedging agreement between the Issuer and any
							 Hedge Provider existing on the Initial Closing Date (including the Initial
							 Hedge Agreements) or entered into in accordance with
							 Section 5.02(e)(iv).

						   

						  “Hedge
							 Breakage Costs” means any amounts payable by any Issuer Group Member to a
							 Hedge Provider as a result of any early termination (however described or
							 defined therein) of any Hedge Agreement.

						   

						  “Hedge
							 Overview Services Agreement” means the Hedge Overview Services Agreement
							 dated as of the Initial Closing Date between the Hedge Services Provider and
							 the Issuer.

						   

						  “Hedge
							 Payment” means a net payment to be made by a Hedge Provider into the
							 Collections Account under a Hedge Agreement and includes any such payment made
							 by a guarantor under any related Hedge Guarantee or any termination payment
							 received from any counterparty to a Hedge Agreement.

						   

						  “Hedge
							 Provider” means the counterparty to any Issuer Group Member under any
							 Hedge Agreement.

						   

						  “Hedge
							 Services Provider” means the Person acting, at the time of determination,
							 in the capacity of the hedge services provider under the Hedge Overview
							 Services Agreement. The initial Hedge Services Provider will be Citibank,
							 N.A.

						   

						  “Holder”
							 or “Noteholder” means (a) in the case of any global note, the
							 owner of the securities entitlement thereof and (b) in the case of any
							 definitive note, the Person in whose name such Note is registered from time to
							 time.

						   

						  “Incur”
							 has the meaning given to such term in Section 5.02(f).

						   

						  “Indebtedness”
							 means, with respect to any Person at any date of determination (without
							 duplication), (a) all indebtedness of such Person for borrowed money,
							 (b) all obligations of such Person evidenced by bonds, debentures, notes
							 or other similar instruments, (c) all obligations of such Person in
							 respect of letters of credit or other similar instruments (including
							 reimbursement obligations with respect thereto), (d) all the obligations
							 of such Person to pay the deferred and unpaid purchase price of property or
							 services, which purchase price is due more than six months after the date of
							 purchasing such property or service or taking delivery and title thereto or the
							 completion of such services, and payment deferrals arranged primarily as a
							 method of raising finance or financing the acquisition of such property or
							 service, (e) all obligations of such Person under a lease of (or other
							 agreement conveying the right to use) any property (whether real, personal or
							 mixed) that is required to be classified and accounted for as a capital lease
							 obligation under generally accepted accounting principles in the U.S.,
							 (f) all Indebtedness of other Persons secured by a lien on any asset of
							 such Person, whether or not such Indebtedness is assumed by such Person, and
							 (g) all Indebtedness of other Persons Guaranteed by such
							 Person.

						   

						  “Indenture”
							 has the meaning given to such term in the preamble hereof.

						   

						  
							 
								16
							 

							 

							 
 
							  

							 “Independent
								Director” means a Person that is not at the time of its appointment or at
								any time when such Person is serving as an Independent Director and has not
								been for the five years prior to its appointment as an Independent Director
								(i) an employee, officer, director, consultant, customer or supplier, or
								the beneficial holder (directly or indirectly) of more than 5% of any Ownership
								Interest, of the initial Servicer, the initial Manager, the Issuer or any
								Affiliate of any such Person, or (ii) a spouse of, or Person related to
								(but not more remote than first cousins), a Person referred to at
								(i) above. 

							  

							 “Indirect
								Participant” means a Person who holds an interest through a
								Participant.

							  

							 “Initial
								Aircraft” means each of the aircraft identified in Schedule 1 hereto
								(including any related Engines and Parts and any Remaining Aircraft) and any
								Substitute Aircraft, excluding any such aircraft (or related Aircraft Interest)
								sold or disposed of (directly or indirectly) by way of a completed Aircraft
								Sale and any Remaining Aircraft for which a Substitute Aircraft is acquired
								pursuant to the Asset Purchase Agreement.

							  

							 “Initial
								Amortization Date” means [__________], 2009.

							  

							 “Initial
								Closing Date” means [__________], 2006. 

							  

							 “Initial
								Equity Amount” means an amount not less than $[__________].

							  

							 “Initial
								Expenses” means Expenses related to the issuance of the Initial Notes and
								the acquisition of the Initial Aircraft on the Initial Closing Date, except
								that the foregoing shall not include any Expenses related to the acquisition of
								the Remaining Aircraft incurred after the Initial Closing Date.

							  

							 “Initial
								Hedge Agreements” means the series of monthly forward contracts under the
								ISDA Master Agreement dated as of [__________], 2006 between the Issuer and
								Citibank, N.A.

							  

							 “Initial
								Lease” means, with respect to each Initial Aircraft, each aircraft lease
								agreement, conditional sale agreement, hire purchase agreement or other similar
								arrangement with respect to such Initial Aircraft in existence at the date of
								this Agreement and specified in Schedule 1 to the Asset Purchase Agreement or
								with respect to any Substitute Aircraft described therein, as such agreement
								may be amended, modified, extended, supplemented, assigned or novated from time
								to time.

							  

							 “Initial
								Liquidity Facility” means the Revolving Credit Agreement dated as of the
								Initial Closing Date among the Initial Liquidity Facility Provider, the Issuer
								and the Cash Manager, as amended from time to time in accordance with its terms
								and as replaced and so designated pursuant to
								Section 3.14(e)(iii).

							  

							 “Initial
								Liquidity Facility Non-Consent Event” means the occurrence of (i) the
								payment of the Notes in full (other than any Refinancing Notes that are Notes
								so long as the Notes covered by the Initial Liquidity Facility have been paid
								in full with the proceeds of the issuance of such Refinancing Notes, such
								Refinancing Notes are not covered by the Initial Liquidity Facility and the
								Initial Liquidity Facility has been terminated in connection with such
								

							  

							  

							 
								
								  17
								

								

								
 
								
 

								Refinancing),
								  (ii) the termination of the Initial Liquidity Facility, and (iii) the
								  payment of all Credit Facility Obligations owed to the Initial Liquidity
								  Facility Provider in full.

								 

								“Initial
								  Liquidity Facility Provider” means PK AirFinance US, Inc., a Delaware
								  corporation, and its successors and permitted assigns, or any provider of an
								  Eligible Credit Facility so designated by a Board Resolution.

								 

								“Initial
								  Liquidity Payment Account” has the meaning given to such term in
								  Section 3.01(a).

								 

								“Initial
								  Notes” means the Class G-1 Notes issued on the Initial Closing
								  Date.

								 

								“Initial
								  Outstanding Balance” means, with respect to any subclass of Notes, the
								  initial Outstanding Principal Balance thereof on the date of issuance of such
								  Notes. 

								 

								“Initial
								  Purchasers” means Citigroup Global Markets Inc., Wachovia Securities LLC,
								  J.P. Morgan Securities Inc. and Credit Suisse (USA), Inc.

								 

								“Insolvency
								  Proceeding” means any proceeding of the type referred to in Section
								  4.01(e) or (f) hereof in respect of the Issuer.

								 

								“Insured
								  Minimum Principal Payment Amount” means, with respect to the Payment Date
								  following each Calculation Date occurring on or after 24 months after the date
								  of an Event of Default under Section 4.01(a) or 4.01(b) hereof that is
								  continuing or an Acceleration of the Notes, the excess, if any, of (a) the
								  Outstanding Principal Balance of the Notes as of such Payment Date (less any
								  Policy Drawings previously paid in respect of principal of the Class G-1 Notes)
								  over (b) the Minimum Target Principal Balance of the Class G-1 Notes on the
								  Payment Date that preceded such Payment Date by 24 months.

								 

								“Intercompany
								  Loan” has the meaning given to such term in
								  Section 5.02(f).

								 

								“Interest
								  Accrual Period” means, as to each subclass of Notes, each of the following
								  periods: the period commencing on (and including) the relevant Closing Date and
								  ending on (but excluding) the first Payment Date thereafter and each successive
								  period beginning on (and including) a Payment Date and ending on (but
								  excluding) the next succeeding Payment Date; provided that
								  the final Interest Accrual Period with respect to any subclass of Notes shall
								  end on but exclude the date such subclass of Notes is repaid in full. Account
								  balances with respect to each Interest Accrual Period shall be determined by
								  reference to the balances of funds on deposit in the Accounts as of the close
								  of business on the Calculation Date immediately preceding the Payment Date at
								  the end of such Interest Accrual Period.

								 

								“Interest
								  Amount” means, with respect to each subclass of Notes, on any Payment
								  Date, (a) the amount of interest accrued and unpaid to such Payment Date
								  at the Applicable Rate of Interest with respect to such subclass of Notes for
								  the Interest Accrual Period ending on such Payment Date, determined in
								  accordance with the terms of such subclass of Notes, plus (b) interest at
								  the rate specified in clause (a) above on any Interest Amount due but not
								  paid on any prior Payment Date.

								 

								
								  
									 18
								  

								  

								  
 
								   

								  “Interest
									 Class G Drawing” means a Policy Drawing made pursuant to
									 Section 3.15(a).

								   

								  “Interest
									 Class G Shortfall” has the meaning given to such term in
									 Section 3.07(g)(i).

								   

								  “Investment”
									 has the meaning given to such term in Section 5.02(c).

								   

								  “Investment
									 Earnings” means investment earnings on funds on deposit in any Account net
									 of losses and investment expenses of the Cash Manager in making such
									 investments.

								   

								  “Irish
									 Account Charge” has the meaning given to such term in Section 3.01(a)
									 hereof.

								   

								  “Irish
									 Paying Agent” has the meaning given to such term in Section 2.03(a).
									 The initial Irish Paying Agent shall be Deutsche International Corporate
									 Services (Ireland) Limited.

								   

								  “Irish
									 VAT Refund Account” has the meaning given to such term in
									 Section 3.01(a) hereof.

								   

								  “Issuer”
									 has the meaning set forth in the preamble hereof.

								   

								  “Issuer
									 Group” means the Issuer and each Issuer Subsidiary.

								   

								  “Issuer
									 Group Member” means the Issuer or an Issuer Subsidiary.

								   

								  “Issuer
									 Subsidiary” means each direct or indirect subsidiary of the Issuer
									 (including each trust of which the Issuer or a subsidiary thereof is the holder
									 of the beneficial interest) existing on the Initial Closing Date and listed on
									 Schedule 2 to this Indenture and any other direct or indirect subsidiary
									 (including any such trust) of the Issuer.

								   

								  “Junior
									 Claim” means (a) with respect to Expenses, all other Obligations and
									 (b) with respect to any other Obligations, all Obligations, in each case,
									 as to which the payment of such other Obligations constitute a Prior Ranking
									 Amount.

								   

								  “Junior
									 Claimant” means the holder of a Junior Claim.

								   

								  “Junior
									 Representative” means, as applicable, the Trustee with respect to any
									 Junior Claim consisting of any subclass of Notes of which it is the Trustee and
									 any other Person acting as the representative of one or more Junior
									 Claimants.

								   

								  “Leases”
									 means the Initial Leases, the Future Leases and the Additional
									 Leases.

								   

								  “Legal
									 Defeasance” has the meaning given to such term in
									 Section 11.01(b).

								   

								  “Lessee”
									 means each Person who is the lessee of an Aircraft from time to time leased
									 from an Issuer Group Member pursuant to a Lease. 

								   

								  
									 
										19
									 

									 

									 
 

									  

									 “Lessee
										Funded Account” has the meaning given to such term in
										Section 3.01(a).

									  

									 “LIBOR”
										means the London interbank offered rate for one month U.S. dollar deposits,
										determined pursuant to the Reference Agency Agreement, or such other interest
										rate so denominated, with respect to any Additional Notes or Refinancing Notes,
										in an indenture supplemental hereto for any such Notes or in the form
										thereof.

									  

									 “Liquidity
										Facility Drawing” has the meaning given to such term in
										Section 3.14(a).

									  

									 “Liquidity
										Facility Event of Default” has the meaning assigned to such term in the
										Initial Liquidity Facility.

									  

									 “Liquidity
										Facility Interest Class G Shortfall” has the meaning given to such term in
										Section 3.07(f) hereof.

									  

									 “Liquidity
										Facility Reserve Account” means the Liquidity Facility Reserve Account and
										any other Cash Collateral Account established by or pursuant to a Board
										Resolution designating such Account as a “Liquidity Facility Reserve
										Account”.

									  

									 “Liquidity
										Guarantor” has the meaning assigned to such term in the Initial Liquidity
										Facility.

									  

									 “Listing
										Agent” means A&L Listing Limited.

									  

									 “Management
										Agreement” means the Management Agreement dated as of the Initial Closing
										Date among the Manager, the Replacement Manager (as defined therein), the
										Issuer, the Issuer Subsidiaries party thereto, the Policy Provider, the Trustee
										and the Security Trustee.

									  

									 “Manager”
										means the person acting, at the time of determination, in the capacity as the
										manager of the Issuer and the Issuer Subsidiaries under the Management
										Agreement or any replacement agreement therefore. The initial Manager is
										Genesis Lease Limited, a Bermuda exempted company.

									  

									 “Material
										Hedge Agreement Terms” means events of default, termination events,
										additional termination events, subordinated hedge payment provisions, Policy
										Provider step-in rights, Policy Provider consent rights to amendments,
										assignments and transfers, provisions relating to the obligation of the Hedge
										Provider to any Issuer Group Member to post collateral, find a replacement
										counterparty or take other remedial action upon a downgrade in its credit
										rating (together with the associated ratings thresholds) and a provision
										stating that the Policy Provider is an intended third-party
										beneficiary.

									  

									 “Maximum
										Budgeted Cash Commitment” has the meaning assigned to such term in the
										Initial Liquidity Facility.

									  

									 “Maximum
										Commitment” has the meaning assigned to such term in the Initial Liquidity
										Facility.

									  

									 
										20
									 

									 

									 
 

									  

									 “Maximum
										Facility Commitment” has the meaning assigned to such term in the Initial
										Liquidity Facility.

									  

									 “Minimum
										Class G Principal Shortfall” has the meaning given to such term in Section
										3.07(g)(iii) hereof.

									  

									 “Minimum
										Principal Payment Amount” means, with respect to any subclass of Notes, as
										of any Payment Date, the product of (i) the Amortization Percentage for such
										Payment Date (which, prior to the Initial Amortization Date, shall be zero) and
										(ii) the Initial Outstanding Balance of such subclass of Notes, except that, if
										an Aircraft Sale occurs with respect to any Aircraft (not including any
										Aircraft acquired by way of contribution) prior to the Expected Final Payment
										Date or any Aircraft is not acquired by an Issuer Group Member prior to the
										Delivery Expiry Date under and as defined in the Asset Purchase Agreement or
										the acquisition thereof is rescinded pursuant to the terms of the Asset
										Purchase Agreement, the “Minimum Principal Payment Amount” shall also
										include, with respect to the Payment Date next occurring after such event (and
										each subsequent Payment Date until paid), an amount equal to the Class G-1 Note
										Target Price for such Aircraft (it being agreed that such a Minimum Principal
										Payment Amount in the amount of the Class G-1 Note Target Price shall not be
										treated as a redemption for any purpose herein and no Policy Redemption Premium
										shall be payable in connection therewith).

									  

									 “Minimum
										Target Principal Balance” means, with respect to the Notes on any Payment
										Date, the amount set forth in Schedule 6 to this Indenture for such Payment
										Date, subject to adjustments set forth therein.

									  

									 “Modification
										Payment” has the meaning given to such term in
										Section 5.02(i).

									  

									 “Monthly
										Report” has the meaning given to such term in
										Section 2.14(a).

									  

									 “Moody’s”
										means Moody’s Investors Service, Inc.

									  

									 “Net
										Sale Proceeds” means, with respect to any sale or other disposition of any
										assets, the aggregate amount of cash received or to be received from time to
										time (whether as initial or deferred consideration) by or on behalf of the
										seller in connection with such transaction after deducting therefrom (without
										duplication) (a) reasonable and customary brokerage commissions and other
										similar fees and commissions (including fees received by the Servicer under the
										Servicing Agreement), (b) the amount of taxes payable in connection with
										or as a result of such transaction and (c) the cost of any modifications to the
										asset made in connection with its sale or other disposition, in each case to
										the extent, but only to the extent, that the amounts so deducted are, at the
										time of receipt of such cash, actually paid to a Person that is not an
										Affiliate of the seller and are properly attributable to such transaction or to
										the asset that is the subject thereof.

									  

									 “No
										Proceeds Drawing” has the meaning assigned to such term in Section
										3.15(c).

									  

									 “Non-Delivery
										Payments” means any amounts received by the Issuer pursuant to the first
										sentence of Section 4.2 or the third sentence of Section 5.3 of the Asset
										Purchase Agreement or a comparable provision in any other Acquisition
										Agreement.

									  

									 

										
										  21
										

										

										

										
										 

										“Non-Extension
										  Drawing” has the meaning assigned to such term in
										  Section 3.14(d).

										 

										“Non-Performance
										  Period” has the meaning assigned to such term in Section
										  3.15(c).

										 

										“Non-Significant
										  Subsidiary” means a direct or indirect subsidiary of the Issuer with
										  respect to which an order or decree described in 4.01(e) has been entered or an
										  event described in 4.01(f) has occurred if, as of the date of the entry of such
										  order or decree or of such event, as the case may be, such subsidiary, together
										  with all of the subsidiaries of the Issuer that have been and continue to be
										  subject to such an order or decree or event, as the case may be, since the
										  Initial Closing Date, own or lease Aircraft having an aggregate Assumed Base
										  Value of less than 10% of the then Assumed Portfolio Value as of such
										  applicable date of such order or decree or event.

										 

										“Non-Trustee
										  Accounts” has the meaning given to such term in
										  Section 3.01(g).

										 

										“Non-U.S.
										  Person” means a person who is not a U.S. person, as defined in
										  Regulation S.

										 

										“Note
										  Account” has the meaning given to such term in
										  Section 3.01(a).

										 

										“Note
										  Purchase Agreement” means the Note Purchase Agreement dated as of
										  [__________] between the Issuer, [__________] and the Initial Purchasers.
										  

										 

										“Note
										  Target Price” means, as of any date of determination thereof and with
										  respect to any Aircraft (not including any Aircraft acquired by way of a
										  contribution, the Note Target Price for which shall be zero), an amount equal
										  to 107% of the aggregate Outstanding Principal Balance of the Initial Notes,
										  together with any accrued but unpaid interest thereon and any related Hedge
										  Breakage Costs and any Policy Premium then due and payable to the Policy
										  Provider, allocable in each case to such Aircraft on the date of the sale
										  agreement or Purchase Option exercise date, as the case may be. On any date,
										  the Outstanding Principal Balance of the Initial Notes and Policy Premium (each
										  an “Allocable Amount”) allocable to an Aircraft shall equal the
										  product of (i) (A) the Assumed Base Value of such Aircraft divided by
										  (B) the Assumed Portfolio Value and (ii) such Allocable Amount, in
										  each case on the most recent Payment Date.

										 

										“Notes”
										  means the Initial Notes, all Additional Notes, if any, all Refinancing Notes,
										  if any, and all Notes, if any, issued in replacement or substitution of a
										  Note.

										 

										“Notice
										  of Avoided Payment” has the meaning given to such term in the
										  Policy.

										 

										“Notice
										  of Nonpayment” has the meaning given to such term in the
										  Policy.

										 

										“Notices”
										  has the meaning given to such term in Section 12.05.

										 

										“Obligations”
										  means the Secured Obligations and the payments made to the Issuer, any
										  Shareholder or any other party pursuant to Section 3.09 hereof.
										  

										 

										

										
										  22
										

										

										

										
										 

										 

										“Offering
										  Memorandum” means the offering memorandum dated [__________], 2006 issued
										  by the Issuer in respect of the offering of the Initial Notes.

										 

										“Officer’s
										  Certificate” means a certificate signed by, with respect to the Issuer,
										  any Director and, with respect to any other Person, any authorized officer,
										  director, trustee or equivalent representative of such Person.

										 

										“Operating
										  Bank” means the Person acting, at the time of determination, as the
										  Operating Bank under the Security Trust Agreement. The initial Operating Bank
										  is Deutsche Bank Trust Company Americas.

										 

										“Opinion
										  of Counsel” means a written opinion signed by legal counsel, who may be an
										  employee of or counsel to the Issuer, that meets the requirements of
										  Section 1.03.

										 

										“Optional
										  Redemption” means a Redemption of Notes pursuant to
										  Section 3.11(a).

										 

										“Outstanding”
										  means (a) with respect to the Notes of any class or subclass at any time,
										  all Notes of such class or subclass theretofore authenticated and delivered by
										  the Trustee except (i) any such Notes cancelled by, or delivered for
										  cancellation to, the Trustee; (ii) any such Notes, or portions thereof,
										  for the payment of principal of and accrued and unpaid interest on which moneys
										  have been deposited in the applicable Note Account or distributed to Holders by
										  the Trustee and any such Notes, or portions thereof, for the payment or
										  redemption of which moneys in the necessary amount have been deposited in the
										  Defeasance/Redemption Account; provided that if
										  such Notes are to be redeemed prior to the maturity thereof in accordance with
										  the requirements of Section 3.11(a) or 3.11(b), notice of such redemption
										  shall have been given as provided in Section 3.11(c), or provision
										  satisfactory to the Trustee shall have been made for giving such notice; and
										  (iii) any such Notes in exchange or substitution for which other Notes
										  have been authenticated and delivered, or which have been paid pursuant to the
										  terms of this Indenture (unless proof satisfactory to the Trustee is presented
										  that any of such Note is held by a Person in whose hands such Note is a legal,
										  valid and binding obligation of the Issuer); and (b) when used with
										  respect to any evidence of indebtedness other than any Notes means, at any
										  time, any principal amount thereof then unpaid and outstanding (whether or not
										  due or payable).

										 

										“Outstanding
										  Amount” has the meaning given to such term in
										  Section 3.07(g)(iv).

										 

										“Outstanding
										  Balance” has the meaning given to such term in
										  Section 3.15(c).

										 

										“Outstanding
										  Principal Balance” means, with respect to any Notes Outstanding, the total
										  principal amount evidenced by such Outstanding Notes unpaid at any
										  time.

										 

										“Ownership
										  Interest” has the meaning given to such term in
										  Section 5.02(b).

										 

										“Partial
										  Loss” means, with respect to any Aircraft, any event or occurrence of
										  loss, damage, destruction or the like which is not a Total Loss.

										 

										

										
										  23
										

										

										

										
										 

										“Partial
										  Loss Proceeds” means, with respect to any Aircraft, the total proceeds of
										  the insurance or reinsurance (other than in respect of liability insurance)
										  paid in respect of any Partial Loss to any Issuer Group Member.

										 

										“Participant”
										  means, with respect to DTC, Euroclear or Clearstream, a Person who has an
										  account with DTC, Euroclear or Clearstream, respectively (and, with respect to
										  DTC, shall include Euroclear and Clearstream).

										 

										“Parts”
										  means any part, component, appliance, accessory, instrument or other item of
										  equipment (other than any Engine) installed in or attached to (or constituting
										  a spare for any such item installed in or attached to) any Aircraft (other than
										  any Engine).

										 

										“Paying
										  Agent” has the meaning given to such term in
										  Section 2.03(a).

										 

										“Payment
										  Date” means the [__] day of each month, commencing on
										  [__________].

										 

										“Permitted
										  Account Investments” means, in each case (except with regard to
										  clause (f)), book-entry securities, negotiable instruments or securities
										  in registered form that evidence:

										 

										(a)direct
										  obligations of, and obligations fully Guaranteed as to timely payment by, the
										  United States of America (having original maturities of no more than
										  365 days, or such lesser time as is required for the distribution of
										  funds);

										 

										(b) demand
										  deposits, time deposits or certificates of deposit of the Operating Bank or of
										  depositary institutions or trust companies organized under the laws of the
										  United States of America or any state thereof, or the District of Columbia (or
										  any domestic branch of a foreign bank) (i) having original maturities of
										  no more than 365 days, or such lesser time as is required for the
										  distribution of funds; provided that at
										  the time of Investment or contractual commitment to invest therein, the
										  short-term debt rating of such depositary institution or trust company shall be
										  at least A-1 by Standard & Poor’s and P-1 by Moody’s or
										  (ii) having maturities of more than 365 days and, at the time of the
										  Investment or contractual commitment to invest therein, a rating of AA by
										  Standard & Poor’s and Aa2 by Moody’s; provided that,
										  during any applicable period, not more than 20% of the Issuer’s aggregate
										  Permitted Account Investments may be made in investments described under this
										  clause (b);

										 

										(c) corporate
										  or municipal debt obligations (including, without limitation, open market
										  commercial paper) (i) having remaining maturities of no more than
										  365 days, or such lesser time as is required for the distribution of
										  funds, having, at the time of the Investment or contractual commitment to
										  invest therein, a rating of at least A-1 or AA by Standard & Poor’s
										  and P-1 or Aa2 by Moody’s or (ii) having maturities of more than
										  365 days and, at the time of the Investment or contractual commitment to
										  invest therein, a rating of AA by Standard & Poor’s and Aa2 by
										  Moody’s;

										 

										
										  
											 24
										  

										  

										  

										  
										   

										  (d) Investments
											 in money market funds (including funds in respect of which the Trustee or any
											 of its Affiliates is investment manager or advisor) having a rating of at least
											 AA by Standard & Poor’s and Aa2 by Moody’s;

										   

										  (e) notes or
											 bankers’ acceptances (having original maturities of no more than
											 365 days, or such lesser time as is required for the distribution of
											 funds) issued by any depositary institution or trust company referred to in
											 (b) above; or

										   

										  (f) any
											 other Investments approved pursuant to a Rating Agency Confirmation;
											 

										   

										  provided,
											 however, that
											 no Investment shall be made in any obligations of any depositary institution or
											 trust company which has a contractual right to set off and apply any deposits
											 held, and other indebtedness owing, by any Issuer Group Member to or for the
											 credit or the account of such depositary institution or trust company;
											 provided further that
											 if, at any time, the rating of any of the foregoing investments falls below
											 “BBB” by Standard & Poor's or “Baa2” by Moody's, such
											 downgraded investment shall no longer constitute a “Permitted Account
											 Investment”.

										   

										  “Permitted
											 Accruals” has the meaning given to such term in
											 Section 3.09(a).

										   

										  “Permitted
											 Additional Aircraft Acquisition” has the meaning given to such term in
											 Section 5.02(h).

										   

										  “Permitted
											 Encumbrance” has the meaning given to such term in
											 Section 5.02(b).

										   

										  “Person”
											 means any natural person, firm, corporation, limited liability company,
											 partnership, joint venture, association, joint-stock company, trust,
											 unincorporated organization, government or any political subdivision thereof or
											 any other legal entity, including public bodies.

										   

										  “Pledged
											 Beneficial Interest” has the meaning given to such term in the Security
											 Trust Agreement.

										   

										  “Pledged
											 Debt” has the meaning given to such term in the Security Trust
											 Agreement.

										   

										  “Pledged
											 Membership Interest” has the meaning given to such term in the Security
											 Trust Agreement.

										   

										  “Pledged
											 Shares” has the meaning given to such term in the Security Trust
											 Agreement.

										   

										  “Policy”
											 means the Financial Guaranty Insurance Policy No. [__________] issued on the
											 Initial Closing Date by the Policy Provider, together with all endorsements
											 thereto, in favor of the Trustee for the benefit of the Holders of the Class
											 G-1 Notes.

										   

										  “Policy
											 Drawing” means, with respect to the Policy, any payment of a claim under
											 the Policy.

										   

										  

										  
											 25
										  

										  

										  

										  
										   

										  “Policy
											 Expenses” means all amounts (including, but not limited to, all amounts in
											 respect of fees, indemnities or costs and expenses incurred by the Policy
											 Provider, including, without limitation, in connection with the enforcement,
											 defense or preservation of any rights in respect of any of the Related
											 Documents) due to the Policy Provider under the Policy Provider Agreement or
											 any other Policy Provider Document other than (i) reimbursement of any
											 Policy Drawing, (ii) any Policy Premium or Policy Redemption Premium, if
											 any, (iii) any interest accrued on any Policy Drawings or any Policy
											 Premium or Policy Redemption Premium, and (iv) reimbursement of and
											 interest on any Credit Facility Advance Obligations in respect of any Eligible
											 Credit Facility paid by the Policy Provider to any provider of an Eligible
											 Credit Facility.

										   

										  “Policy
											 Fee Letter” means the fee letter, dated as of [__________], 2006 from the
											 Policy Provider to the Issuer and the Trustee setting forth the Policy Premium
											 and certain other amounts payable in respect of the Policy.

										   

										  “Policy
											 Non-Consent Event” means the occurrence of (i) the payment of the
											 Notes in full (other than any Refinancing Notes that are Notes so long as the
											 Notes covered by the Policy have been paid in full with the proceeds of the
											 issuance of such Refinancing Notes, such Refinancing Notes are not covered by
											 the Policy and the Policy has been terminated and surrendered to the Policy
											 Provider for cancellation in connection with such Refinancing), (ii) the
											 termination and surrender of the Policy to the Policy Provider for cancellation
											 and (iii) the payment of all Policy Provider Obligations in
											 full.

										   

										  “Policy
											 Premium” has the meaning given to such term in the Policy Fee
											 Letter.

										   

										  “Policy
											 Provider” means Financial Guaranty Insurance Company, a New York stock
											 insurance company, or any successor thereto, as issuer of the
											 Policy.

										   

										  “Policy
											 Provider Agreement” means the Insurance and Indemnity Agreement, dated as
											 of the date of issuance of the Initial Notes, among the Trustee, the Issuer and
											 the Policy Provider.

										   

										  “Policy
											 Provider Default” means the occurrence of any of the following events:
											 (a) the Policy Provider fails to make a payment required under the Policy
											 in accordance with its terms and such failure remains unremedied for two
											 Business Days following the delivery of Written Notice of such failure by the
											 Trustee, the Cash Manager or the Operating Bank to the Policy Provider, or
											 (b) the Policy Provider (i) files any petition or commences any case
											 or proceeding under any provisions of any federal or state law relating to
											 insolvency, bankruptcy, rehabilitation, liquidation or reorganization,
											 (ii) makes a general assignment for the benefit of its creditors or
											 (iii) has an order for relief entered against it under any federal or
											 state law relating to insolvency, bankruptcy, rehabilitation, liquidation or
											 reorganization that is final and nonappealable, or (c) a court of
											 competent jurisdiction, the New York Insurance Department or another competent
											 judicial or regulatory authority enters a final and nonappealable order,
											 judgment or decree (i) appointing a custodian, trustee, agent or receiver
											 for the Policy Provider or for all or any material portion of its property or
											 (ii) authorizing the taking of possession by a custodian, trustee, agent
											 or receiver of the Policy Provider (or taking of possession of all or any
											 material portion of the Policy Provider’s property).

										   

										   

										  
											 
												26
											 

											 

											 

											 
											  
 

										  “Policy
											 Provider Documents” means the Policy, the Policy Fee Letter, the Policy
											 Provider Agreement and the Policy Provider Indemnification
											 Agreement.

										   

										  “Policy
											 Provider Indemnification Agreement” means the Indemnification Agreement
											 dated as of [__________] entered into between the Policy Provider, the Issuer,
											 the Initial Purchasers and the Placement Agent.

										   

										  “Policy
											 Provider Obligations” means all reimbursements and other amounts,
											 including without limitation, fees, expenses, interest and indemnities, due to
											 the Policy Provider hereunder, or under the Policy Provider Documents, all such
											 amounts to be paid only as expressly provided hereunder and without duplication
											 whether by reason of any rights of subrogation or otherwise.

										   

										  “Policy
											 Redemption Premium” has the meaning given to such term in the Policy Fee
											 Letter.

										   

										  “Pool
											 Factor” means, with respect to each subclass of Notes on any Payment Date,
											 the “Pool Factor” for such Payment Date set forth in Schedule 4
											 hereto or in the appendix to such Notes, as the same may be adjusted in
											 accordance with Section 3.12.

										   

										  “Portfolio”
											 means, at any time, all Aircraft owned by the Issuer Group.

										   

										  “Precedent
											 Lease” has the meaning given to such term in
											 Section 5.03(e).

										   

										  “Primary
											 Expenses” means all Expenses other than Modification Payments and
											 Refinancing Expenses.

										   

										  “Prior
											 Ranking Amounts” means, with respect to any amount to be paid (or retained
											 in the Collections Account) in accordance with Section 3.09(a) or 3.09(b)
											 (as applicable), all amounts, if any, to be paid (or retained in the
											 Collections Account) prior to the payment (or retention) of such amount in
											 accordance with Section 3.09(a) or 3.09(b) (as applicable).

										   

										  “Prohibited
											 Countries” has the meaning determined, from time to time, in accordance
											 with Section 5.03(a).

										   

										  “Purchase
											 Option” means a contractual option granted by the lessor or owner under an
											 Aircraft Agreement (including pursuant to a conditional sale agreement) as to
											 the purchase of the applicable Aircraft.

										   

										  “QIB”
											 means a “qualified institutional buyer” as defined in
											 Rule 144A.

										   

										  “Quarterly
											 Report” has the meaning given to such term in
											 Section 2.14(a).

										   

										  “Rating
											 Agency” means each of Moody’s, Standard & Poor’s and any
											 other nationally recognized rating agency designated by the Issuer;
											 provided that
											 such organizations shall only be deemed to be a Rating Agency for purposes of
											 this Indenture with respect to the Notes they are then rating.

										   

										  
											 
												27
											 

											 

											 

											 
											 “Rating
												Agency Confirmation” means a written confirmation in advance of certain
												actions or transactions contemplated by the Issuer Group from each of the
												Rating Agencies then rating the Notes, that such action or transaction will not
												result in the lowering, qualification or withdrawal by such Rating Agency of
												its then current credit rating, if any, of any subclass of Notes (such rating,
												in the case of the Class G-1 Notes, as determined without regard to the
												Policy).

											  

											 “Received
												Currency” has the meaning given to such term in
												Section 12.07(a).

											  

											 “Receiver”
												means any Person or Persons appointed as (and any additional Person or Persons
												appointed or substituted as) administrative receiver, receiver, manager or
												receiver and manager.

											  

											 “Record
												Date” means, with respect to each Payment Date, the close of business on
												the day that is 15 days prior to such Payment Date or, if 15 days has
												not passed since the Initial Closing Date, the Initial Closing Date, in any
												event whether or not such day is a Business Day.

											  

											 “Redemption”
												has the meaning given to such term in Section 3.11(c).

											  

											 “Redemption
												Date” means the date, which shall in each case be a Payment Date, on which
												Notes of any subclass are to be redeemed pursuant to
												Section 3.11.

											  

											 “Redemption
												Premium” means (a) with respect to any Initial Note being redeemed in an
												Optional Redemption on any Redemption Date, the Redemption Premium indicated
												for such Initial Note with respect to such date in the table
												below:

											  

											 
													
														Redemption
														  Date
 	 	
														Price

															 
	
														On or
														  after Initial Closing Date but before [__________], 2007
 	 	 	
														103

															
														%

														
	
														On or
														  after [__________], 2007 but before [__________], 2008
 	 	 	
														102

															
														%

														
	
														On or
														  after [__________], 2008 but before [__________], 2009
 	 	 	
														101

															
														%

														
	
														On or
														  after [__________], 2009
 	 	 	
														100

															
														%

														

 

											 

											 and (b)
												with respect to any Additional Note or Refinancing Note, the Redemption Premium
												specified therefore by the terms of such Note.

											 

											 “Redemption
												Price” means an amount (determined as of the Calculation Date for the
												Redemption Date for any Redemption pursuant to Section 3.11(a)) equal
												to:

											  

											 (a) with
												respect to any Initial Notes being redeemed and except as otherwise provided in
												clause (b) below, the product of the applicable Redemption Premium times, the
												portion of the Outstanding Principal Balance being redeemed

											  

											 
												
												  28
												

												

												
 
												 
 

											 (b) with
												respect to any Initial Notes being redeemed under Section 3.11(a) after the
												giving of a Default Notice or the Acceleration of any of the Notes, the then
												Outstanding Principal Balance thereof without Redemption Premium;
												and

											  

											 (c) with
												respect to any Notes other than the Initial Notes, as provided in the Board
												Resolution or indenture supplemental hereto providing for the issuance of such
												Notes.

											  

											 “Reference
												Agency Agreement” means the Reference Agency Agreement dated as of the
												Initial Closing Date, between the Issuer, the Reference Agent and the Cash
												Manager pursuant to which LIBOR is determined from time to time.

											  

											 “Reference
												Agent” means the Person acting, at the time of determination, in the
												capacity of the Reference Agent under the Reference Agency Agreement. The
												initial Reference Agent is Deutsche Bank Trust Company Americas.

											  

											 “Reference
												Date” means, with respect to each Interest Accrual Period, the day that is
												two Business Days prior to the commencement of such Interest Accrual
												Period.

											  

											 “Refinancing”
												has the meaning given to such term in Section 2.10(a).

											  

											 “Refinancing
												Account” has the meaning given to such term in
												Section 3.01(a).

											  

											 “Refinancing
												Expenses” means all out-of-pocket costs and expenses Incurred in
												connection with an offering and issuance of Refinancing Notes.

											  

											 “Refinancing
												Notes” means any subclass of Notes issued by the Issuer under this
												Indenture at any time and from time to time after the date hereof, in a
												Refinancing in accordance with Section 2.10.

											  

											 “Register”
												has the meaning given to such term in Section 2.03.

											  

											 “Registrar”
												has the meaning given to such term in Section 2.03.

											  

											 “Regulation S”
												means Regulation S under the Securities Act.

											  

											 “Regulation S
												Global Note” has the meaning given to such term in
												Section 2.01(b).

											  

											 “Related
												Collateral Document” means any letter of credit, third-party or bank
												guarantee or cash collateral provided by or on behalf of a Lessee to secure
												such Lessee’s obligations under a Lease.

											  

											 “Related
												Documents” means the Management Agreement, the Cash Management Agreement,
												each Eligible Credit Facility, this Indenture, the Notes, the Reference Agency
												Agreement, the Security Documents, the Policy Provider Documents, the Servicing
												Agreement, the Hedge Overview Services Agreement, the Asset Purchase Agreement,
												the Guaranty and any other Acquisition Agreement, any Hedge Agreements and the
												constitutional documents of the Issuer Group Members. References to
												“Related Documents” will also include, where the context
												

											  

											 

											 
												29
											 

											 

											 

											  

											 requires,
												any Refinancing Notes and any Additional Notes and any guarantees, asset or
												stock purchase agreements, swap or other interest rate, currency or other
												hedging agreements or any other agreement entered into or security offered by
												any Issuer Group Member in connection with any acquisition of Additional
												Aircraft or Aircraft Conversion and issuance of Additional Notes.

											  

											 “Re-leasing
												Expenses” means, with respect to any period, all out-of-pocket costs and
												expenses incurred by the Issuer Group in connection with the re-leasing of
												Aircraft during such period, including but not limited to the
												following:

											  

											 (a)    
												storage, maintenance, test flight, navigation, landing, ferry flights,
												shipping, fuel, reconfiguration, modification, refurbishment and repair
												expenses incurred in connection with the re-leasing of such Aircraft during
												such period;

											  

											 (b)    
												insurance premiums, fees and expenses incurred by or on behalf of the Issuer
												Group for possessed hull and liability insurance while such Aircraft is
												off-lease during such period; 

											  

											 (c)    
												expenses incurred in connection with the acceptance of delivery, and in
												connection with the transition of such Aircraft, to such re-lease during such
												period; and

											  

											 (d)    
												outside legal counsel and technical consultant fees and expenses and other
												professional fees and expenses, and all court costs, filing fees, bonding costs
												and other expenses, and other governmental fees and costs related to any
												re-lease of such Aircraft during such period;

											  

											 provided that
												Re-leasing Expenses shall not include those expenses constituting Budgeted Cash
												Amounts.

											  

											 “Relevant
												Information” means any information provided to the Cash Manager by the
												Trustee, the Security Trustee, the Operating Bank, any Authorized Agent, the
												Issuer, the Board or any Service Provider.

											  

											 “Remaining
												Aircraft” has the meaning given to such term in the Asset Purchase
												Agreement or to that or any comparable term in any other Acquisition
												Agreement.

											  

											 “Renewal
												Lease” has the meaning given to such term in
												Section 5.03(e).

											  

											 “Rental
												Account” has the meaning given to such term in
												Section 3.01(a).

											  

											 “Rental
												Payments” means all rental payments and other amounts equivalent to a
												rental payment payable by or on behalf of a Lessee under a Lease including,
												including Purchase Option payments and Additional Rent payments that are not
												Segregated Funds.

											  

											 “Replacement
												Liquidity Facility” means, for the Initial Liquidity Facility, an
												irrevocable revolving credit agreement (or agreements), complying with all of
												the requirements of Section 3.14(e), in substantially the form of the Initial
												Liquidity Facility, including reinstatement provisions, or in such other form
												or forms (which may include a letter of credit, surety bond, swap, financial
												insurance policy or guaranty) as shall permit the Rating Agencies to confirm in
												writing their respective ratings then in effect for the Notes (before
												downgrading of 

											  

											 
												
												  30
												

												

												
  

											 such
												ratings, if any, as a result of the downgrading of the ratings of the replaced
												Initial Liquidity Facility Provider (or Liquidity Guarantor or other applicable
												guarantor, as the case may be); such rating as determined without regard to the
												Policy) and, if not in form and substance substantially the same as the Initial
												Liquidity Facility as reasonably determined by the Policy Provider, that has
												been approved in writing by the Policy Provider, in a face amount (or in an
												aggregate face amount) equal to the then Maximum Commitment (or, if after the
												Budgeted Cash Termination Date, the then Maximum Facility Commitment) under the
												replaced Initial Liquidity Facility and issued by an Eligible Provider or
												Eligible Providers having, or whose obligations thereunder are guaranteed by an
												Affiliate having, a short-term or long-term (as the case may be) unsecured debt
												rating or a short-term or long-term (as the case may be) unsecured issuer
												credit rating, as the case may be, issued by each of the Rating Agencies which
												are equal to or higher than the Threshold Rating (and consented to in writing
												by the Policy Provider if any such rating which is equal to the Threshold
												Rating shall not have a stable or positive outlook according to each Rating
												Agency) or, with the written consent of the Policy Provider, such other ratings
												and qualifications as shall permit the Rating Agencies to confirm in writing
												their respective ratings then in effect for the Notes (before the downgrading
												of such ratings, if any, as a result of the downgrading of the ratings of the
												replaced Initial Liquidity Facility Provider (or Liquidity Guarantor or other
												applicable guarantor, as the case may be); such rating as determined without
												regard to the Policy). Without limitation of the form that a Replacement
												Liquidity Facility otherwise may have pursuant to the preceding sentence, a
												Replacement Liquidity Facility may have a stated expiration date earlier than
												15 days after the Final Maturity Date of the Notes so long as such
												Replacement Liquidity Facility provides for a Non-Extension Drawing as
												contemplated by Section 3.14(d).

											  

											 “Replacement
												Liquidity Facility Provider” means a Person (or Persons) who issues a
												Replacement Liquidity Facility.

											  

											 “Repossession
												Insurance” has the meaning given to such term in
												Section 5.03(g).

											  

											 “Required
												Amount” means (a) initially, with respect to each of the Liquidity
												Facility Reserve Account and the Budgeted Cash Reserve Account, zero;
												provided that,
												(i) in the case of the Liquidity Facility Reserve Account, if a Downgrade
												Drawing or a Non-Extension Drawing shall have occurred, the Required Amount
												shall be an amount equal to the Maximum Facility Commitment, and (ii) in the
												case of the Budgeted Cash Reserve Account, if, prior to the Budgeted Cash
												Termination Date, a Downgrade Drawing or a Non-Extension Drawing shall have
												occurred, the Required Amount shall be an amount equal to the Maximum Budgeted
												Cash Commitment, and from and after the Budgeted Cash Termination Date, the
												Required Amount shall be zero, and (b) thereafter, on any Payment Date,
												with respect to any other Eligible Credit Facility, such amounts as the Board
												has unanimously determined (and for which a Rating Agency Confirmation and
												prior written consent of the Policy Provider and the Initial Liquidity Facility
												Provider have been received), plus the increase, if any, in the Required Amount
												for the applicable Cash Collateral Account or Credit Facility provided for by
												the terms of any Additional Notes or Refinancing Notes.

											  

											 “Required
												Expense Amount” means, with respect to each Payment Date, the amount of
												Expenses of the Issuer Group due and payable on the Calculation Date relating
												to such Payment Date or reasonably anticipated by the Cash Manager (after
												consultation with the 

											  

											 
												
												  31
												

												

												
 
												 

												Manager)
												  to become due and payable before the next succeeding Payment Date, the accrual
												  of which would be prudent in light of the size and timing of such Expenses (and
												  from and after the Budgeted Cash Termination Date with respect to any
												  maintenance expenditures, if so elected by the Manager, before the
												  third succeeding
												  Payment Date), to the extent such Expenses consist of (a) Primary Expenses
												  and (b) any Modification Payments or Refinancing Expenses in respect of
												  which a Permitted Accrual was previously effected by a deposit in the Expense
												  Account (whether or not any such deposit has been previously used to pay any
												  other Primary Expense but excluding any portion of such deposit previously used
												  to pay any Modification Payments or Refinancing Expenses) in each case after
												  giving effect to any withdrawal from any Lessee Funded Account, Security
												  Deposit Account or any drawing upon a Related Collateral Document that is then
												  available for the payment of any such Expense; provided,
												  however, that
												  the Required Expense Amount shall not include any Initial
												  Expenses.

												 

												“Required
												  Expenses Shortfall “ has the meaning giving to such term in
												  Section 3.07(f).

												 

												“Requisition
												  Compensation” means all monies or other compensation receivable by any
												  Issuer Group Member from any government, whether civil, military or de facto,
												  or public or local authority in relation to an Aircraft in the event of its
												  requisition for title, confiscation, restraint, detention, forfeiture or
												  compulsory acquisition or seizure or requisition for hire by or under the order
												  of any government or public or local authority.

												 

												“Responsible
												  Officer” means (a) with respect to the Trustee, any officer within
												  the Corporate Trust Office, including any Vice President, Managing Director,
												  Director, Associate, Assistant Vice President, Associate or any other officer
												  of the Trustee customarily performing functions similar to those performed by
												  any of the above designated officers and also, with respect to a particular
												  matter, any other officer to whom such matter is referred because of such
												  officer’s knowledge and familiarity with the particular subject,
												  (b) with respect to the Issuer, any Director and (c) with respect to
												  any Person providing an Eligible Credit Facility and the Cash Manager, any
												  authorized officer of such Person.

												 

												“Restricted
												  Period” has the meaning giving to such term in
												  Section 2.12(c)(i).

												 

												“Restrictive
												  Legend” means the legend in the form set forth in
												  Section 2.02(a).

												 

												“Rule 144A”
												  means Rule 144A under the Securities Act.

												 

												“Rule 144A
												  Global Note” has the meaning given to such term in
												  Section 2.01(b).

												 

												“Secured
												  Obligations” has the meaning given to such term in the Security Trust
												  Agreement.

												 

												“Secured
												  Parties” has the meaning given to such term in the Security Trust
												  Agreement.

												 

												“Securities”
												  means the Initial Notes, all Additional Notes, if any, and all Refinancing
												  Notes, if any.

												 

												

												  
													 32
												  

												  

												  
 
												   

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

												   

												  “Security
													 Deposit Account” has the meaning given to such term in Section 3.01(a)
													 hereof.

												   

												  “Security
													 Documents” means the Security Trust Agreement and any document executed
													 pursuant thereto, or otherwise, for the purpose of granting a security interest
													 in any Collateral to the Security Trustee for the benefit of the Secured
													 Parties or for the purpose of perfecting such security interest.

												   

												  “Security
													 Interests” means the security interests granted or expressed to be granted
													 in the Collateral pursuant to the Security Trust Agreement.

												   

												  “Security
													 Trust Agreement” means the Security Trust Agreement dated as of the
													 Initial Closing Date, between the Issuer, each other party thereto and the
													 Security Trustee.

												   

												  “Security
													 Trustee” means the Person appointed, at the time of determination, as the
													 trustee for the benefit of the Secured Parties pursuant to Section 5.01 of
													 the Security Trust Agreement. The initial Security Trustee is Deutsche Bank
													 Trust Company Americas.

												   

												  “Segregated
													 Funds” means, with respect to each Lease, (a) all security deposits
													 provided for under such Lease that have been received from the relevant Lessee
													 or pursuant to the relevant Acquisition Agreement with respect to such Lease,
													 (b) any security deposit pledged to the relevant Lessee by an Issuer Group
													 Member and (c) all other funds, including any Additional Rent payments,
													 received from the relevant Lessee or pursuant to the relevant Acquisition
													 Agreement with respect to such Lease and in each case of clause (a),
													 (b) and (c) not permitted, pursuant to the terms of such Lease, to be
													 commingled with the funds of the Issuer Group.

												   

												  “Seller”
													 means General Electric Capital Corporation (“GECC”) and any
													 Affiliates thereof that are sellers of either Aircraft or entities that own an
													 Aircraft, in each case to an Issuer Group Member on or after the Initial
													 Closing Date.

												   

												  “Senior
													 Claim” means, with respect to any Obligations (other than Expenses), all
													 other Obligations the payment of which constitutes a Prior Ranking Amount with
													 respect thereto.

												   

												  “Senior
													 Claimant” means the holder of a Senior Claim.

												   

												  “Senior
													 Hedge Payment” means, on any Payment Date, a net payment (if any due) to a
													 Hedge Provider by any Issuer Group Member and any related Hedge Breakage Costs
													 but excluding any Subordinated Hedge Payment.

												   

												  “Senior
													 Hedge Payments Shortfall” has the meaning giving to such term in
													 Section 3.07(f). 

												   

												  “Service
													 Provider” means each of the Trustee, the Servicer, the Manager, the Cash
													 Manager, the Hedge Services Provider, the Operating Bank, the Reference Agent
													 and any 

												   

												  

												  
													 33
												  

												  

												  
 
												   

												  other
													 service provider retained from time to time by an Issuer Group Member pursuant
													 to the Related Documents.

												   

												  “Servicer”
													 means the Person acting, at the time of determination, in the capacity of the
													 Servicer under the Servicing Agreement. The initial Servicer is GE Commercial
													 Aviation Services Limited, a company incorporated under the laws of
													 Ireland.

												   

												  “Servicer’s
													 Pro Forma Lease” has the meaning given to such term in
													 Section 5.03(e).

												   

												  “Servicing
													 Agreement” means the Servicing Agreement dated as of the Initial Closing
													 Date among the Servicer, the Issuer Subsidiaries party thereto, the Policy
													 Provider and the Issuer.

												   

												  “Shares”
													 means, collectively, the Class A Shares and the Class B Shares.

												   

												  “Skymark
													 Aircraft” means the Boeing 737-800 aircraft bearing manufacturer’s
													 serial number 34247.

												   

												  “Special
													 Distribution Date” means a distribution date established by the Trustee
													 for the distribution of the proceeds of an Avoidance Drawing.

												   

												  “Special
													 Indemnity Payments” means (a) any indemnity amounts owing at any time
													 and from time to time by the Issuer to the Initial Purchasers under the Note
													 Purchase Agreement or to the Policy Provider under the Policy Provider
													 Indemnification Agreement and (b) any other indemnity amounts owing at any
													 time and from time to time to any other Person party to a Related Document
													 (other than the Servicer under the Servicing Agreement and the Initial
													 Liquidity Provider originally a signatory hereto) which arise from violations
													 of the Securities Act, the U.S. Securities Exchange Act of 1934, as amended or
													 any other securities law.

												   

												  “Standard
													 & Poors means Standard & Poors Ratings Group, a division of The
													 McGraw-Hill Companies, Inc.

												   

												  “State
													 of Registration” means, in relation to an Aircraft at any time, the
													 country or state on whose national register such Aircraft is registered at that
													 time under the laws of such country or state in accordance with the applicable
													 provisions of any Lease relating to such Aircraft or, in the absence of any
													 such provisions, Applicable Law.

												   

												  “Stated
													 Expiration Date” has the meaning given to such term in
													 Section 3.14(d).

												   

												  “Subordinated
													 Hedge Payments” means any amounts payable by any Issuer Group Member to a
													 Hedge Provider that are subordinated in accordance with the relevant Hedge
													 Agreement (including, but not limited to, any Hedge Breakage Costs payable by
													 any Issuer Group Member to a Hedge Provider if such Hedge Breakage Costs result
													 from an early termination of the related Hedge Agreement with respect to which
													 such Hedge Provider is the “Defaulting Party” or an “Affected
													 Party” (as such terms are defined in the related Hedge
													 Agreement)).

												   

												  
													 
														34

													 

													 

													 
 
													  
 

												  “Substitute
													 Aircraft” has the meaning given to such term in the Asset Purchase
													 Agreement or to that or any comparable term in any other Acquisition Agreement
													 and that has been approved by the Policy Provider.

												   

												  “Swaption”
													 means any option agreement with respect to a Hedge Agreement.

												   

												  “Taxes”
													 mean any and all taxes, fees, levies, duties, tariffs, imposts, and other
													 charges of any kind (together with any and all interest, penalties, loss,
													 damage, liability, expense, additions to tax and additional amounts or costs
													 Incurred or imposed with respect thereto) imposed or otherwise assessed by the
													 United States or by any state, local or foreign government (or any subdivision
													 or agency thereof) or other taxing authority, including, without limitation:
													 taxes or other charges on or with respect to income, franchises, windfall or
													 other profits, gross receipts, property, sales, use, capital stock, payroll,
													 employment, social security, workers’ compensation, unemployment
													 compensation, or net worth and similar charges; taxes or other charges in the
													 nature of excise, withholding, ad valorem, stamp, transfer, value added, taxes
													 on goods and services, gains taxes, license, registration and documentation
													 fees, customs duties, tariffs, and similar charges.

												   

												  “Termination
													 Notice” has the meaning assigned to such term in the Initial Liquidity
													 Facility.

												   

												  “Third
													 Party Event” has the meaning given to such term in
													 Section 5.03(b).

												   

												  “Threshold
													 Rating” means the short-term issuer credit rating of A-1+ by Standard
													 & Poors (or, in the absence of a short-term issuer credit rating by
													 Standard & Poors, a long-term issuer credit rating of AA- by Standard &
													 Poors) and a short-term unsecured debt rating of P-1 by Moodys (or, in the
													 absence of a short-term unsecured debt rating by Moodys, a long-term unsecured
													 debt rating of A1 by Moodys).

												   

												  “TIA”
													 means the U.S. Trust Indenture Act of 1939, as amended.

												   

												  “Total
													 Loss” means, with respect to any Aircraft (a) if the same is subject
													 to a Lease, a Casualty Occurrence, Total Loss or Event of Loss (each as defined
													 in such Lease) or the like (however so defined); or (b) if the same is not
													 subject to a Lease, (i) its actual, constructive, compromised, arranged or
													 agreed total loss, (ii) its destruction, damage beyond repair or being
													 rendered permanently unfit for normal use for any reason whatsoever,
													 (iii) its requisition for title, confiscation, restraint, detention,
													 forfeiture or any compulsory acquisition or seizure or requisition for hire
													 (other than a requisition for hire for a temporary period not exceeding
													 180 days) by or under the order of any government (whether civil, military
													 or de facto) or public or local authority or (iv) its hijacking, theft or
													 disappearance, resulting in loss of possession by the owner or operator thereof
													 for a period of 30 consecutive days or longer. A Total Loss with respect to any
													 Aircraft shall be deemed to occur on the date on which such Total Loss is
													 deemed pursuant to the relevant Lease to have occurred or, if such Lease does
													 not so deem or the relevant Aircraft is not subject to a Lease, (A) in the
													 case of an actual total loss or destruction, damage beyond repair or being
													 rendered permanently unfit, the date on which such loss, destruction, damage or
													 rendering occurs (or, if the date of loss or destruction is not known, the date
													 on which the relevant Aircraft was last heard of); (B) in the case of a
													 constructive, compromised, arranged 

												   

												  
													 
														35

													 

													 

													 
 
													  

													 or
														agreed total loss, the earlier of (1) the date 30 days after the date
														on which notice claiming such total loss is issued to the insurers or brokers
														and (2) the date on which such loss is agreed or compromised by the
														insurers; (C) in the case of requisition for title, confiscation,
														restraint, detention, forfeiture, compulsory acquisition or seizure, the date
														on which the same takes effect; (D) in the case of a requisition for hire,
														the expiration of a period of 180 days from the date on which such
														requisition commenced (or, if earlier, the date upon which insurers make
														payment on the basis of a Total Loss); or (E) in the case of
														clause (iv) above, the final day of the period of 30 consecutive days
														referred to therein.

													  

													 “Total
														Loss Proceeds” means, in relation to an Aircraft, the total net proceeds
														of the insurance and reinsurance paid in respect of a Total Loss thereof and
														includes, in the case of a Total Loss of an airframe which does not involve the
														Total Loss of all Engines or Parts installed thereon at the time when such
														Total Loss occurred, the net sale proceeds of any such surviving Engines or
														Parts.

													  

													 “Trustee”
														means, with respect to each subclass of Notes, the Person appointed, at the
														time of determination, as the trustee of such subclass of Notes in accordance
														with this Indenture. The initial Trustee for each subclass of Notes is Deutsche
														Bank Trust Company Americas.

													  

													 “U.S.
														Government Obligations” has the meaning given to such term in
														Section 11.02(a).

													  

													 “Written
														Notice” means, with reference to the Issuer, the Trustee, the Operating
														Bank, the Cash Manager or the provider of any Eligible Credit Facility, a
														written instrument executed by a Responsible Officer of such
														Person.

													  

													 Section
														1.02 Rules
														of Construction. Unless
														the context otherwise requires:

													  

													 (a) A term
														has the meaning assigned to it and an accounting term not otherwise defined has
														the meaning assigned to it in accordance with GAAP.

													  

													 (b) The
														terms “herein”, “hereof” and other words of similar import
														refer to this Indenture as a whole and not to any particular Article, Section
														or other subdivision.

													  

													 (c) Unless
														otherwise indicated in context, all references to Articles, Sections, Schedules
														or Exhibits refer to an Article or Section of, or a Schedule or Exhibit to,
														this Indenture.

													  

													 (d) Words of
														the masculine, feminine or neuter gender shall mean and include the correlative
														words of other genders, and words in the singular shall include the plural, and
														vice versa.

													  

													 (e) The
														terms “include”, “including” and similar terms shall be
														construed as if followed by the phrase “without
														limitation”.

													  

													 
														
														  36
														

														

														
 
														 

														(f) Unless
														  otherwise indicated, references to a subclass of Notes shall be to the
														  Class G-1 Notes or to another subclass of Refinancing Notes or Additional
														  Notes, as applicable; and references to a class of Notes shall be to the
														  Initial Notes or to a class of Refinancing Notes or Additional Notes, as
														  applicable.

														 

														(g) References
														  in this Indenture to an agreement or other document (including this Indenture)
														  include references to such agreement or document as amended, replaced or
														  otherwise modified (without, however, limiting the effect of the provisions of
														  this Indenture with regard to any such amendment, replacement or modification),
														  and the provisions of this Indenture apply to successive events and
														  transactions. References to any Person shall include such Person’s
														  successors in interest and permitted assigns.

														 

														(h) References
														  in this Indenture to any statute or other legislative provision shall include
														  any statutory or legislative modification or re-enactment thereof, or any
														  substitution therefor, and references to any governmental Person shall include
														  reference to any governmental Person succeeding to the relevant functions of
														  such Person.

														 

														(i) References
														  in this Indenture to the Notes of any class or subclass include the conditions
														  applicable to the Notes of such class or subclass; and any reference to any
														  amount of money due or payable by reference to the Notes of any class or
														  subclass shall include any sum covenanted to be paid by the Issuer under this
														  Indenture.

														 

														(j) References
														  in this Indenture to any action, remedy or method of judicial proceeding for
														  the enforcement of the rights of creditors or of security shall be deemed to
														  include, in respect of any jurisdiction other than the state of New York,
														  references to such action, remedy or method of judicial proceeding for the
														  enforcement of the rights of creditors or of security available or appropriate
														  in such jurisdiction as shall most nearly approximate such action, remedy or
														  method of judicial proceeding described or referred to in this
														  Indenture.

														 

														(k) Where
														  any payment is to be made, funds applied or any calculation is to be made
														  hereunder on a day which is not a Business Day, unless any Related Document
														  otherwise provides, such payment shall be made, funds applied and calculation
														  made on the next succeeding Business Day, and payments (unless otherwise
														  provided for in respect of the Notes) shall be adjusted accordingly. Where any
														  calculation is to be made hereunder on a Calculation Date or any amount
														  hereunder is in respect of a Calculation Date, such calculation shall be made
														  as of the close of business on such Calculation Date and such amount shall be
														  in respect of the close of business on such Calculation Date.

														 

														Section
														  1.03 Compliance
														  Certificates and Opinions. Upon
														  any application or request by the Issuer to the Trustee to take any action
														  under any provision of this Indenture, the Issuer shall furnish to the Trustee
														  an Officer’s Certificate stating that, in the opinion of the signers
														  thereof, all conditions precedent, if any, provided for in this Indenture
														  relating to the proposed action have been complied with, and an Opinion of
														  Counsel stating that, in the opinion of such counsel, all such conditions
														  precedent, if any, have been complied with, except that in the case of any such
														  application or request as to which the furnishing of such 

														 

														
														  
															 37
														  

														  

														  
 
														   
 

														documents
														  is specifically required by any provision of this Indenture relating to such
														  particular application or request, no additional certificate or opinion need be
														  furnished.

														 

														Every
														  certificate or opinion with respect to compliance with a condition or covenant
														  provided for in this Indenture or any indenture supplemental hereto shall
														  include: 

														 

														(a) a
														  statement that each individual signing such certificate or opinion has read
														  such covenant or condition and the definitions in this Indenture relating
														  thereto;

														 

														(b) a brief
														  statement as to the nature and scope of the examination or investigation upon
														  which the statements or opinions contained in such certificate or opinion are
														  based;

														 

														(c) a
														  statement that, in the opinion of each such individual, he has made such
														  examination or investigation as is necessary to enable him to express an
														  informed opinion as to whether or not such covenant or condition has been
														  complied with; and

														 

														(d) a
														  statement as to whether, in the opinion of each such individual, such condition
														  or covenant has been complied with.

														 

														Section
														  1.04 Acts
														  of Holders.
														  (a)  Any direction, consent, waiver or other action provided by this
														  Indenture in respect of the Notes of any subclass to be given or taken by
														  Holders may be embodied in and evidenced by one or more instruments of
														  substantially similar tenor signed by such Holders in person or by an agent or
														  proxy duly appointed in writing; and, except as herein otherwise expressly
														  provided, such action shall become effective when such instrument or
														  instruments are delivered to the Trustee, to each Rating Agency where it is
														  hereby expressly required pursuant to this Indenture and to the Issuer. Such
														  instrument or instruments (and the action embodied therein and evidenced
														  thereby) are herein sometimes referred to as the “Act”
														  of the Holders signing such instrument or instruments. Proof of execution of
														  any such instrument or of a writing appointing any such agent shall be
														  sufficient for any purpose under this Indenture and conclusive in favor of the
														  Trustee or the Issuer, if made in the manner provided in this
														  Section.

														 

														(b) The fact
														  and date of the execution by any Person of any such instrument or writing may
														  be proved by the certificate of any notary public or other officer of any
														  jurisdiction authorized to take acknowledgments of deeds or administer oaths
														  that the Person executing such instrument acknowledged to him the execution
														  thereof, or by an affidavit of a witness to such execution sworn to before any
														  such notary or such other officer and where such execution is by an officer of
														  a corporation or association, trustee of a trust or member of a partnership, on
														  behalf of such corporation, association, trust or partnership, such certificate
														  or affidavit shall also constitute sufficient proof of his authority. The fact
														  and date of the execution of any such instrument or writing, or the authority
														  of the Person executing the same, may also be proved in any other reasonable
														  manner which the Trustee deems sufficient.

														 

														(c) In
														  determining whether the Holders have given any direction, consent, request,
														  demand, authorization, notice, waiver or other Act (a “Direction”),
														  under this Indenture, Notes owned by the Issuer or any Affiliate of the Issuer
														  shall be disregarded 

														 

														
														  
															 38
														  

														  

														  
 
														   
 

														and
														  deemed not to be Outstanding for purposes of any such determination. In
														  determining whether the Trustee shall be protected in relying upon any such
														  Direction, only Notes which a Responsible Officer of the Trustee actually knows
														  to be so owned shall be so disregarded. Notwithstanding the foregoing,
														  (i) if any such Person owns 100% of the Notes of any
														  subclass Outstanding, such Notes shall not be so disregarded as aforesaid,
														  and (ii) if any amount of Notes of such subclass so owned by any such
														  Person have been pledged in good faith, such Notes shall not be disregarded as
														  aforesaid if the pledgee establishes to the satisfaction of the Trustee the
														  pledgee’s right so to act with respect to such Notes and that the pledgee
														  is not the Issuer or any Affiliate of the Issuer.

														 

														(d) The
														  Issuer may at its option, by delivery of Officers’ Certificates to the
														  Trustee, set a record date other than the Record Date to determine the Holders
														  in respect of the Notes of any subclass entitled to give any Direction in
														  respect of such Notes. Such record date shall be the record date specified in
														  such Officer’s Certificate which shall be a date not more than
														  30 days prior to the first solicitation of Holders in connection
														  therewith. If such a record date is fixed, such Direction may be given before
														  or after such record date, but only the Holders of record of the applicable
														  subclass at the close of business on such record date shall be deemed to be
														  Holders for the purposes of determining whether Holders of the requisite
														  proportion of Outstanding Notes of such subclass have authorized or agreed or
														  consented to such Direction, and for that purpose the Outstanding Notes of such
														  subclass shall be computed as of such record date; provided that no
														  such Direction by the Holders on such record date shall be deemed effective
														  unless it shall become effective pursuant to the provisions of this Indenture
														  not later than one year after the record date.

														 

														(e) Any
														  Direction or other action by the Holder of any Note shall bind the Holder of
														  every Note issued upon the transfer thereof or in exchange therefor or in lieu
														  thereof, whether or not notation of such action is made upon such
														  Note.

														 

														ARTICLE
														  II

														 

														THE
														  NOTES

														 

														Section
														  2.01 Authorized
														  Amount; Terms; Form; Execution and Delivery.
														  (a)  The Outstanding Principal Balance of any subclass of Notes which
														  may be authenticated and delivered from time to time under this Indenture shall
														  not exceed the initial Outstanding Principal Balance set forth for such
														  subclass of Notes in the definition thereof or, with respect to any subclass of
														  Refinancing Notes or Additional Notes, authorized in a Board Resolution;
														  provided that at
														  no time may the Outstanding Principal Balance of any subclass of Refinancing
														  Notes exceed the Redemption Price of the subclass of Notes being refinanced
														  thereby plus Refinancing Expenses relating thereto, any Policy Premium and any
														  Policy Redemption Premium, if any, due and payable to the Policy Provider and
														  any amount to be deposited in any Cash Collateral Account for such Refinancing
														  Notes; and provided,
														  further, that
														  any Additional Notes shall be issued in accordance with Section 2.11. All
														  Notes of any class need not be issued at the same time and any class of Notes
														  may be reopened, without the consent of any Holder, for issuances of Additional
														  Notes or Refinancing Notes of such class, subject in all cases to
														  Sections 2.10, 2.11, 3.10, 3.12 and 5.02 and any other applicable
														  provision of this Indenture.

														 

														
														  
															 39
														  

														  

														  
 
														  The
															 Initial Notes issuable hereunder on the Initial Closing Date shall be issued in
															 a single subclass. The Initial Notes shall be designated the Class G-1
															 Notes.

														   

														  Interest
															 at the Applicable Rate of Interest shall accrue on any subclass of the Floating
															 Rate Notes from the relevant Closing Date and shall be computed for each
															 Interest Accrual Period on the basis of a 360-day year and the actual number of
															 days elapsed in such Interest Accrual Period on the Outstanding Principal
															 Balance of such Notes on the first day of such Interest Accrual Period.
															 Interest at the Applicable Rate of Interest shall accrue on any subclass of the
															 Fixed Rate Notes from the relevant Closing Date and shall be computed for each
															 Interest Accrual Period on the basis of a 360-day year consisting of twelve
															 30-day months.

														   

														  Any
															 amount of interest on any subclass of Notes not paid when due shall, to the
															 fullest extent permitted by applicable law, bear interest at an interest rate
															 per annum equal to the Applicable Rate of Interest for such Notes from the date
															 when due until such amount is paid or duly provided for, payable on the next
															 succeeding Payment Date, subject to the availability of the Available
															 Collections therefor in accordance with the priority of payments under
															 Section 3.09. 

														   

														  (b) There
															 shall be issued and delivered and authenticated on the relevant Closing Date,
															 to each of the Holders, Notes in the principal amounts and maturities and
															 bearing the interest rates, in each case substantially in the form set forth in
															 the applicable exhibit to this Indenture or in any indenture supplemental
															 hereto, with such appropriate insertions, omissions, substitutions and other
															 variations as are required or permitted by this Indenture, and may have such
															 letters, numbers or other marks of identification and such legends or
															 endorsements printed, lithographed or engraved thereon, as may be required to
															 comply with the rules of any securities exchange on which such Notes may be
															 listed or to conform to any usage in respect thereof, or as may, consistently
															 herewith, be prescribed by the Director executing such Notes, such
															 determination by the Director to be evidenced by his or her execution of the
															 Notes.

														   

														  Definitive
															 Notes of each subclass shall be printed, lithographed or engraved or produced
															 by any combination of these methods or may be produced in any other manner
															 permitted by the rules of any securities exchange on which the Notes may be
															 listed, all as determined by the Director or other authorized officer executing
															 such Notes, as evidenced by his or her execution of such Notes.

														   

														  Each
															 subclass of Notes offered and sold in reliance on Rule 144A shall be
															 issued initially in the form of one or more permanent global Notes in
															 registered form without interest coupons and with such applicable legends as
															 are provided for in Section 2.02, substantially in the form set forth in the
															 applicable exhibit to this Indenture or in any indenture supplemental hereto
															 (each, a “Rule 144A
															 Global Note”),
															 deposited with the Depositary and registered in the name of Cede & Co., as
															 nominee of DTC, in accordance with this Indenture and duly executed by the
															 Issuer and authenticated by the Trustee as hereinafter provided. The aggregate
															 principal amount of each Rule144A Global Note may from time to time be
															 increased or decreased by adjustments made by the Trustee on the applicable
															 Global Note or on the records of the Trustee as hereinafter
															 provided.

														   

														  
															 40
														  

														  

														  
 
														   

														  Each
															 subclass of Notes offered and sold in offshore transactions in reliance on
															 Regulation S shall be issued initially in the form of one or more
															 permanent global Notes in registered form without interest coupons and with
															 such applicable legends as are provided for in Section 2.02, substantially in
															 the form set forth in the applicable exhibit to this Indenture or in any
															 indenture supplemental hereto (each, a “Regulation S
															 Global Note”),
															 deposited with the Depositary and registered in the name of Cede & Co., as
															 nominee of DTC, in accordance with this Indenture and duly executed by the
															 Issuer and authenticated by the Trustee as hereinafter provided. Until the 40th
															 day after the later of the commencement of the offer of any subclass of Notes
															 initially issued in the form of a RegulationS Global Note or the Closing Date
															 of the offering of such Notes, interests in such RegulationS Global Note may be
															 held only through Participants acting for and on behalf of Euroclear and
															 Clearstream. The aggregate principal amount of each RegulationS Global Note may
															 from time to time be increased or decreased by adjustments made by the Trustee
															 on the applicable Global Note or on the records of the Trustee as hereinafter
															 provided.

														   

														  (c) On the
															 date of any Refinancing, the Issuer shall issue and deliver as provided in
															 Section 2.10 an aggregate principal amount of Refinancing Notes having the
															 maturities and bearing the interest rates and such other terms authorized by
															 one or more Board Resolutions or in any indenture supplemental hereto providing
															 for the issuance of such Notes or specified in the form of such Notes, in each
															 case in accordance with Section 2.10.

														   

														  (d) On the
															 date of the issuance, if any, of any Additional Notes, the Issuer shall issue
															 and deliver, as provided in Sections 2.11 and 5.02(f), an aggregate
															 principal amount of Additional Notes having the maturities and bearing the
															 interest rates and such other terms authorized by one or more Board Resolutions
															 or in any indenture supplemental hereto providing for the issuance of such
															 Notes or specified in the form of such Notes, in each case in accordance with
															 Section 2.11.

														   

														  (e) The
															 Notes shall be executed on behalf of the Issuer by the manual or facsimile
															 signature of a Director or other authorized officer.

														   

														  (f) Each
															 Note bearing the manual or facsimile signatures of any individual who was at
															 the time such Note was executed a Director shall bind the Issuer,
															 notwithstanding that any such individual has ceased to hold such office prior
															 to the authentication and delivery of such Notes or any payment
															 thereon.

														   

														  (g) At any
															 time and from time to time after the execution of any Notes, the Issuer may
															 deliver such Notes to the Trustee for authentication and, subject to the
															 provisions of clause (h) below, the Trustee shall authenticate such Notes
															 by manual or facsimile signature upon receipt by it of written orders of the
															 Issuer. The Notes shall be authenticated on behalf of the Trustee by any
															 Responsible Officer of the Trustee.

														   

														  (h) No Note
															 shall be entitled to any benefit under this Indenture or be valid or obligatory
															 for any purpose, unless it shall have been executed on behalf of the Issuer as
															 provided in clause (e) above and authenticated by or on behalf of the
															 Trustee as provided in clause (g) above. Such signatures shall be
															 conclusive evidence that such Note 

														   

														  
															 
																41
															 

															 

															 
 
															 has been
																duly executed and authenticated under this Indenture. Each Note shall be dated
																the date of its authentication.

															  

															 (i) The
																Issuer shall execute and the Trustee shall, in accordance with this
																Section 2.01 and at the written direction of the Issuer, authenticate the
																Global Notes and deliver the Global Notes to the Depositary. Upon receipt by
																the Depositary or a custodian therefor of each Global Note authenticated and
																delivered by the Trustee, the Issuer shall, in accordance with the terms of
																this Indenture, cause the Depositary, acting as agent for the Issuer, to issue
																to the Depositary a Depositary Interest in such Global Note by recording such
																Depositary Interest in the register of the Depositary in the name of Cede &
																Co., as nominee of the Depositary, or such other nominee as the Depositary
																shall specify. The Depositary will credit, on its internal system, the
																respective principal amounts of individual Beneficial Interests to the accounts
																of persons who have accounts with the Depositary. Ownership of Beneficial
																Interests will be limited to Participants or persons who hold Beneficial
																Interests through Participants. Ownership of Beneficial Interests will be shown
																on, and the transfer of that ownership will be effected only through, records
																maintained by the Depositary (with respect to interests of Participants) and
																the records of Participants (with respect to interests of persons other than
																Participants).

															  

															 Neither
																the Depositary nor its Participants shall have any rights either under this
																Indenture or under any Global Note held on their behalf by the Depositary. The
																Holder of any Global Note may be treated by the Issuer, the Trustee and any
																agent of the Issuer or the Trustee as the absolute owner of such Global Note
																for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
																shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee
																from giving effect to any written certification, proxy or other authorization
																furnished by the Depositary, as a Holder, or impair, as between the Depositary,
																as a Holder and the Depositary and its Participants, the operation of customary
																practices of such Depositary governing the exercise of the rights of an owner
																of a Beneficial Interest in any Global Note. The Depositary, as a Holder, may
																grant proxies and otherwise authorize any person, including the Depositary and
																the Participants and persons that may hold interests through Participants, to
																take any action which a Holder is entitled to take under this Indenture or the
																Notes.

															  

															 Section
																2.02 Restrictive
																Legends.
																(a)  Each Global Note and, except as provided in
																Section 2.12(f), each Definitive Note (and all Notes issued in exchange
																therefor or upon registration of transfer or substitution thereof), except as
																provided in Section 2.12(f), shall bear the following legends (in addition
																to any other applicable legends or restrictions) on the face thereof:
																

															  

															 THIS
																NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
																(THE “SECURITIES
																ACT”)
																OR WITH ANY SECURITIES REGULATORY AUTHORITY IN ANY JURISDICTION AND,
																ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING
																SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT
																(A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS 

															  

															 

															 
																42
															 

															 

															 
 
															 DEFINED
																IN RULE 144A UNDER THE SECURITIES ACT) AND HAS ACQUIRED THIS NOTE IN A
																TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, OR (B) IT IS AN
																INSTITUTIONAL ACCREDITED INVESTOR, (AS DEFINED IN RULE 501(A)(1), (2), (3) OR
																(7) OF REGULATION D UNDER THE SECURITIES ACT), (C) IT IS NOT A U.S. PERSON
																(WITHIN THE MEANING OF THE SECURITIES ACT) AND IS ACQUIRING THIS NOTE IN AN
																OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES
																ACT, OR (D) IT HAS ACQUIRED THIS NOTE PURSUANT TO AN EXEMPTION FROM
																REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR PURSUANT TO
																ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND, IN
																EACH OF THE CASES (A) THROUGH (D) ABOVE, IN ACCORDANCE WITH ANY
																APPLICABLE SECURITIES LAW OF ANY STATE IN THE UNITED STATES OR APPLICABLE
																JURISDICTION; (2) AGREES THAT IT WILL NOT BEFORE TWO YEARS AFTER THE LATER
																OF THE ORIGINAL ISSUE DATE OF THIS NOTE AND THE LAST DATE THAT GENESIS FUNDING
																LIMITED (THE “ISSUER”) OR ANY OF ITS AFFILIATES OWNED THIS NOTE,
																RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE ISSUER,
																(B) TO AN INSTITUTIONAL ACCREDITED INVESTOR IN COMPLIANCE WITH RULE 505 OR
																RULE 506 OF REGULATION D UNDER THE SECURITIES ACT, (C) TO A QUALIFIED
																INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT,
																(D) IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF
																REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO AN EXEMPTION
																FROM REGISTRATION IN ACCORDANCE WITH RULE 144 UNDER THE SECURITIES ACT (IF
																AVAILABLE) OR PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER
																THE SECURITIES ACT, AND, IN EACH OF THE CASES (A) THROUGH (E) ABOVE,
																IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE IN THE UNITED
																STATES OR ANY OTHER APPLICABLE JURISDICTION; AND (3) AGREES THAT IT WILL
																DELIVER TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY
																TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE
																WITHIN THE TWO-YEAR PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE
																APPROPRIATE BOX SET FORTH ON THE TRANSFER NOTICE ATTACHED HERETO AND SUBMIT
																SUCH TRANSFER NOTICE TO THE TRUSTEE. IF THE PROPOSED TRANSFER IS PURSUANT TO AN
																EXEMPTION FROM REGISTRATION IN ACCORDANCE WITH RULE 144 UNDER THE
																SECURITIES ACT, OR PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION
																UNDER THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S UNDER
																THE SECURITIES ACT, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE
																TRUSTEE AND THE ISSUER SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION
																AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING
																MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
																REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS
																“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S.
																PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE
																SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE
																

															  

															 

															 
																43
															 

															 

															 
 
															 TO
																REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING
																RESTRICTIONS.

															  

															 UNLESS
																THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
																COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE OR ITS AGENT
																FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IN
																EXCHANGE FOR THIS NOTE IS REGISTERED IN THE NAME OF CEDE & CO., OR IN SUCH
																OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
																PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
																REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
																OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
																INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
																HEREIN.

															  

															 TRANSFERS
																OF THIS NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
																NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
																TRANSFERS OF PORTIONS OF THIS NOTE SHALL BE LIMITED TO TRANSFERS MADE IN
																ACCORDANCE WITH THE RESTRICTIONS SET FORTH ON THE REVERSE HEREOF.

															  

															 BY ITS
																ACQUISITION OR ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL
																BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED (OR IN THE CASE OF A
																DEFINITIVE NOTE WILL BE REQUIRED TO REPRESENT, WARRANT AND AGREE) THAT EITHER:
																(A) NO ASSETS OF (I) AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I
																OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
																(“ERISA”), (II) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF
																THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
																(III) A PLAN, ACCOUNT OR ARRANGEMENT (SUCH AS A GOVERNMENTAL, CHURCH OR
																NON-U.S. PLAN) THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL, OR NON-U.S. LAW
																THAT IS SUBSTANTIALLY SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE
																CODE (“SIMILAR LAW”) OR (IV) AN ENTITY WHOSE UNDERLYING ASSETS
																ARE DEEMED TO INCLUDE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN, PLAN, ACCOUNT
																OR ARRANGEMENT, HAVE BEEN USED TO ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST
																HEREIN; OR (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE OR
																ANY INTEREST HEREIN BY THE HOLDER WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT
																PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE
																OR A VIOLATION OF ANY SIMILAR LAW, AS APPLICABLE.

															  

															 

															 
																44
															 

															 

															 
 
															  

															 (b) Each
																Regulation S Global Note (except as provided in Section 2.12(f)) shall, in
																addition to the legends specified in Section 2.02(a), bear the following legend
																on the face thereof:

															  

															 PRIOR TO
																THE EXPIRATION OF A RESTRICTED PERIOD ENDING ON [__________], 2006 OR SUCH
																LATER DATE AS THE ISSUER MAY NOTIFY TO THE TRUSTEE, THIS NOTE, OR ANY
																BENEFICIAL INTEREST HEREIN, MAY NOT BE RESOLD OR OTHERWISE TRANSFERRED EXCEPT
																(A) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER
																THE SECURITIES ACT, (B) TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE
																MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
																ACT OR (C) TO A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A
																UNDER THE SECURITIES ACT AND (D) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
																LAWS OF THE STATES OF THE UNITED STATES OR ANY OTHER APPLICABLE
																JURISDICTION.

															  

															 (c) Each
																Definitive Note (except as provided in Section 2.12(f)) shall also bear
																the following legend on the face thereof:

															  

															 IN
																CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR SUCH
																CERTIFICATES AND OTHER INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT
																THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS AND THE OTHER
																RESTRICTIONS CONTAINED IN THE INDENTURE.

															  

															 Section
																2.03 Registrar
																and Paying Agent.
																(a)  With respect to each subclass of Notes, there shall at all times
																be maintained (i) an office or agency in the location set forth in
																Section 12.05 where Definitive Notes of such subclass may be presented or
																surrendered for registration of transfer or for exchange (the
																“Registrar”),
																(ii) an office or agency in the location set forth in Section 12.05
																(other than Ireland), where Notes of any subclass may, to the extent required
																hereunder, be presented for payment (each, a “Paying
																Agent”)
																and (iii) an office or agency where notices and demands in respect of the
																payment of such Notes may be served. For so long as any Securities are listed
																on the Irish Stock Exchange, the Issuer shall appoint and maintain a Paying
																Agent in Ireland (the “Irish
																Paying Agent”).
																The Issuer shall cause the Registrar (acting as agent of the Issuer, solely for
																U.S. federal income tax purposes) to keep a register of each subclass of
																Definitive Notes and of their transfer and exchange (the “Register”).
																Written notice of any change of location of such office or agency shall be
																given by the Trustee to the Issuer and the Holders of such subclass. In the
																event that no such office or agency shall be maintained or no such notice of
																location or of change of location shall be given, presentations and demands may
																be made and notices may be served at the Corporate Trust Office of the Trustee,
																who shall act as the Registrar.

															  

															 (b) Each
																Authorized Agent shall be a bank or trust company, shall be a corporation
																organized and doing business under the laws of the United States or any state
																or territory thereof or of the District of Columbia, with a combined capital
																and surplus of at least $75,000,000 (or having a combined capital and surplus
																in excess of $5,000,000 and the 

															  

															 
																
																  45
																

																

																
 
																obligations
																  of which, whether now in existence or hereafter incurred, are fully and
																  unconditionally Guaranteed by a corporation organized and doing business under
																  the laws of the United States, any state or territory thereof or of the
																  District of Columbia and having a combined capital and surplus of at least
																  $75,000,000) and shall be authorized under the laws of the United States or any
																  state or territory thereof to exercise corporate trust powers, subject to
																  supervision by Federal or state authorities (such requirements, the
																  “Eligibility
																  Requirements”).
																  The Trustee shall initially be a Paying Agent and Registrar hereunder with
																  respect to the Notes of each subclass.

																 

																(c) Any
																  corporation into which any Authorized Agent may be merged or converted or with
																  which it may be consolidated, or any corporation resulting from any merger,
																  consolidation or conversion to which any Authorized Agent shall be a party, or
																  any corporation succeeding to the corporate trust business of any Authorized
																  Agent, shall be the successor of such Authorized Agent hereunder, if such
																  successor corporation is otherwise eligible under this Section, without the
																  execution or filing of any paper or any further act on the part of the parties
																  hereto or such Authorized Agent or such successor corporation.

																 

																(d) Any
																  Authorized Agent may at any time resign by giving written notice of resignation
																  to the Trustee and the Issuer. The Issuer may, and at the request of the
																  Trustee shall, at any time terminate the agency of any Authorized Agent by
																  giving written notice of termination to such Authorized Agent and to the
																  Trustee. Upon the resignation or termination of an Authorized Agent or if at
																  any time any such Authorized Agent shall cease to be eligible under this
																  Section (when, in either case, no other Authorized Agent performing the
																  functions of such Authorized Agent shall have been appointed by the Trustee),
																  the Issuer shall promptly appoint one or more qualified successor Authorized
																  Agents, reasonably satisfactory to the Trustee, to perform the functions of the
																  Authorized Agent which has resigned or whose agency has been terminated or who
																  shall have ceased to be eligible under this Section. The Issuer shall give
																  written notice of any such appointment made by it to the Trustee; and in each
																  case the Trustee shall mail notice of such appointment to all Holders of the
																  related subclass as their names and addresses appear on the Register for such
																  subclass.

																 

																(e) The
																  Issuer agrees to pay, or cause to be paid, from time to time to each Authorized
																  Agent reasonable compensation for its services and to reimburse it for its
																  reasonable expenses to be agreed to pursuant to separate agreements with each
																  such Authorized Agent.

																 

																Section
																  2.04 Paying
																  Agent to Hold Money in Trust. The
																  Trustee shall require each Paying Agent other than the Trustee to agree in
																  writing that all moneys deposited with any Paying Agent for the purpose of any
																  payment on the Notes or to the Policy Provider shall be deposited and held in
																  trust for the benefit of the Holders (with regard to payments on the Notes) or
																  the Policy Provider, as the case may be, subject to the provisions of this
																  Section. Moneys so deposited and held in trust shall constitute a separate
																  trust fund for the benefit of the Holders with respect to which such money was
																  deposited.

																 

																The
																  Trustee may at any time, for the purpose of obtaining the satisfaction and
																  discharge of this Indenture or for any other purpose, direct any Paying Agent
																  to pay to the 

																 

																
																  
																	 46
																  

																  

																  
 
																  Trustee
																	 all sums held in trust by such Paying Agent; and, upon such payment by any
																	 Paying Agent to the Trustee, such Paying Agent shall be released from all
																	 further liability with respect to such money.

																   

																  Section
																	 2.05 Method
																	 of Payment.
																	 (a)  On each Payment Date, the Trustee shall, or shall instruct a
																	 Paying Agent (other than the Irish Paying Agent) to, pay, to the extent of the
																	 Available Collections therefor transferred to a Note Account, to the Holders
																	 all principal, Redemption Price or Outstanding Principal Balance of, and
																	 interest on, the Notes of each subclass (other than payments received
																	 following an Event of Default in respect of any subclass of Notes and payments
																	 on Notes issued in the form of Definitive Notes); provided, that
																	 in the event and to the extent receipt of any payment is not confirmed by the
																	 Trustee or Paying Agent (other than the Irish Paying Agent) by 1:00 p.m. (New
																	 York City time) on such Payment Date or any Business Day thereafter,
																	 distribution thereof shall be made on the Business Day following the Business
																	 Day such payment is received.

																   

																  (b) Payments
																	 on a Payment Date with respect to (i) any Notes in the form of Global
																	 Notes shall be made by wire transfer to or as instructed by the Depositary at
																	 least five Business Days before the applicable Payment Date so long as it is
																	 the Holder thereof and (ii) Notes in the form of Definitive Notes shall be
																	 made by check mailed to each Holder of a Definitive Note determined on the
																	 applicable Record Date, at its address appearing in the applicable Register;
																	 alternatively, Holders of Definitive Notes having an aggregate principal amount
																	 of not less than $1,000,000, upon application in writing to the Trustee, not
																	 later than the applicable Record Date, may have such payment made by wire
																	 transfer to an account designated by such Holder at a financial institution in
																	 New York, New York. The final payment with respect to any Global Note or
																	 Definitive Note, however, shall be made only upon presentation and surrender of
																	 such Note by the Holder or its agent at the Corporate Trust Office or agency of
																	 the Trustee or Paying Agent (other than the Irish Paying Agent) specified in
																	 the notice given by the Trustee or Paying Agent with respect to such final
																	 payment. The Trustee or Paying Agent (other than the Irish Paying Agent) shall
																	 mail such notice of the final payment of each Note to the Holder thereof,
																	 specifying the date and amount of such final payment, no later than five
																	 Business Days prior to such final payment and such notice shall also be
																	 published by such publication as the Irish Stock Exchange may require and in
																	 such other publication as the Irish Paying Agent may determine to comply with
																	 its obligations hereunder.

																   

																  Section
																	 2.06 Minimum
																	 Denomination. Each
																	 subclass of Notes shall be issued in minimum denominations of $200,000 and
																	 integral multiples of $1,000 in excess thereof. 

																   

																  Section
																	 2.07 Transfer
																	 and Exchange; Cancellation.
																	 (a)  Certain
																	 Transfers and Exchanges.
																	 Transfer of any Global Note shall be by delivery. The Issuer represents that it
																	 has agreed with the Depositary that a Global Note and the corresponding
																	 Depositary Interests therein shall only be transferred in the circumstances
																	 described in this Indenture. All Global Notes will be exchanged by the Issuer
																	 for Notes in definitive registered form substantially as set forth in the
																	 applicable exhibit to this Indenture (each, a “Definitive
																	 Note”)
																	 if (i) the Depositary notifies the Issuer in writing that it is no longer
																	 willing or able to properly discharge its responsibilities as depositary with
																	 respect to the Depositary Interests and a 

																   

																  

																  
																	 47
																  

																  

																  
  

																  successor
																	 depositary is not appointed in accordance with the terms of this Indenture by
																	 the Depositary at the request of the Issuer within 90 days of such notice,
																	 (ii) the Issuer or the Depositary advises the Trustee in writing that the
																	 Depositary is no longer willing or able to properly discharge its
																	 responsibilities as depositary and the Issuer is unable to appoint a successor
																	 depositary acceptable to the Trustee within 90 days of such notice or
																	 (iii) after the occurrence of an Event of Default with respect to any
																	 subclass of Notes, owners of Beneficial Interests of such subclass representing
																	 an aggregate of not less than 51% of the aggregate Outstanding Principal
																	 Balance of Notes of such subclass advise the Issuer, the Trustee, and the
																	 Depositary through the Participants in writing that the continuation of a
																	 book-entry system through the Depositary (or a successor thereto) is no longer
																	 in the best interests of such owners. Upon surrender to the Trustee of the
																	 Global Notes of any subclass, accompanied by registration instructions from the
																	 Holder of such Global Note as provided in this Indenture, the Issuer shall
																	 issue and the Trustee shall authenticate and deliver the Definitive Notes of
																	 such subclass to the owners thereof.

																   

																  None of
																	 the Issuer, the Paying Agent or the Trustee shall be liable for any delay in
																	 delivery of such registration instructions and may conclusively rely on, and
																	 shall be fully protected in relying on, such instructions as provided in
																	 accordance with the terms of this Indenture. Upon the issuance of Definitive
																	 Notes of any subclass, the Trustee shall recognize the Persons in whose name
																	 the Definitive Notes are registered in the Register as Holders of such subclass
																	 hereunder. Neither the Issuer nor the Trustee shall be liable if the Trustee or
																	 the Issuer is unable to appoint a successor Depositary. 

																   

																  The
																	 transfer and exchange of Beneficial Interests shall be effected through the
																	 Depositary, in accordance with this Indenture and the Applicable Procedures of
																	 the Depositary therefor. Beneficial Interests corresponding to Global Notes
																	 shall be subject to restrictions on transfer comparable to those set forth in
																	 Section 2.12 and elsewhere herein. The Trustee shall have no obligation to
																	 ascertain the Depositary’s compliance with any such restrictions on
																	 transfer.

																   

																  Any
																	 Beneficial Interest corresponding to one of the Global Notes of any subclass
																	 that is transferred to a Person who will hold such Beneficial Interest in the
																	 form of an interest in the other Global Note of such subclass will, upon
																	 transfer, cease to be an interest in such first Global Note and become an
																	 interest in such other Global Note and, accordingly, will thereafter be subject
																	 to all transfer restrictions, if any, and other procedures applicable to
																	 Beneficial Interests in such other Global Note for as long as it remains such
																	 an interest.

																   

																  Global
																	 Notes may also be exchanged or replaced, in whole or in part, as provided in
																	 Section 2.08. Every Note authenticated and delivered in exchange for, or
																	 in lieu of, a Global Note or any portion thereof pursuant to Section 2.08
																	 shall be authenticated and delivered in the form of, and shall be, a Global
																	 Note in registered form. A Global Note may not be exchanged for another Note
																	 other than as provided in Sections 2.07(a) and 2.08.

																   

																  (b) Transfer
																	 and Exchange of Definitive Notes. A
																	 Holder may transfer a Definitive Note only by written application to the
																	 Registrar stating the name of the proposed transferee and otherwise complying
																	 with the terms of this Indenture. No such transfer shall 

																   

																  
																	 
																		48
																	 

																	 

																	 
 
																	 be
																		effected until, and such transferee shall succeed to the rights of a Holder
																		only upon, final acceptance and registration of the transfer by the Registrar
																		in the Register. 

																	  

																	 Prior to
																		the due presentment for registration of transfer of a Definitive Note, the
																		Issuer and the Trustee may deem and treat the applicable registered Holder as
																		the absolute owner and Holder of such Definitive Note for the purpose of
																		receiving payment of all amounts payable with respect to such Definitive Note
																		and for all other purposes and shall not be affected by any written notice to
																		the contrary. The Registrar (if different from the Trustee) shall promptly
																		notify the Trustee and the Trustee shall promptly notify the Issuer of each
																		request for a registration of transfer of a Definitive Note.

																	  

																	 When
																		Definitive Notes are presented to the Registrar with a request to register
																		their transfer or to exchange them for an equal principal amount of Definitive
																		Notes of other authorized denominations, the Registrar shall register the
																		transfer or make the exchange as requested if its requirements for such
																		transactions are met (including, in the case of a transfer, that such
																		Definitive Notes are duly endorsed or accompanied by a written instrument of
																		transfer in form satisfactory to the Trustee and Registrar duly executed by the
																		Holder thereof or by an attorney who is authorized in writing to act on behalf
																		of the Holder). To permit registrations of transfers and exchanges, the Issuer
																		shall execute and the Trustee shall authenticate Definitive Notes. Except as
																		set forth in Sections 2.08 and 2.09, no service charge shall be made for
																		any registration of transfer or exchange of any Definitive Notes.

																	  

																	 The
																		Issuer shall not be required to exchange or register the transfer of any
																		Definitive Notes as above provided during the 15-day period preceding the Final
																		Maturity Date of any such Notes or during the period after the first mailing of
																		any notice of Redemption of Notes to be redeemed. The Issuer shall not be
																		required to exchange or register the transfer of any Definitive Notes that have
																		been selected, called or are being called for Redemption except, in the case of
																		any Definitive Notes where notice has been given that such Definitive Notes are
																		to be redeemed in part, the portion thereof not so to be redeemed.

																	  

																	 (c) Cancellation. The
																		Issuer at any time may deliver Notes to the Trustee for cancellation. Each
																		Registrar and Paying Agent shall forward to the Trustee any Notes surrendered
																		to them for transfer, exchange, payment or purchase. The Trustee and no one
																		else shall cancel and destroy in accordance with its customary practices in
																		effect from time to time any such Notes, together with any other Notes
																		surrendered to it for registration of transfer, exchange or payment. The Issuer
																		may not issue new Notes (other than Refinancing Notes issued in connection with
																		any Refinancing) to replace Notes it has redeemed, paid or delivered to the
																		Trustee for cancellation.

																	  

																	 Section
																		2.08 Mutilated,
																		Destroyed, Lost or Stolen Notes. If any
																		Definitive Note or Global Note shall become mutilated, destroyed, lost or
																		stolen, the Issuer shall, upon the written request of the Holder thereof and
																		presentation of such Note or satisfactory evidence of destruction, loss or
																		theft thereof to the Trustee or Registrar (including, in the case of Definitive
																		Notes or Global Notes listed on the Irish Stock Exchange, at the offices of the
																		co-registrar in Ireland, if any), issue, and the Trustee shall authenticate and
																		the Trustee or Registrar shall deliver in exchange therefor or in replacement
																		thereof, a new Definitive Note or Global Note of the same subclass, payable to
																		such Holder in the same principal amount, of the same 

																	  

																	 
																		
																		  49
																		

																		

																		
 
																		maturity,
																		  with the same payment schedule, bearing the same interest rate and dated the
																		  date of its authentication. If the Definitive Note or Global Note being
																		  replaced has become mutilated, such Note shall be surrendered to the Trustee or
																		  the Registrar and forwarded to the Issuer by the Trustee or the Registrar. If
																		  the Definitive Note or Global Note being replaced has been destroyed, lost or
																		  stolen, the Holder thereof shall furnish to the Issuer, the Trustee or the
																		  Registrar (a) such security or indemnity as may be required by them to
																		  save the Issuer, the Trustee and the Registrar harmless and (b) evidence
																		  satisfactory to the Issuer, the Trustee and the Registrar of the destruction,
																		  loss or theft of such Definitive Note or Global Note and of the ownership
																		  thereof. The Holder(s) will be required to pay any tax or other governmental
																		  charge imposed in connection with such exchange or replacement and any other
																		  expenses (including the fees and expenses of the Trustee and the Registrar)
																		  connected therewith.

																		 

																		Section
																		  2.09 Payments
																		  of Transfer Taxes. Upon
																		  the transfer of any Note or Notes pursuant to Section 2.07, the Issuer or
																		  the Trustee may require from the party requesting such new Note or Notes
																		  payment of a sum to reimburse the Issuer or the Trustee for, or to provide
																		  funds for the payment of, any transfer tax or similar governmental charge
																		  payable in connection therewith.

																		 

																		Section
																		  2.10 Refinancing
																		  of Initial Notes.
																		  (a) Subject to Section 2.01(a), the next succeeding two sentences,
																		  paragraphs (b), (c) and (d) below and Section 5.02(f)(ii),
																		  the Issuer may issue Refinancing Notes pursuant to this Indenture for the
																		  purpose of refinancing the Outstanding Principal Balance of the Initial Notes
																		  (including refinancings of Refinancing Notes). Each refinancing of the Initial
																		  Notes with the proceeds of an offering of Refinancing Notes (a
																		  “Refinancing”)
																		  shall be authorized pursuant to one or more Board Resolutions and shall be
																		  effected only following a Rating Agency Confirmation and upon obtaining the
																		  prior written consent of the Policy Provider (unless the Policy Non-Consent
																		  Event has occurred or will occur in connection with such Refinancing) and the
																		  Initial Liquidity Facility Provider (unless the Initial Liquidity Facility
																		  Non-Consent Event has occurred or will occur in connection with such
																		  Refinancing). Each Refinancing Note shall constitute a “Note” for all
																		  purposes under this Indenture, and shall have the class or subclass designation
																		  and such further designations added or incorporated in such title as specified
																		  in the related Board Resolutions, in any indenture supplemental hereto
																		  providing for the issuance of such Notes or specified in the form of such
																		  Notes, as the case may be. 

																		 

																		(b) A
																		  Refinancing of the Initial Notes in whole or in part may occur on any Payment
																		  Date after the Initial Closing Date and shall be effected as an Optional
																		  Redemption pursuant to Section 3.11. On the date of any Refinancing, the
																		  Issuer shall issue and sell an aggregate principal amount of Refinancing Notes
																		  not to exceed the Redemption Price of the Notes being refinanced thereby and
																		  any accrued and unpaid interest plus the Refinancing Expenses relating thereto,
																		  any Policy Premium plus Policy Redemption Premium, if any, due and payable to
																		  the Policy Provider and any amount to be deposited in any Cash Collateral
																		  Account for such Refinancing Notes. The proceeds of each sale of Refinancing
																		  Notes shall be used to make the deposit required by Section 3.11(d), to
																		  pay such Refinancing Expenses, any Policy Premium plus Policy Redemption
																		  Premium, if any, due and payable to the Policy Provider and to fund such Cash
																		  Collateral Account.

																		 

																		
																		  
																			 50
																		  

																		  

																		  
 
																		   
 

																		(c) Each
																		  Refinancing Note shall contain such terms as may be established in or pursuant
																		  to the related Board Resolution (subject to Section 2.01), in any
																		  indenture supplemental hereto providing for the issuance of such Notes or
																		  specified in the form of such Notes to the extent permitted below, and shall
																		  have the same ranking pursuant to Section 3.09 with respect to all other
																		  Obligations as the Notes of the class to which such Refinancing Notes belong
																		  (and, with respect to other subclasses of such class, as provided in
																		  Section 3.10). Prior to any Refinancing, any or all of the following, as
																		  applicable, with respect to the related issue of each subclass of Refinancing
																		  Notes shall have been determined by the Issuer and set forth in one or more
																		  Board Resolutions, in any indenture supplemental hereto or specified in the
																		  form of such Notes, as the case may be: 

																		 

																		(i) the
																		  Initial Notes to be refinanced by such Refinancing Notes;

																		 

																		(ii) the
																		  aggregate principal amount of such Refinancing Notes that may be
																		  issued;

																		 

																		(iii) the
																		  proposed date of such Refinancing;

																		 

																		(iv) the
																		  Expected Final Payment Date and the Final Maturity Date of such Refinancing
																		  Notes;

																		 

																		(v) whether
																		  such Refinancing Notes are to have the benefit of any Eligible Credit Facility
																		  and, if so, the amount and other terms thereof and/or any increase in the
																		  Required Amount for any Cash Collateral Account;

																		 

																		(vi) the rate
																		  at which such Refinancing Notes shall bear interest or the method by which such
																		  rate shall be determined;

																		 

																		(vii) if other
																		  than denominations of $200,000 or higher integral multiples of $1,000 (with
																		  respect to Notes), the denomination or denominations in which such Refinancing
																		  Notes shall be issuable;

																		 

																		(viii) whether
																		  beneficial owners of interests in any such permanent global Refinancing Note
																		  may exchange such interests for Refinancing Notes of the same class or subclass
																		  and of like tenor of any authorized form and denomination and the circumstances
																		  under which any such exchanges may occur, if other than in the manner provided
																		  in Section 2.07, and the circumstances under which and the place or places
																		  where any such exchanges may be made and the identity of any initial depositary
																		  therefor if not the Depositary;

																		 

																		(ix) any
																		  adjustments to be made, consistent with Sections 3.10 and 3.12, to the
																		  applicable Pool Factors or Extended Pool Factors as a result of the issuance of
																		  such Refinancing Notes; 

																		 

																		(x) the
																		  class and subclass of Notes to which such Refinancing Notes belong;
																		  

																		 

																		(xi) whether
																		  such Refinancing Notes are to have the benefit of the Policy as provided in
																		  clause (d) below; and

																		 

																		
																		  
																			 51
																		  

																		  

																		  
 
																		   
 

																		(xii) any
																		  other terms, conditions, rights and preferences (or limitations on such rights
																		  and preferences) relating to such Refinancing Notes (which terms shall comply
																		  with Applicable Law and not be inconsistent with the requirements or
																		  restrictions of this Indenture, including
																		  Section 5.02(f)(ii)).

																		 

																		If any
																		  of the terms of any issue of Refinancing Notes are established by action taken
																		  pursuant to one or more Board Resolutions, such Board Resolutions shall be
																		  delivered to the Trustee setting forth the terms of such Refinancing
																		  Notes.

																		 

																		(d) In
																		  connection with any Refinancing of any subclass of Notes that has occurred with
																		  the prior written consent of the Policy Provider, each of the Policy and the
																		  Policy Provider Agreement shall be amended to cover such subclass of Notes and
																		  the Policy Provider shall deliver a new Policy or amended Policy, as
																		  applicable, to the Trustee; provided,
																		  however, that
																		  notwithstanding anything to the contrary herein, no Notes that are not covered
																		  by the Policy may be issued while the Policy remains outstanding. In connection
																		  with the amendment of the Policy to cover the Refinancing Notes, the Policy
																		  Provider agrees to deliver to the Issuer, on or prior to the date of
																		  Refinancing, legal opinions and corporate documents in respect of the amended
																		  Policy, substantially similar in form, scope and substance to the legal
																		  opinions and corporate documents delivered by the Policy Provider on the
																		  Initial Closing Date. The Policy Provider agrees that its rights of
																		  reimbursement in respect of the Policy Drawings under the amended Policy will
																		  be the same as its rights of reimbursement set forth in Section 3.09, and
																		  premium payable in respect of the amended Policy shall be on the same basis and
																		  terms as the Policy Premium and Policy Redemption Premium paid in respect of
																		  the Policy issued on the Initial Closing Date (unless otherwise agreed to by
																		  the Issuer and the Policy Provider).

																		 

																		(e) In
																		  connection with any Refinancing of any subclass of Notes that has occurred with
																		  the prior written consent of the Initial Liquidity Facility Provider, the
																		  Initial Liquidity Facility if so required by the terms of such Refinancing
																		  shall be amended to cover such subclass of Notes and the Initial Liquidity
																		  Facility Provider shall deliver a new Eligible Credit Facility or amended
																		  Initial Liquidity Facility, as applicable, to the Trustee. In connection with
																		  the amendment of the Initial Liquidity Facility to cover the Refinancing Notes,
																		  the Initial Liquidity Facility Provider agrees to deliver to the Issuer, on or
																		  prior to the date of Refinancing, legal opinions and corporate documents in
																		  respect of the amended Initial Liquidity Facility, substantially similar in
																		  form, scope and substance to the legal opinions and corporate documents
																		  delivered by the Initial Liquidity Facility Provider on the Initial Closing
																		  Date. The Initial Liquidity Facility Provider agrees that its rights of
																		  reimbursement in respect of the drawings under the amended Initial Liquidity
																		  Facility will be the same as its rights of reimbursement set forth in
																		  Section 3.09, and fees payable in respect of the amended Initial Liquidity
																		  Facility shall be on the same basis and terms as the fees paid in respect of
																		  the Initial Liquidity Facility entered into on the Initial Closing
																		  Date.

																		 

																		(f) In
																		  connection with any Refinancing of a subclass of Notes, the Issuer shall pay to
																		  all parties to the Related Documents all reasonable costs and expenses related
																		  thereto. 

																		 

																		
																		  
																			 52
																		  

																		  

																		  
 
																		   
 

																		(g) Notwithstanding
																		  anything to the contrary herein, if the Initial Notes are refinanced in whole
																		  with any subclass of Notes that are not covered by the Policy, the issuance of
																		  such new uninsured subclass of Notes shall be subject to the following
																		  conditions precedent: 

																		 

																		(i) the
																		  payment in full of all outstanding Policy Provider Obligations to the Policy
																		  Provider; and 

																		 

																		(ii) the
																		  return of the Policy to the Policy Provider for cancellation and
																		  termination.

																		 

																		Section
																		  2.11 Additional
																		  Notes.
																		  (a)  Subject to the next succeeding two sentences and
																		  paragraphs (b) and (c) below and Section 5.02(f)(iv), the
																		  Issuer may issue Additional Notes pursuant to this Indenture, the proceeds of
																		  which in each case shall be used to acquire Additional Aircraft or make
																		  Conversion Payments, as the case may be, or to make payments into a Cash
																		  Collateral Account or to pay expenses related thereto (each, an
																		  “Additional
																		  Issuance”).
																		  Each issuance of Additional Notes shall be authorized pursuant to one or more
																		  Board Resolutions and shall be effected only following a Rating Agency
																		  Confirmation and upon obtaining the prior written consent of the Policy
																		  Provider (unless the Policy Non-Consent Event has occurred) and the Initial
																		  Liquidity Facility Provider (unless the Initial Liquidity Facility Non-Consent
																		  Event has occurred) and upon obtaining a legal opinion that such Additional
																		  Notes are debt for U.S. Federal income tax purposes. Each Additional Note shall
																		  constitute a “Security” for all purposes under this Indenture and
																		  shall have such subclass and such further designations added or incorporated in
																		  such title as specified in the related Board Resolutions, in any indenture
																		  supplemental hereto providing for the issuance of such Notes or specified in
																		  the form of such Notes, as the case may be.

																		 

																		(b) Each
																		  Additional Note shall contain such terms as may be established in or pursuant
																		  to the related Board Resolutions (subject to Section 2.01), in any
																		  indenture supplemental hereto providing for the issuance of such Notes or
																		  specified in the form of such Notes to the extent permitted below, and shall
																		  have the same ranking pursuant to Section 3.09 with respect to all other
																		  Obligations as the Notes of the class to which such Additional Notes belong
																		  (and, with respect to other subclasses of such class, as provided in
																		  Section 3.10). Prior to any issuance, any or all of the following, as
																		  applicable, with respect to the related Additional Issuance shall have been
																		  determined by the Issuer and set forth in such Board Resolutions, in any
																		  indenture supplemental hereto or specified in the form of such Securities, as
																		  the case may be:

																		 

																		(i) the
																		  subclass of Additional Notes to be issued; 

																		 

																		(ii) with
																		  respect to each such subclass of Additional Notes:

																		 

																		(A) the
																		  aggregate principal amount of any such Additional Notes which may be
																		  issued;

																		 

																		(B) the
																		  proposed date of such Additional Issuance;

																		 

																		
																		  
																			 53
																		  

																		  

																		  
 
																		   
 

																		(C) the
																		  Expected Final Payment Date and the Final Maturity Date of any such Additional
																		  Notes;

																		 

																		(D) whether
																		  any such Additional Notes are to have the benefit of any Eligible Credit
																		  Facility and/or any increase in Required Amount for any Cash Collateral Account
																		  for the related class or classes of Notes and, if so, the amount and terms
																		  thereof;

																		 

																		(E) the rate
																		  at which any such Additional Notes shall bear interest or the method by which
																		  such rate shall be determined;

																		 

																		(F) if other
																		  than denominations of $200,000 or higher integral multiples of $1,000 (with
																		  respect to Notes), the denomination or denominations in which any such
																		  Additional Notes shall be issuable;

																		 

																		(G) any
																		  adjustments to be made, consistent with Sections 3.10 and 3.12, to the
																		  applicable Pool Factors or Extended Pool Factors as result of the issuance of
																		  any such Additional Notes;

																		 

																		(H) any
																		  other terms, conditions, rights and preferences (or limitations on such rights
																		  and preferences) relating to any such Additional Notes (which terms shall
																		  comply with Applicable Law and not be inconsistent with the requirements or
																		  restrictions of this Indenture, including Section 5.02(f)(iv));
																		  and

																		 

																		(iii) to what
																		  extent the proceeds of such Additional Notes are to be used to acquire
																		  Additional Aircraft or to make Conversion Payments, or both, and

																		 

																		(A) in the
																		  case of Additional Aircraft, a description of such Additional Aircraft and the
																		  Expected Useful Life of such Additional Aircraft; and;

																		 

																		(B) in the
																		  case of Conversion Payments, a description of the Aircraft to be modified and
																		  the Expected Useful Life of such Aircraft.

																		 

																		If any
																		  of the terms of any issue of any such Additional Notes are established by
																		  action taken pursuant to one or more Board Resolutions, such Board Resolutions
																		  shall be delivered to the Trustee setting forth the terms of such Additional
																		  Notes. 

																		 

																		(c) In the
																		  event Additional Notes are issued with the prior consent of the Policy
																		  Provider, each of the Policy and the Policy Provider Agreement shall be amended
																		  to cover such Additional Notes and the Policy Provider shall deliver a new
																		  Policy or amended Policy, as applicable, to the Trustee; provided,
																		  however, that,
																		  notwithstanding anything to the contrary herein, no subclass of Notes that are
																		  not covered by the Policy may be issued while the Policy remains outstanding.
																		  In connection with any such issuance of Additional Notes as a subclass of Notes
																		  and amendment of the Policy, the Policy Provider agrees to deliver to the
																		  Issuer, on or prior to the date of issuance, legal opinions and corporate
																		  documents in respect of the amended Policy, substantially similar in form,
																		  scope and substance to the legal opinions and corporate documents delivered by
																		  the Policy Provider on the Initial Closing Date. The Policy Provider
																		  

																		 

																		
																		  
																			 54
																		  

																		  

																		  
 
																		  agrees
																			 that its rights of reimbursement in respect of any Policy Drawings under the
																			 amended Policy will be the same as its rights of reimbursement set forth in
																			 Section 3.09, and premium payable in respect of the amended Policy shall
																			 be on the same basis and terms as the Policy Premium and the Policy Redemption
																			 Premium, if any, paid in respect of the Policy issued on the Initial Closing
																			 Date (unless otherwise agreed to by the Issuer and the Policy
																			 Provider).

																		   

																		  (d) In
																			 connection with any issuance of Additional Notes, the Issuer shall pay to all
																			 parties to the Related Documents all reasonable costs and expenses related
																			 thereto.

																		   

																		  Section
																			 2.12 Special
																			 Transfer Provisions.
																			 (a)  Certain
																			 Transfers and Exchanges of Beneficial Interests. In
																			 connection with all transfers and exchanges of a Beneficial Interest in a
																			 Global Note for a Beneficial Interest in a Definitive Note, the transferor of
																			 such Beneficial Interest must deliver to the Depositary either (i)
																			 (A) instructions given in accordance with the Applicable Procedures from a
																			 Participant directing the Depositary to credit or cause to be credited a
																			 Beneficial Interest corresponding to the specified Global Note in an amount
																			 equal to the Beneficial Interest to be transferred or exchanged, (B) a
																			 written order given in accordance with the Applicable Procedures containing
																			 information regarding the Participant account to be credited with such increase
																			 and (C) instructions given by the Depositary to effect the transfer
																			 referred to in (A) and (B) above or (ii) (A) instructions given
																			 in accordance with Applicable Procedures from a Participant directing the
																			 Depositary to cause to be issued a Definitive Note by means of the process set
																			 forth in Section 2.07(a) (if permitted pursuant to Section 2.07) in
																			 an amount equal to the Beneficial Interest to be transferred or exchanged and
																			 (B) instructions given by the Holder of the Global Note to effect the
																			 transfer referred to in (A) above.

																		   

																		  (b) Transfer
																			 of Beneficial Interests in the Same Global Note.
																			 Beneficial Interests in a Global Note may be transferred to Persons who will
																			 hold such Beneficial Interest in a form corresponding to the same Global Note
																			 in accordance with the transfer restrictions set forth in the Restrictive
																			 Legend.

																		   

																		  (c) Transfer
																			 of Beneficial Interests to Another Global Note.
																			 Beneficial Interests corresponding to one of the Global Notes of any subclass
																			 may be transferred to Persons who will hold such Beneficial Interest in the
																			 form of a Beneficial Interest corresponding to the other Global Note of such
																			 subclass if the Depositary receives the following:

																		   

																		  (i) if prior
																			 to or on the 40th day after the later of the commencement of the offering of
																			 the Notes and the relevant Closing Date (the “Restricted
																			 Period”),
																			 and if the transferee will hold such interests in the form of a Beneficial
																			 Interest corresponding to a Rule 144A Global Note, then the transferor
																			 must deliver a certificate in the form of Exhibit E hereto, including the
																			 certifications in item (1) thereof. After the expiration of the Restricted
																			 Period the certification requirements of this clause (i) will no longer
																			 apply to such transfers; and

																		   

																		  (ii) if the
																			 transferee will hold such interests in the form of a Beneficial Interest
																			 corresponding to a Regulation S Global Note, then the transferor must
																			 deliver a certificate in the form of Exhibit E hereto, including the
																			 certifications in item (2) thereof. 

																		   

																		  
																			 
																				55
																			 

																			 

																			 
 
																			  
 

																		  (d) Notation
																			 by the Trustee of Transfer of Beneficial Interests Among Global
																			 Notes. Upon
																			 satisfaction of the requirements for transfer of Beneficial Interests pursuant
																			 to paragraphs (a) and (c) above, the Depositary shall present to
																			 the Trustee the relevant Global Note from which the Beneficial Interests are
																			 being transferred to reduce the principal amount of such Global Note and the
																			 relevant Global Note to which the Beneficial Interests are being transferred to
																			 increase the principal amount of such Global Note, in each case, by the
																			 principal amount of such Beneficial Interests being transferred (and an
																			 appropriate notation shall be made thereon by the Trustee). The Trustee shall
																			 then promptly deliver appropriate instructions to the Depositary to reduce or
																			 reflect on its records a reduction of the Beneficial Interests in the Global
																			 Note from which the Beneficial Interests are being transferred by the principal
																			 amount of such Beneficial Interests, and the Trustee shall promptly deliver
																			 appropriate instructions to the Depositary concurrently with such reduction, to
																			 increase or reflect on its records an increase of the Beneficial Interests in
																			 the Global Note to which Beneficial Interests are being transferred by the
																			 principal amount of such Beneficial Interests, and to credit or cause to be
																			 credited to the account of the Participant specified in the instructions
																			 delivered by the transferor of such Beneficial Interests pursuant to
																			 paragraph (a) of this Section 2.12 the Beneficial Interests
																			 being transferred.

																		   

																		  (e) Exchange
																			 of Beneficial Interests for Definitive Notes. Any
																			 Definitive Note delivered in exchange for a Beneficial Interest corresponding
																			 to a Rule 144A Global Note or Regulation S Global Note, as the case
																			 may be, pursuant to this Indenture and Section 2.07(a) shall, except as
																			 otherwise provided by paragraph (f) of this Section 2.12, bear
																			 the Restrictive Legend set forth in Section 2.02. 

																		   

																		  (f) Restrictive
																			 Legend. Upon
																			 the transfer, exchange or replacement of Definitive Notes not bearing the
																			 Restrictive Legend, the Registrar shall deliver Definitive Notes that do not
																			 bear the Restrictive Legend. Upon the transfer, exchange or replacement of
																			 Definitive Notes bearing the Restrictive Legend, the Registrar shall deliver
																			 only Definitive Notes that bear the Restrictive Legend unless, in the case of
																			 Initial Notes, there is delivered to the Registrar an Opinion of Counsel
																			 reasonably satisfactory to the Issuer and the Trustee to the effect that
																			 neither such legend nor the related restrictions on transfer are required in
																			 order to maintain compliance with the provisions of the Securities
																			 Act.

																		   

																		  (g) General. By its
																			 acceptance of any Note bearing the Restrictive Legend, each Holder of such Note
																			 acknowledges the restrictions on transfer of such Note set forth in this
																			 Indenture and in the Restrictive Legend and agrees that it will transfer such
																			 Note only as provided in this Indenture. By its acceptance of a Depositary
																			 Interest or Beneficial Interest corresponding to any Global Note, each such
																			 owner acknowledges the restrictions on transfer of such Depositary Interest or
																			 Beneficial Interest set forth in this Indenture and agrees that it will
																			 transfer such Depositary Interest or Beneficial Interest only as set forth in
																			 this Indenture. The Registrar shall not register a transfer of any Definitive
																			 Note unless such transfer complies with the restrictions on transfer of such
																			 Definitive Note set forth in this Indenture. In connection with any transfer of
																			 Notes or Beneficial Interests corresponding thereto, each Holder or owner
																			 thereof agrees by its acceptance of such Notes or such Beneficial Interests to
																			 furnish the Trustee or the Depositary, as the case may be, the certifications
																			 and legal opinions described herein to confirm that such transfer is being
																			 

																		   

																		  

																		  
																			 56
																		  

																		  

																		  
 
																		  made
																			 pursuant to an exemption from, or a transaction not subject to, the
																			 registration requirements of the Securities Act; provided that
																			 the Trustee or Depositary, as the case may be, shall not be required to
																			 determine (but may rely on a determination made by the Issuer with respect to)
																			 the sufficiency of any such legal opinions. 

																		   

																		  The
																			 Trustee shall retain copies of all letters, notices and other written
																			 communications received pursuant to this Section 2.12 in accordance with
																			 its customary procedures. The Issuer shall have the right to inspect and make
																			 copies of all such letters, notices or other written communications at any
																			 reasonable time upon the giving of reasonable written notice to the
																			 Trustee.

																		   

																		  Section
																			 2.13 [Reserved]

																		   

																		  Section
																			 2.14 Statements
																			 to Holders.
																			 (a)  The Issuer shall cause the Cash Manager to deliver to the
																			 Trustee, the Manager and the Board, and the Trustee shall (or shall instruct
																			 any Paying Agent to) distribute or make available to each Holder (including any
																			 beneficial holders with respect to the owners of Beneficial Interests by
																			 delivery to the Depositary), the Policy Provider, the Initial Liquidity
																			 Facility Provider and each Rating Agency (any such distribution, a
																			 “Trustee
																			 Report Distribution”),
																			 on the second Business Day before each Payment Date and on any other date for
																			 distribution of any payments with respect to each subclass of Notes then
																			 outstanding, a monthly report, substantially in the form attached as
																			 Exhibit D hereto prepared by the Cash Manager (after consultation with the
																			 Manager) and setting forth the information described therein after giving
																			 effect to such payment (each, a “Monthly
																			 Report”).
																			 Each Monthly Report provided for each March, June, September and December shall
																			 be accompanied by a report including (i) a statement setting forth an
																			 analysis of the Collections Account activity for the preceding fiscal quarter
																			 ended March, June, September and December, respectively, (ii) a discussion
																			 and analysis of such activity and of any significant developments affecting the
																			 Issuer Group in such quarter and (iii) an updated description of the
																			 Aircraft then in the Portfolio and the related Lessees (each, a
																			 “Quarterly
																			 Report”).
																			 Each Monthly Report provided for each June shall be accompanied by a report
																			 including (x) a statement setting forth an analysis of the Collections
																			 Account activity for the preceding fiscal year ended December 31, (y) a
																			 discussion and analysis of such activity and of any significant developments
																			 affecting the Issuer Group in such year and (z) updated information with
																			 respect to the Aircraft then in the Portfolio (each, an “Annual
																			 Report”).
																			 Each Annual Report shall include audited consolidated financial statements of
																			 the Issuer Group and shall contain a comparison to the Issuer’s
																			 performance to the assumptions in the Offering Memorandum. Each Quarterly
																			 Report and Annual Report shall also contain a quarterly or annual, as the case
																			 may be, statement of (a) the Aircraft on ground distinguishing between
																			 those on ground due to any repossessions and those subject to re-marketing for
																			 re-leasing and (b) a comparison of actual versus expected payment results.
																			 The Trustee shall deliver a copy of, or make available via a website, each
																			 Quarterly Report and Annual Report to any Holder or other Secured Party who
																			 requests a copy thereof.

																		   

																		  (b) The
																			 Issuer shall cause the Manager to deliver, after the end of each calendar year
																			 but not later than the latest date permitted by law, to the Trustee, the Policy
																			 Provider, the Initial Liquidity Facility Provider and the Board, and the
																			 Trustee shall (or shall instruct any Paying Agent to) furnish to each Person
																			 who at any time during such calendar year was a Holder of any subclass of Notes
																			 during such calendar year, a statement prepared 

																		   

																		  
																			 
																				57
																			 

																			 

																			 
 
																			 by the
																				Cash Manager (after consultation with the Manager) containing the sum of the
																				amounts determined pursuant to Exhibit D hereto with respect to the
																				subclass of Notes for such calendar year or, in the event such Person was a
																				Holder of any subclass during only a portion of such calendar year, for the
																				applicable portion of such calendar year, and such other items as are readily
																				available to the Cash Manager (after consultation with the Manager) and which a
																				Holder shall reasonably request as necessary for the purpose of such
																				Holder’s preparation of its U.S. federal income or other tax returns. So
																				long as any of the Notes are Global Notes held by the Depositary, such report
																				and such other items will be prepared on the basis of such information supplied
																				to the Cash Manager by the Depositary, and will be delivered by the Trustee,
																				when received from the Cash Manager, to the Depositary and the applicable
																				beneficial owners in the manner described above. In the event that any such
																				information has been provided by any Paying Agent directly to such Person
																				through other tax-related reports or otherwise, the Trustee in its capacity as
																				Paying Agent shall not be obligated to comply with such request for
																				information.

																			  

																			 (c) The
																				Issuer shall cause a copy of each statement, report or document described in
																				Section 2.14(a) and Section 6.11 to be concurrently delivered by the
																				Cash Manager to each Rating Agency and the Manager.

																			  

																			 (d) At such
																				time, if any, as the Notes of any subclass are issued in the form of Definitive
																				Notes, the Trustee shall prepare and deliver the information described in
																				Section 2.14(b) to each Holder of a Definitive Note of such subclass for
																				the relevant period of ownership of such Definitive Note as appears on the
																				records of the Registrar.

																			  

																			 (e) Following
																				each Payment Date and any other date specified herein for distribution of any
																				payments with respect to the Notes and prior to a Refinancing or Redemption,
																				the Trustee shall cause notice thereof to be given (i) by either of (A)
																				publication by the Irish Paying Agent in the Irish Times or, if such newspaper
																				shall cease to be published or timely publication therein shall not be
																				practicable, in such English language newspaper or newspapers as the Trustee
																				shall approve having a general circulation in Europe or (B) by way of
																				announcement by the Irish Listing Agent at the Companies Announcement office at
																				the Irish Stock Exchange, (ii) by either of (A) the information contained in
																				such notice appearing on the relevant page of the Reuters Screen or such other
																				medium for the electronic display of data as may be approved by the Trustee and
																				notified to Holders or (B) publication in the Financial Times (European
																				Edition) and The Wall Street Journal (National Edition) or, if either newspaper
																				shall cease to be published or timely publication therein shall not be
																				practicable, in such English language newspaper or newspapers as the Trustee
																				shall approve having a general circulation in Europe and the United States and
																				(iii) so long as such Notes are registered with the Depositary, Euroclear
																				and/or Clearstream, and so long as such Notes are listed on the Irish Stock
																				Exchange and traded on the Irish Stock Exchange and the rules of such exchange
																				so permit as advised by the Listing Agent, delivery of the relevant notice to
																				the Depositary, Euroclear and/or Clearstream for communication by them to
																				Holders of such subclass. 

																			  

																			 Notwithstanding
																				the above, any notice to the Holders of any class or subclass of Floating Rate
																				Notes specifying an interest rate for such Notes, any Payment Date, any
																				principal payment or any payment of premium, if any, shall be validly given by
																				delivery of the relevant 

																			  

																			 
																				
																				  58
																				

																				

																				
 
																				notice
																				  to the Depositary, Euroclear and/or Clearstream for communication by them to
																				  such Holders, without the need for publication in the Irish Times, and shall be
																				  promptly delivered to the Listing Agent and made available at the offices of
																				  the Irish Paying Agent and the Irish Stock Exchange (other than notices
																				  required to be delivered by the Cash Manager under the Related Documents). Any
																				  such notice shall be deemed to have been given on the first day on which any of
																				  such conditions shall have been met. 

																				 

																				(f) The
																				  Trustee shall be at liberty to sanction some other method of giving notice to
																				  the Holders of any subclass if, in its opinion, such other method is
																				  reasonable, having regard to the number and identity of the Holders of such
																				  subclass and/or to market practice then prevailing, is in the best interests of
																				  the Holders of such subclass and will comply with the rules of the Irish Stock
																				  Exchange for so long as such Notes are listed on the Irish Stock Exchange and
																				  traded on the Irish Stock Exchange or such other stock exchange (if any) on
																				  which the Notes of such subclass are then listed, and any such notice shall be
																				  deemed to have been given on such date as the Trustee may approve; provided that
																				  notice of such method is given to the Holders of such subclass in such manner
																				  as the Trustee shall require. 

																				 

																				Section
																				  2.15 CUSIP,
																				  CCN and ISIN Numbers. The
																				  Issuer in issuing the Notes may use “CUSIP”, “CCN”,
																				  “ISIN” or other identification numbers (if then generally in use),
																				  and if so, the Trustee shall use CUSIP numbers, CCN numbers, ISIN numbers or
																				  other identification numbers, as the case may be, in notices of redemption or
																				  exchange as a convenience to Holders; provided that
																				  any such notice shall state that no representation is made as to the
																				  correctness of such numbers either as printed on the Notes or as contained in
																				  any notice of redemption or exchange and that reliance may be placed only on
																				  the other identification numbers printed on the Notes; provided further, that
																				  failure to use “CUSIP”, “CCN”, “ISIN” or other
																				  identification numbers in any notice of redemption or exchange shall not affect
																				  the validity or sufficiency of such notice. 

																				 

																				Section
																				  2.16 Holder
																				  Representations and Covenants. Each
																				  Holder and beneficial owner of a Note, by the purchase of such Note or
																				  beneficial interest therein, covenants and agrees that it will treat such Note
																				  as indebtedness for all purposes and will not take any action contrary to such
																				  characterization, including, without limitation, filing any tax returns or
																				  financial statements inconsistent therewith.

																				 

																				ARTICLE
																				  III

																				 

																				ACCOUNTS;
																				  PRIORITY OF PAYMENTS

																				 

																				Section
																				  3.01 Accounts.
																				  (a)  Establishment
																				  of Accounts. The
																				  Cash Manager, acting on behalf of the Security Trustee, shall direct the
																				  Operating Bank in writing to establish and maintain on its books and records in
																				  the name of the Security Trustee (i) a collections account (the
																				  “Collections
																				  Account”),
																				  one or more lessee funded accounts as provided in the Cash Management Agreement
																				  (each, a “Lessee
																				  Funded Account”),
																				  a security deposit account (the “Security
																				  Deposit Account”),
																				  an expense account (the “Expense
																				  Account”),
																				  one note account for the Initial Notes (each, a “Note
																				  Account”),
																				  an aircraft purchase account (the “Aircraft
																				  Purchase Account”),
																				  a capital surplus account (the “Capital
																				  Account”),
																				  an account for 

																				 

																				
																				  
																					 59
																				  

																				  

																				  
 
																				   
 

																				the
																				  holders of the Class B Shares (the “Class
																				  B Shareholder Account”),
																				  a liquidity reserve account for the Notes (the “Liquidity
																				  Facility Reserve Account”),
																				  a budgeted cash reserve account for the Notes (the “Budgeted
																				  Cash Reserve Account”)
																				  and a payment account for the Initial Liquidity Facility (the
																				  “Initial
																				  Liquidity Payment Account”),
																				  in each case on or before the Initial Closing Date and (ii) thereafter one
																				  or more rental accounts (each, a “Rental
																				  Account”)
																				  and any additional Lessee Funded Accounts, in each case provided for in the
																				  Cash Management Agreement, any additional Note Accounts, an aircraft conversion
																				  account (the “Aircraft
																				  Conversion Account”),
																				  a defeasance/redemption account (the “Defeasance/Redemption
																				  Account”),
																				  a refinancing account (the “Refinancing
																				  Account”),
																				  an account for Budgeted Cash Amounts (the “Budgeted
																				  Cash Account”)
																				  and any other Account (including, any Cash Collateral Account) the
																				  establishment of which is set forth in a Board Resolution delivered to the
																				  Trustee, the Security Trustee and the Cash Manager, in each case at such time
																				  as is set forth in this Section 3.01 or in such Board Resolution. The Cash
																				  Manager shall establish an Irish collections account (the “Irish
																				  VAT Refund Account”)
																				  in the name of the Issuer at an Eligible Institution. Each Account shall be
																				  established and maintained as an Eligible Account in accordance with the terms
																				  of, and be subject to, the Security Trust Agreement (or, in the case of the
																				  Irish VAT Refund Account, a charge over bank account governed by Irish law with
																				  respect thereto (the “Irish
																				  Account Charge”))
																				  so as to create, perfect and establish the priority of the security interest of
																				  the Security Trustee in such Account and all cash, Investments and other
																				  property therein under the Security Trust Agreement (or, in the case of the
																				  Irish VAT Refund Account, the Irish Account Charge) and otherwise to effectuate
																				  the Security Trust Agreement (or, in the case of the Irish VAT Refund Account,
																				  the Irish Account Charge). Each new Account established pursuant to
																				  Section 2.03(a)(i) of the Cash Management Agreement shall, when so
																				  established, be the Account of such name and purposes for all purposes of this
																				  Indenture.

																				 

																				(b) Withdrawals
																				  and Transfers Generally. Any
																				  provision of this Indenture relating to any deposit, withdrawal or any transfer
																				  to or from, any Account shall be effected by the Cash Manager directing the
																				  Operating Bank by a Written Notice of the Cash Manager (such Written Notice to
																				  be provided to the Operating Bank by 1:00 p.m. (New York City time) on the date
																				  of such deposit, withdrawal or transfer) given in accordance with the terms of
																				  this Indenture, the Cash Management Agreement and the Security Trust Agreement.
																				  Each such Written Notice to the Operating Bank shall be also communicated in
																				  computer file format or in such other form as the Cash Manager, the Operating
																				  Bank, the Trustee and the Security Trustee agree; provided that,
																				  in the case of communication in computer file format or any other form other
																				  than a written tangible form, a written tangible form thereof shall promptly
																				  thereafter be sent to the Operating Bank. No deposit, withdrawal or transfer to
																				  or from any Account shall be made except in accordance with the terms of this
																				  Indenture, the Security Trust Agreement and the Cash Management Agreement or by
																				  any Person other than the Operating Bank (only upon the Written Notice of the
																				  Cash Manager) or, in the case of the Note Accounts, the Trustee (in which
																				  respect the Trustee agrees it is acting as the agent of the Security Trustee).
																				  Each of the parties to this Agreement acknowledges that the terms of this
																				  Indenture contemplate that the Cash Manager will receive certain information
																				  from other parties to this Indenture and the Related Documents in order for the
																				  Cash Manager to be able to perform all or any part of its obligations
																				  hereunder, that the Cash Manager will be able to perform its obligations
																				  hereunder only to the extent such information is provided to the Cash Manager
																				  by the relevant parties and that the Cash Manager may conclusively rely, absent
																				  manifest error, on 

																				 

																				
																				  
																					 60
																				  

																				  

																				  
 
																				  such
																					 information as it receives without undertaking any independent verification of
																					 that information. The Cash Manager agrees that if it does not receive any such
																					 information it will promptly notify the party who was to provide such
																					 information of such failure.

																				   

																				  (c) Collections
																					 Account. All
																					 Collections (including amounts transferred from the Rental Accounts) shall be,
																					 when received, deposited in the Collections Account, and all cash, Investments
																					 and other property in the Collections Account shall be transferred from the
																					 Collections Account in accordance with the terms of this
																					 Indenture.

																				   

																				  (d) Lessee
																					 Funded Account. Any
																					 Segregated Funds received from time to time from any Lessee or pursuant to any
																					 Acquisition Agreement shall be transferred by the Operating Bank at the written
																					 direction of the Cash Manager from the Collections Account into the related
																					 Lessee Funded Account. The Cash Manager shall not make any withdrawal from, or
																					 transfer from or to, any Lessee Funded Account in respect of (i) any
																					 portion of the Segregated Funds therein consisting of a security deposit
																					 except, upon the termination of the related Lease, as provided in such Lease or
																					 (ii) any Segregated Funds that is contrary to the requirements of the
																					 respective Leases as to Segregated Funds and the requirements of the Security
																					 Trust Agreement (including the agreement of the Security Trustee that it
																					 designate on its account records that it holds its interest in each Lessee
																					 Funded Account for the benefit of the respective Lessee in respect of whom such
																					 Segregated Funds are held). Without limiting the foregoing, no cash, Investment
																					 and other property in a Lessee Funded Account may be used to make payments,
																					 other than as permitted under Section 3.08, in respect of the Notes at any
																					 time, including after the delivery of a Default Notice. Any Segregated Funds
																					 relating to an expired or terminated Lease that remain in a Lessee Funded
																					 Account after expiration or termination of such Lease and that are not due and
																					 owing to the relevant Lessee under such expired or terminated Lease shall, if
																					 so required under the terms of a subsequent Lease, if any, relating to such
																					 Aircraft, be credited in a Lessee Funded Account for the benefit of the next
																					 Lessee of the relevant Aircraft to the extent required under the terms of such
																					 subsequent Lease and, to the extent not so required, transferred to the
																					 Collections Account. When and as provided in the Cash Management Agreement the
																					 Cash Manager shall cause to be established such additional Lessee Funded
																					 Accounts.

																				   

																				  (e) Security
																					 Deposit Account. Any
																					 cash security deposits received from time to time from any Lessee or pursuant
																					 to any Acquisition Agreement (other than any cash security deposit required to
																					 be Segregated Funds, which shall be deposited in the related Lessee Funded
																					 Account) shall be transferred by the Operating Bank at the written direction of
																					 the Cash Manager from the Collections Account into the Security Deposit
																					 Account. Any security deposits relating to an expired Lease that remain in the
																					 Security Deposit Account after expiration or termination of such Lease and that
																					 are not due and owing to the relevant Lessee under such expired or terminated
																					 Lease and accordingly not required to be transferred to the Expense Account
																					 under Section 3.08(c)(ii) shall, if so required under the terms of a subsequent
																					 Lease, if any, relating to such Aircraft, be credited in the Security Deposit
																					 Account or a Lessee Funded Account for the benefit of the next Lessee of the
																					 relevant Aircraft and, to the extent not so required, transferred to the
																					 Collections Account. No cash, Investment or other property in the Security
																					 Deposit Account may be used to make payments, other than as permitted under
																					 Section 3.08 hereof, 

																				   

																				  
																					 
																						61
																					 

																					 

																					 
 
																					 in
																						respect of the Notes at any time, except that on the earlier of the delivery of
																						a Default Notice and the occurrence of an Acceleration Default, the Cash
																						Manager shall direct the Trustee to, and the Trustee shall withdraw the
																						collected credit balance of the Security Deposit Account and apply such amount
																						in accordance with the payment priorities set forth in Section 3.09(b)
																						hereof.

																					  

																					 (f) Expense
																						Account. On
																						each Payment Date, such amounts as are provided in Section 3.09 in respect
																						of the Required Expense Amount and Permitted Accruals shall be deposited into
																						the Expense Account from the Collections Account. Expenses shall be paid from
																						the Expense Account as provided in Section 3.04. If the Cash Manager
																						determines that the sum of the amounts on deposit in the Budgeted Cash Account
																						and the Budgeted Cash Reserve Account (if any) and the Available Budgeted Cash
																						Amount is insufficient for the payment in full of any Budgeted Cash Shortfall,
																						the Cash Manager shall direct the Trustee to, and the Trustee shall, upon
																						receipt of such direction, transfer from the Expense Account funds sufficient
																						to pay such Budgeted Cash Shortfall to the Budgeted Cash Account for withdrawal
																						therefrom and distribution to the applicable Person in payment of such Budgeted
																						Cash Shortfall.

																					  

																					 (g) Rental
																						Accounts. All
																						Rental Payments, Additional Rent and other amounts received pursuant to any
																						Related Collateral Document shall be deposited into the applicable Rental
																						Account (including any Non-Trustee Account). Except with respect to Additional
																						Rent and amounts, if any, that for local tax or other regulatory or legal
																						reasons must be retained on deposit or as to the transfer of which the Cash
																						Manager determines there is any substantial uncertainty, all amounts so
																						deposited shall, within one Business Day of their receipt (or with respect to
																						any Non-Trustee Account, within three Business Days of their receipt), be
																						transferred by the Cash Manager to the Collections Account. All Additional Rent
																						amounts so deposited in the applicable Rental Account shall, within three
																						Business Days of their receipt (or with respect to any Non-Trustee Account,
																						within four Business Days of their receipt), except as otherwise provided in
																						Section 3.01(q), be deposited into the Budgeted Cash Account in amounts
																						such that the aggregate amount on deposit therein is at least equal to the then
																						Budgeted Cash Requirement, and the balance, if any, to the Collections Account
																						for application in accordance with Section 3.09. In the event that there is a
																						Budgeted Cash Shortfall with respect to any Payment Date and as a result a
																						Budgeted Cash Shortfall Drawing is made under the Initial Liquidity Facility,
																						any Additional Rent amounts subsequently received shall be applied by the Cash
																						Manager first to repay any outstanding Budgeted Cash Shortfall Drawings
																						(including interest thereon) until paid in full, and the balance, if any, shall
																						be transferred to the Budgeted Cash Account, except as otherwise provided in
																						Section 3.01(q). If the Cash Manager determines that, for any tax or other
																						regulatory or legal reason, any such Collections may not be deposited into an
																						account in the name of the Security Trustee, then, notwithstanding the
																						requirements of Section 3.01(a), the relevant Issuer Group Member may
																						establish one or more Rental Accounts (a “Non-Trustee
																						Account”)
																						for such Collections in its own name (but subject to the direction and control
																						of the Cash Manager on behalf of the Security Trustee) at any Eligible
																						Institution provided that
																						the Issuer Group member that is the lessor under the relevant Lease is or
																						becomes a party to a Security Document with respect to such
																						Account.

																					  

																					 
																						
																						  62
																						

																						

																						
 
																						 
 

																					 (h) Refinancing
																						Account. Upon
																						Written Notice of the Issuer to it of, or a Board Resolution provided to it
																						authorizing, a Refinancing, the Cash Manager shall cause the Operating Bank to
																						establish and maintain a Refinancing Account pursuant to Section 3.01(a)
																						in the name of the Security Trustee for the benefit of the Holders of the
																						Initial Notes, if any, to be refinanced. All net cash proceeds of such
																						Refinancing shall be deposited in the Refinancing Account and shall be held in
																						such Account until such proceeds are applied to pay the Redemption Price of and
																						all accrued and unpaid interest on such Initial Notes until such Initial Notes
																						are cancelled by the Trustee and Refinancing Expenses (and any Policy Premium
																						and/or Policy Redemption Premium due and payable to the Policy Provider) with
																						respect thereto (except to the extent the Board have determined, as evidenced
																						by a Board Resolution, to pay the same from funds available therefor as
																						Permitted Accruals in the Expense Account) and as otherwise provided in
																						Section 5.02(f)(ii)(C).

																					  

																					 (i) Defeasance/Redemption
																						Account. Upon
																						Written Notice of the Issuer to it, or a Board Resolution provided to it
																						authorizing that any subclass of Notes is to be redeemed pursuant to
																						Section 3.11 (other than in a Refinancing) or defeased under
																						Article XI, the Cash Manager shall cause the Operating Bank to establish
																						and maintain a Defeasance/Redemption Account pursuant to Section 3.01(a)
																						in the name of the Security Trustee for the benefit of the Holders of such
																						subclass. All amounts received for the purpose of any such redemption or
																						defeasance shall be deposited in the Defeasance/Redemption
																						Account.

																					  

																					 (j) Aircraft
																						Purchase Accounts. As and
																						to the extent provided in Section 3.03(a), an amount equal to the Aircraft
																						Purchase Price will be transferred from the Collections Account (out of the
																						proceeds of the issuance of the Initial Notes and capital contributions in
																						respect of the Class A Shares, after any other deposits or transfer out of such
																						proceeds (including in respect of the Initial Expenses) to any other Account
																						pursuant to Section 3.03(a)) to the Aircraft Purchase Account. The amount so
																						deposited shall be held in such Account and invested in Permitted Account
																						Investments until applied as provided in Section 3.04. Upon the occurrence of
																						the Delivery Expiry Date under and as defined in the Asset Purchase Agreement,
																						the Cash Manager shall direct the Operating Bank to transfer any remaining
																						funds in the Aircraft Purchase Account to the Collections Account for
																						application in accordance with Section 3.09. All proceeds of any Additional
																						Notes shall, after making any other deposits out of such proceeds pursuant to
																						Section 3.03 hereof or otherwise required by the terms of an indenture
																						supplement hereto, a supplement to the Trust Agreement or a Board Resolution
																						relating to such Additional Notes, be deposited in the Aircraft Purchase
																						Account and shall be held in such Account and invested in Permitted Account
																						Investments until applied for the purchase of Additional Aircraft in accordance
																						with the relevant Acquisition Agreement. The Issuer shall give Written Notice
																						to the Security Trustee and the Cash Manager of the satisfaction or waiver
																						(specifying which) of all conditions for the payment of the Aircraft Purchase
																						Price of any Additional Aircraft, and no amounts may be withdrawn or
																						transferred from the Aircraft Purchase Account with respect to the Aircraft
																						Purchase Price of such Additional Aircraft until receipt of such notice as to
																						such Additional Aircraft.

																					  

																					 (k) Aircraft
																						Conversion Account. As and
																						to the extent provided in Section 3.03 hereof (or in the terms of any
																						indenture supplemental hereto), an amount equal 

																					  

																					 
																						63
																					 

																					 

																					 
  

																					 to any
																						expected Conversion Payment will be transferred from the Collections Account
																						out of the proceeds of the Additional Notes and/or capital contributions by the
																						holders of the Class A Shares to the Aircraft Conversion Account. The amount so
																						deposited will be held in that Account and invested in Permitted Account
																						Investments until applied as provided in Section 3.04 or 3.09 hereof. The
																						Issuer shall notify the Security Trustee and the Cash Manager of the
																						satisfaction or waiver (specifying which) of all conditions for the payment of
																						any Conversion Payment, and no amounts may be withdrawn or transferred from the
																						Aircraft Conversion Account until receipt of such notice as to such Conversion
																						Payment.

																					  

																					 (l) Note
																						Account. Upon
																						the issuance of Notes of any subclass for which a Note Account was not
																						previously established, the Cash Manager shall cause the Operating Bank to
																						establish and maintain a Note Account for such subclass in accordance with
																						Section 3.01(a) in the name of the Security Trustee for the benefit of the
																						Holders of the Notes of such subclass. Upon the transfer of any amounts to the
																						Note Account for any subclass of Notes in accordance with Section 3.09 or
																						Section 3.14, the Trustee on the same day shall pay all such amounts to
																						the Holders of such subclass of Notes as of the related Record Date in
																						accordance with the terms of this Indenture.

																					  

																					 (m) Additional
																						Cash Collateral Accounts. Upon
																						receipt by the Cash Manager and the Trustee of a Board Resolution providing for
																						the establishment of any additional Cash Collateral Account as an Eligible
																						Credit Facility for one or more subclasses of Notes or in respect of any other
																						Obligation, the Cash Manager shall, by Written Notice, cause the Operating Bank
																						to establish (within three Business Days of the giving of such Written Notice)
																						and maintain such Cash Collateral Account pursuant to Section 3.01(a) in
																						the name of the Security Trustee for the benefit of the Holders of the Notes of
																						each such subclass and/or the Secured Parties holding such other Obligation.
																						All amounts provided in connection with any such Board Resolution for deposit
																						in such Account and all amounts to be deposited in such Account under
																						Section 3.09 as an Eligible Credit Facility shall be held in such Cash
																						Collateral Account for application, and all replenishment shall be made, in
																						accordance with the terms of the Board Resolution relating to such Eligible
																						Credit Facility, which Board Resolution shall include the basis of any
																						replenishment of the Cash Collateral Account.

																					  

																					 (n) Liquidity
																						Facility Reserve Account and Budgeted Cash Reserve Account.
																						

																					  

																					 (i)
																						 Following
																						the funding of the Liquidity Facility Reserve Account with a Downgrade Drawing,
																						a Final Drawing or a Non-Extension Drawing, if the Cash Manager determines that
																						on any Payment Date after making all withdrawals and transfers to be made with
																						respect to such Payment Date, there will be insufficient funds in the
																						Collections Account (x) to transfer to the Expense Account an amount such
																						that the amount on deposit therein is equal to the Required Expense Amount for
																						such Payment Date, (y) to pay Senior Hedge Payments to each applicable
																						Hedge Provider, in each case as provided in Section 3.09 and (z) to
																						pay the Interest Amount for the Class G-1 Notes, in each case as provided in
																						Section 3.09, the Cash Manager shall so notify the Trustee in writing
																						under Section 3.07 and shall direct the Operating Bank in writing on such
																						Payment Date to withdraw from the Liquidity Facility Reserve Account the lesser
																						of (i) 

																					  

																					 
																						64
																					 

																					 

																					 
  

																					 the
																						amount equal to the shortfall in making the payments set forth in
																						clauses (x), (y) and (z) above and (ii) the amount on deposit
																						therein. The Trustee shall, as set out in the Written Notice from the Cash
																						Manager, apply the amount so withdrawn, first, to the
																						Expense Account an amount such that the amount on deposit therein is at least
																						equal to the Required Expense Amount for such Payment Date and second, in no
																						order of priority inter se, but
																						pro rata,
																						(A) to the Note Accounts for the Class G-1 Notes, the Interest Amount on
																						such subclass of Notes; and (B) pro rata, to any
																						Hedge Provider, an amount equal to any Senior Hedge Payment due from any Issuer
																						Group Member pursuant to any Hedge Agreement. 

																					  

																					 (ii) Following
																						the funding of the Budgeted Cash Reserve Account with a Downgrade Drawing, a
																						Final Drawing or a Non-Extension Drawing, if the Cash Manager determines that,
																						on any Payment Date occurring on or prior to the Budgeted Cash Termination
																						Date, after making all of the withdrawals from the Budgeted Cash Account, there
																						exists a Budgeted Cash Shortfall, the Cash Manager shall so notify the Trustee
																						and shall direct the Operating Bank on such Payment Date to withdraw from the
																						Budgeted Cash Reserve Account the lesser of (x) the amount sufficient to pay
																						the Budgeted Cash Shortfall in full after giving effect to any withdrawal from
																						the Budgeted Cash Account and (y) the amount on deposit therein.

																					  

																					 (o) Capital
																						Account. Upon
																						the transfer of any amounts to the Capital Account in accordance with Section
																						3.09 hereof, such amounts shall be available for distribution to the holders of
																						the Class A Shares to the extent that the Board has declared a dividend or
																						other distribution in respect of such amount.

																					  

																					 (p) Class
																						B Shareholder Account. Upon
																						the transfer of any amounts to the Class B Shareholder Account for the holders
																						of the Class B Shares in accordance with Section 3.09 hereof, the Trustee on
																						the same day shall pay all such amounts to the holders of the Class B Shares to
																						the extent that the Board has declared a dividend in respect of such
																						amount.

																					  

																					 (q) Budgeted
																						Cash Account. (i) If
																						the Cash Manager determines as of any Business Day that a Budgeted Cash Amount
																						is due and payable (as calculated pursuant to 3.07(i) hereof) the Cash Manager
																						shall so notify the Trustee in writing and direct the Operating Bank on such
																						Business Day to withdraw from the Budgeted Cash Account the lesser of (A) an
																						amount equal to such Budgeted Cash Amount and (B) the collected credit balance
																						of such Account, and distribute to the applicable Person the amount so
																						withdrawn in payment of such Budgeted Cash Amount; and (ii) on the Payment Date
																						next following the delivery of a Default Notice or upon the occurrence of an
																						Acceleration of the Notes, the Cash Manager shall, in any such case, direct the
																						Trustee to, and the Trustee shall withdraw the collected credit balance of the
																						Budgeted Cash Account and apply such amount first, to any
																						outstanding Budgeted Cash Shortfall Drawings under the Initial Liquidity
																						Facility, and then apply any remaining balance in accordance with the payment
																						priorities set forth in Section 3.09(b) hereof, and from and after such Payment
																						Date, all Additional Rent payments shall be transferred from the applicable
																						Rental Account upon receipt thereof to the Collections Account to be applied in
																						accordance with the payment priorities set forth in Section 3.09(b) hereof. In
																						the event the Cash Manager determines on any Calculation Date 

																					  

																					 
																						65
																					 

																					 

																					 
  

																					 that the
																						balance on deposit in the Budgeted Cash Account is greater than the then
																						Budgeted Cash Requirement (as determined by the Cash Manager after consultation
																						with the Manager), the Cash Manager shall direct the Trustee to withdraw from
																						such Account the amount by which such balance exceeds the then Budgeted Cash
																						Requirement and shall transfer such excess amount to the Collections Account
																						for application in accordance with Section 3.09. On the Budgeted Cash
																						Termination Date, the Cash Manager shall (i) direct the Trustee to withdraw the
																						collected credit balance of the Budgeted Cash Account and shall first apply
																						such amount to repay any outstanding Budgeted Cash Shortfall Drawings, if any,
																						under the Initial Liquidity Facility, and then transfer the remainder of such
																						amount, if any, to the Collections Account for application in accordance with
																						Section 3.09, and (ii) if applicable, direct the Operating Bank to make the
																						withdrawals and transfers from the Budgeted Cash Reserve Account as provided in
																						Section 3.14(f)(vi), and, from and after the Budgeted Cash Termination Date,
																						all Additional Rent payments shall be transferred from the applicable Rental
																						Account upon receipt thereof to the Collections Account to be applied in
																						accordance with the payment priorities set forth in Section 3.09
																						hereof.

																					  

																					 (r) Irish
																						VAT Refund Account. All
																						payments of refunds with respect to Irish value-added Tax and any similar
																						amounts related to Irish Tax payments payable to the Issuer or any Issuer
																						Subsidiary shall be, when received, deposited in the Irish VAT Refund Account.
																						Funds held in the Irish VAT Refund Account shall, at the direction of the
																						Manager, be converted into U.S. dollars with a recognized foreign exchange
																						dealer or foreign commercial bank (which may be the bank where the Irish VAT
																						Refund Account is located or the Cash Manager or an affiliate). The conversion
																						of currency into U.S. dollars shall be pursuant to the conversion procedures
																						set forth in Section 12.07. Upon conversion and receipt of U.S. dollars,
																						the Cash Manager shall cause such amounts to be transferred from the Irish VAT
																						Refund Account to the Collections Account as soon as administratively
																						practicable. The cost and expense of any such conversion shall be added to and
																						reflected in the rate obtained for conversion and in no event shall the Cash
																						Manager or any of its affiliates be liable in respect of the exchange rate
																						obtained for any such conversion or any related cost or expense.

																					  

																					 All
																						amounts held in the Irish VAT Refund Account from time to time shall be
																						invested in Permitted Account Investments (at the direction of the Manager)
																						pending conversion to U.S. dollars and transfer to the Collections
																						Account.

																					  

																					 Section
																						3.02 Investments
																						of Cash.
																						(a)  For so long as any Notes remain Outstanding, the Cash Manager,
																						on behalf of the Security Trustee, shall, or shall direct the Operating Bank in
																						writing to, invest and reinvest, at the written direction of the Cash Manager
																						acting on the Issuer’s instructions, the funds on deposit in the Accounts
																						in Permitted Account Investments; provided,
																						however, that
																						the Initial Liquidity Facility Provider shall be entitled to direct the Cash
																						Manager to invest the amounts standing (if any) in the Liquidity Facility
																						Reserve Account and the Budgeted Cash Reserve Account in Permitted Account
																						Investments; provided further,
																						however, that following the giving of a Default Notice or during the
																						continuance of an Acceleration Default, the Cash Manager shall, or shall direct
																						the Operating Bank in writing to, invest such funds on deposit or such amounts
																						at the written direction of the Security Trustee in Permitted Account
																						Investments described in clause (d) of the definition thereof (but in the
																						case of a Lessee Funded Account only to the extent any such investment
																						

																					  

																					 
																						66
																					 

																					 

																					 
  

																					 credited
																						to such Lessee Funded Account or the Security Deposit Account is permitted by
																						the Leases pursuant to which such funds were received) from the time of receipt
																						thereof until such time as such amounts are required to be distributed pursuant
																						to the terms of this Indenture. The Cash Manager shall make such investments
																						and reinvestments and the Issuer (or the Cash Manager acting on the
																						Issuer’s instructions), the Initial Liquidity Facility Provider and/or the
																						Security Trustee as specified in the immediately preceding sentence shall
																						provide such direction, all in accordance with the terms of the following
																						provisions:

																					  

																					 (i) the
																						Permitted Account Investments shall have maturities and other terms such that
																						sufficient funds shall be available to make required payments pursuant to this
																						Indenture (A) before the next Payment Date after which such investment is
																						made, in the case of investments of funds on deposit in the Collections Account
																						and the Expense Account, or (B) in accordance with a Written Notice
																						provided by the Cash Manager (after consultation with the Servicer), the
																						requirements of the relevant Leases or Aircraft Agreements, in the case of
																						investments of funds on deposit in the Lessee Funded Accounts; provided that an
																						investment maturing within one year of the date of investment shall
																						nevertheless be a Permitted Account Investment if it has been acquired with
																						funds which are not reasonably anticipated, at the discretion of the Manager,
																						to be required to be paid to any other Person or otherwise transferred from the
																						applicable Account prior to such maturity;

																					  

																					 (ii) if any
																						funds to be invested are not received in the Accounts by 1:00 p.m., New York
																						City time, on any Business Day, such funds shall, if possible, be invested in
																						overnight Permitted Account Investments described in clause (d) of the
																						definition thereof; provided that
																						none of the Cash Manager, the Trustee, the Security Trustee or the Initial
																						Liquidity Facility Provider shall be liable for any losses incurred in respect
																						of the failure to invest funds not thereby received; and

																					  

																					 (iii) if
																						required by the terms of a Lease, any investments of Segregated Funds on
																						deposit in a Lessee Funded Account or funds on deposit in the Security Deposit
																						Account shall be made on behalf of the relevant Lessee in such investments as
																						may be required thereunder.

																					  

																					 (b) The
																						Trustee or their respective Affiliates are permitted to receive additional
																						compensation that could be deemed to be in their respective economic self
																						interest for (i) serving as an investment advisor, administrator,
																						shareholder servicing agent, custodian or sub-custodian with respect to certain
																						Permitted Account Investments, (ii) using Affiliates to effect
																						transactions in certain Permitted Account Investments and (iii) effecting
																						transactions in certain Permitted Account Investments. Neither the Cash Manager
																						nor the Trustee guarantees the performance of any Permitted Account
																						Investment.

																					  

																					 (c) Except
																						as expressly provided hereunder, neither the Cash Manager nor the Operating
																						Bank shall have any obligation to invest and reinvest any cash held in the
																						Accounts in the absence of timely and specific written investment direction
																						from the Issuer, the Initial Liquidity Facility Provider or the Security
																						Trustee, as the case may be. In no event shall the Cash Manager or the
																						Operating Bank be liable for the selection of investments or for investment
																						losses incurred thereon. Neither the Cash Manager nor the 

																					  

																					 
																						67
																					 

																					 

																					 
  

																					 Operating
																						Bank shall have any liability in respect of losses incurred as a result of the
																						liquidation of any investment prior to its stated maturity or the failure of
																						the Issuer, the Initial Liquidity Facility Provider or the Security Trustee, as
																						the case may be, to provide timely written investment direction.

																					  

																					 Section
																						3.03 Closing
																						Date Deposits, Withdrawals and Transfers. The
																						Cash Manager shall, on each Closing Date at the written direction of the
																						Issuer, upon the Operating Bank’s receipt thereof, make, or direct the
																						Operating Bank to make, the following deposits and transfers to and from the
																						Accounts in each case as specified in a prior Written Notice of the Cash
																						Manager to the Trustee, the Security Trustee and the Operating
																						Bank:

																					  

																					 (a) on the
																						Initial Closing Date, 

																					  

																					 (i) (A)
																						deposit in the Collections Account the proceeds of the issuance of the Initial
																						Notes, (B) deposit in the Collections Account the Initial Equity Amount, (C)
																						deposit in the Security Deposit Account the amount of the initial security
																						deposits that are not Segregated Funds received pursuant to the terms of the
																						Asset Purchase Agreement and (D) deposit in any Lessee Funded Account an
																						amount equal to any Segregated Funds for each Lease related to any Aircraft
																						being acquired from a Seller on the Initial Closing Date;

																					  

																					 (ii) after
																						making the deposits required by clause (i) above and in the following
																						order (A) transfer from the Collections Account to the Expense Account,
																						such amount as is necessary so that the amount on deposit in the Expense
																						Account is an amount equal to the Required Expense Amount for the initial
																						Interest Accrual Period and the Initial Expenses, as specified in a Written
																						Notice of the Cash Manager to the Trustee, (B) transfer from the
																						Collections Account to the Aircraft Purchase Account the Aircraft Purchase
																						Price for the Initial Aircraft pursuant to the Asset Purchase Agreement,
																						(C) deposit in the Collections Account the amounts received by the Issuer
																						from the Sellers, pursuant to Sections 5.1(a) and (b) of the Asset Purchase
																						Agreement (except to the extent any such amounts constitute (i) initial
																						security deposits that are not Segregated Funds, which amounts shall have been
																						deposited into the Security Deposit Account as provided in subclause (i)(C)
																						above, and (ii) Segregated Funds for each Lease, which amounts shall have been
																						deposited into the applicable Lessee Funded Account as provided in subclause
																						(i)(D) above), and (D) retain in the Collections Account the balance, if
																						any, remaining after making the foregoing transfers; and

																					  

																					 (iii) withdraw
																						from the Expense Account such amount as is needed to discharge any portion of
																						the Initial Expenses then due and payable on the Initial Closing Date and pay
																						such amount to the appropriate payees thereof as specified in the Written
																						Notice of the Cash Manager.

																					  

																					 (b) on any
																						Closing Dates in respect of the issuance of any Additional Notes, 

																					  

																					 (i) (A)
																						deposit in the Collections Account the proceeds of the issuance of such
																						Additional Notes, (B) deposit in the Security Deposit Account the amount of the
																						

																					  

																					 
																						68
																					 

																					 

																					 
  

																					 initial
																						security deposits that are not Segregated Funds received pursuant to the terms
																						of the relevant Acquisition Agreements and (C) deposit in any Lessee
																						Funded Account any Segregated Funds received pursuant to any Acquisition
																						Agreement; and

																					  

																					 (ii) after
																						making the deposits required by clause (i) above and in the following
																						order (A) transfer from the Collections Account to the Expense Account,
																						such amount as is necessary so that the amount on deposit in the Expense
																						Account is an amount equal to the Required Expense Amount for the next
																						succeeding Payment Date, (B) transfer from the Collections Account to any
																						Cash Collateral Account then to be established an amount equal to the Required
																						Amount for such Account, (C) pay from the Collections Account to the
																						Sellers the Aircraft Purchase Price for each Additional Aircraft being acquired
																						from the Seller on the relevant Closing Date, (D) in the case of a Closing Date
																						for any Additional Notes issued to finance any Aircraft Conversion, transfer
																						from the Collections Account to the Aircraft Conversion Account such amount (to
																						the extent not funded by a capital contribution made by the holders of the
																						Class A Shares) as the relevant Conversion Agreement requires to be paid on or
																						before that Closing Date and (E) retain in the Collections Account the balance,
																						if any, remaining after making the foregoing transfers.

																					  

																					 (c) on any
																						Closing Date involving the issuance of Refinancing Notes, deposit the proceeds
																						of such Refinancing into the Refinancing Account for application in accordance
																						with Section 3.08(a).

																					  

																					 Section
																						3.04 Interim
																						Deposits, Transfers and Withdrawals. On any
																						Business Day, the Cash Manager upon the Operating Bank’s receipt thereof,
																						may make, or direct the Operating Bank to make, without duplication, the
																						following deposits, transfers and withdrawals to and from the Accounts, in each
																						case as specified in a prior Written Notice of the Cash Manager to the Trustee,
																						the Security Trustee and the Operating Bank (which, in the case of clause (j)
																						below, shall be accompanied by a notice from GECC to the Issuer delivered
																						pursuant to Section 5.1 of the Asset Purchase Agreement):

																					  

																					 (a) withdraw
																						from a Lessee Funded Account or the Security Deposit Account to the extent that
																						funds on deposit therein or available thereunder may be withdrawn or drawn
																						pursuant to the terms of the related Lease for payment thereof, to discharge
																						any Expense then due and payable and pay such amount to the appropriate payees
																						thereof;

																					  

																					 (b) withdraw
																						from the Expense Account (to the extent of funds on deposit therein) such
																						amount as is needed to discharge (i) any Primary Expenses and
																						(ii) any Modification Payments or Refinancing Expenses in respect of which
																						a Permitted Accrual was previously effected by a deposit in the Expense Account
																						(whether or not any such deposit has been previously used to pay any other
																						Primary Expense but excluding any portion of such deposit previously used to
																						pay any Modification Payments or Refinancing Expenses) then due and payable and
																						pay such amount to the appropriate payees thereof; 

																					  

																					 (c) transfer
																						from the Collections Account from time to time (but in no event on less than
																						one Business Day’s prior Written Notice to the Trustee (unless such one
																						

																					 
																						69
																					 

																					 

																					 
  

																					 Business
																						Day’s notice requirement is waived by the Trustee)) other amounts to the
																						Expense Account, in each case only to the extent that such funds are to be
																						applied to Primary Expenses that become due and payable during such Interest
																						Accrual Period and for the payment of which there are insufficient funds in the
																						Expense Account; provided that no
																						such transfer from the Collections Account in respect of Primary Expenses shall
																						be made prior to the next succeeding Payment Date if, in the reasonable
																						judgment of the Cash Manager, such transfer would have a material adverse
																						effect on the ability of the Issuer to make payments of accrued and unpaid
																						interest on the Class G-1 Notes then Outstanding on the next Payment Date
																						therefor in accordance with Section 3.09;

																					  

																					 (d) withdraw
																						Segregated Funds from a Lessee Funded Account or security deposit from the
																						Security Deposit Account or draw under or cause to be drawn under any
																						applicable Related Collateral Document, in any case to the extent required by
																						or necessary in connection with a Lease or any documents related thereto and
																						the Related Collateral Documents, for deposit in the Collections Account to
																						satisfy any default in Rental Payments under any related Lease; 

																					  

																					 (e) transfer
																						any Segregated Funds from the Collections Account to a Lessee Funded Account in
																						accordance with the terms of any Lease; 

																					  

																					 (f) transfer
																						any security deposits that are not Segregated Funds from the Collections
																						Account to the Security Deposit Account;

																					  

																					 (g) transfer
																						to the Collections Account, or any other applicable Account, any Contribution
																						Amounts; 

																					  

																					 (h) deposit
																						into the Aircraft Conversion Account any capital contributions in respect of an
																						Aircraft Conversion received from the holders of the Class A
																						Shares;

																					  

																					 (i) withdraw
																						from the Aircraft Conversion Account an amount equal to the Conversion Payment
																						for any Aircraft Conversion, to the extent the relevant Conversion Agreement
																						requires payment on that Business Day; and

																					  

																					 (j) pay out
																						of the Aircraft Purchase Account to the applicable Seller the Aircraft Purchase
																						Price for any Aircraft plus Investment Earnings allocable in respect of such
																						Aircraft Purchase Price in accordance with Section 5.1 of the Asset Purchase
																						Agreement.

																					  

																					 Section
																						3.05 DSCR
																						Failure. In the
																						event that the Cash Manager determines, in accordance with Section 3.07(c)
																						hereof, that a DSCR Failure for the related Payment Date will occur, it shall
																						provide Written Notice thereof (not later than two Business Days prior to such
																						Payment Date) to the Issuer, the Trustee, the Policy Provider and the Rating
																						Agencies. In the event that a DSCR Failure has occurred and is continuing, all
																						proceeds on deposit in the Collections Account shall be applied in accordance
																						with Section 3.09(b) hereof.

																					  

																					 Section
																						3.06 Interim
																						Deposits and Withdrawals for Aircraft Sales. The
																						Cash Manager shall direct the Operating Bank to deposit any and all
																						

																					  

																					 
																						70
																					 

																					 

																					 
  

																					 proceeds
																						received in respect of any Aircraft Sale by or on behalf of any Issuer Group
																						Member in the Collections Account (other than in connection with any sale of
																						all or substantially all of the assets of the Issuer Group, in which case the
																						Cash Manager shall direct the Operating Bank to deposit any and all proceeds
																						thereof into the Defeasance/Redemption Account in connection with the
																						redemption of each subclass of the Notes) and all receipts of Non-Delivery
																						Payments in the Collections Account (other than in connection with any sale of
																						all or substantially all of the assets of the Issuer Group, in which case the
																						Cash Manager shall direct the Operating Bank deposit any and all proceeds of
																						any thereof into the Defeasance/Redemption Account in connection with the
																						redemption of each subclass of the Notes) in each case as specified in a
																						Written Notice by the Cash Manager to the Trustee, the Security Trustee and the
																						Operating Bank. Any funds then on deposit in a Lessee Funded Account or the
																						Security Deposit Account related to the Aircraft subject to such sale or other
																						disposition shall be applied on a basis consistent with the terms of the Lease
																						related to such Aircraft, if any, or as otherwise provided by the relevant
																						agreements related to such sale or other disposition.

																					  

																					 Section
																						3.07 Calculation
																						Date Calculations.
																						(a)  Calculation
																						of Required Amounts. The
																						Cash Manager shall determine, as soon as practicable after each Calculation
																						Date, but in no event later than four Business Days preceding the immediately
																						succeeding Payment Date, based on information known to the Cash Manager or
																						Relevant Information (and, without limitation, in the case of
																						clauses (ii), (iii) (as it relates to clauses (ii)(B),
																						(iii)(B) and (xi) of Section 3.09(a) and
																						clauses (iv)(B) and (ix) of Section 3.09(b)), (iv),
																						(vi) and (vii) below, a Written Notice from the Manager received by the
																						Cash Manager no later than 10:00 a.m. New York City time on the day after such
																						Calculation Date setting forth the amounts required for the calculations in
																						such clauses) provided to the Cash Manager, the Collections received during the
																						period commencing on the close of business on the preceding Calculation Date
																						and ending on the close of business on such Calculation Date and calculate the
																						following amounts:

																					  

																					 (i) the
																						balance of funds on deposit in the Accounts on the Calculation Date and the
																						amount available under all Eligible Credit Facilities on such Calculation
																						Date;

																					  

																					 (ii) the
																						Required Expense Amount for such Payment Date and any amount to be deposited in
																						respect of Permitted Accruals as of such Calculation Date;

																					  

																					 (iii) the
																						Available Collections on such Calculation Date (separately listing any Senior
																						Hedge Payments, Subordinated Hedge Payments and Hedge Breakage Costs)
																						(provided that,
																						in making such determination, the Cash Manager may assume that any amount from
																						a Hedge Provider to be paid on such Payment Date pursuant to any Hedge
																						Agreement will be paid on such Payment Date);

																					  

																					 (iv) the net
																						Segregated Funds, if any, and any amounts on deposit in the Security Deposit
																						Account available to be transferred into the Collections Account on such
																						Calculation Date as and to the extent expressly provided herein; 

																					  

																					 (v) any
																						amount to be transferred from the Aircraft Conversion Account to the
																						Collections Account as provided in Section 3.04(g);

																					  

																					 
																						71
																					 

																					 

																					 
 
																					  

																					 (vi) the
																						Required Amount for any Cash Collateral Account and any amounts to be
																						transferred in respect of Eligible Credit Facilities under
																						Section 3.09(a)(iv) or Section 3.09(b)(ii); and

																					  

																					 (vii) the
																						Contribution Amounts, if any, made prior to such Calculation Date.

																					  

																					 (b) Calculation
																						of Interest and Other Amounts. The
																						Cash Manager shall, not later than four Business Days prior to each Payment
																						Date, make the following calculations or determinations with respect to
																						Interest Amounts, Policy Premiums and fees of the Initial Liquidity Provider
																						due on such Payment Date:

																					  

																					 (i) based on
																						Relevant Information provided to it by the Reference Agent, the applicable
																						interest rate on each subclass of Floating Rate Notes based on LIBOR determined
																						on the Reference Date for the relevant Interest Accrual Period;

																					  

																					 (ii) the
																						Interest Amount in respect of each class or subclass of Floating Rate Notes on
																						such Payment Date; 

																					  

																					 (iii) the
																						Interest Amount in respect of each class or subclass of Fixed Rate Notes on
																						such Payment Date;

																					  

																					 (iv) the DSCR
																						Aggregate Interest Amount for such Payment Date;

																					  

																					 (v) the
																						Policy Premium due and owing to the Policy Provider on such Payment
																						Date;

																					  

																					 (vi) any
																						interest and fees due and owing to the Initial Liquidity Facility Provider on
																						such Payment Date; and

																					  

																					 (vii) any
																						interest due and owing to the Policy Provider on, or interest amounts that
																						constitute, Policy Provider Obligations.

																					  

																					 (c) Calculation
																						of Principal Payment Amounts. The
																						Cash Manager shall, not later than four Business Days prior to each Payment
																						Date, calculate or determine the following with respect to principal payments
																						due on such Payment Date and certain other amounts in respect of such Payment
																						Date:

																					  

																					 (i) the
																						Outstanding Principal Balance of each Class and subclass of the Notes on such
																						Payment Date immediately prior to any principal payment on such date;
																						

																					  

																					 (ii)  the
																						Assumed Base Value for each Aircraft and the Assumed Portfolio Value on such
																						Payment Date;

																					  

																					 (iii) the DSCR
																						Available Cash on such Payment Date (with the amount of Re-leasing Expenses
																						with respect to such Payment Date to be certified by the Cash Manager based on
																						information provided to it by the Servicer in accordance with the Servicing
																						Agreement on or prior to the fifth Business Day prior to each Payment
																						Date);

																					  

																					 

																					 
																						72
																					 

																					 

																					 
 
																					  
 

																				  (iv) the
																					 Minimum Principal Payment Amount on such Payment Date with respect to each
																					 subclass of the Notes;

																				   

																				  (v) the
																					 Aggregate Minimum Principal Payment Amount on such Payment Date with respect to
																					 each subclass of the Notes;

																				   

																				  (vi) the DSCR
																					 Aggregate Minimum Principal Payment Amount with respect to such Payment
																					 Date;

																				   

																				  (vii) the DSCR
																					 on such Payment Date;

																				   

																				  (viii) the
																					 Outstanding Principal Balance, if any, to be paid with respect to each subclass
																					 of the Notes; and

																				   

																				  (ix) the
																					 outstanding principal amount of any Budgeted Cash Shortfall
																					 Drawings.

																				   

																				  (d) Calculation
																					 of Refinancing Amounts. The
																					 Cash Manager shall, not later than four Business Days prior to each Payment
																					 Date on which a Refinancing or Redemption of any class or subclass of Notes is
																					 scheduled to occur, perform the calculations necessary to determine the
																					 Redemption Price of and the accrued and unpaid interest on such
																					 Notes.

																				   

																				  (e) Application
																					 of the Available Collections. The
																					 Cash Manager shall, not later than 1:00 p.m. New York City time on the third
																					 Business Day prior to each Payment Date, determine the amounts to be applied on
																					 such Payment Date to make each of the payments contemplated by
																					 Section 3.09(a) or 3.09(b), as applicable, setting forth separately, the
																					 amount to be applied on such Payment Date pursuant to each clause of
																					 Section 3.09(a) or 3.09(b), as applicable, including, where applicable,
																					 the allocation of principal of the Notes in accordance with
																					 Section 3.10.

																				   

																				  (f) Calculations
																					 in respect of Facility Drawings. As
																					 soon as practicable after each Calculation Date, but in no event later than
																					 12:00 p.m. New York City time on the date which is the fourth Business Day
																					 prior to each Payment Date, the Cash Manager shall determine (after giving
																					 effect to the application of Available Collections in accordance with the
																					 applicable payment priorities set forth in Section 3.09(a)), whether a
																					 shortfall exists as of such Calculation Date in the Available Collections (x)
																					 to pay on the next succeeding Payment Date the Required Expense Amount
																					 (exclusive of Budgeted Cash Amounts to be paid from the Budgeted Cash Account)
																					 due on such Payment Date (any such shortfall in respect of the Required Expense
																					 Amount on any Payment Date, a “Required
																					 Expenses Shortfall”),
																					 (y) to pay in full the Senior Hedge Payments to each applicable Hedge Provider
																					 due on such Payment Date (any such shortfall of Senior Hedge Payments, the
																					 “Senior
																					 Hedge Payments Shortfall”),
																					 and (z) to pay the Interest Amount due on the Class G-1 Notes on such
																					 Payment Date (any such shortfall in respect of the Interest Amount due with
																					 respect to the Class G-1 Notes, a “Liquidity
																					 Facility Interest Class G Shortfall”).
																					 

																				   

																				  
																					 
																						73
																					 

																					 

																					 
 
																					  
 

																				  (g) Calculations
																					 in respect of Policy Drawings. The
																					 Cash Manager shall make the following calculations or determinations in respect
																					 of the Policy and the Class G-1 Notes:

																				   

																				  (i) as soon
																					 as practicable after each Calculation Date, but in no event later than 12:00
																					 p.m. New York City time on the date which is the third Business Day prior to
																					 each Payment Date, determine (after giving effect to all payments and transfers
																					 to be made with respect to such Payment Date and the application of Available
																					 Collections in accordance with the applicable payment priorities set forth in
																					 Section 3.09, the application of Liquidity Facility Drawings to be made
																					 pursuant to the Initial Liquidity Facility (or drawings under any Replacement
																					 Liquidity Facility), any withdrawals from the Liquidity Facility Reserve
																					 Account or the Budgeted Cash Reserve Account and any withdrawals from the Cash
																					 Collateral Account, if any, pursuant to Section 3.01(m)), whether a
																					 shortfall will exist as of the next succeeding Payment Date in the Available
																					 Collections and such other amounts to make payment on such Payment Date of
																					 Accrued Class G Interest due on the Class G-1 Notes on such Payment
																					 Date (any such shortfall in respect of the Class G-1 Notes on any Payment
																					 Date, an “Interest
																					 Class G Shortfall”
																					 therefor);

																				   

																				  (ii) as soon
																					 as practicable after the Calculation Date next succeeding the date of a sale or
																					 other disposition of an Aircraft (not including any Aircraft acquired by way of
																					 contribution) or of an Issuer Subsidiary which owns an Aircraft (not including
																					 any Aircraft acquired by way of contribution), in each case by or on behalf of,
																					 or at the direction of the Controlling Party after an Acceleration of the
																					 Notes, but in no event later than 12:00 p.m. New York City time on the date
																					 which is the third Business Day prior to the next succeeding Payment Date,
																					 determine the shortfall, if any, between the Class G-1 Note Target Price
																					 (determined as of the date of disposition) of the disposed Aircraft (or of the
																					 Aircraft owned by the disposed Issuer Subsidiary) and the Net Sale Proceeds
																					 from the sale or other disposition of the relevant Aircraft (or of the Issuer
																					 Subsidiary owning such Aircraft) (the “Deficiency
																					 Class G Shortfall”
																					 with respect to the next succeeding Payment Date);

																				   

																				  (iii) as soon
																					 as practicable after each Calculation Date on or following the date that is
																					 twenty-four months after the date (as determined by the Trustee and notified to
																					 the Policy Provider in writing) of the occurrence of an Event of Default under
																					 Section 4.01(a) or Section 4.01(b) hereof that is continuing as of such
																					 Calculation Date or an Acceleration of the Notes, but in no event later than
																					 12:00 p.m. New York City time on the date which is the third Business Day prior
																					 to the immediately succeeding Payment Date, determine (after giving effect to
																					 all payments and transfers to be made with respect to such Payment Date and the
																					 application of Available Collections in accordance with the applicable payment
																					 priorities set forth in Section 3.09 hereof and the application of any
																					 Liquidity Facility Drawings (or drawings under any Replacement Liquidity
																					 Facility) and the application of any withdrawals from the Liquidity Facility
																					 Reserve Account or the Budgeted Cash Reserve Account and any withdrawals from
																					 the Cash Collateral Account, if any, in accordance with the terms hereof) the
																					 shortfall (determined as of such Calculation Date), if any, of Available
																					 Collections and such other amounts for the payment on the next succeeding
																					 Payment Date of the Insured Minimum Principal 

																				   

																				  

																					 
																						74
																					 

																					 

																					 
  

																				  Payment
																					 Amount, if any, of the Class G-1 Notes for such Payment Date (with respect to
																					 any such Payment Date, a “Minimum
																					 Class G Principal Shortfall”);
																					 

																				   

																				  (iv) as soon
																					 as practicable after the Calculation Date immediately preceding the Final
																					 Maturity Date for the Class G-1 Notes, but in no event later than 12:00
																					 p.m. New York City time on the date which is the third Business Day prior to
																					 the applicable Final Maturity Date, determine (after giving effect to all
																					 payments and transfers to be made hereunder and the application of Available
																					 Collections in accordance with the applicable payment priorities set forth in
																					 Section 3.09 on or prior to the Final Maturity Date and the application of
																					 any Liquidity Facility Drawings (or drawings under any Replacement Credit
																					 Facility), any withdrawals from the Liquidity Facility Reserve Account or the
																					 Budgeted Cash Reserve Account and any withdrawals from the Cash Collateral
																					 Account, if any, as set forth in Section 3.01(m), in each case, on such Final
																					 Maturity Date) (determined as of such Calculation Date) whether any shortfall
																					 will exist in the amount necessary for the payment in full of the Outstanding
																					 Principal Balance of the Class G-1 Notes on the Final Maturity Date
																					 therefor (less any
																					 Policy Drawings previously paid in respect of principal of the Class G-1 Notes)
																					 together with accrued and unpaid interest thereon (at the Applicable Rate of
																					 Interest for the Class G-1 Notes) (calculated as of such Final Maturity
																					 Date but excluding any accrued and unpaid premium in respect of the Class G-1
																					 Notes on such Final Maturity Date) (any such shortfall of principal and
																					 interest in respect of the Class G-1 Notes on the Final Maturity Date, the
																					 “Outstanding
																					 Amount”
																					 therefor); and

																				   

																				  (v) as
																					 promptly as practicable after the date of any Avoided Payment, calculate the
																					 amount of such Avoided Payment. 

																				   

																				  

																				  
																					 75
																				  

																				  

																				  
 
																				   
 

																				(h) Calculation
																				  of Budgeted Cash Requirement. Prior
																				  to the Budgeted Cash Termination Date, the Cash Manager (after consultation
																				  with the Manager) shall, as soon as practicable after each Calculation Date,
																				  but in no event later than 12:00 pm New York City time on the fifth Business
																				  Day prior to each Payment Date, determine the then Budgeted Cash
																				  Requirement.

																				 

																				(i) Calculation
																				  of Budgeted Cash Amounts and Budgeted Cash Shortfall Drawings. Prior
																				  to the Budgeted Cash Termination Date, the Cash Manager (after consultation
																				  with the Manager) shall, as soon as practicable after each Calculation Date,
																				  but in no event later than 12:00 pm New York City time on the fourth Business
																				  Day prior to each Payment Date, determine whether (i) a Budgeted Cash Amount is
																				  due and payable as of such Calculation Date or will become due and payable on
																				  or prior to the next Calculation Date and (ii) if applicable, if funds on
																				  deposit in the Budgeted Cash Account are sufficient for the payment of such
																				  Budgeted Cash Amount. If the Cash Manager determines that the amounts on
																				  deposit in the Budgeted Cash Account are not sufficient to pay such Budgeted
																				  Cash Amount in full, the Cash Manager shall make a Budgeted Expense Shortfall
																				  Drawing in accordance with Section 3.14(a)(ii), and if the then Available
																				  Budgeted Cash Amount is insufficient to pay such Budgeted Cash Amount in full,
																				  the Cash Manager shall direct the Trustee as provided in Section
																				  3.01(f).

																				 

																				Section
																				  3.08 Payment
																				  Date First Step Withdrawals and Transfers. Two
																				  Business Days prior to each Payment Date, the Cash Manager shall direct the
																				  Operating Bank to make, on such Payment Date, the following withdrawals from
																				  and transfers to the Accounts in each case as specified in a Written Notice of
																				  the Cash Manager to the Trustee, the Security Trustee and the Operating
																				  Bank:

																				 

																				(a) transfer
																				  the net proceeds of any Refinancing of any Notes from the Refinancing Account
																				  to any Cash Collateral Account established for the related Refinancing Notes
																				  (up to the Required Amount therefor in accordance with Section 3.03) and
																				  the balance to the applicable Note Accounts, in each case in accordance with
																				  Sections 2.10(b) and 5.02(f);

																				 

																				(b) transfer
																				  any amounts on deposit in the Defeasance/Redemption Account in respect of any
																				  Redemption that is not a Refinancing to the applicable Note
																				  Accounts;

																				 

																				(c) (i)
																				  transfer from each Lessee Funded Account to the Security Deposit Account or the
																				  Collections Account any available Segregated Funds that are no longer required
																				  to be maintained (including by way of the termination of the applicable Leases)
																				  in a segregated account under the applicable Leases, and to the Expense Account
																				  amounts from the applicable Lessee Funded Account that are being repaid to the
																				  applicable Lessees, and (ii) transfer from the Security Deposit Account to the
																				  Expense Account amounts constituting security deposits relating to expired or
																				  terminated Leases that are due and owing to the relevant Lessees under such
																				  expired or terminated Leases;

																				 

																				(d) transfer
																				  from the Security Deposit Account to the Collections Account any security
																				  deposits relating to an expired or terminated Lease that are not 

																				 

																				
																				  76
																				

																				

																				
  

																				required
																				  under the terms of a subsequent Lease to be retained in the Security Deposit
																				  Account as provided in Section 3.01(e);

																				 

																				(e) transfer
																				  from the Collections Account to the relevant Lessee Funded Accounts the amount
																				  of any Segregated Funds then on deposit in the Collections
																				  Account;

																				 

																				(f) transfer
																				  from the Collections Account to the Security Deposit Account the amount of any
																				  security deposits that are not Segregated Funds then on deposit in the
																				  Collections Account;

																				 

																				(g) transfer
																				  from any Account (other than the Collections Account, the Initial Liquidity
																				  Payment Account, the Liquidity Facility Reserve Account and the Budgeted Cash
																				  Reserve Account) to the Collections Account the amount of Investment Earnings
																				  (net of losses and investment expenses), if any, on investments of funds on
																				  deposit therein during the preceding Interest Accrual Period, except that
																				  earnings on any portion of the funds on deposit in any Account required under
																				  the terms of the related Lease to be repaid to the related Lessee shall be
																				  retained therein; 

																				 

																				(h) transfer
																				  to the Expense Account, as directed by the Cash Manager, such amounts as are
																				  required to pay any fees, expenses or other amounts (including Taxes) required
																				  to maintain the Issuer in good standing under the laws of Bermuda and maintain
																				  its tax-exempt status;

																				 

																				(i) after
																				  the giving of a Default Notice, during the continuation of an Acceleration
																				  Default or following the Interest Accrual Period in which an Aircraft Sale
																				  occurs with respect to the last remaining Aircraft, transfer any amounts
																				  remaining in the relevant Lessee Funded Account (other than amounts required to
																				  be maintained in such account pursuant to the terms of the related Lease or
																				  Aircraft Agreement) into the Collections Account;

																				 

																				(j) after
																				  payment in full of all Conversion Payments to be made for any Aircraft
																				  Conversion, transfer any balance of the amount originally deposited in the
																				  Aircraft Conversion Account in respect of such Aircraft Conversion from the
																				  Aircraft Conversion Account to the Collections Account for application in
																				  accordance with Section 3.09 hereof; and

																				 

																				(k) make
																				  transfers from the Budgeted Cash Account in accordance with Section
																				  3.01(q).

																				 

																				Section
																				  3.09 Payment
																				  Date Second Step Withdrawals.
																				  (a)  On each Payment Date, after the withdrawals and transfers provided
																				  for in Section 3.08 have been made, the Cash Manager shall direct the
																				  Operating Bank to distribute from the Collections Account (or retain in the
																				  Collections Account, if so indicated in the relevant clause below) in each case
																				  as specified in a Written Notice of the Cash Manager to the Trustee, the
																				  Security Trustee and the Operating Bank at least two Business Days prior to
																				  such Payment Date, the amounts set forth below in the order of priority set
																				  forth below but, in each case, only to the extent that all Prior Ranking
																				  Amounts then required to be paid (or retained in the Collections Account, as
																				  applicable) have been paid (or retained in the Collections Account, as
																				  applicable) 

																				 

																				
																				  
																					 77
																				  

																				  

																				  
 
																				  (provided that
																					 the amount to be paid shall be reduced in inverse order of priority by the
																					 amount of any payment by a Hedge Provider under a Hedge Agreement that was
																					 assumed pursuant to Section 3.07(a)(iii) to be, but has not in fact been,
																					 paid on such Payment Date). All payments of Available Collections to be made to
																					 or for the account of Holders of any subclass of Notes pursuant to this
																					 Section 3.09 shall be made through a direct transfer of funds to the
																					 applicable Note Account with respect to such subclass of Notes.

																				   

																				  (i) to the
																					 Expense Account, an amount such that the amount on deposit therein is at least
																					 equal to the Required Expense Amount for such Payment Date (including Expenses
																					 due and payable to the Servicer, the Manager or the Cash Manager, Expenses due
																					 and payable to Lessees, Credit Facility Expenses due and payable to the Initial
																					 Liquidity Facility Provider and Policy Expenses due and payable to the Policy
																					 Provider);

																				   

																				  (ii) in no
																					 order of priority inter se, but
																					 pro rata as to
																					 the amounts described below in clauses (A), (B) and (C) as
																					 follows: (A) to the Note Accounts for each subclass of Notes, the Interest
																					 Amount on such subclass of Notes (other than any portion thereof constituting
																					 any interest described in clause (b) of the definition of Interest Amount to
																					 the extent each Policy Provider has made timely payment in respect of any
																					 unpaid Interest Class G Shortfall due on the related Payment Date on such
																					 subclass of Notes) in no order of priority inter se but
																					 pro rata
																					 according to the amount of accrued and unpaid interest on each such subclass of
																					 Notes less the sum
																					 of (1) the amount of any Interest Class G Drawing, if any, relating to
																					 such subclass of Notes paid on or before such Payment Date by the Policy
																					 Provider under the Policy prior to such Payment Date to the extent not
																					 theretofore reimbursed to the Policy Provider as of such Payment Date and (2)
																					 the amount of any Liquidity Facility Drawing, if any, in respect of the
																					 Interest Amount due on such subclass of Notes paid on or before such Payment
																					 Date by the Initial Liquidity Facility Provider under the Initial Liquidity
																					 Facility to the extent not theretofore reimbursed to the Initial Liquidity
																					 Facility Provider as of such Payment Date, (B) pro rata, to any
																					 Hedge Provider, an amount equal to any Senior Hedge Payment due from any Issuer
																					 Group Member pursuant to any Hedge Agreement, and (C) to the Policy
																					 Provider, an amount equal to accrued interest (at the Applicable Rate of
																					 Interest with respect to the related Notes) on the amount of a Policy Drawing
																					 paid by the Policy Provider under the Policy in respect of such subclass of
																					 Notes prior to such Payment Date to the extent not theretofore reimbursed to
																					 the Policy Provider as of such Payment Date; 

																				   

																				  (iii) to the
																					 Policy Provider, (A) the amounts so paid by the Policy Provider in respect
																					 of any such Interest Class G Drawings referred to in
																					 clause (ii) above and (B) an amount equal to any Senior Hedge
																					 Payment made by the Policy Provider on behalf of an Issuer Group Member, in
																					 each case to the extent not theretofore reimbursed to the Policy Provider as of
																					 such Payment Date;

																				   

																				  (iv) in no
																					 order of priority inter se, but
																					 pro rata as to
																					 the amounts described in clauses (A), (B) and (C) as follows:
																					 (A) to the Liquidity Facility Reserve Account and the Budgeted Cash
																					 Reserve Account (as applicable), such amount so that the amount on deposit in
																					 each such Account is equal to the applicable Required Amount therefor,
																					 (B) to any Persons providing any Eligible Credit Facilities, any Credit
																					 Facility Advance 

																				   

																				  
																					 78
																				  

																				  

																				  
  

																				  Obligations
																					 payable to such Persons under the terms of their respective Eligible Credit
																					 Facilities (after giving effect to any payments made by the Policy Provider to
																					 the Persons providing such Eligible Credit Facilities as provided in the
																					 definition of “Controlling Party”) and, to the extent any such
																					 Eligible Credit Facility consists of a Cash Collateral Account (other than the
																					 Liquidity Facility Reserve Account and the Budgeted Cash Reserve Account), such
																					 amount so that the amount on deposit in each such Account is equal to the
																					 applicable Required Amount therefor and (C) if the Policy Provider has
																					 paid any such Credit Facility Obligations, as so provided, to the Policy
																					 Provider, the amount of such payments to the extent not theretofore reimbursed
																					 to the Policy Provider (plus interest accrued thereon at the applicable rate
																					 under such Eligible Credit Facility that would have otherwise been payable to
																					 the Persons providing such Eligible Credit Facility from the date of such
																					 payment);

																				   

																				  (v) to the
																					 Policy Provider, any Policy Premium due and owing to the Policy Provider and
																					 any accrued and unpaid interest on any Policy Premium;

																				   

																				  (vi) to the
																					 Note Accounts for each subclass of the Notes, in the order of priority by
																					 subclass set forth in Section 3.10, an amount equal to the Aggregate
																					 Minimum Principal Payment Amount of the Notes for such Payment Date
																					 less the
																					 amounts of Policy Drawings in respect of the principal (such amount in the
																					 aggregate not to exceed such Aggregate Minimum Principal Payment Amount for
																					 such date) of the Notes, if any, paid by the Policy Provider under the Policy
																					 for periods prior to such Payment Date to the extent not theretofore reimbursed
																					 to the Policy Provider; 

																				   

																				  (vii) to the
																					 Policy Provider, an amount, not to exceed the Aggregate Minimum Principal
																					 Payment Amount of the Notes for such Payment Date, equal to the amount of any
																					 such Policy Drawings referred to in clause (vi) above in respect of such
																					 principal so paid by the Policy Provider under the Policy prior to such Payment
																					 Date to the extent not theretofore reimbursed to the Policy Provider as of such
																					 Payment Date;

																				   

																				  (viii) to the
																					 Expense Account, such amount as an accrual (the “Permitted
																					 Accruals”)
																					 in respect of any Modification Payments or Refinancing Expenses as the Cash
																					 Manager (after consultation with the Manager) shall determine; 

																				   

																				  (ix) to pay
																					 Special Indemnity Payments to the applicable party pro rata;
																					 

																				   

																				  (x) to the
																					 Policy Provider, an amount equal to accrued interest (at the Excess Policy
																					 Rate) on any amounts paid by the Policy Provider under the Policy prior to such
																					 Payment Date and to the extent not theretofore reimbursed by the Policy
																					 Provider as of such Payment Date;

																				   

																				  (xi) payments
																					 to Hedge Providers, pro rata inter se, that
																					 are subordinated in accordance with the relevant Hedge Agreement (the
																					 “Subordinated
																					 Hedge Payments”);
																					 

																				   

																				  (xii) to the
																					 Class B Shareholder Account, in an amount equal to the Class B Share Payment,
																					 if any; and

																				   

																				  
																					 
																						79
																					 

																					 

																					 
 
																					  
 

																				  (xiii) to the
																					 Capital Account, which amounts therein, to the extent determined by the Board,
																					 shall be available to be paid as a dividend or distribution to the holders of
																					 the Class A Shares.

																				   

																				  (b) Anything
																					 to the contrary contained in Section 3.09(a) notwithstanding, following
																					 the earlier of (x) delivery to the Issuer and the Cash Manager of a Default
																					 Notice or during the continuance of an Acceleration Default, (y) the Expected
																					 Final Payment Date or (z) during the continuance of a DSCR Failure, the
																					 allocation of payments described in Section 3.09(a) shall not apply and
																					 the Cash Manager shall direct the Operating Bank in writing to cause all
																					 amounts on deposit in the Collections Account to be applied on each Payment
																					 Date in the following order of priority:

																				   

																				  (i) to the
																					 Expense Account, an amount such that the amount on deposit therein is equal to
																					 the Required Expense Amount for such Payment Date (including Expenses due and
																					 payable to the Servicer or the Manager, Expenses due and payable to the
																					 Lessees, Credit Facility Expenses due and payable to the Initial Liquidity
																					 Facility Provider and Policy Expenses due and payable to the Policy
																					 Provider);

																				   

																				  (ii) in no
																					 order of priority inter se, but
																					 pro rata as to
																					 the amounts described in clauses (A) and (B)  as follows: (A) to
																					 any Persons providing any Eligible Credit Facilities, pro rata inter se, any
																					 Credit Facility Advance Obligations payable to such Persons under the terms of
																					 their respective Eligible Credit Facilities (after giving effect to any
																					 payments made by the Policy Provider to the Persons providing such Eligible
																					 Credit Facilities as provided in the definition of “Controlling
																					 Party”) and (B) if the Policy Provider has paid any such Credit
																					 Facility Advance Obligations, as so provided, to the Policy Provider, the
																					 amount of such payments to the extent not theretofore reimbursed to the Policy
																					 Provider (plus interest accrued thereon at the applicable rate under such
																					 Eligible Credit Facility that would have otherwise been payable to the Persons
																					 providing such Eligible Credit Facility from the date of such
																					 payment);

																				   

																				  (iii) to the
																					 Policy Provider, any Policy Premium due and payable to the Policy Provider and
																					 any accrued and unpaid interest on any Policy Premium;

																				   

																				  (iv) in no
																					 order of priority inter se, but
																					 pro rata as to
																					 the amounts described below in clauses (A), (B) and (C) as
																					 follows: (A) first, to the
																					 Note Accounts for each subclass of Notes, the Interest Amount on such subclass
																					 of the Notes (other than any portion thereof constituting any interest
																					 described in clause (b) of the definition of Interest Amount to the extent each
																					 Policy Provider has made timely payment in respect of any unpaid Interest Class
																					 G Shortfall due on the related Payment Date on such subclass of Notes) in no
																					 order of priority inter se but
																					 pro rata
																					 according to the amount of accrued and unpaid interest on such subclass of the
																					 Notes less the sum
																					 of (1) the amount of any Interest Class G Drawing, if any, relating to
																					 such subclass of the Notes paid on or before such Payment Date by the Policy
																					 Provider under the Policy to the extent not theretofore reimbursed to the
																					 Policy Provider as of such Payment Date and (2) the amount of any Liquidity
																					 Facility Drawing, if any, in respect of the Interest Amount due on such
																					 subclass of the Notes paid on or before such Payment Date by the Initial
																					 Liquidity Facility Provider under the Initial Liquidity Facility to the extent
																					 not theretofore reimbursed to the 

																				   

																				  

																				  
																					 80
																				  

																				  

																				  
  

																				  Initial
																					 Liquidity Facility Provider as of such Payment Date and second, to the
																					 Policy Provider, the amounts so paid by the Policy Provider in respect of such
																					 Interest Class G Drawings to the extent not theretofore reimbursed to the
																					 Policy Provider as of such Payment Date to the extent not theretofore
																					 reimbursed to the Policy Provider, (B) pro rata, to any
																					 Hedge Provider, such amounts required to make any Senior Hedge Payments due to
																					 such Hedge Provider pursuant to any Hedge Agreement, (C) to the Policy
																					 Provider, an amount equal to the accrued interest (at the Applicable Rate of
																					 Interest with respect to the relevant subclass of Notes) on any amounts paid by
																					 the Policy Provider under the Policy in respect of a subclass of Notes prior to
																					 such Payment Date to the extent not theretofore reimbursed to the Policy
																					 Provider and (D) to the Policy Provider, an amount equal to any Senior Hedge
																					 Payments made by the Policy Provider made by the Policy Provider on behalf of
																					 an Issuer Group Member to the extent not theretofore reimbursed to the Policy
																					 Provider as of such Payment Date; 

																				   

																				  (v) first,
																					 to the
																					 Note Accounts for each subclass of Notes, an amount equal to the Aggregate
																					 Minimum Principal Payment Amount of the Notes for such Payment Date
																					 less the
																					 amounts of Policy Drawings (such amount in the aggregate not to exceed such
																					 Aggregate Minimum Principal Payment Amount for such date) in respect of the
																					 principal of the Notes, if
																					 any, paid by the Policy Provider under the Policy for periods prior to the
																					 related Payment Date to the extent not theretofore reimbursed to the Policy
																					 Provider; and second, to the
																					 Policy Provider, an amount, not to exceed in the Aggregate
																					 Minimum Principal Payment Amount of the
																					 Notes for
																					 such Payment Date, equal to the amount of such Policy Drawings in respect of
																					 such principal so paid by the Policy Provider under the Policy prior to such
																					 Distribution Date to the extent not theretofore reimbursed to the Policy
																					 Provider as of such Payment Date;

																				   

																				  (vi) first, to the
																					 Note Accounts for each subclass of Notes an amount equal to the Outstanding
																					 Principal Balance of such subclass of Notes in no order of priority inter se
																					 but pro rata according to the amount of the principal of such subclass of Notes
																					 less the
																					 amounts of Policy Drawings in respect of the principal of such subclass of
																					 Notes, if any, paid by the Policy Provider under the Policy for periods prior
																					 to such Payment Date to the extent not theretofore reimbursed to the Policy
																					 Provider and second, to the
																					 Policy Provider, an amount equal to the amount of Policy Drawings in respect of
																					 principal of the Notes paid by the Policy Provider under the Policy prior to
																					 such Payment Date to the extent not theretofore reimbursed to the Policy
																					 Provider as of such Payment Date;

																				   

																				  (vii) to pay
																					 Special Indemnity Payments to the applicable party pro rata;
																					 

																				   

																				  (viii) to the
																					 Policy Provider, an amount equal to accrued interest (at the Excess Policy
																					 Rate) on any amounts paid by the Policy Provider under the Policy prior to the
																					 related Payment Date and to the extent not theretofore reimbursed to the Policy
																					 Provider as of such Payment Date;

																				   

																				  (ix) payments
																					 to Hedge Providers, pro rata inter se, that
																					 are Subordinated Hedge Payments; 

																				   

																				  
																					 
																						81
																					 

																					 

																					 
 
																					  
 

																				  (x) to the
																					 Class B Shareholder Account, in an amount equal to the Class B Share Payment,
																					 if any; and

																				   

																				  (xi) to the
																					 Capital Account, which amounts therein, to the extent determined by the Board,
																					 shall be available to be paid as a dividend or distribution to the holders of
																					 the Class A Shares.

																				   

																				  Section
																					 3.10 Allocations
																					 of Principal Payments Among Subclasses of the Notes. To the
																					 extent that any payment of principal pursuant to Section 3.09(a) is
																					 allocable to any class of Notes on any Payment Date, such payment will be
																					 applied to repay all Notes in such class in the following order of priority:
																					 (i) First, to
																					 each subclass of such class of Notes, in order of the earliest issued subclass,
																					 the excess, if any, of the Outstanding Principal Balance of each such subclass
																					 over the product of the applicable Extended Pool Factor on such Payment Date
																					 and the initial principal balance of each such subclass (any such
																					 difference, the “Extension
																					 Amount”);
																					 provided that in
																					 the case of two or more subclasses issued on the same date, the Available
																					 Collections will be applied to each such subclass pro rata
																					 according to the amount of, but not to exceed, the Extension Amount of such
																					 subclass; (ii) Second, to
																					 each such subclass, in no order of priority inter se, but
																					 pro rata
																					 according to the amount of, but not to exceed, the excess, if any, of the
																					 Outstanding Principal Balance of each such subclass (after giving effect
																					 to any payment under clause (i) above) over the product of the applicable
																					 Pool Factor on such Payment Date and the initial principal balance of each such
																					 subclass; (iii) Third, to
																					 each such subclass with an Expected Final Payment Date that falls on or before
																					 such Payment Date, in order of the earliest issued subclass; provided that in
																					 the case of two or more subclasses issued on the same date, the Available
																					 Collections will be applied to such subclasses in order of the subclass with
																					 the earliest Expected Final Payment Date and, with respect to any two or more
																					 subclasses having the same Expected Final Payment Date, the Available
																					 Collections will be applied to such subclasses pro rata
																					 according to the Outstanding Principal Balance of each such
																					 subclass (after giving effect to any payment under clauses (i) and
																					 (ii) above) on such Payment Date; and (iv) Fourth, to
																					 each such subclass in order of the earliest Expected Final Payment Date,
																					 provided, in the case of two or more subclasses having the same Expected Final
																					 Payment Date, in no order of priority inter se, but
																					 pro rata,
																					 according to the Outstanding Principal Balance of each such
																					 subclass (after giving effect to any payment under clauses (i), (ii),
																					 (iii) and (iv) above) on such Payment Date. 

																				   

																				  Section
																					 3.11 Certain
																					 Redemptions; Certain Premiums.
																					 (a)  Optional
																					 Redemption.
																					 Subject to the provisions of Section 3.11(c), on any Payment Date the
																					 Issuer may elect to redeem (including in connection with any Refinancing) any
																					 subclass of the Notes in whole or in part, out of amounts available in the
																					 Defeasance/Redemption Account or, in the case of a Refinancing, the Refinancing
																					 Account, for such purpose, if any, other than, in either such case, any funds
																					 constituting part of the Available Collections, at the Redemption Price plus
																					 any accrued and unpaid interest (after giving effect to any payment thereof on
																					 such Redemption Date under Section 3.09) on the Notes to be redeemed on
																					 the Redemption Date plus the Policy Redemption Premium, if any; provided that
																					 such a redemption may only occur upon the prior written consent of the Policy
																					 Provider (except that a redemption in full of the Initial Notes shall not
																					 require any such consent if a Policy Non-Consent Event occurs in connection
																					 with such redemption) and after the giving of a Default Notice or the
																					 Acceleration of any Notes, the Notes may be redeemed only in whole but not in
																					 part pursuant to this Section 3.11(a); and provided 

																				   

																				  

																					 
																						82
																					 

																					 

																					 
  

																				  further that
																					 Written Notice of any such Redemption shall be given by the Issuer (or the Cash
																					 Manager on its behalf) to the Trustee and, for so long as any Notes are listed
																					 on the Irish Stock Exchange, to the Listing Agent and the Irish Stock Exchange
																					 not less than thirty days and not more than forty-five days prior to such
																					 Redemption Date.

																				   

																				  (b) Redemption
																					 for Taxation Reasons.
																					 Subject to the provisions of Section 3.11(c), if, at any
																					 time,

																				   

																				  (i) the
																					 Issuer is, or on the next succeeding Payment Date will be, required to make any
																					 withholding or deduction under the laws or regulations of any applicable tax
																					 authority with respect to any payment on any subclass of Notes; or

																				   

																				  (ii) the
																					 Issuer is or will be subject to any circumstance (whether by reason of any law,
																					 regulation, regulatory requirement or double-taxation convention, or the
																					 interpretation or application thereof, or otherwise) that has resulted or will
																					 result in the imposition of a tax (whether by direct assessment or by
																					 withholding at source) or other similar imposition by any jurisdiction that
																					 would (A) materially increase the cost to the Issuer of making payments in
																					 respect of any subclass of Notes or of complying with its obligations under or
																					 in connection with the Notes; or (B) otherwise obligate the Issuer or any
																					 of its subsidiaries to make any material payment on, or calculated by reference
																					 to, the amount of any sum received or receivable by the Issuer, or by the Cash
																					 Manager on behalf of the Issuer Group as contemplated by the Cash Management
																					 Agreement;

																				   

																				  then the
																					 Issuer shall inform the Trustee in writing at such time of any such requirement
																					 or imposition and shall use commercially reasonable efforts to avoid the effect
																					 of the same; provided that no
																					 actions shall be taken by the Issuer to avoid such effects without a Rating
																					 Agency Confirmation and the prior written consent of the Policy Provider
																					 (except that a redemption in full of the Initial Notes shall not require the
																					 consent of the Policy Provider if a Policy Non-Consent Event occurs in
																					 connection with such redemption). If, after using its commercially reasonable
																					 efforts to avoid the adverse effects described above, any Issuer Group Member
																					 has not avoided such effects, the Issuer may, at its election, redeem the
																					 affected subclass of Notes on any Payment Date, in whole, at the Outstanding
																					 Principal Balance thereof plus accrued and unpaid interest (after giving effect
																					 to any payment thereof on such Redemption Date under Section 3.09)
																					 thereon, but without premium, after paying the Required Expense Amount and all
																					 unpaid Policy Provider Obligations, Credit Facility Obligations and any amounts
																					 payable to any such Hedge Provider as of the Redemption Date to such Payment
																					 Date and plus the Policy Redemption Premium, if any; provided,
																					 however, that
																					 any such Redemptions may not occur more than 30 days prior to such time as
																					 the requirement or imposition described in (i) or (ii) above is to
																					 become effective and each of the Trustee and the Policy Provider shall have
																					 received a certification from the Issuer certifying that the applicable Issuer
																					 Group Member has been unable, after using such commercially reasonable efforts,
																					 to avoid the adverse effects described above; provided further that
																					 Written Notice of any such Redemption shall be given by the Issuer (or the Cash
																					 Manager on its behalf) to the Trustee, the Policy Provider not less than 30
																					 days and not more than 45 days before such Redemption and, for so long as any
																					 Notes are listed on the Irish Stock Exchange and traded on the Irish Stock
																					 Exchange, to the Listing Agent and the Irish Stock Exchange not less than
																					 thirty days and not more than forty-five business days prior to the Redemption
																					 Date for such Redemption.

																				   

																				  
																					 
																						83
																					 

																					 

																					 
  

																				  (c) Method
																					 of Redemption. Upon
																					 receipt of notice from the Issuer or the Cash Manager under
																					 Section 3.11(a) or 3.11(b), the Trustee shall give Written Notice in
																					 respect of any such redemption of any subclass of Notes under
																					 Section 3.11(a) or 3.11(b) (a “Redemption”)
																					 to the Depositary and the Policy Provider, at least ten days before the
																					 Redemption Date for such Redemption. The Depositary shall forward such Notice
																					 of Redemption to DTC or its nominee with any additional instructions applicable
																					 to owners of Beneficial Interests. If a Redemption is of less than all of the
																					 Notes of any subclass, Notes of such subclass to be redeemed will be repaid
																					 pro rata
																					 according to the Outstanding Principal Balance of each such subclass, to the
																					 extent moneys are available. Except in the case of a Refinancing, the Trustee
																					 shall not deliver any notice under this Section 3.11(c) unless and until
																					 the Trustee shall have received certification that all conditions precedent to
																					 such Redemption have been satisfied and evidence satisfactory to it that the
																					 amounts required to be deposited pursuant to Section 3.11(d) are, or will
																					 on or before the Redemption Date be, deposited in the Defeasance/Redemption
																					 Account. Each notice in respect of a Redemption given pursuant to this
																					 Section 3.11(c) shall state (i) the applicable Redemption Date,
																					 (ii) the Trustee’s arrangements for making payments in respect of
																					 such Redemption, (iii) the Redemption Price or the Outstanding Principal
																					 Balance of each subclass of Notes to be redeemed, (iv) in the case of a
																					 Redemption of the Notes of any subclass in whole, the Notes of such subclass to
																					 be redeemed in whole must be surrendered to the Trustee to collect the
																					 Redemption Price plus accrued and unpaid interest on such Notes and (v) in
																					 the case of a Redemption of the Notes of any subclass in whole, that, unless
																					 the Issuer defaults in the payment of the Redemption Price and any accrued and
																					 unpaid interest thereon, interest on the subclass of Notes called for
																					 Redemption shall cease to accrue on and after the Redemption Date.

																				   

																				  (d) Deposit
																					 of Redemption Amount. On or
																					 before 10:00 a.m. (New York City time) on the Redemption Date in respect of a
																					 Redemption under Section 3.11(a), the Issuer shall, to the extent an
																					 amount equal to the Redemption Price of Initial Notes to be redeemed and all
																					 accrued and unpaid interest (after giving effect to any payment thereof on such
																					 Redemption Date under Section 3.09) thereon, all unpaid Policy Provider
																					 Obligations as of the Redemption Date is not then held on deposit therein,
																					 deposit or cause to be deposited in the Defeasance/Redemption Account or, in
																					 the case of a Refinancing, the Refinancing Account, other than, in either case,
																					 any funds constituting part of the Available Collections, an amount in
																					 immediately available funds equal to such amount. On or before 10:00 a.m. (New
																					 York City time) on the fifth day preceding any Redemption Date in respect of a
																					 Redemption under Section 3.11(b), the Issuer shall, to the extent an
																					 amount equal to the Outstanding Principal Balance of Initial Notes to be
																					 redeemed and all accrued and unpaid interest (after giving effect to any
																					 payment thereof on such Redemption Date under Section 3.09) thereon, all
																					 unpaid Policy Provider Obligations (including any Policy Premium and any Policy
																					 Redemption Premium, if any) as of the Redemption Date is not then held on
																					 deposit therein, deposit or cause to be deposited in the Defeasance/Redemption
																					 Account or, in case of a Refinancing, the Refinancing Account, other than, in
																					 either case, any funds constituting part of Available Collections, an amount in
																					 immediately available funds equal to such amount. In the event the Initial
																					 Notes are redeemed in full, the Policy shall be surrendered to the Policy
																					 Provider for cancellation.

																				   

																				  
																					 
																						84
																					 

																					 

																					 
  

																				  (e) Notes
																					 Payable on Redemption Date. After
																					 notice has been given under Section 3.11(c), the Outstanding Principal
																					 Balance of the Initial Notes to be redeemed on such Redemption Date shall
																					 become due and payable at the Corporate Trust Office of the Trustee, and from
																					 and after such Redemption Date (unless there shall be a default in the payment
																					 of the applicable amount to be redeemed) such principal amount shall cease to
																					 bear interest. Upon surrender of any Note for redemption in accordance with
																					 such notice, the Redemption Price or the Outstanding Principal Balance (as
																					 applicable) of such Note, together with accrued and unpaid interest on such
																					 Note shall be paid as provided for in this Section 3.11. If any Note to be
																					 redeemed shall not be so paid upon surrender thereof for redemption, the amount
																					 in respect thereof shall continue to bear interest until paid from the
																					 Redemption Date at the interest rate applicable to such Note.

																				   

																				  Section
																					 3.12 Adjustment
																					 of Certain Percentages, Factors and Balances. Upon
																					 each acquisition of any Additional Aircraft (other than any Additional Aircraft
																					 acquired by way of a contribution) or the issuance of any Refinancing Notes,
																					 subject to Sections 5.02(f) and 5.02(h) (as applicable), the Pool Factors
																					 and Extended Pool Factors for any subclass of Notes may be adjusted to take
																					 into account such Permitted Additional Aircraft Acquisition or the issuance of
																					 such Refinancing Notes in the manner specified in the Board Resolution
																					 providing for such action subject to the prior written consent of the Policy
																					 Provider and the Initial Liquidity Facility Provider; provided that no
																					 Pool Factor or Extended Pool Factor for any subclass of Notes may be adjusted
																					 so as to change the original Average Life of the affected subclass of Notes.
																					 The Cash Manager shall include such adjusted Pool Factors, Extended Pool
																					 Factors and Minimum Target Principal Balances in each Quarterly Report and
																					 Annual Report.

																				   

																				  Section
																					 3.13 Eligible
																					 Credit Facilities.
																					 Notwithstanding Section 3.09, Article X, or anything else to the
																					 contrary contained in this Indenture or the Security Trust Agreement, all
																					 amounts available in any Cash Collateral Account or drawn against any other
																					 Eligible Credit Facility shall be paid to Holders of the subclass of Notes (and
																					 holders of other obligations) for whose benefit such Eligible Credit Facility
																					 is stated to be established except to the extent otherwise provided in the
																					 Board Resolutions providing for such Eligible Credit Facility.

																				   

																				  Section
																					 3.14 Initial
																					 Liquidity Facility.
																					 (a)  Liquidity
																					 Facility Drawings.
																					 

																				   

																				  (i)
																					  If the
																					 Cash Manager determines in accordance with Section 3.07(f) hereof that after
																					 making all withdrawals (prior to any drawings under the Policy but after any
																					 withdrawals from the Liquidity Facility Reserve Account) and transfers to be
																					 made with respect to the applicable Payment Date, there is (x) a Required
																					 Expenses Shortfall (exclusive of Budgeted Cash Amounts to be paid from the
																					 Budgeted Cash Account), (y) a Senior Hedge Payments Shortfall and/or (z) a
																					 Liquidity Facility Interest Class G Shortfall, in each case as calculated in
																					 Section 3.07(f) hereof, the Cash Manager shall so notify the Trustee in writing
																					 and shall, no later than 5:00 p.m. (New York City time) four Business Days
																					 prior to such Payment Date, request a drawing (each such drawing, a
																					 “Facility
																					 Drawing”)
																					 under the Initial Liquidity Facility, to be paid on or prior to such Payment
																					 Date, in an amount equal to the lesser of (A) the aggregate amount of the
																					 

																				   

																				  
																					 85
																				  

																				  

																				  
  

																				  shortfall
																					 from clauses (x), (y) and (z) above and (B) the Available Amount under the
																					 Initial Liquidity Facility. 

																				   

																				  (ii)
																					  If the
																					 Cash Manager determines in accordance with Section 3.07(i) hereof that after
																					 making all withdrawals from the Budgeted Cash Account there exists a Budgeted
																					 Cash Shortfall with respect to the applicable Payment Date occurring on or
																					 prior to the Budgeted Cash Termination Date, the Cash Manager shall so notify
																					 the Trustee in writing and shall, no later than 5:00 p.m. (New York City time)
																					 four Business Days prior to such Payment Date, request a drawing (each such
																					 drawing, a “Budgeted
																					 Cash Shortfall Drawing”
																					 and, together with the Facility Drawings, the “Liquidity
																					 Facility Drawings”)
																					 under the Initial Liquidity Facility, to be paid on or prior to such Payment
																					 Date, in an amount equal to the lesser of (A) the Budgeted Cash Shortfall
																					 (after application of all amounts then in the Budgeted Cash Account) and (B)
																					 the Available Budgeted Cash Amount under the Initial Liquidity
																					 Facility.

																				   

																				  (b) Application
																					 of Liquidity Facility Drawings.
																					 

																				   

																				  (i)
																					  The
																					 proceeds of any Facility Drawing shall be deposited into the Initial Liquidity
																					 Payment Account and withdrawn by the Operating Bank, upon Written Notice from
																					 the Cash Manager, for application on the applicable Payment Date in the
																					 following manner: first, to the
																					 Expense Account an amount such that the amount on deposit therein is at least
																					 equal to the Required Expense Amount for such Payment Date and second, in no
																					 order of priority inter se, but
																					 pro rata, (1) to
																					 the Note Account for the Class G-1 Notes, the amount of accrued and unpaid
																					 interest on the Class G-1 Notes with respect to the applicable Payment Date in
																					 no order of priority inter se, but
																					 pro rata; and
																					 (2) pro rata, to any
																					 Hedge Provider, an amount equal to any Senior Hedge Payment due from any Issuer
																					 Group Member pursuant to any Hedge Agreement. 

																				   

																				  (ii) The
																					 proceeds of any Budgeted Cash Shortfall Drawing shall be deposited into the
																					 Budgeted Cash Account for application in accordance with
																					 Section 3.01(q).

																				   

																				  (c) Downgrade
																					 Drawings. The
																					 Initial Liquidity Facility Provider shall notify the Issuer, the Cash Manager
																					 and the Policy Provider promptly upon the occurrence of a Downgrade Event. If
																					 at any time a Downgrade Event has occurred and within 10 days after notice of
																					 such Downgrade Event (but not later than the expiration date of the Initial
																					 Liquidity Facility) (i) the Initial Liquidity Facility Provider or the Issuer
																					 does not arrange to replace the Initial Liquidity Facility with a Replacement
																					 Liquidity Facility, (ii) the Initial Liquidity Facility Provider shall not have
																					 received a Rating Agency Confirmation for the Class G-1 Notes with respect to
																					 the Downgrade Event or (iii) the Policy Provider shall not have confirmed in
																					 writing that such downgrading will not constitute a Downgrade Event, on such
																					 10th day (or if such 10th day is not a Business Day, on the next succeeding
																					 Business Day) (or, if earlier, the expiration date of the Initial Liquidity
																					 Facility), then the Cash Manager shall, upon the occurrence of a Downgrade
																					 Event with respect to the Initial Liquidity Facility, request a drawing in
																					 accordance with and to the extent permitted by the Initial Liquidity Facility
																					 (such drawing, a “Downgrade
																					 Drawing”)
																					 of the Available Amount and, if prior to the Budgeted Cash Termination Date,
																					 the Available Budgeted Cash Amount thereunder. Amounts drawn pursuant to a
																					 Downgrade Drawing shall be deposited into (x) 

																				   

																				  
																					 86
																				  

																				  

																				  
  

																				  the
																					 Liquidity Facility Reserve Account to the extent of the Available Amount and
																					 (y) the Budgeted Cash Reserve Account to the extent of the Available Budgeted
																					 Cash Amount. 

																				   

																				  (d) Non-Extension
																					 Drawings. If the
																					 Initial Liquidity Facility is to expire on a date (the “Stated
																					 Expiration Date”)
																					 prior to the date that is 15 days after the Final Maturity Date with respect to
																					 the Class G-1 Notes, then, no earlier than the 60th day and no later than the
																					 30th day prior to the applicable Stated Expiration Date then in effect, the
																					 Cash Manager shall request that the Initial Liquidity Facility Provider extend
																					 the Stated Expiration Date until the earlier of (i) the date which is 15 days
																					 after the Final Maturity Date with respect to the Class G-1 Notes and (ii) the
																					 date that is immediately preceding the 364th day
																					 occurring after the Stated Expiration Date then in effect (unless the
																					 obligations of the Initial Liquidity Facility Provider are earlier terminated
																					 in accordance with the Initial Liquidity Facility). If on or before the date
																					 which is 10 days prior to the Stated Expiration Date, (A) the Initial Liquidity
																					 Facility shall not have been replaced in accordance with Section 3.14(e) hereof
																					 or (B) the Initial Liquidity Facility Provider fails irrevocably and
																					 unconditionally to advise the Cash Manager that such Stated Expiration Date
																					 then in effect shall be so extended (whether or not the Cash Manager has in
																					 fact requested an extension), the Cash Manager shall immediately, in accordance
																					 with the terms of the Initial Liquidity Facility, request a drawing (such
																					 drawing, a “Non-Extension
																					 Drawing”)
																					 for the Available Amount and, if on or prior to the second anniversary of the
																					 Closing Date, the Available Budgeted Cash Amount thereunder. Amounts drawn
																					 pursuant to a Non-Extension Drawing shall be deposited into (x) the Liquidity
																					 Facility Reserve Account to the extent of the Available Amount and (y) the
																					 Budgeted Cash Reserve Account to the extent of the Available Budgeted Cash
																					 Amount.

																				   

																				  (e) Issuance
																					 of Replacement Liquidity Facility.
																					 (i)  If the Initial Liquidity Facility Provider shall determine not
																					 to extend the Stated Expiration Date in accordance with Section 3.14(d),
																					 then either the Initial Liquidity Facility Provider or the Issuer may, at their
																					 respective options, arrange for a Replacement Liquidity Facility to replace the
																					 Initial Liquidity Facility during the period no earlier than 35 days and
																					 no later than 10 days prior to the then effective Stated Expiration Date.
																					 

																				   

																				  (ii) If a
																					 Downgrade Event shall have occurred with respect to the Initial Liquidity
																					 Facility in accordance with Section 3.14(c), then either the Initial
																					 Liquidity Facility Provider or the Issuer may, at their respective options,
																					 arrange for a Replacement Liquidity Facility to replace the Initial Liquidity
																					 Facility within 10 days after receiving notice of such Downgrade Event
																					 (but not later than the expiration date of the Initial Liquidity Facility);
																					 provided,
																					 however, that
																					 the Initial Liquidity Facility Provider may, at its option, arrange for a
																					 Replacement Liquidity Facility at any time following a Downgrade Drawing so
																					 long as the Issuer has not already arranged for a Replacement Liquidity
																					 Facility.

																				   

																				  (iii) (A)  At
																					 any time after the Initial Closing Date, the Initial Liquidity Facility
																					 Provider may, at its option, arrange for a Replacement Liquidity Facility to
																					 replace the Initial Liquidity Facility.

																				   

																				  
																					 
																						87
																					 

																					 

																					 
 
																					  
 

																				  (B) No
																					 Replacement Liquidity Facility arranged by the Initial Liquidity Facility
																					 Provider or the Issuer in accordance with clauses (i), (ii) and
																					 (iii)(A) above shall become effective and no such Replacement Liquidity
																					 Facility shall be deemed an “Eligible Credit Facility” under this
																					 Indenture, unless and until (x) each of the conditions referred to in
																					 subclause (C) below shall have been satisfied, and (y) in the case of
																					 a Replacement Liquidity Facility arranged by the Initial Liquidity Facility
																					 Provider, such Replacement Liquidity Facility is acceptable to the
																					 Issuer.

																				   

																				  (C) In
																					 connection with the issuance of each Replacement Liquidity Facility,
																					 (x) the Cash Manager shall, prior to the issuance of such Replacement
																					 Liquidity Facility, have received a Rating Agency Confirmation with respect to
																					 the Class G-1 Notes (without regard to any downgrading of any rating of
																					 the Initial Liquidity Facility Provider being replaced pursuant to
																					 Section 3.14(c) hereof and without regard to the Policy), (y) all
																					 Credit Facility Obligations then owing to the replaced Initial Liquidity
																					 Facility Provider (which payment shall be made first from available funds in
																					 the Liquidity Facility Reserve Account and the Budgeted Cash Reserve Account,
																					 and thereafter from any other available source, including, without limitation,
																					 a drawing under the Replacement Liquidity Facility) shall be paid by the
																					 Operating Bank upon receipt of a Written Notice of the Cash Manager setting
																					 forth the amount of the Credit Facility Obligations then owing to the replaced
																					 Initial Liquidity Facility Provider and (z) the issuer of the Replacement
																					 Liquidity Facility shall deliver the Replacement Liquidity Facility to the Cash
																					 Manager, together with a legal opinion opining that such Replacement Liquidity
																					 Facility has been duly authorized, executed and delivered by, and is an
																					 enforceable obligation of, such Replacement Liquidity Facility Provider, such
																					 legal opinion to be reasonably satisfactory to the Policy Provider unless the
																					 legal opinion of counsel to the Replacement Credit Provider is in form and
																					 substance substantially the same as the legal opinion of counsel to the Initial
																					 Liquidity Facility Provider delivered on the Initial Closing Date.

																				   

																				  (D) Upon
																					 satisfaction of the conditions set forth in clauses (B) and (C) of
																					 this Section 3.14(e)(iii) with respect to a Replacement Liquidity
																					 Facility, (w) the replaced Initial Liquidity Facility shall terminate,
																					 (x) the Cash Manager shall, if and to the extent so requested by the
																					 Issuer or the Initial Liquidity Facility Provider being replaced, execute and
																					 deliver any certificate or other instrument required in order to terminate the
																					 replaced Initial Liquidity Facility, shall surrender the replaced Initial
																					 Liquidity Facility to the Initial Liquidity Facility Provider being replaced
																					 and shall execute and deliver the Replacement Liquidity Facility, (y) each
																					 of the parties hereto shall enter into any amendments to this Indenture and any
																					 other Related Documents necessary to give effect to (1) the replacement of
																					 the applicable Initial Liquidity Facility Provider with the applicable
																					 Replacement Credit Provider and (2) the replacement of the applicable
																					 Initial Liquidity Facility with the applicable Replacement Liquidity Facility
																					 and (z) such Replacement Credit Provider shall be deemed to be a provider
																					 of an Eligible Credit Facility with the rights and obligations of the Initial
																					 Liquidity Facility Provider hereunder and under the other Related Documents and
																					 such 

																				   

																				  

																				  
																					 88
																				  

																				  

																				  
  

																				  Replacement
																					 Liquidity Facility shall be deemed to be an Eligible Credit Facility (and, if
																					 so designated by the Board, the “Initial Liquidity Facility”)
																					 hereunder and under the other Related Documents.

																				   

																				  For
																					 purposes of clarification, an assignment to an Eligible Provider as permitted
																					 thereunder by the provider of the Initial Liquidity Facility or any other
																					 Eligible Credit Facility shall not be considered a Replacement Liquidity
																					 Facility; provided, that
																					 written notification of such assignment shall have been provided to the Rating
																					 Agencies and the Policy Provider, and the assignee has delivered to the Cash
																					 Manager legal opinions with respect to due authorization, execution, delivery
																					 and enforceability substantially similar in scope and substance to the legal
																					 opinions delivered by counsel to the Initial Liquidity Facility Provider on the
																					 Initial Closing Date. Following any assignment in accordance with the
																					 provisions thereof and in the foregoing proviso, the assignee shall be deemed
																					 to be the "Initial Liquidity Facility Provider" for all purposes of the Related
																					 Documents.

																				   

																				  (f) Liquidity
																					 Facility Reserve Account and Budgeted Cash Reserve Account; Withdrawals;
																					 Investments. All
																					 amounts drawn under the Initial Liquidity Facility by the Cash Manager pursuant
																					 to Section 3.14(c), 3.14(d) or 3.14(i) hereof shall be deposited by the Cash
																					 Manager into the Liquidity Facility Reserve Account or the Budgeted Cash
																					 Reserve Account, as applicable. All amounts on deposit in the Liquidity
																					 Facility Reserve Account and the Budgeted Cash Reserve Account, including any
																					 amount deposited in accordance with clause (iv) of Section 3.09(a) hereof,
																					 shall be invested and reinvested in accordance with Section 3.02 hereof. Upon a
																					 request by the Initial Liquidity Facility Provider, the Cash Manager shall
																					 provide the Initial Liquidity Facility Provider with the amount of Investment
																					 Earnings held in the Liquidity Facility Reserve Account and the Budgeted Cash
																					 Reserve Account as of the applicable Calculation Date. On each Payment Date,
																					 the Cash Manager shall direct the Operating Bank to pay to the Initial
																					 Liquidity Facility Provider all Investment Earnings on amounts on deposit in
																					 the Liquidity Facility Reserve Account and the Budgeted Cash Reserve Account.
																					 Amounts on deposit in the Liquidity Facility Reserve Account and the Budgeted
																					 Cash Reserve Account shall be withdrawn by or at the direction of the Cash
																					 Manager under the following circumstances:

																				   

																				  (i) in
																					 accordance with Section 3.01(n) hereof;

																				   

																				  (ii) on any
																					 Payment Date, if the amount in the Liquidity Facility Reserve Account exceeds
																					 the Maximum Facility Commitment or the Budgeted Cash Reserve Account exceeds
																					 the Maximum Budgeted Cash Commitment, then the Cash Manager shall direct the
																					 Operating Bank to withdraw, upon Written Notice from the Cash Manager, from the
																					 applicable Account such excess and pay such amount to the Initial Liquidity
																					 Facility Provider until all Credit Facility Obligations owed to such Person
																					 shall have been paid in full, and shall deposit any remaining amount in the
																					 Collections Account; 

																				   

																				  (iii) if a
																					 Replacement Liquidity Facility is established following the date on which funds
																					 have been deposited into the Liquidity Facility Reserve Account and the
																					 Budgeted Cash Reserve Account, the Cash Manager shall direct the Operating Bank
																					 to withdraw, upon Written Notice from the Cash Manager, all amounts on deposit
																					 in the 

																				   

																				  
																					 89
																				  

																				  

																				  
  

																				  Liquidity
																					 Facility Reserve Account and the Budgeted Cash Reserve Account and shall pay
																					 such amounts to the replaced Initial Liquidity Facility Provider until all
																					 Credit Facility Obligations owed to such Person shall have been paid in full,
																					 and shall deposit any remaining amount in the Collections Account;
																					 

																				   

																				  (iv) upon the
																					 payment in full of the Outstanding Principal Balance of, and accrued and unpaid
																					 interest on, the Notes, the Cash Manager shall direct the Operating Bank to
																					 withdraw, upon Written Notice from the Cash Manager, all amounts from the
																					 Liquidity Facility Reserve Account and the Budgeted Cash Reserve Account and
																					 pay such amounts to the Initial Liquidity Facility Provider until all Credit
																					 Facility Obligations owed to the Initial Liquidity Facility Provider shall have
																					 been paid in full, and shall deposit any remaining amount in the Collections
																					 Account; 

																				   

																				  (v) 15 days
																					 after the Final Maturity Date with respect to the Class G-1 Notes, the
																					 Operating Bank shall withdraw, upon Written Notice from the Cash Manager, all
																					 amounts on deposit in the Liquidity Facility Reserve Account and shall pay such
																					 amounts to the Initial Liquidity Facility Provider until all Credit Facility
																					 Obligations owed to such Person shall have been paid in full, and shall deposit
																					 any remaining amount in the Collections Account; and

																				   

																				  (vi) upon the
																					 occurrence of the Budgeted Cash Termination Date, or if earlier the issuance of
																					 a Default Notice or the Acceleration of the Notes, the Operating Bank shall
																					 withdraw, upon Written Notice from the Cash Manager, all amounts on deposit in
																					 the Budgeted Cash Reserve Account and shall pay such amounts to the Initial
																					 Liquidity Facility Provider until all Credit Facility Obligations owed to such
																					 Person shall have been paid in full, and shall deposit any remaining amount in
																					 the Collections Account.

																				   

																				  (g) Reinstatement. With
																					 respect to any Liquidity Facility Drawing under the Initial Liquidity Facility,
																					 upon the reimbursement to the Initial Liquidity Facility Provider in full or in
																					 part of the amount of such Liquidity Facility Drawing, together with any
																					 accrued interest thereon, the Available Amount or Available Budgeted Cash
																					 Amount, as applicable, of the Initial Liquidity Facility shall be reinstated by
																					 an amount equal to the amount of such Liquidity Facility Drawing so reimbursed
																					 to the Initial Liquidity Facility Provider but not to exceed the Maximum
																					 Commitment or Maximum Budgeted Cash Commitment, as applicable; provided,
																					 however, that
																					 (i) the Available Amount shall not be so reinstated in part or in full at any
																					 time (x) if a Liquidity Facility Event of Default shall have occurred and
																					 be continuing or (y) if a Downgrade Drawing, Non-Extension Drawing or
																					 Final Drawing shall have occurred and (ii) the Available Budgeted Cash Amount
																					 shall not be reinstated in part or in full at any time (x) if a Liquidity
																					 Facility Event of Default shall have occurred and be continuing or (y) if a
																					 Downgrade Drawing, Non-Extension Drawing or Final Drawing shall have occurred
																					 or (z) on or after the Budgeted Cash Termination Date.

																				   

																				  (h) Reimbursement.
																					 

																				   

																				  
																					 90
																				  

																				  

																				  
 
																				   

																				  (i) The
																					 amount of each Liquidity Facility Drawing under the Initial Liquidity Facility
																					 and any amounts withdrawn from the Liquidity Facility Reserve Account following
																					 a Downgrade Drawing, Non-Extension Drawing or a Final Drawing shall be due and
																					 payable, together with interest thereon, on the dates and at the rates,
																					 respectively, provided in the Initial Liquidity Facility but only to the extent
																					 that Available Collections are sufficient to pay such amounts in the order of
																					 priority set forth in Section 3.09 hereof. 

																				   

																				  (ii) The
																					 amount of each Budgeted Cash Shortfall Drawing under the Initial Liquidity
																					 Facility and any amounts withdrawn from the Budgeted Cash Reserve Account
																					 following a Downgrade Drawing, a Non-Extension Drawing or a Final Drawing shall
																					 be due and payable, together with interest thereon, on the dates and at the
																					 rates, respectively, provided in the Initial Liquidity Facility (a) prior to
																					 the Budgeted Cash Termination Date, to the extent amounts that are withdrawn
																					 from the Budgeted Cash Account pursuant to 3.01(q) are sufficient to pay such
																					 amounts and (b) from and after the Budgeted Cash Termination Date, first, to
																					 the extent that any remaining funds in the Budgeted Cash Account and the
																					 Budgeted Cash Reserve Account are sufficient to pay such amounts and then to
																					 the extent that Available Collections are sufficient to pay such amounts in the
																					 order of priority set forth in Section 3.09 hereof; it being agreed that
																					 in the event that the principal amount of any Budgeted Cash Shortfall Drawing
																					 remains outstanding after the Budgeted Cash Termination Date, such principal
																					 amount shall be repaid first, from and to the extent of remaining funds in the
																					 Budgeted Cash Account and the Budgeted Cash Reserve Account and then in equal
																					 consecutive monthly installments of $625,000 each (or such lesser amount as
																					 shall equal the outstanding balance thereof) (which amounts shall remain
																					 payable if not paid) until such principal is repaid in full, from and to the
																					 extent of Available Collections in the order of priority set forth in Section
																					 3.09 hereof. The principal amount of each Budgeted Cash Shortfall Drawing shall
																					 be immediately due and payable in full upon the occurrence of a DSCR Failure,
																					 the issuance of a Default Notice or the Acceleration of the Notes.

																				   

																				  (i) Final
																					 Drawing. Upon
																					 (A) receipt from the Initial Liquidity Facility Provider of a Termination
																					 Notice with respect to the Initial Liquidity Facility, the Cash Manager shall,
																					 not later than the date specified in such Termination Notice, in accordance
																					 with the terms of the Initial Liquidity Facility, or (B) the occurrence of an
																					 Insolvency Proceeding, the Cash Manager shall promptly, request a drawing under
																					 the Initial Liquidity Facility of the Available Amount and, if prior to the
																					 Budgeted Cash Termination Date, the Available Budgeted Cash Amount thereunder
																					 (a “Final
																					 Drawing”).
																					 Proceeds of a Final Drawing shall be deposited into (x) the Liquidity Facility
																					 Reserve Account to the extent of the Available Amount and (y) the Budgeted Cash
																					 Reserve Account to the extent of the Available Budgeted Cash Amount, in each
																					 case for application in accordance with clause (f) above. 

																				   

																				  (j) Initial
																					 Liquidity Facility Provider Consent. To the
																					 extent that the Initial Liquidity Facility Provider’s consent or approval
																					 is required under this Indenture or any other Related Document, such consent is
																					 not required in the event that (x) no Notes are Outstanding and
																					 (y) no Credit Facility Advance Obligations are due and owing to the
																					 Initial Liquidity Facility Provider (and, in the case of any issuance of the
																					 Additional Notes, if any, an Initial Liquidity Facility Non-Consent Event has
																					 occurred).

																				   

																				  
																					 91
																				  

																				  

																				  
 
																				   

																				  Section
																					 3.15 The
																					 Policy. The
																					 Policy Provider shall issue a Policy in favor of the Trustee for the benefit of
																					 the Holders of the Class G-1 Notes, and the following shall apply to the
																					 Policy and to the Class G-1 Notes subject thereto:

																				   

																				  (a) Interest
																					 Drawings. If the
																					 Cash Manager determines that there is an Interest Class G Shortfall for
																					 any Payment Date (other than the Final Maturity Date and the date of the Final
																					 Policy Election) in respect of the Class G-1 Notes (calculated as provided
																					 in Section 3.07(g)(i) hereof), the Cash Manager shall, prior to 12:00 p.m.
																					 (New York City time) on the third Business Day prior to such Payment Date,
																					 instruct the Trustee to request and the Trustee shall, no later than 12:00 p.m.
																					 (New York City time) on the second Business Day prior to such Payment Date,
																					 request a Policy Drawing (each, an “Interest
																					 Class G Drawing”)
																					 under the Policy in respect of the Class G-1 Notes (for payment into the
																					 related Note Account) in an amount equal to the Interest Class G Shortfall
																					 for the Class G-1 Notes with respect to such Payment Date. Any request
																					 received after 12:00 p.m. (New York City time) on any Business Day or on any
																					 day that is not a Business Day shall be deemed to have been received by the
																					 Policy Provider on the next Business Day. Upon receipt of any such request for
																					 a Policy Drawing, the Policy Provider or its fiscal agent shall pay, no later
																					 than 12:00 p.m. (New York City time) on the later of (i) the applicable
																					 Payment Date and (ii) the second Business Day following the Business Day
																					 on which the Policy Provider received the Trustee’s request referred to
																					 above, into the Note Account for the Class G-1 Notes the amount of the
																					 Interest Class G Shortfall for each the Class G-1 Notes with respect
																					 to such Payment Date. Upon receipt, the Trustee shall direct the payment of the
																					 amount in the applicable Note Account to the Holders of the Class G-1
																					 Notes in payment of the Interest Class G Shortfall therefor.

																				   

																				  (b) Proceeds
																					 Deficiency Drawing. If at
																					 any time after an Acceleration of the Notes, there is a sale or other
																					 disposition of an Aircraft (not including any Aircraft acquired by way of
																					 contribution) or of an Issuer Subsidiary that owns an Aircraft (not including
																					 any Aircraft acquired by way of contribution), in each case, by, on behalf of
																					 or at the direction of the Controlling Party, and there is a Deficiency
																					 Class G Shortfall resulting therefrom (calculated as provided in
																					 Section 3.07(g)(ii)), the Cash Manager shall, prior to 12:00 p.m. (New
																					 York City time) on the third Business Day prior to the next succeeding Payment
																					 Date, instruct the Trustee to request and the Trustee, no later than 12:00 p.m.
																					 (New York City time) on the second Business Day prior to such Payment Date,
																					 shall request a Policy Drawing (each, a “Deficiency
																					 Drawing”)
																					 under the Policy in respect of the Class G-1 Notes in an amount equal to
																					 the Deficiency Class G Shortfall with respect to such Payment Date (for
																					 payment into the related Note Account) on such Payment Date. Any request
																					 received after 12:00 p.m. (New York City time) on any Business Day or on any
																					 day that is not a Business Day shall be deemed to have been received by the
																					 Policy Provider on the next Business Day. Upon receipt of any such request, the
																					 Policy Provider or its fiscal agent shall, no later than 12:00 p.m. (New York
																					 City time) on the later of (i) the applicable Payment Date and
																					 (ii) the second Business Day following the Business Day on which the
																					 Policy Provider received Trustee’s request referred to above, pay under
																					 the Policy an amount equal to the Deficiency Class G Shortfall for the
																					 Class G-1 Notes with respect to such Payment Date. Upon receipt, the
																					 Trustee shall direct the payment of the amount in the applicable Note Account
																					 to the holders of the Class G-1 Notes in payment of the Deficiency
																					 Class G Shortfall therefor. 

																				   

																				  
																					 
																						92
																					 

																					 

																					 
 
																					  
 

																				  (c) No
																					 Proceeds Drawing. If, on
																					 any Payment Date (other than the Final Maturity Date of the Class G-1 Notes and
																					 the date of the Final Policy Election) falling on or after the date that is 24
																					 months after the date of the occurrence of an Event of Default under Section
																					 4.01(a) or Section 4.01(b) hereof that is continuing as of the Calculation Date
																					 immediately preceding such Payment Date or an Acceleration of the Notes (the
																					 “Non-Performance
																					 Period”),
																					 there is a Minimum Class G Principal Shortfall in respect of the Notes for the
																					 then next succeeding Payment Date (calculated as provided in Section
																					 3.07(g)(iii) hereof), the Cash Manager shall, no later than 12:00 pm (New York
																					 City time) on the third Business Day prior to such Payment Date, instruct the
																					 Trustee to request and the Trustee shall, no later than 12:00 pm (New York City
																					 time) on the second Business Day prior to such Payment Date, request, a Policy
																					 Drawing (each, a “No
																					 Proceeds Drawing”)
																					 under the Policy (for payment into the applicable Note Account) in an amount
																					 equal to the Minimum Class G Principal Shortfall with respect to such Payment
																					 Date. Any request received after 12:00 p.m. (New York City time) on any
																					 Business Day or on any day that is not a Business Day shall be deemed to have
																					 been received by the Policy Provider on the next Business Day. Upon receipt of
																					 such request, the Policy Provider or its fiscal agent shall, no later than
																					 12:00 p.m. (New York City time) on the later of (i) the applicable Payment Date
																					 and (ii) the second Business Day following the Business Day on which the Policy
																					 Provider receives the Trustee’s request referred to above, pay under the
																					 Policy an amount equal to the Minimum Class G Principal Shortfall with respect
																					 to such Payment Date. Upon receipt, the Trustee shall direct the payment of the
																					 amount in the related Note Account to the holders of the Class G-1 Notes in
																					 payment of the Minimum Class G Principal Shortfall therefor.

																				   

																				  Notwithstanding
																					 the preceding paragraph, with respect to any Payment Date occurring on or after
																					 the date of the occurrence of an Event of Default with respect to the Class G-1
																					 Notes and that is continuing on the date of the Final Policy Election, and the
																					 occurrence of the earlier of (x) the date of a Policy Drawing and (y) the fifth
																					 anniversary of the Initial Closing Date, the Policy Provider may, so long as a
																					 Policy Provider Default shall not have occurred and be continuing and the
																					 Policy has not been surrendered for cancellation in accordance with Section
																					 3.15(k) hereof, elect (a “Final
																					 Policy Election”),
																					 upon at least four Business Days’ prior written notice to the Trustee
																					 (with a copy to the Cash Manager), to pay on such Payment Date, an amount
																					 sufficient (after giving effect to the application of Available Collections in
																					 accordance with the applicable payment priorities set forth in Section 3.09
																					 hereof, the application of any Liquidity Facility Drawings (or drawings under
																					 any Replacement Liquidity Facility) and the application of any withdrawals from
																					 the Liquidity Facility Reserve Account or the Budgeted Cash Reserve Account and
																					 any withdrawals from the Cash Collateral Account, if any, in accordance with
																					 the terms hereof) to pay the then Outstanding Principal Balance of the
																					 Class G-1 Notes (less any
																					 Policy Drawings previously paid in respect of the principal of the Class G
																					 Notes), plus accrued and unpaid interest thereon (at the Applicable Rate of
																					 Interest for the Class G-1 Notes), for the period from the immediately
																					 preceding Payment Date to the date of such payment (any such amount to be paid
																					 by such Policy Provider, the “Outstanding
																					 Balance”).
																					 Upon receipt of any such notice, the Cash Manager shall (a) calculate the
																					 then Outstanding Balance of the Class G-1 Notes and (b) prior to
																					 12:00 p.m. (New York City time) on the third Business Day prior to such Payment
																					 Date, instruct the Trustee to request, and the Trustee shall request no later
																					 than 12:00 p.m. (New York City time) on the second Business Day prior to such
																					 Payment Date, a Policy Drawing in respect of the Class G-1 Notes in the
																					 amount of the then 

																				   

																				  

																				  
																					 93
																				  

																				  

																				  
  

																				  Outstanding
																					 Balance of the Class G-1 Notes. Upon receipt of any such request, the
																					 Policy Provider or its fiscal agent shall, no later than 12:00 p.m. (New York
																					 City time) on the later of (i) the applicable Payment Date and
																					 (ii) the second Business Day following the Business Day on which the
																					 Policy Provider receives the Trustee’s request referred to above, pay
																					 under the Policy, in respect of the Class G-1 Notes, an amount equal to
																					 the Outstanding Balance for the Class G-1 Notes. Upon receipt, the Trustee
																					 shall pay the amount in the applicable Note Account to the holders of the
																					 Class G-1 Notes in payment of the Outstanding Balance
																					 therefor.

																				   

																				  (d) Final
																					 Policy Drawing. If the
																					 Cash Manager determines (calculated as provided in Section 3.07(g)(iv))
																					 that on the Final Maturity Date of the Class G-1 Notes there will be
																					 insufficient funds available for the payment in full of the Outstanding Amount
																					 in respect of the Class G-1 Notes as of such date, the Cash Manager shall,
																					 prior to 12:00 p.m. (New York City time) on the third Business Day prior to
																					 such Final Maturity Date, instruct the Trustee in writing to request, and the
																					 Trustee shall, no later than 12:00 p.m. (New York City time) on the second
																					 Business Day prior to such Final Maturity Date, request a Policy Drawing under
																					 the Policy (for payment into the related Note Account) in an amount sufficient
																					 to pay the Outstanding Amount for the Class G-1 Notes. Upon receipt of
																					 such request for a Policy Drawing, the Policy Provider or its fiscal agent
																					 shall, no later than 12:00 p.m. (New York City time) on the later of
																					 (i) such Final Maturity Date and (ii) the second Business Day
																					 following the Business Day on which the Policy Provider receives the
																					 Trustee’s request referred to above, pay under and in accordance with the
																					 terms of the Policy, in respect of the Class G-1 Notes an amount
																					 sufficient to pay the Outstanding Amount for the Class G-1 Notes. Any
																					 request received by the Policy Provider after 12:00 p.m. (New York City time)
																					 on any Business Day or on any day that is not a Business Day shall be deemed to
																					 have been received by the Policy Provider on the next Business Day. Upon
																					 receipt, the Trustee shall direct the payment of the amount in the applicable
																					 Note Account to the holders of the Class G-1 Notes in payment of the
																					 Outstanding Amount therefor. 

																				   

																				  (e) Avoidance
																					 Drawings. If at
																					 any time a Responsible Officer of the Trustee shall have actual knowledge of
																					 the issuance of any Final Order, the Trustee shall promptly give notice thereof
																					 to the Policy Provider and the Cash Manager. The Cash Manager shall thereupon
																					 determine the Avoided Payments in respect of the Class G-1 Notes resulting
																					 therefrom and shall promptly: (i) send to the Holders of the Notes a
																					 Written Notice of such amounts and (ii) prior to the expiration of the
																					 Policy, deliver to the Trustee a Written Notice instructing the Trustee to, and
																					 the Trustee shall immediately, deliver to the Policy Provider or its fiscal
																					 agent a Notice of Avoided Payment under the Policy, together with a copy of the
																					 documentation required by the Policy with respect thereto, requesting a Policy
																					 Drawing (each, an “Avoidance
																					 Drawing”)
																					 thereunder (for payment to the receiver, conservator, debtor-in-possession,
																					 trustee in bankruptcy, and/or the Trustee for deposit into the related Note
																					 Account, as applicable) in an amount equal to the amount of the relevant
																					 Avoided Payment. To the extent that any portion of such Avoidance Drawing is to
																					 be paid to the Trustee in respect of the Class G-1 Notes, such Written
																					 Notice shall also set the date for the distribution of such portion of the
																					 proceeds of such Policy Drawing which date shall constitute a Special
																					 Distribution Date and shall be the third Business Day following the date the
																					 Policy Provider has received the documentation referred to in clause (ii)
																					 above. Upon 

																				   

																				  
																					 94
																				  

																				  

																				  
  

																				  receipt,
																					 the Cash Manager shall pay the proceeds of the specified Policy Drawing under
																					 the Policy to the Trustee for payment to the Holders of the Class G-1
																					 Notes.

																				   

																				  (f) Application
																					 of Policy Drawings.
																					 Notwithstanding anything to the contrary contained in this Indenture, all
																					 payments received by the Trustee in respect of a Policy Drawing (including,
																					 without limitation, that portion, if any, of the proceeds of a Policy Drawing
																					 for any Avoided Payment that is to be paid to the Trustee and not to any
																					 receiver, conservator, debtor-in-possession or trustee in bankruptcy as
																					 provided in the Policy) shall be promptly paid to the Holders of the Class G-1
																					 Notes. 

																				   

																				  (g) Resubmission
																					 of a Notice of Payment. If the
																					 Policy Provider at any time informs the Trustee in accordance with the Policy
																					 that a Notice of Nonpayment or Notice of Avoided Payment submitted by the
																					 Trustee does not satisfy the requirements of the Policy, the Trustee shall, as
																					 promptly as possible after being so informed, submit to the Policy Provider an
																					 amended and revised Notice of Nonpayment or Notice of Avoided Payment, as the
																					 case may be, and shall transfer to the Note Account the amount received
																					 pursuant to such amended or revised Notice of Nonpayment or Notice of Avoided
																					 Payment, as the case may be, when received.

																				   

																				  (h) No
																					 Discharge of the Issuer’s Obligations. Except
																					 to the extent reimbursed to the Policy Provider, the payment of principal of or
																					 interest on the Class G-1 Notes with funds drawn under the Policy shall
																					 not reduce the Outstanding Principal Balance of, or interest due, on the
																					 Class G-1 Notes, or be deemed to discharge the Issuer’s obligation to
																					 repay such funds drawn under the Policy to the Policy Provider, which
																					 obligation shall continue in full force and effect.

																				   

																				  (i) Interest
																					 Coverage. The
																					 interest payable by the Policy Provider under the Policy shall include interest
																					 accruing during the pendency of any bankruptcy, insolvency, receivership or
																					 other similar proceeding, regardless of whether allowed or allowable in such
																					 proceeding. The interest payable by the Policy Provider under the Policy shall
																					 not include any Redemption Premium on the Notes.

																				   

																				  (j) Policy
																					 Provider Consent. The
																					 Policy Provider agrees that to the extent its consent or approval is required
																					 under this Indenture or any other Related Document, such consent is not
																					 required in the event that (x) a Policy Non-Consent Event has occurred and
																					 is continuing or, in the case of any issuance of any Additional Notes or
																					 Refinancing Notes, a Policy Non-Consent Event will occur in connection
																					 therewith, or (y) in the case of any consent required under
																					 Sections 5.02 or 5.03, a Policy Provider Default has occurred and is
																					 continuing. If the consent of the Policy Provider is required pursuant to any
																					 provision of Sections 5.02 or 5.03 of this Indenture or Section 7.04 of the
																					 Servicing Agreement, (A) the Policy Provider shall provide the Issuer with a
																					 written response confirming its consent or rejection of any proposed action
																					 submitted to it by the Issuer or the Servicer as promptly as practicable
																					 following its receipt of a proposal from the Issuer or the Servicer and in any
																					 event within the time period indicated by the Issuer in its proposal, acting
																					 reasonably, which time period shall in any event not be less than three
																					 Business Days after receipt of such a proposal by the Policy Provider and (B)
																					 such consent, in each case, may not be unreasonably withheld. If the Policy
																					 Provider fails to provide any 

																				   

																				  
																					 95
																				  

																				  

																				  
  

																				  party
																					 hereto with a written response within the time indicated by the Issuer or the
																					 Servicer in its proposal, the Policy Provider shall be deemed to have not
																					 approved such proposal.

																				   

																				  (k) Release
																					 of Policy Provider.
																					 Notwithstanding anything to the contrary herein, and for the avoidance of
																					 doubt, if the Policy is terminated and surrendered to the Policy Provider for
																					 cancellation, all obligations of the Policy Provider under this Indenture
																					 (including, but not limited to, all obligations set forth in this
																					 Section 3.15) shall be terminated and released. 

																				   

																				  Section
																					 3.16 Class
																					 A Share Cure Rights. (a) In the
																					 event that the amounts available for distribution under Section 3.09 hereof and
																					 from any Eligible Credit Facility are insufficient to pay in full any of the
																					 Secured Obligations or any other Obligations, the Cash Manager shall promptly
																					 notify the Issuer and the Issuer may, out of funds provided to it by any holder
																					 of the Class A Shares by way of shareholder contributed surplus (without the
																					 issuance of additional Class A Shares) (and not out of any amounts in the
																					 Collections Account or any other Account or any other Collateral), pay such
																					 shortfall with respect to such Obligations on the applicable Payment Date by
																					 giving Written Notice of its intention to do so (specifying the amount thereof)
																					 to the Cash Manager at least two Business Days prior to such Payment Date and
																					 by transferring funds in such amount (the “Contribution
																					 Amounts”)
																					 to the Trustee one Business Day prior to such Payment Date for deposit into the
																					 Collections Account. All Contribution Amounts so deposited shall (a) be paid
																					 out of such Account to the applicable Person or transferred to the applicable
																					 Account notwithstanding Section 3.09 hereof, Article X hereof or anything else
																					 to the contrary contained in this Indenture or the Security Trust Agreement and
																					 (b) not constitute an obligation or debt of the Issuer. 

																				   

																				  ARTICLE
																					 IV

																				   

																				  DEFAULT
																					 AND REMEDIES

																				   

																				  Section
																					 4.01 Events
																					 of Default. Each
																					 of the following events shall constitute an “Event of Default”
																					 hereunder with respect to any subclass of Notes, and each such Event of Default
																					 shall be deemed to exist and continue so long as, but only so long as, it shall
																					 not have been remedied:

																				   

																				  (a) failure
																					 by the Issuer to pay when due interest on any Note of such subclass, and the
																					 continuance of such default unremedied for a period of five Business Days after
																					 the same shall have become due and payable;

																				   

																				  (b) failure
																					 by the Issuer to pay when due principal of any Note of such subclass no later
																					 than the applicable Final Maturity Date;

																				   

																				  (c) failure
																					 by the Issuer to pay any amount (other than interest) when due and payable in
																					 connection with any Note of such subclass to the extent that there are, on any
																					 Payment Date, amounts available for such payment in the Collections Account or
																					 the Cash Collateral Account with respect to the Notes of such subclass, and the
																					 continuance of such default for a period of five or more Business Days after
																					 such Payment Date;

																				   

																				  
																					 96
																				  

																				  

																				  
 
																				   

																				  (d) failure
																					 of any of the representations or warranties of the Issuer under this Indenture
																					 to be true and correct or failure by the Issuer to comply with any of the
																					 covenants, obligations, conditions or provisions binding on it under this
																					 Indenture or any of the Notes (other than a payment default for which provision
																					 is made in clause (a), (b) or (c) of this Section 4.01), if
																					 in any such case such failure or breach materially adversely affects the
																					 Holders of such subclass of Notes and continues for a period of 30 days or
																					 more (or, if such failure or breach is capable of remedy within 90 days
																					 (or in the case of a breach with respect to a covenant contained in
																					 Section 5.03, 180 days) of the date of the written notice referred to
																					 below and the Cash Manager has promptly provided the Trustee with a certificate
																					 stating that the Issuer has commenced, or will promptly commence, and
																					 diligently pursue all reasonable efforts to remedy such failure or breach,
																					 90 days (or 180 days, as applicable) so long as the Issuer or any
																					 Issuer Subsidiary is diligently pursuing such remedy but in any event no longer
																					 than 90 days (or 180 days, as applicable)) after written notice
																					 thereof has been given to the Issuer by the Controlling Party or by the Holders
																					 of at least a majority of the aggregate Outstanding Principal Balance of the
																					 Notes);

																				   

																				  (e) a court
																					 having jurisdiction in the premises enters a decree or order for
																					 (i) relief in respect of the Issuer or any direct or indirect subsidiary
																					 thereof (other than a Non-Significant Subsidiary), under any Applicable Law
																					 relating to bankruptcy, insolvency, receivership, winding-up, liquidation,
																					 reorganization, examination, relief of debtors or other similar law now or
																					 hereafter in effect; (ii) appointment of a receiver, liquidator, examiner,
																					 assignee, custodian, trustee, sequestrator or similar official of the Issuer or
																					 any direct or indirect subsidiary thereof (other than a Non-Significant
																					 Subsidiary); or (iii) the winding up or liquidation of the affairs of the
																					 Issuer or any direct or indirect subsidiary thereof (other than a
																					 Non-Significant Subsidiary) and, in each case, such decree or order shall
																					 remain unstayed or such writ or other process shall not have been stayed or
																					 dismissed within 90 days from entry thereof;

																				   

																				  (f) the
																					 Issuer or any direct or indirect subsidiary thereof (other than a
																					 Non-Significant Subsidiary) (i) commences a voluntary case under any
																					 Applicable Law relating to bankruptcy, insolvency, receivership, winding-up,
																					 liquidation, reorganization, examination, relief of debtors or other similar
																					 law now or hereafter in effect, or consents to the entry of an order for relief
																					 in any involuntary case under any such law; (ii) consents to the
																					 appointment of or taking possession by a receiver, liquidator, examiner,
																					 assignee, custodian, trustee, sequestrator or similar official of the Issuer or
																					 any direct or indirect subsidiary thereof (other than a Non-Significant
																					 Subsidiary) or for all or substantially all of the property and assets of the
																					 Issuer or any direct or indirect subsidiary thereof (other than a
																					 Non-Significant Subsidiary); or (iii) effects any general assignment for
																					 the benefit of creditors; 

																				   

																				  (g) one or
																					 more judgments or orders for the payment of money that are in the aggregate in
																					 excess of 5% of the aggregate Assumed Portfolio Value shall be rendered against
																					 the Issuer or any Issuer Subsidiary or any other member of the Issuer Group and
																					 either (i) enforcement proceedings shall have been commenced by any creditor
																					 upon such judgment or order or (ii) there shall be any period of 10 consecutive
																					 days during which a stay of enforcement of such judgment or order, by reason of
																					 a pending appeal or otherwise, shall not be in effect; provided, however, that
																					 any such judgment or order shall not be an 

																				   

																				  

																				  
																					 97
																				  

																				  

																				  
 
																				   
 

																				Event of
																				  Default under this Section 4.01(g) if and for so long as (i) the amount of such
																				  judgment or order is covered by a valid and binding policy of insurance between
																				  the defendant and the insurer covering payment thereof and (ii) such insurer,
																				  which shall be rated at least “A” by A.M. Best Company or any similar
																				  successor entity, has been notified of, and has not disputed the claim made for
																				  payment of, the amount of such judgment or order; or

																				 

																				(h) the
																				  constitutional documents creating the Issuer cease to be in full force and
																				  effect without replacement documents having the same terms being in full force
																				  and effect.

																				 

																				Section
																				  4.02 Acceleration,
																				  Rescission and Annulment.
																				  (a)  If an Event of Default with respect to any subclass of
																				  Notes (other than an Event of Default under clause (e) or (f) of
																				  Section 4.01 hereof) occurs and is continuing, the Controlling Party may,
																				  and (if the Controlling Party is the Trustee) upon the written direction of
																				  Holders of a majority of the aggregate Outstanding Principal Balance of the
																				  Notes, shall, give a Default Notice to the Issuer, the Cash Manager, the
																				  Security Trustee and the Trustee declaring the Outstanding Principal Balance of
																				  the Notes and all accrued and unpaid interest thereon to be due and payable. If
																				  the Controlling Party is the Policy Provider or the Initial Liquidity Facility
																				  Provider, only it may give a Default Notice. Subject to Section 3.16, upon
																				  delivery of a Default Notice, such Outstanding Principal Balance and all
																				  accrued and unpaid interest thereon shall be due and payable. At any time after
																				  the Controlling Party has declared the Outstanding Principal Balance of the
																				  Notes to be due and payable and prior to the exercise of any other remedies
																				  pursuant to this Article IV, the Controlling Party may (and if the
																				  Controlling Party is the Trustee, upon the written direction of Holders of a
																				  majority of the aggregate Outstanding Principal Balance of the Notes, shall) by
																				  Written Notice to the Issuer, the Trustee (if not the Controlling Party), the
																				  Cash Manager, the Security Trustee and the Trustee, subject to
																				  Section 4.05(a), rescind and annul such declaration and thereby annul its
																				  consequences if: (i) there has been paid to or deposited with the Trustee
																				  an amount sufficient to pay all overdue installments of interest on the Notes,
																				  and the principal or Redemption Price of the Notes that would have become due
																				  otherwise than by such declaration of acceleration, (ii) the rescission or
																				  annulment would not conflict with any judgment or decree and (iii) all
																				  other Defaults and Events of Default, other than nonpayment of interest and
																				  principal on the Notes that have become due solely because of such
																				  acceleration, have been cured or waived. If the Controlling Party is the Policy
																				  Provider or the Initial Liquidity Facility Provider, only it may give a notice
																				  of annulment. If an Event of Default under clause (e) or (f) of
																				  Section 4.01 occurs, the Outstanding Principal Balance of the Notes and
																				  all accrued and unpaid interest thereon shall automatically become due and
																				  payable without any further action by any party.

																				 

																				(a) No
																				  Person other than the Controlling Party may give a Default Notice or exercise
																				  any such remedy.

																				 

																				(b) The
																				  Trustee shall provide each Rating Agency with a copy of any Default Notice it
																				  receives pursuant to this Indenture.

																				 

																				Section
																				  4.03 Other
																				  Remedies. If an
																				  Event of Default occurs and is continuing, the Trustee (at the written
																				  direction of the Controlling Party if the Trustee is not 

																				 

																				

																				  
																					 98
																				  

																				  

																				  
  

																				the
																				  Controlling Party and at the written direction of Holders of a majority of the
																				  aggregate Outstanding Principal Balance of the Notes if the Controlling Party
																				  is the Trustee) may pursue any available remedy by proceeding at law or in
																				  equity to collect the payment of principal or Redemption Price of, or interest,
																				  on the Notes or to enforce the performance of any provision of the Notes or
																				  this Indenture.

																				 

																				The
																				  Trustee may maintain a proceeding even if it does not possess any of the Notes
																				  or does not produce any of them in the proceeding. 

																				 

																				Section
																				  4.04 Limitation
																				  on Suits.
																				  Without limiting the provisions of Section 4.09 and the final sentence of
																				  Section 12.04(a), no Holder shall have any right to institute any
																				  proceeding, judicial or otherwise, with respect to this Indenture, the Security
																				  Trust Agreement or the Notes, or for the appointment of a receiver or trustee,
																				  or for any other remedy hereunder, unless:

																				 

																				(a) the
																				  Trustee is the Controlling Party;

																				 

																				(b) such
																				  Holder holds Class G-1 Notes and has previously given written notice to the
																				  Trustee of a continuing Event of Default;

																				 

																				(c) the
																				  Holders of a majority of the aggregate Outstanding Principal Balance of the
																				  Notes make a written request to the Trustee to pursue a remedy
																				  hereunder;

																				 

																				(d) such
																				  Holder or Holders offer to the Trustee an indemnity reasonably satisfactory to
																				  the Trustee against any costs, expenses and liabilities to be incurred in
																				  complying with such request;

																				 

																				(e) the
																				  Trustee does not comply with such request within 60 days after receipt of
																				  the request and the offer of indemnity; and

																				 

																				(f) during
																				  such 60-day period, Holders of a majority of the Outstanding Principal Balance
																				  of the Notes do not give the Trustee a revocation or direction inconsistent
																				  with such request.

																				 

																				No one
																				  or more Holders may use this Indenture to affect, disturb or prejudice the
																				  rights of another Holder or to obtain or seek to obtain any preference or
																				  priority not otherwise created by this Indenture and the terms of the Notes
																				  over any other Holder or to enforce any right under this Indenture, except in
																				  the manner herein provided.

																				 

																				Section
																				  4.05 Waiver
																				  of Existing Defaults.
																				  (a)  The Controlling Party or (if the Controlling Party is the
																				  Trustee) the Holders of a majority of the Outstanding Principal Balance of the
																				  Notes by notice to the Trustee and the Issuer may waive any existing Default
																				  hereunder and its consequences, except no waiver may be given with respect to a
																				  Default: (i) in the deposit or distribution of any payment required to be
																				  made on any Notes, (ii) in the payment of the interest on, principal of or
																				  premium, if any, with respect to any Note or (iii) in respect of a
																				  covenant or provision hereof which under Article IX cannot be modified or
																				  amended without the consent of the Holder of each Note affected thereby. Upon
																				  any such waiver, such Default shall cease to exist, and any Event of Default
																				  arising therefrom shall be 

																				 

																				
																				  99
																				

																				

																				
  

																				deemed
																				  to have been cured for every purpose of this Indenture, but no such waiver
																				  shall extend to any subsequent or other Default or impair any right consequent
																				  thereon. Each such notice of waiver shall also be given to each Rating
																				  Agency.

																				 

																				(b) Any
																				  written waiver of a Default or an Event of Default given by the Controlling
																				  Party or the Holders to the Trustee and the Issuer in accordance with the terms
																				  of this Indenture shall be binding upon the Trustee and the other parties
																				  hereto. Unless such writing expressly provides to the contrary, any waiver so
																				  granted shall extend only to the specific event or occurrence which gave rise
																				  to the Default or Event of Default so waived and not to any other similar event
																				  or occurrence which occurs subsequent to the date of such waiver.

																				 

																				Section
																				  4.06 Restoration
																				  of Rights and Remedies. If the
																				  Trustee or any Holder of Notes has instituted any proceeding to enforce any
																				  right or remedy under this Indenture, and such proceeding has been discontinued
																				  or abandoned for any reason, or has been determined adversely to the Trustee or
																				  such Holder, then in every such case the Issuer, the Trustee and the Holders
																				  shall, subject to any determination in such proceeding, be restored severally
																				  and respectively to their former positions hereunder, and thereafter all rights
																				  and remedies of the Trustee and the Holders shall continue as though no such
																				  proceeding has been instituted.

																				 

																				Section
																				  4.07 Remedies
																				  Cumulative. Each
																				  and every right, power and remedy herein given to the Trustee (or the
																				  Controlling Party) specifically or otherwise in this Indenture shall be
																				  cumulative and shall be in addition to every other right, power and remedy
																				  herein specifically given or now or hereafter existing at law, in equity or by
																				  statute, and each and every right, power and remedy whether specifically herein
																				  given or otherwise existing may be exercised from time to time and as often and
																				  in such order as may be deemed expedient by the Trustee (or the Controlling
																				  Party), and the exercise or the beginning of the exercise of any power or
																				  remedy shall not be construed to be a waiver of the right to exercise at the
																				  same time or thereafter any other right, power or remedy. No delay or omission
																				  by the Trustee (or the Controlling Party) in the exercise of any right, remedy
																				  or power or in the pursuance of any remedy shall impair any such right, power
																				  or remedy or be construed to be a waiver of any Default on the part of the
																				  Issuer or to be an acquiescence therein.

																				 

																				Section
																				  4.08 Authority
																				  of Courts Not Required. The
																				  parties hereto agree that, to the greatest extent permitted by law, the Trustee
																				  shall not be obliged or required to seek or obtain the authority of, or any
																				  judgment or order of, the courts of any jurisdiction in order to exercise any
																				  of its rights, powers and remedies under this Indenture, and the parties hereby
																				  waive any such requirement to the greatest extent permitted by
																				  law.

																				 

																				Section
																				  4.09 Rights
																				  of Holders to Receive Payment.
																				  Notwithstanding any other provision of this Indenture, the right of any Holder
																				  to receive payment of principal or Redemption Price of, or interest, on its
																				  Note on or after the respective due dates therefor expressed in such Note, or
																				  to bring suit for the enforcement of any such payment on or after such
																				  respective dates, shall not be impaired or affected without the consent of such
																				  Holder.

																				 

																				
																				  
																					 100
																				  

																				  

																				  
 
																				   
 

																				Section
																				  4.10 Trustee
																				  May File Proofs of Claim. The
																				  Trustee may file such proofs of claim and other papers or documents as may be
																				  necessary or advisable in order to have the claims of the Trustee (including
																				  any claim for the reasonable compensation, expenses, disbursements and advances
																				  of the Trustee, its agents and counsel) and of any Holder allowed in any
																				  judicial proceedings relating to any obligor on the Notes, its creditors or its
																				  property and shall be entitled and empowered to collect, receive and distribute
																				  any money or other property payable or deliverable on any such claims and
																				  otherwise in accordance with the terms of this Indenture, and any custodian in
																				  any such judicial proceeding is hereby authorized by each oblige to make such
																				  payments to the Trustee, as administrative expenses associated with any such
																				  proceeding, and, in the event that the Trustee shall consent to the making of
																				  such payments directly to the oblige to pay to the Trustee any amount due to it
																				  for the reasonable compensation, expenses, disbursements and advances of the
																				  Trustee, its agents and counsel, and any other amounts due to the Trustee under
																				  Section 8.01 and otherwise in accordance with the terms of this
																				  Indenture.

																				 

																				Section
																				  4.11 Undertaking
																				  for Costs. All
																				  parties to this Indenture agree, and each Holder by its acceptance thereof
																				  shall be deemed to have agreed, that in any suit for the enforcement of any
																				  right or remedy under this Indenture or in any suit against the Trustee for any
																				  action taken or omitted by it as Trustee, a court in its discretion may require
																				  the filing by any party litigant in such suit of an undertaking to pay the
																				  costs of such suit, and the court in its discretion may assess reasonable
																				  costs, including reasonable attorneys’ fees, against any party litigant in
																				  such suit, having due regard to the merits and good faith of the claims or
																				  defense made by the party litigant. This Section 4.11 does not apply to a
																				  suit instituted by the Trustee, a suit instituted by any Holder for the
																				  enforcement of the payment of principal or Redemption Price of, or interest, on
																				  its Note on or after the respective due dates expressed in such Note, or a suit
																				  by a Holder or Holders of more than 10% of the Outstanding Principal Balance of
																				  any class or subclass of the Notes.

																				 

																				Section
																				  4.12 (a) Remedies;
																				  Rights of Controlling Party.
																				  Subject always to the provisions of this Article IV, the Controlling Party
																				  shall have the right to direct the time, method and place of conducting any
																				  proceeding for any remedy available to the Trustee; provided that
																				  (a) such direction shall not be in conflict with any rule of law or other
																				  applicable provisions of this Indenture and other Related Documents and would
																				  not involve the Trustee in personal liability or expense; and (b) the
																				  Trustee may take any other action deemed proper by the Trustee which is not
																				  inconsistent with such direction.

																				 

																				ARTICLE
																				  V

																				 

																				REPRESENTATIONS,
																				  WARRANTIES AND COVENANTS

																				 

																				Section
																				  5.01 Representations
																				  and Warranties. The
																				  Issuer represents and warrants to the parties hereto on each Closing Date as
																				  follows:

																				 

																				(a) Due
																				  Organization. The
																				  Issuer is an exempted company duly organized and validly existing under the
																				  laws of Bermuda and has the corporate power and authority to own or hold its
																				  properties and to enter into and perform its obligations under the Related
																				  Documents to which it is or will be a party, and each Issuer Subsidiary is a
																				  

																				 

																				

																				
																				  101
																				

																				

																				
 
																				 

																				corporation, trust or limited liability company
																				  duly organized in its respective jurisdiction of organization, in each case
																				  with full power and authority to conduct its business; and none of the Issuer
																				  or any Issuer Subsidiary is in liquidation, bankruptcy or suspension of
																				  payments.

																				 

																				(b) Special
																				  Purpose Status. The
																				  Issuer has not engaged in any activities since its incorporation (other than
																				  those incidental to its incorporation and other appropriate corporate steps
																				  including the issue of shares and arrangements for the payment of fees to, and
																				  director’s and officer’s insurance for, the members of its Board, the
																				  authorization and the issuance of the Initial Notes, the execution of the
																				  Related Documents and the activities referred to in or contemplated by such
																				  agreements), and the Issuer has not paid any dividends or other distributions
																				  since its incorporation.

																				 

																				(c) Non-Contravention. The
																				  acquisition of the Initial Aircraft and interests in the Initial Leases either
																				  directly or through the purchase of the Issuer Subsidiaries pursuant to the
																				  Asset Purchase Agreement, the creation of the Initial Notes, the issuance,
																				  execution and delivery by the Issuer of, and the compliance by the Issuer with
																				  the terms of the Initial Notes, and the execution and delivery by each Issuer
																				  Group Member of, and compliance by it with the terms of each of the Related
																				  Documents to which it is a party:

																				 

																				(i) do not
																				  and will not at the Initial Closing Date or any Payment Date conflict with, or
																				  result in a breach of any of the terms or provisions of, or constitute a
																				  default under, the memorandum of association of the Issuer or the constituent
																				  documents of any Issuer Subsidiary or with any existing law, rule or regulation
																				  applying to or affecting the Issuer or any Issuer Subsidiary or any judgment,
																				  order or decree of any government, governmental body or court having
																				  jurisdiction over the Issuer or any Issuer Subsidiary; and

																				 

																				(ii) do not
																				  and will not at the Initial Closing Date or any Payment Date constitute a
																				  default under, any deed, indenture, agreement or other instrument or obligation
																				  to which the Issuer or any Issuer Subsidiary is a party or by which any of them
																				  or any part of their undertaking, assets, property or revenues are
																				  bound.

																				 

																				(d) Due
																				  Authorization. The
																				  Acquisition of the Initial Aircraft and interests in the Initial Leases, the
																				  creation, execution and issuance of the Initial Notes, the execution and issue
																				  or delivery by the Issuer and each Issuer Subsidiary of the Related Documents
																				  executed by it and the performance by each of them of their obligations
																				  hereunder and thereunder and the arrangements contemplated hereby and thereby
																				  to be performed by each of them have been duly authorized by each of
																				  them.

																				 

																				(e) Validity
																				  and Enforceability. This
																				  Indenture constitutes, and the Related Documents to which it is a party, when
																				  executed and delivered and, in the case of the Initial Notes, when issued and
																				  authenticated, will constitute valid, legally binding and (subject to general
																				  equitable principles, insolvency, liquidation, reorganization and other laws of
																				  general application relating to creditors’ rights or claims or the
																				  concepts of materiality, reasonableness, good faith and fair dealing)
																				  enforceable obligations of the Issuer and each Issuer Subsidiary executing the
																				  same.

																				 

																				

																				
																				  102
																				

																				

																				
 
																				 

																				(f) No
																				  Defaults. There
																				  exists no Default, Event of Default nor any event which, had the Initial Notes
																				  already been issued, would constitute a Default or an Event of Default.
																				  

																				 

																				(g) No
																				  Encumbrances.
																				  Subject to the Security Interests created in favor of the Security Trustee and
																				  except for Permitted Encumbrances, there exists no Encumbrance over the assets
																				  or undertaking of (i) the Issuer which ranks prior to or pari passu with
																				  the obligation to make payments on the Initial Notes or (ii) any Issuer
																				  Subsidiary.

																				 

																				(h) No
																				  Consents. All
																				  consents, approvals, authorizations or other orders of all regulatory
																				  authorities required (excluding any required by the other parties to the
																				  Related Documents) for or in connection with the execution and performance of
																				  the Related Documents by the Issuer and each Issuer Subsidiary and the issue
																				  and performance of the Initial Notes and the offering of the Initial Notes by
																				  the Issuer have been obtained and are in full force and effect and not
																				  contingent upon fulfillment of any condition.

																				 

																				(i) No
																				  Litigation. There
																				  is no action, suit, investigation or proceeding pending against, or to the
																				  knowledge of the Issuer, threatened against or affecting, the Issuer or any
																				  Issuer Subsidiary before any court or arbitrator or any governmental body,
																				  agency or official which in any manner challenges or seeks to prevent, enjoin,
																				  alter or materially delay the transactions contemplated by this Indenture
																				  (including the Exhibits and Schedules attached hereto) and the Related
																				  Documents or which could reasonably be expected to have a material adverse
																				  effect on the ability of the Issuer or any Issuer Subsidiary to perform its
																				  obligations under the Related Documents. 

																				 

																				(j) Employees,
																				  Subsidiaries. The
																				  Issuer and each Issuer Subsidiary have no employees. Set forth in
																				  Schedule 2 is a true and complete list, as of the date hereof, of all
																				  Issuer Subsidiaries existing on the Initial Closing Date, together with their
																				  jurisdictions of incorporation.

																				 

																				(k) Ownership. The
																				  Issuer or an Issuer Subsidiary is the beneficial owner of the Pledged Shares,
																				  the Pledged Debt, the Pledged Beneficial Interest and the Non-Trustee Accounts,
																				  free from all Encumbrances and claims whatsoever other than Permitted
																				  Encumbrances.

																				 

																				(l) No
																				  Filings. Under
																				  the laws of Bermuda, the State of New York, the Federal laws of the United
																				  States of America or the laws of the jurisdiction of organization of any Issuer
																				  Subsidiary, it is not necessary or desirable that this Indenture or any Related
																				  Document to which the Issuer or an Issuer Subsidiary is a party (other than
																				  evidences of the Security Interests) be filed, recorded or enrolled (other than
																				  the filing of the Memorandum of Association of the Issuer in Bermuda which
																				  filing has been made and this Indenture in Bermuda which filing will have been
																				  made within five Business Days after the Initial Closing Date) with any court
																				  or other authority in any such jurisdictions or that any stamp, registration or
																				  similar tax be paid on or in relation to this Indenture or any of the other
																				  Related Documents.

																				 

																				

																				
																				  103
																				

																				

																				
 
																				 

																				(m) Aircraft
																				  Assets.
																				  Schedule 1 contains a true and complete list of all Aircraft constituting
																				  Initial Aircraft as of the Initial Closing Date and each Person within the
																				  Issuer Group that is, as of the Initial Closing Date, expected to own such
																				  Initial Aircraft as of the Acquisition Date for such Aircraft under the Asset
																				  Purchase Agreement. Except as otherwise set forth therein, after each Initial
																				  Aircraft listed on Schedule 1 has been delivered under the Asset Purchase
																				  Agreement on the Acquisition Date therefor, as such Schedule may be amended by
																				  notice to the parties hereto by the Issuer, each Person within the Issuer Group
																				  listed as an owner of an Aircraft on such Schedule will have such title to such
																				  Aircraft as was conveyed to such Person, free and clear of all Liens created by
																				  or through such Person.

																				 

																				(n) Aircraft
																				  Assets Related Documents. Each
																				  Aircraft Assets Related Document is a legal, valid and binding agreement of the
																				  Person within the Issuer Group that is a party thereto (including by way of
																				  assignment or novation) and is enforceable against such Person within the
																				  Issuer Group that is a party thereto in accordance with its terms except where
																				  enforceability may be limited by general equitable principles, insolvency,
																				  liquidation, reorganization and other laws of general application relating to
																				  creditors’ rights or claims or the concepts of materiality,
																				  reasonableness, good faith and fair dealing. No Person within the Issuer Group
																				  has modified, amended or waived any provision of or terminated any Aircraft
																				  Assets Related Document referred to in Schedule 4.02 to the Servicing
																				  Agreement except as disclosed therein.

																				 

																				(o) Other
																				  Representations. The
																				  representations and warranties made by the Issuer and each Issuer Subsidiary in
																				  any of the other Related Documents are true and accurate.

																				 

																				Section
																				  5.02 General
																				  Covenants. The
																				  Issuer hereby covenants as follows:

																				 

																				(a) No
																				  Release of Obligations. The
																				  Issuer shall not take, or knowingly permit any Issuer Subsidiary to take, any
																				  action which would amend, terminate (other than any termination in connection
																				  with the replacement of such agreement with an agreement on terms substantially
																				  no less favorable to the Issuer Group than the agreement being terminated) or
																				  discharge or prejudice the validity or effectiveness of this Indenture (other
																				  than as permitted herein), the Security Trust Agreement, any Acquisition
																				  Agreement, the Management Agreement, the Cash Management Agreement, any
																				  organizational document of the Issuer or any Issuer Subsidiary, the Policy
																				  (other than as expressly permitted hereunder), the Reference Agency Agreement,
																				  the Servicing Agreement, the Hedge Overview Services Agreement or any other
																				  Related Document to which the Issuer or any Issuer Subsidiary is a party or
																				  permit any party (other than an Issuer Group Member) to any such document to be
																				  released from such obligations, except, in each case, as permitted or
																				  contemplated by the terms of such document and except that in no event shall
																				  the Policy be so terminated (other than as expressly permitted hereunder), and
																				  provided that
																				  such actions may be taken or permitted, and such releases may be permitted
																				  (other than with respect to the termination of the Policy), if the Issuer shall
																				  have (i) obtained an authorizing resolution of the Board determining that such
																				  action, permitted action or release does not materially adversely affect the
																				  interests of the Holders or the Policy Provider (ii) given prior notice thereof
																				  to the Rating Agencies and (iii) obtained the prior written consent of the
																				  Policy 

																				 

																				

																				
																				  104
																				

																				

																				
 
																				
																				   

																				  Provider;
																					 and provided further that,
																					 in any case (i) the Issuer shall not amend or modify the conflicts
																					 standard or duty of care in the Servicing Agreements, (ii) except in the
																					 circumstances expressly contemplated in this Indenture, the Issuer may not
																					 amend the Policy without the unanimous consent of the Holders of Notes and
																					 without obtaining a Rating Agency Confirmation and (iii) there must be at
																					 all times a manager with respect to the Issuer Group Services (as defined in
																					 the Management Agreement) and a servicer (provided that,
																					 if the Servicer terminates the Servicing Agreement pursuant to Section 10.02(a)
																					 thereof, or the Policy Provider terminates the Servicing Agreement pursuant to
																					 Section 10.02(b) thereof, this Section 5.02(a) shall not be violated if the
																					 Issuer uses its best efforts to obtain a successor servicer) with respect to
																					 all Aircraft in the Portfolio.
 

																				 

																				(b) Limitation
																				  on Encumbrances. The
																				  Issuer shall not, and shall not permit any Issuer Subsidiary to, create, Incur,
																				  assume or suffer to exist any mortgage, pledge, lien, encumbrance, charge or
																				  security interest (in each case, an “Encumbrance”),
																				  including, without limitation, any conditional sale, any sale with recourse
																				  against the Issuer or any Issuer Subsidiary, or any agreement to give any
																				  security interest over or with respect to, any of the Issuer’s or any
																				  Issuer Subsidiary’s assets (other than the segregation of the Segregated
																				  Funds) including, without limitation, all shares of capital stock, all
																				  beneficial interests in trusts, all ordinary shares and preferred shares and
																				  any options, warrants and other rights to acquire such shares or interests
																				  (“Ownership
																				  Interest”)
																				  and any Indebtedness of any Issuer Subsidiary held by the Issuer or any Issuer
																				  Subsidiary.

																				 

																				Notwithstanding
																				  the foregoing, the Issuer may create, Incur, assume or suffer to exist
																				  (i) any Permitted Encumbrance, (ii) any security interest created or
																				  required to be created under the Security Documents, (iii) Encumbrances
																				  over rights in or derived from Leases, upon prior written consent of the Policy
																				  Provider and receipt of a Rating Agency Confirmation (provided that
																				  any transaction or series of transactions resulting in such Encumbrance, taken
																				  as a whole, does not materially adversely affect the amount of Collections that
																				  would have been received by the Issuer and any other Issuer Group Member from
																				  such Lease had such Encumbrance not been created), (iv) any other
																				  Encumbrance the validity or applicability of which is being contested in good
																				  faith in appropriate proceedings by the Issuer or any Issuer Subsidiary, (v)
																				  any Encumbrance in connection with any transfer of title to or Lease of an
																				  Aircraft (A) to or in favor of a trust or an entity for the purpose of
																				  registering the Aircraft under the laws of an applicable jurisdiction, or for
																				  tax or other regulatory purposes, so long as, however, the Issuer or any Issuer
																				  Subsidiary retains the beneficial or economic ownership of the Aircraft or (B)
																				  from such trust or entity to the Issuer or an Issuer Subsidiary (subject in the
																				  case of subclause (A) of this subclause (v) to the limitations set forth in
																				  subclause (F) of Section 5.02(g) below) and (vi) any lien created in favor of
																				  the issuer of a surety bond, letter of credit or similar instrument to be
																				  obtained by the Issuer or any Issuer Subsidiary in connection with the
																				  repossession of an Aircraft or other enforcement action under a
																				  Lease.

																				 

																				For the
																				  purposes of this Indenture, “Affiliate”
																				  means, with respect to any Person, any other Person that, directly or
																				  indirectly, Controls, is Controlled by or is under common Control with, such
																				  Person or is a director or officer of such Person; “Control”
																				  of a Person means the possession, direct or indirect, of the power to direct or
																				  cause the direction of the management and policies of such Person, whether
																				  through the ownership of voting Ownership Interest, by contract or otherwise.
																				  For the avoidance of doubt, each Issuer Group Member shall be an 

																				 

																				

																				
																				  105
																				

																				

																				
 
																				 

																				“Affiliate” of each other Issuer Group
																				  Member. For the purposes of this Indenture, “Permitted
																				  Encumbrance”
																				  means (i) any lien for taxes, assessments and governmental charges or
																				  levies not yet due and payable or which are being contested in good faith by
																				  appropriate proceedings; (ii) in respect of any Aircraft, any lien of a
																				  repairer (including for modifications, refurbishment, repairs or maintenance),
																				  carrier or hangar keeper arising in the ordinary course of business by
																				  operation of law or any engine or parts-pooling arrangements or other similar
																				  lien; (iii) any permitted lien or encumbrances on any Aircraft, Engines or
																				  Parts as defined under any Lease thereof (other than liens or encumbrances
																				  created by the relevant lessor); (iv) any lien created by or through or
																				  arising from debt or liabilities or any act or omission of any Lessee in each
																				  case either in contravention of the relevant Lease (whether or not such Lease
																				  has been terminated) or without the consent of the relevant lessor
																				  (provided that if
																				  such lessor becomes aware of any such lien, it shall use commercially
																				  reasonable efforts to have any such lien lifted); (v) any head lease,
																				  lease, conditional sale agreement or Purchase Option under or in respect of the
																				  Initial Lease of any Initial Aircraft existing on the Acquisition Date of such
																				  Aircraft or otherwise existing on the relevant Closing Date or thereafter
																				  existing under any other Aircraft Agreement meeting the requirements of
																				  clause (ii)(C) or (ii)(E) of the second paragraph of
																				  Section 5.02(g) hereof; (vi) any lien of an insurer for salvage,
																				  (vii) any lien for air navigation authority, airport authority, airport
																				  tending, gate or handling (or similar) charges or levies; (viii) any lien
																				  created in favor of the Issuer, any Issuer Subsidiary or the Security Trustee
																				  securing the Secured Obligations; (ix) any Encumbrance arising under an
																				  Eligible Credit Facility and (x) any other lien not referred to in clauses (i)
																				  through (ix) of this paragraph which would not adversely affect the
																				  owner’s rights and does not exceed, individually, $250,000 per Aircraft
																				  or, in the aggregate, 0.25% of the Assumed Portfolio Value.

																				 

																				(c) Limitation
																				  on Restricted Payments. The
																				  Issuer shall not, and shall not permit any Issuer Subsidiary to:

																				 

																				(i) declare
																				  or pay any dividend or make any distribution on its Ownership Interest held by
																				  Persons other than the Issuer or any Issuer Subsidiary; provided that
																				  the Issuer may, subject always to the provisions of Article III hereof, make
																				  payments in respect of the Class A Shares and the Class B Shares;

																				 

																				(ii) purchase,
																				  redeem, retire or otherwise acquire for value any shares of Ownership Interest
																				  in the Issuer or any Issuer Subsidiary held by or on behalf of Persons other
																				  than the Issuer or any Issuer Subsidiary or other Issuer Group Member other
																				  than as provided in Sections 2.11 and 5.02(l)(ii)(C);

																				 

																				(iii) make any
																				  payment of principal, interest or premium, if any, on the Notes or make any
																				  voluntary or optional repurchase, defeasance or other acquisition or retirement
																				  for value of Indebtedness of the Issuer or such Issuer Subsidiary that is not
																				  owed to the Issuer or such Issuer Subsidiary other than in accordance with
																				  Articles II, III and XI hereof, the Policy Provider Documents and otherwise
																				  provided for in the Related Documents; provided that
																				  the Issuer or any of its Affiliates may repurchase, defease or otherwise
																				  acquire or retire any of the Notes other than from the Available Collections so
																				  long as any new notes of the Issuer issued in connection with such transaction
																				  rank pari passu with
																				  the Notes being repurchased, defeased, acquired or retired and the Board shall
																				  determine that such action does not materially adversely affect the Holders and
																				  shall have 

																				 

																				 

																				

																				
																				  106
																				

																				

																				
 
																				 

																				obtained
																				  prior written consent of the Policy Provider and a Rating Agency Confirmation
																				  (other than in accordance with Articles II, III and XI hereof); or
																				  

																				 

																				(iv) make any
																				  Investments (other than Permitted Account Investments, Allowed Restructurings,
																				  Investments permitted under Section 5.02(e) or 5.02(i) hereof and
																				  Investments in any Issuer Group Member pursuant to any Acquisition Agreement or
																				  a Permitted Additional Aircraft Acquisition.

																				 

																				The term
																				  “Investment” for purposes of the above restriction means any loan or
																				  advance to a Person, any purchase or other acquisition of any beneficial
																				  interest, capital stock, warrants, rights, options, obligations or other
																				  securities of such Person, any capital contribution to such Person or any other
																				  Investment in such Person. For the avoidance of doubt, “Investment”
																				  shall not include any obligation of a purchaser of an Aircraft to make deferred
																				  or installment payments pursuant to any Aircraft Agreement specified in (ii)(C)
																				  or (ii)(E) of the second paragraph of Section 5.02(g) hereof so long
																				  as the Issuer Group retains a security interest in the relevant Aircraft until
																				  all such obligations are discharged or any payment owing to a
																				  Lessee.

																				 

																				(d) Limitation
																				  on Dividends and Other Payment Restrictions. The
																				  Issuer shall not, and shall not permit any Issuer Subsidiary to, create or
																				  otherwise suffer to exist any consensual encumbrance or restriction of any kind
																				  on the ability of any Issuer Subsidiary to (i) declare or pay dividends or
																				  make any other distributions permitted by Applicable Law, or purchase, redeem
																				  or otherwise acquire for value, the Ownership Interest of the Issuer or such
																				  Issuer Subsidiary, as the case may be; (ii) pay any Indebtedness owed to
																				  the Issuer or such Issuer Subsidiary; (iii) make loans or advances to the
																				  Issuer or such Issuer Subsidiary; or (iv) transfer any of its property or
																				  assets to the Issuer or any other Issuer Subsidiary.

																				 

																				The
																				  foregoing provisions shall not restrict any consensual encumbrances or other
																				  restrictions, including (i) Permitted Encumbrances, (ii) existing on the
																				  Initial Closing Date or, in the case of any Aircraft, the Acquisition Date of
																				  such Aircraft, under any Related Document, and any amendments, extensions,
																				  refinancings, renewals or replacements of such documents; provided that
																				  such consensual encumbrances and restrictions in any such amendments,
																				  extensions, refinancings, renewals or replacements are no less favorable in any
																				  material respect to the Holders than those previously in effect and being
																				  amended, extended, refinanced, renewed or replaced; or (iii) in the case
																				  of clause (iv) of the preceding paragraph, that restrict in a customary
																				  manner the subletting, assignment or transfer of any property or asset that is
																				  an aircraft, engine, part, lease, license, conveyance or contract or similar
																				  property or asset, or existing by virtue of any transfer of, agreement to
																				  transfer, option or right with respect to, or consensual encumbrance on, any
																				  property or assets of the Issuer or any Issuer Subsidiary not otherwise
																				  prohibited by this Indenture. Nothing contained in this covenant shall prevent
																				  the Issuer or any Issuer Subsidiary from creating, incurring, assuming or
																				  suffering to exist any Encumbrances not otherwise prohibited under this
																				  Indenture.

																				 

																				(e) Limitation
																				  on Engaging in Business Activities. The
																				  Issuer shall not, and shall not permit any Issuer Subsidiary to, engage in any
																				  business or activity other than:

																				 

																				

																				
																				  107
																				

																				

																				
 
																				 

																				(i) acquiring,
																				  purchasing, owning, holding, converting, maintaining, modifying, managing,
																				  operating, leasing, re-leasing and selling or otherwise disposing of the
																				  Aircraft and entering into all contracts and engaging in all related activities
																				  incidental thereto, including from time to time accepting, exchanging, holding
																				  or permitting any Issuer Subsidiary to accept, exchange or hold promissory
																				  notes, contingent payment obligations or equity interests, of Lessees or their
																				  Affiliates issued in connection with the bankruptcy, reorganization or other
																				  similar process, or in settlement of delinquent obligations or obligations
																				  anticipated to be delinquent, of such Lessees or their respective Affiliates in
																				  the ordinary course of business (an “Allowed
																				  Restructuring”);

																				 

																				(ii) providing
																				  loans to, guaranteeing or otherwise supporting the obligations and liabilities
																				  of any Issuer Group Member, in each case on such terms and in such manner as
																				  the Board sees fit and (whether or not the Issuer or any Issuer Subsidiary
																				  derives a benefit therefrom) so long as such loans, guarantees or other
																				  supports are provided in connection with the purposes set forth in
																				  clause (i) of this Section 5.02(e); provided that
																				  written notification shall have been given to each Rating Agency, the Policy
																				  Provider and the Initial Liquidity Facility Provider of such loan, guarantee or
																				  other support, provided that,
																				  no such notice shall be required for any guarantee provided by an Issuer Group
																				  Member with respect to any obligations of another Issuer Group Member in
																				  respect of the lease, purchase, maintenance, modification, refurbishment,
																				  repair or sale of any Aircraft or otherwise in the ordinary course of the
																				  aircraft operating lease business;

																				 

																				(iii) financing
																				  or refinancing the business activities described in clause (i) of this
																				  Section 5.02(e) through the offer, sale and issuance of any securities of
																				  the Issuer upon such terms and conditions as the Board sees fit, for cash or in
																				  payment or in partial payment for any property purchased or otherwise acquired
																				  by any Issuer Group Member;

																				 

																				(iv) engaging
																				  in currency and interest rate exchange transactions for the purposes of
																				  avoiding, reducing, minimizing, hedging against or otherwise managing the risk
																				  of any loss, cost, expense or liability arising, or which may arise, directly
																				  or indirectly, from any change or changes in any interest rate or currency
																				  exchange rate or in the price or value of any of the Issuer’s or any
																				  Issuer Subsidiary’s property or assets, within limits and with providers
																				  specified by the Board Resolution providing therefor from time to time and
																				  submitted to the Rating Agencies, the Policy Provider and the Initial Liquidity
																				  Facility Provider, including dealings, whether involving purchases, sales or
																				  otherwise, in foreign currency, spot and forward interest rate exchange
																				  contracts, forward interest rate agreements, caps, floors and collars, futures,
																				  options, hedges and any other currency, interest rate and other similar hedging
																				  arrangements and such other instruments as are similar to, or derivatives of,
																				  any of the foregoing; provided,
																				  that, from
																				  and after the expiry or termination of the Initial Hedge Agreements, the Issuer
																				  shall enter into such hedging arrangements so as to result in at least 70% of
																				  its liabilities being hedged on a rolling 3-year look-forward basis;
																				  provided,
																				  however, that
																				  the Issuer shall not, and shall not permit any Issuer Subsidiary to, enter into
																				  any such hedging arrangements or other instruments that (x) are not entered
																				  into solely for hedging interest rate or currency risks associated with the
																				  Notes and/or the Leases or (y) are not U.S. dollar-denominated interest rate
																				  hedges, hedges, currency hedges, Swaptions, caps or floors (except in instances
																				  where the hedging instrument is entered into substantially to 

																				 

																				

																				
																				  108
																				

																				

																				
 
																				 

																				hedge
																				  risks associated with non-U.S. dollar-denominated Leases) without the prior
																				  written consent of the Policy Provider; provided further that
																				  the Issuer shall not, and shall not permit any Issuer Subsidiary to (unless
																				  with respect to any action permitted under Section 5.02(g) and Section 5.02(j)
																				  with respect to disposition or transfer to another Issuer Group Member), (A)
																				  terminate or transfer such hedging arrangements without the prior written
																				  consent of the Policy Provider and (B) enter into any Hedge Agreement after the
																				  Initial Closing Date without the prior written consent of the Policy Provider
																				  unless such Hedge Agreement contains the Material Hedge Agreement Terms that
																				  are no less favorable to the Issuer, any applicable Issuer Subsidiary and the
																				  Policy Provider than those contained in the Initial Hedge
																				  Agreements;

																				 

																				(v) (A) establishing,
																				  promoting and aiding in promoting, constituting, forming or organizing
																				  companies, trusts, syndicates, partnerships or other entities of all kinds in
																				  any part of the world for the purposes set forth in clause (i) above;
																				  provided that
																				  written notification shall have been given to each Rating Agency, the Policy
																				  Provider and the Initial Liquidity Facility Provider that such company, trust,
																				  syndicate, partnership or other entity is set up in compliance with this
																				  Indenture, (B) acquiring, holding and disposing of shares, securities and
																				  other interests in any such company, trust, syndicate, partnership or other
																				  entity and (C) disposing of shares, securities and other interests in, or
																				  causing the dissolution of, any existing subsidiary; provided that
																				  any such disposition which results in the disposition of an Aircraft meets the
																				  requirements set forth in Section 5.02(g) hereof;

																				 

																				(vi) taking
																				  out, acquiring, surrendering and assigning policies of insurance and assurances
																				  with any insurance company or companies which the Issuer or any Issuer
																				  Subsidiary may think fit and to pay the premiums thereon; and

																				 

																				(vii) engaging
																				  in the transactions contemplated by the Policy Provider Documents.

																				 

																				(f) Limitation
																				  on Indebtedness. The
																				  Issuer shall not, and shall not permit any Issuer Subsidiary to, incur, create,
																				  issue, assume, guarantee or otherwise become liable for or with respect to, or
																				  become responsible for, the payment of, contingently or otherwise, whether
																				  present or future (in any such case, to “Incur”),
																				  Indebtedness.

																				 

																				Notwithstanding
																				  the foregoing, the Issuer and any Issuer Subsidiary may Incur each and all of
																				  the following:

																				 

																				(i) Indebtedness
																				  in respect of any Initial Notes issued on the Initial Closing
																				  Date;

																				 

																				(ii) Indebtedness
																				  in respect of any Refinancing Notes or other Indebtedness described in the
																				  proviso to Section 5.02(c)(iii) hereof; provided that
																				  (A) such Refinancing Notes or other Indebtedness receive ratings from the
																				  Rating Agencies at the close of such Refinancing or repurchase equal to or
																				  higher than those of the subclass being refinanced (determined at the date of
																				  Incurrence), (B) taking into account such Refinancing or repurchase, a
																				  Rating Agency Confirmation is obtained prior to such Refinancing or
																				  

																				 

																				

																				
																				  109
																				

																				

																				
 
																				 

																				repurchase
																				  with respect to each subclass of Notes Outstanding at such time, (C) the
																				  prior written consent of each of the Policy Provider and the Initial Liquidity
																				  Facility Provider has been obtained with respect to such Refinancing or other
																				  Indebtedness and (D) the net proceeds of any such Refinancing or the
																				  Indebtedness shall be applied only (x) to repay the Redemption Price plus
																				  the Refinancing Expenses of the subclass of Notes being so refinanced or
																				  repurchased and pay any Policy Premium and Policy Redemption Premium, if any,
																				  due and unpaid to the Policy Provider, (y) to fund any Cash Collateral
																				  Account established for the related Refinancing Notes (up to the Required
																				  Amount therefor) and (z) for deposit into any Cash Collateral Account
																				  (including in connection with an increase in any Required Amount effected under
																				  this Indenture in connection with the issuance of such Refinancing
																				  Notes);

																				 

																				(iii) Indebtedness
																				  in respect of guarantees by any Issuer Group Member that are in the ordinary
																				  course of the aircraft operating leasing business;

																				 

																				(iv) Indebtedness
																				  in respect of any Additional Notes the net proceeds of which are applied
																				  (A) to finance a Permitted Additional Aircraft Acquisition or to make
																				  Conversion Payments, (B) to fund any Cash Collateral Account established
																				  for such Additional Notes (up to the Required Amount therefor), (C) for
																				  deposit into any Cash Collateral Account (including in connection with an
																				  increase in any Required Amount effected under this Indenture in connection
																				  with the issuance of such Additional Notes) and (D) to fund expenses related
																				  thereto; provided that
																				  (w) a Rating Agency Confirmation is obtained prior to the Incurrence of
																				  such Indebtedness with respect to all of the Notes Outstanding at such time,
																				  (x) the net proceeds of such Indebtedness shall be applied only for the
																				  purposes specified above in this clause (iv), (y) the prior written
																				  consent of the Policy Provider (unless the Policy Non-Consent Event has
																				  occurred) is obtained prior to the Incurrence of such Indebtedness and
																				  (z) such Additional Notes will be cross-collateralized with all Secured
																				  Obligations by the Collateral under the Security Trust Agreement;

																				 

																				(v) obligations
																				  to each Seller under each Acquisition Agreement and any related lease
																				  assignment and assumption agreements and obligations to Lessees and others
																				  under the documents related thereto, including any Indebtedness owed to any
																				  Lessee under any such agreement or the Lease with respect to maintenance
																				  contributions, redelivery condition adjustment payments, “AD Sharing”
																				  or any other obligation of the Issuer or any Issuer Subsidiary to a Lessee or
																				  other obligations to a Person to be funded from withdrawals from the Budgeted
																				  Cash Account;

																				 

																				(vi) Indebtedness
																				  under any agreements between the Issuer or any Issuer Subsidiary and any other
																				  Issuer Group Members (each, an “Intercompany
																				  Loan”);
																				  provided that
																				  the agreements or promissory notes evidencing such Indebtedness shall be
																				  pledged to the Security Trustee;

																				 

																				(vii) Indebtedness
																				  of the Issuer under any Eligible Credit Facility, provided that a
																				  Rating Agency Confirmation and the prior written consent of each of the Policy
																				  Provider and the Initial Liquidity Facility Provider is obtained prior to
																				  entering into such new Eligible Credit Facility;

																				 

																				

																				
																				  110
																				

																				

																				
 
																				 

																				(viii) Indebtedness
																				  of the Issuer under the Policy Provider Documents;

																				 

																				(ix) Indebtedness
																				  required in connection with repossession or detention of or other enforcement
																				  action with respect to an Aircraft or any Engine;

																				 

																				(x) Indebtedness
																				  in favor of the issuer of a surety, letter of credit or similar instrument to
																				  be obtained by the Issuer or any Issuer Subsidiary in connection with the
																				  repossession or detention of an Aircraft or other enforcement action under a
																				  Lease; and

																				 

																				(xi) Obligations
																				  to any purchaser of Aircraft pursuant to any Aircraft Agreement.

																				 

																				(g) Limitation
																				  on Aircraft Dispositions. The
																				  Issuer shall not, and shall not permit any Issuer Subsidiary to, sell, transfer
																				  or otherwise dispose of any Aircraft or any interest therein other than as
																				  provided in Section 4(e) of Schedule 2.02(a) of the Servicing Agreement.
																				  

																				 

																				Notwithstanding
																				  the foregoing, the Issuer and any Issuer Subsidiary shall only be permitted to
																				  sell, transfer or otherwise dispose of, directly or indirectly:

																				 

																				(i) any
																				  Engine or Part purchased on the date such Aircraft is acquired or any Engine or
																				  Part in connection with the replacement or exchange of such Engine or Part in
																				  accordance with a Lease or any Part that the Servicer (with the Manager’s
																				  consent) has determined is surplus to the Issuer Group’s operations or is
																				  obsolete, or

																				 

																				(ii) one or
																				  more Aircraft or an interest therein:

																				 

																				(A) pursuant
																				  to a Purchase Option or other agreement of a similar character existing with
																				  respect to an Initial Aircraft on the Initial Closing Date or, with respect to
																				  any Substitute Aircraft or Additional Aircraft, on the Closing Date
																				  therefor,

																				 

																				(B) within
																				  or among the Issuer and the Issuer Subsidiaries without limitation and among
																				  the Issuer and/or any Issuer Subsidiary and any other Issuer Group Member;
																				  provided that no
																				  such sale, transfer or other disposition shall be made unless the Issuer or the
																				  Manager has determined that such sale, transfer or other disposition would not
																				  materially adversely affect the Holders or the Policy Provider,

																				 

																				(C) pursuant
																				  to any Aircraft Agreement (including any entered into with holders of the Class
																				  A Shares or their Affiliates), provided that
																				  such sale does not result in a Concentration Default and the net present value
																				  of the cash Net Sale Proceeds thereof is not less than the Note Target Price
																				  with respect to such Aircraft; except that not more than six Aircraft may be
																				  sold, transferred or otherwise disposed of without the prior written consent of
																				  the Policy Provider,

																				 

																				(D) pursuant
																				  to receipt of insurance, requisition or condemnation proceeds in connection
																				  with a Total Loss,

																				 

																				(E) pursuant
																				  to an Aircraft Agreement (including pursuant to a Purchase Option) the net
																				  present value of the cash Net Sale Proceeds of which is less 

																				 

																				

																				
																				  111
																				

																				

																				
 
																				 

																				than the
																				  Note Target Price, provided that,
																				  (x) in any one calendar year such sales do not exceed 10% of the then
																				  Assumed Portfolio Value, (y) a Rating Agency Confirmation from
																				  Moody’s alone is obtained or each such sale does not result in a
																				  Concentration Default and (z) the prior written consent of the Policy Provider
																				  shall have been obtained, or

																				 

																				(F) in
																				  connection with a transfer of title or another interest in an Aircraft (1) to
																				  or in favor of a trust or entity that is not an Issuer Subsidiary for the
																				  purposes of registering the Aircraft under the laws of an applicable
																				  jurisdiction, or for tax or other regulatory purposes, where the Issuer or an
																				  Issuer Subsidiary retains the beneficial or economic ownership of the Aircraft
																				  or (2) from such trust or entity to the Issuer or an Issuer Subsidiary, except
																				  that, without the consent of the Policy Provider, at any one time not more than
																				  five Aircraft may be subject to the arrangements described in subclause (1) of
																				  this subclause (F), subclause (v) of the second paragraph of Section 5.02(b)
																				  hereof, or clause (c) of Section 5.02(l), to the extent that such arrangements
																				  cause title to such Aircraft to be held by Persons that are not Issuer
																				  Subsidiaries. 

																				 

																				For the
																				  purpose of this Section 5.02(g), the net present value of the cash Net
																				  Sale Proceeds of any sale, transfer or other disposition of any Aircraft shall
																				  mean the present value of all payments received or to be received by the Issuer
																				  or any Issuer Subsidiary in respect of such Aircraft from the date of execution
																				  or option granting date, as the case may be, of the relevant Aircraft Agreement
																				  through and including the date of transfer of title to such Aircraft,
																				  discounted back to the date of execution or option granting date, as the case
																				  may be, of such Aircraft Agreement at the weighted average cost of funds of the
																				  Issuer Group (based on the cost of funds on the Payment Date immediately
																				  preceding such date (taking into account any Hedge Agreements)).
																				  Notwithstanding the foregoing, no sale, transfer or other disposition of any
																				  Aircraft contributed by the holders of the Class A Shares shall be permitted if
																				  a Default or Event of Default would arise after giving effect to such sale,
																				  transfer or other disposition. 

																				 

																				(h) Limitation
																				  on Aircraft Acquisitions. The
																				  Issuer shall not, and shall not permit any Issuer Subsidiary to, purchase or
																				  otherwise acquire, directly or indirectly, any Aircraft other than the Initial
																				  Aircraft or any interest therein.

																				 

																				Notwithstanding
																				  the foregoing, the Issuer may, and may permit any Issuer Subsidiary to (A)
																				  purchase or acquire, directly or indirectly, Additional Aircraft from time to
																				  time (a “Permitted
																				  Additional Aircraft Acquisition”);
																				  provided that,
																				  (i) no Event of Default shall have occurred and be continuing,
																				  (ii) the acquisition does not result in a Concentration Default,
																				  (iii) in the case of any Additional Aircraft acquired by means of the
																				  issuance of Additional Notes, the prior written consent of each of the Policy
																				  Provider and the Initial Liquidity Facility Provider has been obtained and a
																				  Rating Agency Confirmation has been received, and (B) purchase or otherwise
																				  acquire, directly or indirectly, (x) Remaining Aircraft pursuant to the Asset
																				  Purchase Agreement or (y) Substitute Aircraft, provided that,
																				  with respect to Substitute Aircraft, each of a Rating Agency Confirmation and
																				  the prior written consent of the Policy Provider has been received, except that
																				  that the consent of the Policy Provider shall not be required for such
																				  substitution if (i) such Substitute Aircraft is not a cargo or regional jet
																				  aircraft or, if such Substitute Aircraft is a cargo or regional jet aircraft,
																				  such Substitute Aircraft is being substituted for an Aircraft of the same
																				  category and (ii) the Rating Agencies have confirmed that 

																				 

																				

																				
																				  112
																				

																				

																				
 
																				 

																				such
																				  substitution will not result in an adverse change to the Policy Provider’s
																				  capital charge associated with the Class G-1 Notes or the ratings assigned to
																				  the Class G-1 Notes by each Rating Agency (as determined without regard to the
																				  Policy), and (C) acquire, by way of a contribution from the holders of the
																				  Class A Shares, any Additional Aircraft. All Additional Aircraft shall hold or
																				  are capable of holding a noise reduction certificate issued under
																				  Chapter 3 of Volume I, Part II of annex 16 of the Chicago Convention
																				  or comply with the Stage 3 noise levels set out in Section 36.3 of
																				  Appendix C of Part 36 of the United States Federal Aviation
																				  Regulations (in each case without the use of noise reduction kits).
																				  

																				 

																				(i) Limitation
																				  on Modification Payments and Capital Expenditures. The
																				  Issuer shall not, and shall not permit any Issuer Subsidiary to, make any
																				  capital expenditures for the purpose of effecting any optional improvement or
																				  modification of any Aircraft, including without limitation the optional
																				  conversion (an “Aircraft
																				  Conversion”)
																				  of any Aircraft from a passenger aircraft to a cargo or mixed use aircraft, or
																				  for the purpose of purchasing or otherwise acquiring any Engines or Parts
																				  outside of the ordinary course of business, excluding any capital expenditure
																				  made in the ordinary course of business in connection with a lease or sale of
																				  such Aircraft (each such non-excluded expenditure, a “Modification
																				  Payment”,
																				  and each Modification Payment in respect of an Aircraft Conversion, a
																				  “Conversion
																				  Payment”).

																				 

																				Notwithstanding
																				  the foregoing, the Issuer may, and may permit any Issuer Subsidiary to (x) make
																				  Conversion Payments from amounts on deposit in the Aircraft Conversion Account
																				  (which shall only be funded by capital contributions made by the holders of the
																				  Class A Shares or the issuance of Additional Notes) and (y) make Modification
																				  Payments (other than Conversion Payments) the aggregate net cash cost of all of
																				  which Modification Payments made by the Issuer Group, taken as a whole,
																				  pursuant to this Section 5.02(i) after the after the Initial Closing Date,
																				  including such Modification Payment, shall not exceed (as of the date of such
																				  Modification Payment) 5% of the aggregate initial Average Base Value of all
																				  Aircraft in the Portfolio; provided,
																				  however, that,
																				  if (1) such Modification Payment shall be financed through capital
																				  contributions from the holders of the Class A Shares, the foregoing clause (y)
																				  shall not apply and (2) such Modification Payment is in respect of the
																				  installation of main deck cargo doors on the two Boeing 767-200PC Aircraft
																				  bearing manufacturer’s serial numbers 23022 and 23140, respectively (on
																				  lease to ABX Air, Inc. as of the Initial Closing Date), the foregoing
																				  limitations in clauses (x) and (y) shall not apply to the extent such
																				  Modification Payment is funded from capital contributions from the holders of
																				  the Class A Shares or as a Permitted Accrual. For the avoidance of doubt, any
																				  Modification Payments permitted to be made without the express prior written
																				  approval of the Issuer under Section 7.04 of the Servicing Agreement shall be
																				  expressly permitted under this Indenture, provided that
																				  the references therein to modifications permitted in the then current
																				  “Approved Budget” shall not be deemed to permit thereunder any
																				  Modification Payments that are not permitted under this section.

																				 

																				(j) Limitation
																				  on Consolidation, Merger and Transfer of Assets. The
																				  Issuer shall not, and shall not permit any Issuer Subsidiary to, consolidate
																				  with, amalgamate, merge with or into, or sell, convey, transfer, lease or
																				  otherwise dispose of its property and assets (as an entirety or substantially
																				  an entirety in one transaction or in a series of related transactions) to, any
																				  other Person, or permit any other Person to consolidate with, amalgamate or
																				  merge with or into the Issuer or any Issuer Subsidiary, unless: 

																				 

																				

																				
																				  113
																				

																				

																				
 
																				 

																				(i) the
																				  resulting entity is a special purpose entity, the charter of which is
																				  substantially similar to the charter documents of the Issuer or the equivalent
																				  charter document of such Issuer Subsidiary, as the case may be, and, after such
																				  consolidation, amalgamation, merger, sale, conveyance, transfer, lease or other
																				  disposition (A) payments from such resulting entity to the Holders do not give
																				  rise to any withholding tax payments less favorable to the Holders than the
																				  amount of any withholding tax payments which would have been required had such
																				  event not occurred and (B) such entity is not subject to taxation as a
																				  corporation or an association or a publicly traded partnership taxable as a
																				  corporation, 

																				 

																				(ii) in the
																				  case of any consolidation, amalgamation, merger or transfer by the Issuer, the
																				  surviving successor or transferee entity shall expressly assume all of the
																				  obligations of the Issuer under this Indenture, the Notes and each other
																				  Related Document to which the Issuer is then a party (with, in the case of a
																				  transfer only, the Issuer thereupon being released) and in the case of any
																				  consolidation, amalgamation, merger or transfer by any other Issuer Group
																				  Member, the surviving successor or transferee entity shall expressly assume all
																				  of the obligations of such Issuer Group Member under each Related Document to
																				  which it is then a party (with, in the case of a transfer only, the Issuer
																				  Group Member thereupon being released), 

																				 

																				(iii) each of
																				  a Rating Agency Confirmation and the prior written consent of each of the
																				  Policy Provider (unless the Policy Non-Consent Event has occurred) and the
																				  Initial Liquidity Facility Provider (unless the Initial Liquidity Facility
																				  Non-Consent Event has occurred) is obtained with respect to such merger, sale,
																				  conveyance, transfer, lease or disposition, 

																				 

																				(iv) immediately
																				  after giving effect to such transaction, no Event of Default shall have
																				  occurred and be continuing, and

																				 

																				(v) the
																				  Issuer delivers to the Trustee an Officer’s Certificate and an Opinion of
																				  Counsel, in each case stating that such consolidation, amalgamation, merger or
																				  transfer and such supplemental indenture comply with the above criteria and, if
																				  applicable, Section 5.02(g) and that all conditions precedent provided for
																				  herein relating to such transaction have been complied with;

																				 

																				provided that
																				  this covenant shall not apply to any such consolidation, amalgamation, merger,
																				  sale, conveyance, transfer, lease or disposition (a) within and among the
																				  Issuer Group if the Manager or the Issuer shall have determined that such
																				  consolidation, amalgamation, merger, sale, conveyance, transfer, lease or
																				  disposition, as the case may be, (x) would not materially adversely affect the
																				  Holders or the Policy Provider, and (y) is otherwise consistent with Sections
																				  5.02(p) and (q), (b) complying with the terms of Section 5.02(g)
																				  hereof or (c) effected as part of a single transaction providing for the
																				  redemption or defeasance of Notes in accordance with Section 3.11 or
																				  Article XI, respectively.

																				 

																				(k) Limitation
																				  on Transactions with Affiliates. The
																				  Issuer shall not, and shall not permit any Issuer Subsidiary, directly or
																				  indirectly, to enter into, renew or extend any transaction (including, without
																				  limitation, the purchase, sale, lease or exchange of property or 

																				 

																				

																				
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																				assets,
																				  or the rendering of any service) with any Affiliate of the Issuer or any Issuer
																				  Subsidiary, except upon fair and reasonable terms no less favorable to the
																				  Issuer or such Issuer Subsidiary than could be obtained, at the time of such
																				  transaction or at the time of the execution of the agreement providing
																				  therefor, in a comparable arm’s-length transaction with a Person that is
																				  not such an Affiliate and pursuant to enforceable agreements.

																				 

																				The
																				  foregoing limitation does not limit, and shall not apply to: (i) any
																				  transaction in connection with the establishment of the Issuer Group, its
																				  acquisition of the Initial Aircraft or pursuant to the terms of the Related
																				  Documents; (ii) any transaction permitted hereunder within and among the Issuer
																				  or any Issuer Subsidiary and any other Issuer Group Member; (iii) the payment
																				  of reasonable and customary fees to, and the provision of reasonable and
																				  customary liability insurance in respect of the Directors; (iv) any payments on
																				  or with respect to the Notes or Shares in accordance with this Indenture; (v)
																				  any Contribution Amounts or contributions in the form of Additional Aircraft
																				  made by the holders of the Class A Shares and (vi) any capital contribution to
																				  any member of the Issuer Group.

																				 

																				(l) Limitation
																				  on the Issuance,
																				  Transfer and Sale of Ownership Interests. The
																				  Issuer shall not (i) issue, deliver or sell any shares, interests,
																				  participations or other equivalents in equity (however designated, whether
																				  voting or non-voting), including, without limitation, all ordinary shares of
																				  the Issuer (other than the issuance of shares, beneficial interests,
																				  participations or other equivalents existing on the Initial Closing Date), or
																				  (ii) sell, or permit any Issuer Subsidiary, directly or indirectly, to
																				  issue, deliver or sell, any shares, beneficial interests, participations or
																				  other equivalents in equity (however designated, whether voting or non-voting,
																				  other than such shares, interests, participations or other equivalents existing
																				  on the Initial Closing Date), except (A) the issuance, sale, delivery,
																				  transfer or pledge of Ownership Interest in any Issuer Group Member to or for
																				  the benefit of any other Issuer Group Member, (B) issuances or sales of
																				  any Additional Notes the proceeds of which are applied to finance a Permitted
																				  Additional Aircraft Acquisition or make Conversion Payments, as the case may
																				  be, provided that (x) a Rating Agency Confirmation is obtained prior to such
																				  issuance with respect to all of the Notes Outstanding at such time and the
																				  prior written consent of the Policy Provider is obtained in connection
																				  therewith, (y) the net proceeds of such issuance shall be used only to finance
																				  such Permitted Additional Aircraft Acquisition and/or the purpose to which the
																				  proceeds of Additional Notes may be applied in accordance with the provisions
																				  of Section 2.11 hereof and such issuance otherwise complies with Section 2.11
																				  and (z) the issuance, delivery and sale of such Additional Notes takes place
																				  only as permitted by the organizational documents, (C) subject to the
																				  overall limitation thereon in clause (ii)(F)(1) of Section 5.02(g), issuances
																				  or sales of Ownership Interests of foreign Issuer Subsidiaries to nationals in
																				  the jurisdiction of incorporation or organization of such Issuer Subsidiary, as
																				  the case may be, to the extent required by applicable law or necessary in the
																				  determination of the Board to avoid adverse tax consequences or to facilitate
																				  the registration or leasing of Aircraft, (D) the pledge of the Pledged
																				  Shares, Pledged Membership Interests and Pledged Beneficial Interests pursuant
																				  to the Security Documents, (E) the issuance, sale, delivery, transfer or
																				  pledge of any Ownership Interests of an Issuer Subsidiary in order to effect
																				  the sale of all Aircraft owned by such Issuer Subsidiary in compliance with
																				  Section 5.02(g) hereof, (F) the issuance of Additional Notes to the
																				  Holders to the extent such Holder provides funds to the Issuer with which to
																				  effect a Redemption or discharge the Notes upon their Acceleration, (G) the
																				  issuance, sale, delivery, transfer or pledge 

																				 

																				

																				
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																				of the
																				  Class A Shares or the Class B Shares and (H) in connection with any sale,
																				  conveyance, transfer or other disposition permitted under Section
																				  5.02(j).

																				 

																				(m) Bankruptcy
																				  and Insolvency; Corporate Governance. The
																				  Issuer (i) shall promptly provide the Trustee, the Policy Provider, the
																				  Initial Liquidity Facility Provider and the Rating Agencies with written notice
																				  of the institution of any proceeding by or against the Issuer or any Issuer
																				  Subsidiary, as the case may be, seeking to adjudicate any of them bankrupt or
																				  insolvent, or seeking liquidation, Irish law examinership, winding up,
																				  reorganization, arrangement, adjustment, protection, relief or composition of
																				  their debts under any law relating to bankruptcy, insolvency or reorganization,
																				  Irish law examinership or relief of debtors, or seeking the entry of an order
																				  for relief or the appointment of a receiver, trustee, Irish law examiner or
																				  other similar official for either all or for any substantial part of its
																				  property; (ii) shall not take any action to waive, repeal, amend, vary,
																				  supplement or otherwise modify its constitutional documents, or those of any
																				  Issuer Subsidiary in a manner that would adversely affect the rights,
																				  privileges or preferences of any Holder of the Notes or the Policy Provider, as
																				  determined by the Board, and (iii) shall not, without an affirmative
																				  unanimous written resolution of the Board, take any action to waive, repeal,
																				  amend, vary, supplement or otherwise modify the provisions of its
																				  constitutional documents or those of any Issuer Subsidiary and shall not permit
																				  any Issuer Subsidiary to take any such action without an affirmative unanimous
																				  written resolution of the board of directors of such Issuer Subsidiary. The
																				  Issuer shall have at least two Independent Directors.

																				 

																				(n) Payment
																				  of Principal, Redemption Premium, if any, and Interest. The
																				  Issuer shall duly and punctually pay or provide for payment of the principal,
																				  premium, if any, interest on the Notes in accordance with the terms of this
																				  Indenture and the Notes. 

																				 

																				(o) Limitation
																				  on Employees. The
																				  Issuer shall not, and shall not permit any Issuer Subsidiary to, employ or
																				  maintain any employees other than as required by any provisions of local law;
																				  provided that
																				  trustees and directors shall not be deemed to be employees for purposes of this
																				  Section 5.02(o).

																				 

																				(p) Compliance
																				  and Agreement. The
																				  Issuer shall comply, and shall cause each Issuer Subsidiary to comply, with the
																				  provisions of the Related Documents. The Issuer shall ensure that title to each
																				  Aircraft shall be held in a special purpose bankruptcy remote entity (including
																				  a trust) (but not the Issuer) whose constitutional documents contain
																				  restrictions similar to the restrictions (including, but not limited to, the
																				  provisions regarding limited purpose, maintaining separateness from other
																				  entities and bankruptcy remoteness) contained in the constitutional documents
																				  of the Issuer Subsidiaries existing on the Initial Closing Date; provided, that,
																				  title to each Aircraft shall be held in a single entity unless the Issuer has
																				  commercial reasons to have title to more than one Aircraft held in a single
																				  entity but in no event shall title to more than three aircraft be held in any
																				  one such entity. The constitutional documents of the Issuer Subsidiaries shall
																				  contain provisions requiring the Issuer Subsidiaries to comply with the
																				  provisions of the Related Documents and any amendment to such provision shall
																				  be subject to the prior written consent of the Policy Provider.

																				 

																				(q) Maintenance
																				  of Separate Existence. Except
																				  to the extent provided in this Indenture or the other Related Documents, the
																				  Issuer shall, and shall cause each Issuer 

																				 

																				

																				
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																				Subsidiary
																				  to, maintain certain policies and procedures relating to its existence as a
																				  separate corporation, company or other legal entity as follows: 

																				 

																				(i) the
																				  Issuer acknowledges its receipt of a copy of that certain opinion letter issued
																				  by Conyers Dill & Pearman, dated as of the Initial Closing Date addressed
																				  to, among others, the Policy Provider, the Initial Liquidity Facility Provider
																				  and the Rating Agencies and addressing the issue of substantive consolidation
																				  as it may relate to the Issuer, on the one hand, and the Servicer or the
																				  Manager, on the other hand. The Issuer hereby agrees to maintain, and to cause
																				  each Issuer Subsidiary to maintain, in place all policies and procedures, and
																				  take and continue to take all actions, relating to the Issuer or such Issuer
																				  Subsidiaries, as applicable; provided,
																				  however, that
																				  the Issuer or any such Issuer Subsidiary may cease to maintain any policy or
																				  procedure if and to the extent that the Issuer or such Issuer Subsidiary
																				  delivers to the Trustee, the Initial Liquidity Facility Provider and the Policy
																				  Provider an Opinion of Counsel reasonably acceptable to the Initial Liquidity
																				  Facility Provider and the Policy Provider providing that such policy or
																				  procedure is no longer necessary, due to a change in law or otherwise, for the
																				  rendering of such earlier opinion relating to the issue of substantive
																				  consolidation and a Rating Agency Confirmation is obtained with respect to
																				  ceasing to maintain such policy or procedure. 

																				 

																				(ii) the
																				  Issuer shall, and shall cause each Issuer Subsidiary to: 

																				 

																				(A) maintain
																				  its own books and records and bank accounts separate from those of the
																				  Servicer, the Manager and any other Person except as otherwise contemplated by
																				  the constitutional documents of the Issuer Group Members or the Related
																				  Documents; 

																				 

																				(B) maintain
																				  its assets in such a manner that it is not difficult to segregate, identify or
																				  ascertain such assets; 

																				 

																				(C) except
																				  with respect to any Issuer Group Member that is a grantor trust, have a board
																				  of directors separate from that of the Servicer, the Manager and any other
																				  Person; provided that
																				  the individuals serving as directors of each board of directors may be the same
																				  individuals on each board of directors;

																				 

																				(D) except
																				  with respect to any Issuer Group Member that is a grantor trust, cause its
																				  board of directors to meet at least quarterly and keep minutes of such meetings
																				  and actions and observe all other corporate and other legal
																				  formalities;

																				 

																				(E) hold
																				  itself out to creditors and the public as a legal entity separate and distinct
																				  from the Servicer, the Manager and any other Person;

																				 

																				(F) prepare
																				  separate financial statements and separate tax returns, and if separate returns
																				  for the Issuer and the Manager are required under applicable tax law, or if
																				  part of a consolidated group, then it will be shown as a separate member of
																				  such group, and pay any taxes required to be paid under applicable tax
																				  law;

																				 

																				

																				
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																				(G) allocate
																				  and charge fairly and reasonably any common overhead shared with
																				  Affiliates;

																				 

																				(H) conduct
																				  business in its own name, use separate invoices, stationery and checks and
																				  strictly comply with all organizational formalities to maintain its separate
																				  existence;

																				 

																				(I) not
																				  commingle its assets or funds with those of any other Person (including the
																				  Servicer or the Manager);

																				 

																				(J) not hold
																				  out its credit or assets as being available to satisfy the obligations of
																				  others;

																				 

																				(K) not
																				  assume, guarantee or pay the debts or obligations of any other Person or
																				  otherwise pledge its assets for the benefit of any other Person;

																				 

																				(L) correct
																				  any known misunderstanding regarding its separate identity;

																				 

																				(M) other
																				  than as expressly contemplated by this Indenture, pay its own liabilities only
																				  out of its own funds; 

																				 

																				(N) maintain
																				  adequate capital in light of its contemplated business purpose, transactions
																				  and liabilities;

																				 

																				(O) not
																				  acquire the securities of the Servicer or the Manager; and

																				 

																				(P) cause
																				  its Board and any officers, managers, agents and other representatives of the
																				  Issuer or such Issuer Subsidiary, as applicable, to act at all times with
																				  respect to the Issuer or such Issuer subsidiary, as the case may be,
																				  consistently and in furtherance of the foregoing and in compliance with
																				  Applicable Law. 

																				 

																				(iii) Subject
																				  to requirements of applicable Bermuda law, the Company shall do all things
																				  necessary to maintain itself in existence as an “exempted company”
																				  under the laws of Bermuda. 

																				 

																				(r) Skymark
																				  Aircraft. Unless
																				  the Skymark Aircraft remains registered on the aircraft register of Japan, the
																				  Issuer shall cause the relevant Issuer Subsidiary to exercise the purchase
																				  option with respect to such Aircraft at the expiration of the Lease of such
																				  Aircraft.

																				 

																				(s) Independent
																				  Director. The
																				  Issuer shall cause each of its Subsidiaries (except any trust of which the
																				  Issuer or a Subsidiary is the holder of the beneficial interest) to have at
																				  least one Independent Director.

																				 

																				

																				
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																				Section
																				  5.03 Operating
																				  Covenants. The
																				  Issuer covenants with the parties as follows:

																				 

																				(a) Concentration
																				  Limits.
																				  Without prior written notification to each of the Rating Agencies, receipt of a
																				  Rating Agency Confirmation from Moody’s alone and the prior written
																				  consent of the Policy Provider, the Issuer shall not permit any Issuer
																				  Subsidiary to lease or re-lease any Aircraft if entering into such proposed
																				  Lease would cause the Portfolio to exceed any of the Concentration Limits set
																				  forth in Exhibit B hereto (excluding from such limits renewals or
																				  extensions of a Lease to an existing Lessee under a Lease entered into in
																				  compliance with the Concentration Limits and as such limits may be adjusted by
																				  the Issuer from time to time, subject to a Rating Agency Confirmation from
																				  Moody’s alone and the prior written consent of the Policy Provider, the
																				  “Concentration
																				  Limits”);
																				  provided that the Issuer or any Issuer Subsidiary shall be entitled to renew or
																				  extend any Lease to the existing Lessee thereunder irrespective of the effect
																				  of such renewal or extension on the Concentration Limits (and if the
																				  Concentration Limits absent such exception would be exceeded as a result of any
																				  such renewal or extension, the Issuer shall give written notification thereof
																				  to the Rating Agencies and the Policy Provider); and provided that, unless
																				  otherwise elected by the Manager, the Concentration Limits shall be determined
																				  without giving effect to any Aircraft contributed to the Issuer Group. The
																				  Issuer shall not permit any Issuer Group Member to (i) lease (including any
																				  renewal or extension of any existing Lease) any Aircraft to any Lessee
																				  habitually based or domiciled in any of the jurisdictions set forth as
																				  “Prohibited” in the last section of the Concentration Limits as set
																				  forth on Exhibit B hereto as amended from time to time upon the receipt of a
																				  Rating Agency Confirmation and the prior written consent of the Policy Provider
																				  (each such jurisdiction, a “Prohibited
																				  Country”),
																				  (ii) enter into any Lease (including any renewal or extension of any existing
																				  Lease) that expressly permits the Lessee to sublease an Aircraft to a sublessee
																				  habitually based or domiciled in a Prohibited Country, or (iii) consent to a
																				  sublease of an Aircraft to a sublessee habitually based or domiciled in a
																				  Prohibited Country.

																				 

																				(b) Compliance
																				  with Law, Maintenance of Permits. The
																				  Issuer shall (i) comply, and cause each Issuer Subsidiary to comply, in
																				  all material respects with all Applicable Laws (including environmental laws,
																				  rules, regulations and orders of Bermuda), (ii) obtain, and cause each
																				  Issuer Subsidiary to obtain, all material governmental (including regulatory)
																				  registrations, certificates, licenses, permits and authorizations required for
																				  the use and operation of the Aircraft owned by it, including, without
																				  limitation, a current certificate of airworthiness for each such Aircraft
																				  (issued by the Applicable Aviation Authority and in the appropriate category
																				  for the nature of the operations of such Aircraft), except that (A) no
																				  certificate of airworthiness shall be required for any Aircraft (x) during
																				  any period when such Aircraft is undergoing maintenance, modification or
																				  repair, or (y) following the withdrawal or suspension by such Applicable
																				  Aviation Authority of certificates of airworthiness in respect of all aircraft
																				  of the same model or period of manufacture as such Aircraft (in which case the
																				  Issuer shall comply, and cause each Issuer Subsidiary to comply, with all
																				  directions of such Applicable Aviation Authority in connection with such
																				  withdrawal or suspension), (B) no registrations, certificates, licenses,
																				  permits or authorizations required for the use or operation of any Aircraft
																				  need be obtained with respect to any period when such Aircraft is not being
																				  operated and (C) no such registrations, certificates, licenses, permits or
																				  authorizations shall be required to be maintained for any Aircraft that is not
																				  the subject of a Lease, except to the extent required under Applicable Laws,
																				  (iii) not cause or knowingly permit, directly or indirectly, through any
																				  Issuer 

																				 

																				

																				
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																				Subsidiary,
																				  any Lessee to operate any Aircraft under any Lease in any material respect
																				  contrary to any Applicable Law and (iv) not knowingly permit, directly or
																				  indirectly, through any Issuer Subsidiary, any Lessee not to obtain all
																				  material governmental (including regulatory) registrations, certificates,
																				  licenses, permits and authorizations required for such Lessee’s use and
																				  operation of any Aircraft under any operating Lease except as provided,
																				  mutatis mutandis, in
																				  clauses (ii)(A) and (ii)(B) above.

																				 

																				Notwithstanding
																				  the foregoing, no breach of this Section 5.03(b) shall be deemed to have
																				  occurred by virtue of any act or omission of a Lessee or sub-lessee, or of any
																				  Person which has possession of the Aircraft or any Engine for the purpose of
																				  repairs, maintenance, modification or storage, or by virtue of any requisition,
																				  seizure, or confiscation of the Aircraft (other than seizure or confiscation
																				  arising from a breach by the Issuer or an Issuer Subsidiary of this
																				  Section 5.03(b)) (each, a “Third
																				  Party Event”);
																				  provided that
																				  (i) neither the Issuer nor any Issuer Subsidiary consents or has consented
																				  to such Third Party Event; and (ii) the Issuer or Issuer Subsidiary which
																				  is the lessor or owner of such Aircraft promptly and diligently takes such
																				  actions as a leading international aircraft operating lessor would customarily
																				  take in respect of such Third Party Event, including, as deemed appropriate
																				  (taking into account, inter alia, the
																				  laws of the jurisdictions in which the Aircraft are located), seeking to compel
																				  such Lessee or other relevant Person to remedy such Third Party Event or
																				  seeking to repossess the relevant Aircraft or Engine.

																				 

																				(c) Maintenance
																				  of Assets. The
																				  Issuer shall (i) with respect to each Aircraft and Engine that is subject
																				  to a Lease, cause, directly or indirectly, through any Issuer Subsidiary, such
																				  Aircraft and Engine to be maintained in a state of repair and condition
																				  substantially consistent with the customary commercial practice of any leading
																				  international aircraft operating lessor with respect to similar aircraft under
																				  lease, taking into consideration, among other things, the identity of the
																				  relevant Lessee (including operating experience thereof), the age and condition
																				  of the Aircraft and the jurisdiction in which such Aircraft will be operated or
																				  registered under such Lease and (ii) with respect to each Aircraft that is
																				  not subject to a Lease, maintain, and cause each Issuer Subsidiary to maintain,
																				  such Aircraft in a state of repair and condition substantially consistent with
																				  the customary commercial practice of any leading international aircraft
																				  operating lessor with respect to aircraft not under lease. Notwithstanding the
																				  foregoing, no breach of this Section 5.03(c) shall be deemed to have
																				  occurred by virtue of any Third Party Event; provided that
																				  (i) neither the Issuer nor any Issuer Subsidiary consents or has consented
																				  to such Third Party Event; and (ii) the Issuer or such Issuer Subsidiary
																				  which is the lessor or owner of such Aircraft promptly and diligently takes
																				  such customary actions as any leading international aircraft operating lessor
																				  would take in respect of such Third Party Event, including as deemed
																				  appropriate, seeking to compel such Lessee or other relevant Person to remedy
																				  such Third Party Event or seeking to repossess the relevant Aircraft or
																				  Engine.

																				 

																				(d) Notification
																				  of Trustee,
																				  Policy Provider, Initial Liquidity Facility Provider and Cash
																				  Manager. The
																				  Issuer shall notify the Trustee, the Policy Provider, the Cash Manager and the
																				  Initial Liquidity Facility Provider in writing as soon as the Issuer or any
																				  Issuer Subsidiary becomes aware of any loss, theft, confiscation, requisition,
																				  damage or destruction to any Initial Aircraft, Additional Aircraft or Engine if
																				  the potential cost of repair or replacement of such asset (without regard to
																				  any insurance claim related thereto) may exceed the greater of $2,000,000 and
																				  the damage notification threshold contained in the applicable
																				  Lease.

																				 

																				

																				
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																				(e) Leases.
																				  (i)  The Issuer shall adopt and shall cause the Servicer to utilize
																				  the pro forma lease in the form provided to the Issuer on the Initial Closing
																				  Date as such pro forma lease agreement or agreements may be revised for
																				  purposes of the Issuer Group specifically or generally from time to time by the
																				  Servicer (the “Servicer’s
																				  Pro Forma Lease”
																				  in a manner consistent with the Servicer’s “Standard of Care”
																				  and the Servicer’s “Conflicts Standard” (as each term is defined
																				  in the Servicing Agreement”), for use by the Servicer on behalf of the
																				  Issuer or any Issuer Subsidiary as a starting point in the negotiation of
																				  Future Leases with Persons who are not Issuer Group Members; provided,
																				  however, that
																				  with respect to any Future Lease entered into in connection with (x) the
																				  renewal or extension of an Initial Lease, (y) the leasing of an Aircraft
																				  to a Person that is or was a Lessee under an Initial Lease or (z) the
																				  leasing of an Aircraft to a Person that is or was the lessee under an operating
																				  lease of an aircraft that is being managed or serviced by the Servicer (such
																				  Future Lease, a “Renewal
																				  Lease”),
																				  a form of lease substantially similar to such Initial Lease or operating lease
																				  (a “Precedent
																				  Lease”),
																				  as the case may be, may be used by the Servicer in lieu of the Servicer’s
																				  Pro Forma Lease on behalf of the Issuer or any Issuer Subsidiary as a starting
																				  point in the negotiation of such Future Lease with Persons who are not Issuer
																				  Group Members; and provided further,
																				  however, that if the Board determines, in an annual review of the
																				  Servicer’s Pro Forma Lease on or before each anniversary of the relevant
																				  Closing Date, that any revision to the Servicer’s Pro Forma Lease made
																				  from time to time since the preceding review by the Board (or, with respect to
																				  the first anniversary of the Initial Closing Date, since the Initial Closing
																				  Date) is substantially inconsistent with the core lease provisions of the
																				  Issuer set forth in Exhibit F to this Indenture (as such provisions may be
																				  amended from time to time, the “Core
																				  Lease Provisions”)
																				  in a manner and to such a degree as to have a material adverse effect on the
																				  Holders, taking into consideration, inter alia, such
																				  revision and any risk that the Aircraft might not be able to be leased on terms
																				  substantially consistent with the provisions of the Servicer’s Pro Forma
																				  Lease without such revisions, then the Board shall direct the Servicer not to
																				  include such revision in the Servicer’s Pro Forma Lease to be used
																				  thereafter as the starting point in the negotiation of any Future Lease with
																				  respect to the Aircraft. If the Board determines that any such revision to the
																				  Servicer’s Pro Forma Lease will not have a material adverse effect on the
																				  Holders, then the Board shall (i) amend the applicable Core Lease Provisions to
																				  incorporate such revision and (ii) notify the Rating Agencies and the Policy
																				  Provider of any Future Lease entered into the terms of which are materially
																				  less favorable from the point of view of the lessor than any of the Leases then
																				  in effect, including without limitation, such changes to the Core Lease
																				  Provisions; provided that
																				  the Core Lease Provisions may not be amended without the prior written consent
																				  of the Policy Provider. The Issuer shall not enter into, and shall not permit
																				  any Issuer Subsidiary to enter into, any Future Lease the rental payments under
																				  which are denominated in a currency other than U.S. dollars without a Rating
																				  Agency Confirmation, provided that the
																				  Issuer may enter any Future Lease the Rental Payments under which are
																				  denominated in euros if (a) the sum of the Assumed Base Values as of the
																				  Payment Date immediately preceding any date of determination of each Aircraft
																				  subject to leases the Rental Payments under which are denominated in euros does
																				  not exceed 5% of the sum of the Assumed Base Values as of such Payment Date of
																				  all Aircraft and (b) the currency exposure is hedged in accordance with the
																				  Issuer’s hedging policy.

																				 

																				(f) Opinions. The
																				  Issuer shall not enter into, and shall not permit any Issuer Subsidiary to
																				  enter into, any Future Lease with any Person that is not an Issuer Group Member
																				  or change the jurisdiction of registration of any Aircraft that is subject to a
																				  Lease to a jurisdiction 

																				 

																				

																				
																				  121
																				

																				

																				
 
																				 

																				other
																				  than Ireland, the United States or Bermuda, unless, upon entering into such
																				  Future Lease or changing the jurisdiction of registration of such Aircraft (or
																				  within a commercially reasonable period thereafter), the Servicer obtains such
																				  legal opinions, if any, with regard to compliance with the registration
																				  requirements of the relevant jurisdiction, enforceability of the Future Lease,
																				  matters relating to the Cape Town Convention and such other matters customary
																				  for such transactions to the extent that receiving such legal opinions is
																				  substantially consistent under the circumstances with the customary practice of
																				  any leading international aircraft operating lessor.

																				 

																				(g) Insurance. The
																				  Issuer shall maintain or cause, directly or indirectly through the Issuer
																				  Subsidiaries, to be maintained with reputable and responsible insurers or,
																				  provided that the applicable reinsurance policy contains a cut-through clause
																				  requiring the reinsurers to pay the insured directly (other than in any
																				  instances where local law requirements mandate otherwise or when it is not the
																				  customary practice of any leading international operating lessor to do so),
																				  with insurers that maintain relevant reinsurance with reputable and responsible
																				  reinsurers (i) airline hull insurance for each Aircraft in an amount at
																				  least equal to the Note Target Price for such Aircraft (or the equivalent
																				  thereof from time to time if such insurance is denominated in a currency other
																				  than U.S. dollars) and (ii) airline liability insurance for each Aircraft
																				  and occurrence in an amount at least equal to the relevant amount set forth on
																				  Exhibit C hereto for each model of aircraft and as amended from time to
																				  time only pursuant to the prior written consent of the Policy Provider and
																				  (iii) airline repossession insurance (“Repossession
																				  Insurance”)
																				  for each Aircraft subject to a Lease with a Lessee domiciled in a jurisdiction
																				  set forth under the “Repossession Guidelines” set forth in
																				  Exhibit B hereto, which may be amended from time to time only with a
																				  Rating Agency Confirmation and the prior written consent of the Policy
																				  Provider, in an amount at least equal to the Note Target Price (or the
																				  equivalent thereof from time to time if such insurance is denominated in a
																				  currency other than U.S. dollars) for such Aircraft; provided that
																				  with respect to any such insurance for any Aircraft subject to a Lease, such
																				  insurance may be subject to such deductible and self-insurance arrangements as
																				  are substantially consistent with the customary practices of any leading
																				  aircraft operating lessor. The coverage and terms (including endorsements,
																				  deductibles and self-insurance arrangements) of any insurance maintained with
																				  respect to any Aircraft not subject to a Lease shall be substantially
																				  consistent with the customary practices of any leading international aircraft
																				  operating lessor regarding similar aircraft. 

																				 

																				The
																				  Issuer shall maintain or cause, directly or indirectly through the Issuer
																				  Subsidiaries, to be maintained war risk hull and liability insurance in respect
																				  of each Aircraft in a manner which is substantially consistent with the
																				  customary practices of any leading international operating lessor.

																				 

																				In
																				  determining the amount of insurance required to be maintained by this
																				  Section 5.03(g), the Issuer may take into account any indemnification
																				  from, or insurance provided by, any governmental, supranational or
																				  inter-governmental authority or agency (other than, with respect to
																				  Repossession Insurance, any governmental authority or agency of any
																				  jurisdiction for which Repossession Insurance must be obtained), the sovereign
																				  foreign currency debt rating of which is rated at least A-, or the equivalent,
																				  by at least one of the Rating Agencies (provided that such credit rating
																				  requirement shall not apply in the case of any war risk insurance), against any
																				  risk with respect to an Aircraft at least in an amount which, when added to the
																				  amount of insurance against such risk maintained by the Issuer (or which the
																				  Issuer 

																				 

																				

																				
																				  122
																				

																				

																				
 
																				 

																				has
																				  caused to be maintained), shall be at least equal to the amount of insurance
																				  against such risk otherwise required by this Section 5.03(g) (taking into
																				  account self-insurance permitted by this Section 5.03(g)). Any such
																				  indemnification or insurance provided by such government shall provide
																				  substantially similar protection as the insurance required by this
																				  Section 5.03(g). The Issuer shall not be required to maintain (or to cause
																				  to be maintained) any insurance otherwise required hereunder to the extent that
																				  such insurance is not generally available in the relevant insurance market at
																				  commercially reasonable rates from time to time; provided that
																				  if, in any case, the Issuer determines that it shall not maintain insurance
																				  because it believes the applicable rates are not commercially reasonable, the
																				  Issuer shall provide written notification to the Rating Agencies and shall
																				  obtain the prior written consent of the Policy Provider before such decision is
																				  implemented and, if the Policy Provider does not consent, such insurance shall
																				  be procured.

																				 

																				(h) Indemnity. The
																				  Issuer shall, and shall cause each Issuer Subsidiary to, include in each Lease
																				  between the Issuer or such Issuer Subsidiary and a Person who is not an Issuer
																				  Group Member an indemnity from such Person in respect of any losses or
																				  liabilities arising from the use or operation of the Aircraft during the term
																				  of such Lease, subject to such exceptions, limitations and qualifications as
																				  are substantially consistent with the customary practice of any leading
																				  international aircraft operating lessor.

																				 

																				(i) Appraisal
																				  of Aircraft. Unless
																				  the Class G-1 Notes have been theretofore refinanced, the Issuer shall, within
																				  90 days after the Expected Final Payment Date of the Class G-1 Notes, deliver
																				  to the Trustee, the Policy Provider and the Rating Agencies three appraisals of
																				  the Base Value of each of the Aircraft from each of the Appraisers or, if any
																				  of the Appraisers is unable to provide an appraisal, from the remaining
																				  Appraisers and such other independent appraiser that is a member of the
																				  International Society of Transport Aircraft Trading or any similar organization
																				  selected by the Issuer, each such appraisal to be dated within 30 days
																				  prior to its delivery to the Trustee, the Policy Provider and the Rating
																				  Agencies.

																				 

																				(j) Consents. Unless
																				  otherwise expressly permitted herein, the Issuer shall not grant its consent to
																				  a consent requested of the Issuer under Section 7.04(a)(v) or (vii) of the
																				  Servicing Agreement without first obtaining the Policy Provider’s prior
																				  written consent thereto.

																				 

																				Section
																				  5.04 Compliance
																				  Through Agents. The
																				  Issuer shall be entitled to delegate the performance of any of its covenants
																				  hereunder to one or more Service Providers pursuant to one or more Related
																				  Documents entered into in accordance with the terms of this Indenture so long
																				  as each such Related Document is subject to the Lien of the Security Trust
																				  Agreement. Nothing in this Section 5.04 is intended to, or shall, relieve
																				  the Issuer from any liability or consequences hereunder arising from the
																				  failure of the Issuer or any such Service Provider to perform any such covenant
																				  strictly in accordance with the terms of this Indenture.

																				 

																				ARTICLE
																				  VI

																				 

																				THE
																				  TRUSTEE

																				 

																				Section
																				  6.01 Acceptance
																				  of Trusts and Duties. The
																				  duties and responsibilities of the Trustee shall be as provided by the TIA and
																				  as set forth herein. The Trustee accepts the trusts hereby created and
																				  applicable to it and agrees to perform the same but 

																				 

																				

																				
																				  123
																				

																				

																				
 
																				 

																				only
																				  upon the terms of this Indenture and the TIA and agrees to receive and disburse
																				  all moneys received by it in accordance with the terms hereof. The Trustee in
																				  its individual capacity shall not be answerable or accountable under any
																				  circumstances, except for its own willful misconduct or negligence or breach of
																				  any of its representations or warranties set forth herein and the Trustee shall
																				  not be liable for any action or inaction of the Issuer or any other parties to
																				  any of the Related Documents. The fees and out-of-pocket expenses of the
																				  Trustee shall be Expenses of the Issuer.

																				 

																				Section
																				  6.02 Absence
																				  of Duties. Except
																				  in accordance with written instructions or requests furnished hereunder, the
																				  Trustee shall have no duty to ascertain or inquire as to the performance or
																				  observance of any covenants, conditions or agreements on the part of any
																				  Lessee.

																				 

																				Section
																				  6.03 Representations
																				  or Warranties. The
																				  Trustee does not make and shall not be deemed to have made any representation
																				  or warranty as to the validity, legality or enforceability of this Indenture,
																				  the Notes or any other document or instrument or as to the correctness of any
																				  statement contained in any thereof, except that the Trustee in its individual
																				  capacity hereby represents and warrants (i) that each such specified
																				  document to which it is a party has been or will be duly executed and delivered
																				  by one of its officers who is and will be duly authorized to execute and
																				  deliver such document on its behalf, and (ii) this Indenture is the legal,
																				  valid and binding obligation of Deutsche Bank Trust Company Americas,
																				  enforceable against Deutsche Bank Trust Company Americas in accordance with its
																				  terms, subject to the effect of any applicable bankruptcy, insolvency,
																				  reorganization, moratorium or similar law affecting creditors’ rights
																				  generally.

																				 

																				Section
																				  6.04 Reliance;
																				  Agents; Advice of Counsel. The
																				  Trustee may conclusively rely and shall be fully protected and incur no
																				  liability to anyone in acting or refraining from acting upon any signature,
																				  instrument, notice, resolution, request, consent, order, certificate, report,
																				  opinion, bond or other document or paper believed by it to be genuine and
																				  believed by it to be signed by the proper party or parties. The Trustee shall
																				  have no obligation to confirm the veracity of the content of any such item
																				  provided to it (absent manifest error). The Trustee may accept a copy of a
																				  resolution of, in the case of the Issuer, the Board and, in the case of any
																				  other party to any Related Document, the governing body of such Person,
																				  certified in an accompanying Officer’s Certificate as duly adopted and in
																				  full force and effect, as conclusive evidence that such resolution has been
																				  duly adopted and that the same is in full force and effect. As to any fact or
																				  matter the manner of ascertainment of which is not specifically described
																				  herein, the Trustee shall be entitled to receive and may for all purposes
																				  hereof conclusively rely on a certificate, signed by an officer of any duly
																				  authorized Person, as to such fact or matter, and such certificate shall
																				  constitute full protection to the Trustee for any action taken or omitted to be
																				  taken by it in good faith in reliance thereon. The Trustee shall furnish to the
																				  Cash Manager upon written request such information and copies of such documents
																				  as the Trustee may have and as are necessary for the Cash Manager to perform
																				  its duties under Articles II and III hereof. The Trustee shall assume, and
																				  shall be fully protected in assuming, that the Issuer is authorized by its
																				  constitutional documents to enter into this Indenture and to take all action
																				  permitted to be taken by it pursuant to the provisions hereof, and shall not
																				  inquire into the authorization of the Issuer with respect thereto.

																				 

																				

																				
																				  124
																				

																				

																				
 
																				 

																				The
																				  Trustee shall not be liable for any action it takes or omits to take in good
																				  faith that it believes to be authorized or within its rights or powers or for
																				  any action it takes or omits to take in accordance with the direction of the
																				  Controlling Party, in accordance with Section 4.12 hereof relating to the
																				  time, method and place of conducting any proceeding for any remedy available to
																				  the Trustee, or exercising any trust or power conferred upon the Trustee, under
																				  this Indenture.

																				 

																				The
																				  Trustee may execute any of the trusts or powers hereunder or perform any duties
																				  hereunder either directly or by or through agents or attorneys or a custodian
																				  or nominee, and the Trustee shall not be responsible for any misconduct or
																				  negligence on the part of, or for the supervision of, any such agent, attorney,
																				  custodian or nominee appointed with due care by it hereunder.

																				 

																				The
																				  Trustee may consult with counsel as to any matter relating to this Indenture
																				  and any Opinion of Counsel or any advice of such counsel shall be full and
																				  complete authorization and protection in respect of any action taken or
																				  suffered or omitted by it hereunder in good faith and in accordance with such
																				  advice or Opinion of Counsel.

																				 

																				The
																				  Trustee shall be under no obligation to exercise any of the rights or powers
																				  vested in it by this Indenture, or to institute, conduct or defend any
																				  litigation hereunder or in relation hereto, at the request, order or direction
																				  of any of the Holders, pursuant to the provisions of this Indenture, unless
																				  such Holders shall have offered to the Trustee security or indemnity reasonably
																				  satisfactory to it against the costs, expenses and liabilities which may be
																				  Incurred therein or thereby (the basis of such costs, expense or liability, if
																				  in respect of any third party liability, shall be supported by an Opinion of
																				  Counsel).

																				 

																				The
																				  Trustee shall not be required to expend or risk its own funds or otherwise
																				  Incur any financial liability in the performance of any of its duties
																				  hereunder, or in the exercise of any of its rights or powers, if there is
																				  reasonable ground for believing that the repayment of such funds or adequate
																				  indemnity against such risk or liability is not reasonably assured to it, and
																				  none of the provisions contained in this Indenture shall in any event require
																				  the Trustee to perform, or be responsible or liable for the manner of
																				  performance of, any obligations of the Issuer or the Cash Manager under this
																				  Indenture or any of the Related Documents.

																				 

																				The
																				  Trustee shall not be liable for any Costs or Taxes (except for Taxes relating
																				  to any compensation, fees or commissions of any entity acting in its capacity
																				  as Trustee hereunder) or in connection with the selection of Permitted Account
																				  Investments or for any investment losses resulting from Permitted Account
																				  Investments or for the failure of the Issuer or Cash Manager to provide timely
																				  written direction.

																				 

																				When the
																				  Trustee Incurs expenses or renders services in connection with an Event of
																				  Default specified in Section 4.01(e) or 4.01(f) hereof, such expenses
																				  (including the fees and expenses of its counsel) and the compensation for such
																				  services are intended to constitute expenses of administration under any
																				  bankruptcy law or law relating to creditors’ rights
																				  generally.

																				 

																				

																				
																				  125
																				

																				

																				
 
																				 

																				The
																				  Trustee shall not be charged with knowledge of an Event of Default unless a
																				  Responsible Officer of the Trustee obtains actual knowledge of such event,
																				  including receiving written notice of such event from the Issuer, the Policy
																				  Provider, the Cash Manager or any Holder.

																				 

																				The
																				  Trustee shall have no duty to monitor the performance of the Issuer, the Cash
																				  Manager or any other party to the Related Documents, nor shall it have any
																				  liability in connection with the malfeasance or nonfeasance by such parties.
																				  The Trustee shall have no liability in connection with the appointment of the
																				  Cash Manager or compliance by the Issuer and the Cash Manager or any lessee
																				  under a Lease with statutory or regulatory requirements related to any Aircraft
																				  or any Lease. The Trustee shall have no obligation, or liability in respect
																				  thereto, to verify or recalculate any of the determinations made by the Cash
																				  Manager pursuant to the Related Documents. The Trustee shall not make or be
																				  deemed to have made any representations or warranties with respect to any
																				  Aircraft or any Lease or the validity or sufficiency of any assignment or other
																				  disposition of any Aircraft or any Lease.

																				 

																				Section
																				  6.05 No
																				  Compensation from Holders. The
																				  Trustee agrees that it shall have no right against the Holders, the Policy
																				  Provider or, except as provided in Article III hereof, the property of the
																				  Issuer, for any fee as compensation for its services hereunder.

																				 

																				Section
																				  6.06 Notice
																				  of Defaults. As
																				  promptly as practicable after, and in any event within 30 days after, the
																				  occurrence of any Default or Event of Default of which a Responsible Officer of
																				  the Trustee has actual knowledge, the Trustee shall transmit by mail to the
																				  Issuer, any Paying Agent, the Policy Provider, the Initial Liquidity Facility
																				  Provider and the Holders holding Notes of the related subclass, notice of such
																				  Default or Event of Default actually known to a Responsible Officer of the
																				  Trustee, unless such Default or Event of Default shall have been cured or
																				  waived; provided,
																				  however, that,
																				  except in the case of a Default or Event of Default on the payment of the
																				  interest on or principal or Redemption Price of any Note, the Trustee shall be
																				  fully protected in withholding such notice if and so long as a trust committee
																				  of Responsible Officers of the Trustee in good faith determines that the
																				  withholding of such notice is in the best interests of the Holders of the
																				  related class; provided further that
																				  the Trustee shall in any event notify the Policy Provider and the Initial
																				  Liquidity Facility Provider of any such Default or Event of
																				  Default.

																				 

																				Section
																				  6.07 May
																				  Hold Securities. The
																				  Trustee, any Paying Agent, the Registrar or any of their Affiliates or any
																				  other agent in their respective individual or any other capacity, may become
																				  the owner or pledgee of Securities and, subject to Sections 310(b) and 311
																				  of the TIA, may otherwise deal with the Issuer with the same rights it would
																				  have if it were not Trustee, Paying Agent, Registrar or such other
																				  agent.

																				 

																				Section
																				  6.08 Corporate
																				  Trustee Required; Eligibility. There
																				  shall at all times be a Trustee which shall be eligible to act as a trustee
																				  under Section 310(a) of the TIA and shall meet the Eligibility
																				  Requirements. If such corporation publishes reports of conditions at least
																				  annually, pursuant to law or to the requirements of federal, state, territorial
																				  or District of Columbia supervising or examining authority, then for the
																				  purposes of this 

																				 

																				

																				
																				  126
																				

																				

																				
 
																				 

																				Section 6.08,
																				  the combined capital and surplus of such corporation shall be deemed to be its
																				  combined capital and surplus as set forth in its most recent report of
																				  conditions so published.

																				 

																				In case
																				  at any time the Trustee shall cease to be eligible in accordance with the
																				  provisions of this Section 6.08 to act as Trustee, the Trustee shall
																				  resign immediately as Trustee in the manner and with the effect specified in
																				  Section 7.01.

																				 

																				Section
																				  6.09 Disqualification
																				  of Trustee. If
																				  this Indenture is qualified under the TIA, the Trustee shall be subject to the
																				  provisions of Section 310(b) of the TIA during the period of time provided
																				  for therein. If this Indenture has been qualified under the TIA and the Trustee
																				  has or shall acquire a conflicting interest within the meaning of the TIA, the
																				  Trustee shall either eliminate such interest or resign, to the extent and in
																				  the manner provided by, and subject to the provisions of, the TIA and this
																				  Indenture. Nothing herein shall prevent the Trustee from filing with the
																				  Commission the application referred to in the second to last paragraph of
																				  Section 310(b) of the TIA.

																				 

																				Section
																				  6.10 Preferential
																				  Collection of Claims Against Issuer. The
																				  Trustee shall comply with Section 311(a) of the TIA as if this Indenture
																				  were required to be qualified under the TIA, excluding any creditor
																				  relationship listed in Section 311(b) of the TIA. A Trustee who has
																				  resigned or been removed shall be subject to Section 311(a) of the TIA to
																				  the extent applicable and to the extent indicated therein.

																				 

																				Section
																				  6.11 Reports
																				  by the Issuer. (a)
																				  The Issuer shall furnish to the Trustee, within 120 days after the end of
																				  each fiscal year ending [December 31], a brief certificate from the principal
																				  executive officer, principal accounting officer or principal financial officer
																				  of the Cash Manager as to his or her knowledge of the Issuer’s compliance
																				  with all conditions and covenants under this Indenture (it being understood
																				  that for purposes of this Section 6.11, such compliance shall be
																				  determined without regard to any period of grace or requirement of notice
																				  provided under this Indenture).

																				 

																				(b) The
																				  Issuer shall furnish to the Trustee and the Policy Provider within 30 days
																				  after the end of each calendar quarter a certification as to the matters set
																				  forth in Exhibit H hereto.

																				 

																				Section
																				  6.12 Holder
																				  Lists. The
																				  Issuer will furnish or cause to be furnished to the Trustee with respect to the
																				  Notes of each class:

																				 

																				(a) semi-annually,
																				  not later than 15 days after such semi-annual dates as may be specified by
																				  the Trustee, a list, in such form as the Trustee may reasonably require, of the
																				  names and addresses of the Holders as of such semi-annual date, as the case may
																				  be, and

																				 

																				(b) at such
																				  other times as the Trustee may request in writing, within 30 days after
																				  the receipt by the Issuer of any such request, a list of similar form and
																				  content as of a date not more than 15 days prior to the time such list is
																				  furnished, excluding from any such list names and addresses received by the
																				  Trustee in its capacity as Registrar.

																				 

																				

																				
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																				Section
																				  6.13 Preservation
																				  of Information; Communications to Holders.
																				  (a)  The Trustee shall preserve, in as current a form as is
																				  reasonably practicable, the names and addresses of Holders contained in the
																				  most recent list furnished to the Trustee as provided in Section 6.12 and
																				  the names and addresses of Holders received by the Trustee in its capacity as
																				  Registrar. The Trustee may destroy any list furnished to it as provided in
																				  Section 6.12 upon receipt of a new list so furnished.

																				 

																				(b) If three
																				  or more Holders of Notes of any subclass (hereinafter referred to as
																				  “applicants”)
																				  apply in writing to the Trustee, and furnish to the Trustee reasonable proof
																				  that each such applicant has owned a Note of such subclass for a period of at
																				  least six months preceding the date of such application, and such application
																				  states that the applicants desire to communicate with other Holders of Notes of
																				  such subclass or with the Holders of all Notes with respect to their rights
																				  under this Indenture or under such Notes and is accompanied by a copy of the
																				  form of proxy or other communication which such applicants propose to transmit,
																				  then the Trustee shall, within five Business Days after the receipt of such
																				  application, afford such applicants access to the information preserved at the
																				  time by the Trustee in accordance with Section 6.13(a).

																				 

																				If the
																				  Trustee shall elect not to afford such applicants access to such information,
																				  the Trustee shall, upon the written request of such applicants, mail to each
																				  Holder of a Note of such subclass or to all Holders, as the case may be, whose
																				  names and addresses appear in the information preserved at the time by the
																				  Trustee in accordance with Section 6.13(a) hereof, a copy of the form of
																				  proxy or other communication which is specified in such request, with
																				  reasonable promptness after a tender to the Trustee of the material to be
																				  mailed and of payment, or provision for the payment, of the reasonable expenses
																				  in connection with such mailing.

																				 

																				(c) Every
																				  Holder of Notes, by receiving and holding the same, agrees with the Issuer and
																				  the Trustee that neither the Issuer nor the Trustee shall be held accountable
																				  by reason of the disclosure of any such information as to the names and
																				  addresses of the Holders in accordance with Section 6.13(b), regardless of
																				  the source from which such information was derived, and that the Trustee shall
																				  not be held accountable by reason of mailing any material pursuant to a request
																				  made under Section 6.13(b).

																				 

																				ARTICLE
																				  VII

																				 

																				SUCCESSOR
																				  TRUSTEES

																				 

																				Section
																				  7.01 Resignation
																				  and Removal of Trustee. The
																				  Trustee may resign as to all or any of the subclasses of the Notes at any time
																				  without cause by giving at least 45 days’ prior written notice to the
																				  Issuer, the Policy Provider, the Initial Liquidity Facility Provider, the Cash
																				  Manager, the Manager and the Holders, such resignation to be effective only
																				  upon the acceptance of the appointment by a successor Trustee. Holders of a
																				  majority of the Outstanding Principal Balance of any subclass of the Notes (or,
																				  with respect to the Class G-1 Notes, the Policy Provider, so long as it is
																				  the Controlling Party) may at any time remove the Trustee as to such subclass
																				  without cause by an instrument in writing delivered to the Issuer, the Manager,
																				  the Cash Manager, the Servicer, the Security Trustee and the Trustee being
																				  removed, such removal to be effective only upon the acceptance of the
																				  appointment by a successor 

																				 

																				

																				
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																				Trustee.
																				  In addition, the Issuer may remove the Trustee as to any of the subclasses of
																				  the Notes if: (a) if this Indenture has been qualified under the TIA, such
																				  Trustee fails to comply with Section 310 of the TIA after written request
																				  therefor by the Issuer or a Holder of the related subclass who has been a bona
																				  fide Holder for at least six months, (b) such Trustee fails to comply with
																				  Section 7.02(c), (c) such Trustee is adjudged a bankrupt or an
																				  insolvent, (d) a receiver or public officer takes charge of such Trustee
																				  or its property or (e) such Trustee becomes incapable of acting, such
																				  removal to be effective only upon the acceptance of the appointment by a
																				  successor Trustee. References to the Trustee in this Indenture include any
																				  successor Trustee as to all or any of the subclasses of the Notes appointed in
																				  accordance with this Article VII.

																				 

																				Section
																				  7.02 Appointment
																				  of Successor.
																				  (a)  In the case of the resignation or removal of the Trustee as to
																				  any subclass of the Notes under Section 7.01, the Issuer shall promptly
																				  appoint a successor Trustee as to such subclass; provided that a
																				  majority of the Outstanding Principal Balance of such subclass of the Notes may
																				  appoint, within one year after such resignation or removal, a successor Trustee
																				  as to such subclass which may be other than the successor Trustee appointed by
																				  the Issuer, and such successor Trustee appointed by the Issuer shall be
																				  superseded by the successor Trustee so appointed by the Holders. If a successor
																				  Trustee as to any subclass of the Notes shall not have been appointed and
																				  accepted its appointment hereunder within 60 days after the Trustee gives
																				  notice of resignation as to such subclass, the retiring Trustee, the Issuer,
																				  the Cash Manager, the Policy Provider, the Initial Liquidity Facility Provider
																				  or a majority of the Outstanding Principal Balance of such subclass of the
																				  Notes may petition any court of competent jurisdiction for the appointment of a
																				  successor Trustee as to such subclass. Any successor Trustee so appointed by
																				  such court shall immediately and without further act be superseded by any
																				  successor Trustee appointed as provided in the first sentence of this paragraph
																				  within one year from the date of the appointment by such court.

																				 

																				(b) Any
																				  successor Trustee as to any subclass of the Notes, however appointed, shall
																				  execute and deliver to the Issuer, the Cash Manager, the Policy Provider and
																				  the predecessor Trustee as to such subclass an instrument accepting such
																				  appointment, and thereupon such successor Trustee, without further act, shall
																				  become vested with all the estates, properties, rights, powers, duties and
																				  trusts of such predecessor Trustee hereunder in the trusts hereunder applicable
																				  to it with like effect as if originally named the Trustee as to such subclass
																				  herein; provided that,
																				  upon the written request of such successor Trustee, such predecessor Trustee
																				  shall, upon payment of all amounts due and owing to it, execute and deliver an
																				  instrument transferring to such successor Trustee, upon the trusts herein
																				  expressed applicable to it, all the estates, properties, rights, powers and
																				  trusts of such predecessor Trustee, and such predecessor Trustee shall duly
																				  assign, transfer, deliver and pay over to such successor Trustee all moneys or
																				  other property then held by such predecessor Trustee hereunder solely for the
																				  benefit of such subclass of the Notes.

																				 

																				(c) If a
																				  successor Trustee is appointed with respect to one or more (but not all)
																				  subclasses of the Notes, the Issuer, the predecessor Trustee and each successor
																				  Trustee with respect to each subclass of Notes shall execute and deliver an
																				  indenture supplemental hereto which shall contain such provisions as shall be
																				  deemed necessary or desirable to confirm that all the rights, powers, trusts
																				  and duties of the predecessor Trustee with respect to the subclasses of Notes
																				  as to which the predecessor Trustee is not retiring 

																				 

																				

																				
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																				shall
																				  continue to be vested in the predecessor Trustee, and shall add to or change
																				  any of the provisions of this Indenture as shall be necessary to provide for or
																				  facilitate the administration of the Notes hereunder by more than one
																				  Trustee.

																				 

																				(d) Each
																				  Trustee shall be an Eligible Institution and shall meet the Eligibility
																				  Requirements, if there be such an institution willing, able and legally
																				  qualified to perform the duties of a Trustee hereunder; provided that
																				  the Rating Agencies shall receive notice of any replacement
																				  Trustee.

																				 

																				(e) Any
																				  corporation into which the Trustee may be merged or converted or with which it
																				  may be consolidated, or any corporation resulting from any merger, conversion
																				  or consolidation to which the Trustee shall be a party, or any corporation to
																				  which substantially all the business of the Trustee may be transferred, shall,
																				  subject to the terms of paragraph (c) of this Section, be the Trustee
																				  under this Indenture without further act.

																				 

																				ARTICLE
																				  VIII

																				 

																				INDEMNITY

																				 

																				Section
																				  8.01 Indemnity. The
																				  Issuer shall indemnify the Trustee (and its officers, directors, employees and
																				  agents) for, and hold it harmless against, any loss, liability or expense
																				  Incurred by it without negligence or bad faith on its part in connection with
																				  the acceptance or administration of this Indenture and its duties under this
																				  Indenture, the Notes and the other Related Documents, including the costs and
																				  expenses of defending itself against any claim or liability and of complying
																				  with any process served upon it or any of its officers in connection with the
																				  exercise or performance of any of its powers or duties and hold it harmless
																				  against, any loss, liability or reasonable expense Incurred without negligence
																				  or bad faith on its part, arising out of or in connection with actions taken or
																				  omitted to be taken in reliance on any Officer’s Certificate furnished
																				  hereunder, or the failure to furnish any such Officers’ Certificate
																				  required to be furnished hereunder. The Trustee shall notify the Issuer, the
																				  Rating Agencies, the Policy Provider and the Initial Liquidity Facility
																				  Provider promptly of any claim asserted against the Trustee for which it may
																				  seek indemnity; provided,
																				  however, that
																				  failure to provide such notice shall not invalidate any right to indemnity
																				  hereunder. The Issuer shall defend the claim and the Trustee shall cooperate in
																				  the defense. The Trustee may have separate counsel and the Issuer shall pay
																				  reasonable fees and expenses of such counsel. The Issuer need not reimburse any
																				  expense or indemnity against any loss or liability Incurred by the Trustee
																				  through gross negligence or bad faith. The provisions of this Section 8.01
																				  and Section 8.02 shall survive the termination of this Indenture or the
																				  earlier resignation or removal of the Trustee.

																				 

																				Section
																				  8.02 Holders’
																				  Indemnity. The
																				  Trustee shall be entitled to be indemnified (except with respect to losses,
																				  damages or obligations arising from the Trustee’s negligence or bad faith)
																				  by the Holders of any subclass of the Notes before proceeding to exercise any
																				  right or power under this Indenture or the Cash Management Agreement at the
																				  request or direction of such Holders (the basis of any loss, damage or
																				  obligation, if in respect of any third party liability, shall be supported by
																				  an Opinion of Counsel).

																				 

																				

																				
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																				ARTICLE
																				  IX

																				 

																				MODIFICATION

																				 

																				Section
																				  9.01 Modification
																				  with Consent of Holders, the Policy Provider and the Initial Liquidity Facility
																				  Provider. With
																				  the consent of Holders of a majority of the Outstanding Principal Balance of
																				  the Notes on the date of any vote of such Holders (voting as a single class)
																				  and the Policy Provider and the Initial Liquidity Facility Provider, the
																				  Issuer, when authorized by a Board Resolution and after the receipt of a Rating
																				  Agency Confirmation, may amend or modify this Indenture or the Notes;
																				  provided that,
																				  any amendment may modify Sections 5.02(g) and (i) and 5.03 of this
																				  Indenture without the consent of the Initial Liquidity Facility Provider unless
																				  such amendment is with respect to a provision which includes the Initial
																				  Liquidity Facility Provider’s right of consent or approval thereunder;
																				  provided further that,
																				  without the consent of each Hedge Provider, the Policy Provider, each provider
																				  of an Eligible Credit Facility and each Holder of any Notes, in each instance
																				  affected thereby, no such amendment may, except as otherwise provided in
																				  Section 3.12, modify the provisions of this Indenture or the Notes setting
																				  forth the frequency or the currency of payment of, the maturity of, or the
																				  method of calculation of the amount of, any interest, principal, or Redemption
																				  Price, Policy Redemption Premium or Policy Premium, if any, payable in respect
																				  of any subclass of Notes, or reduce the percentage of the aggregate Outstanding
																				  Principal Balance of any subclass of Notes required to approve any amendment or
																				  waiver of this Section 9.01 or, except as otherwise provided in
																				  Section 3.10, alter the manner or priority of payment of such subclass of
																				  Notes (each, a “Basic
																				  Terms Modification”).

																				 

																				It shall
																				  not be necessary for the consent of the Holders and each provider of an
																				  Eligible Credit Facility under this Section 9.01 to approve the particular
																				  form of any proposed amendment or waiver, but it shall be sufficient if such
																				  consent approves the substance thereof; provided,
																				  however that it
																				  shall be necessary for the Policy Provider and the Initial Liquidity Facility
																				  Provider to approve the particular form of any proposed amendment or waiver.
																				  Any such modification approved by the required Holders of any class or subclass
																				  of Notes will be binding on the Holders of the relevant class or subclass of
																				  Notes and each party to this Indenture.

																				 

																				The
																				  Issuer shall give each Rating Agency, the Policy Provider, the Initial
																				  Liquidity Facility Provider, each other provider of an Eligible Credit Facility
																				  and any paying agent, prior notice of any amendment under this
																				  Section 9.01, and, after an amendment under this Section 9.01 becomes
																				  effective, the Issuer shall mail to the Holders, the Policy Provider, the
																				  Initial Liquidity Facility Provider, each other provider of an Eligible Credit
																				  Facility and the Rating Agencies a notice briefly describing such amendment.
																				  Any failure of the Issuer to mail such notice, or any defect therein, shall
																				  not, however, in any way impair or affect the validity of any such
																				  amendment.

																				 

																				After an
																				  amendment under this Section 9.01 becomes effective, it shall bind every
																				  Holder whether or not notation thereof is made on any Note held by such
																				  Holder.

																				 

																				Section
																				  9.02 Modification
																				  Without Consent of Holders, Providers of Eligible Credit Facilities and the
																				  Policy Provider.
																				  Subject to Section 9.01, the Trustee may agree with the Issuer, without
																				  the consent of any Holder or any 

																				 

																				

																				
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																				provider
																				  of an Eligible Credit Facility (but in the case of clauses (b), (c) and
																				  (d) below, with the consent of the Policy Provider and further, in the
																				  case of clauses (b) and (c) below, with the consent of the Initial
																				  Liquidity Facility Provider), (a) to any modification (other than a Basic
																				  Terms Modification) of, or the waiver or authorization of any breach or
																				  prospective breach of, any provision of any Related Document or of the relevant
																				  subclass of Notes to correct a manifest error or an error which is of a formal,
																				  minor or technical nature, (b) to modify the provisions of this Indenture
																				  or the Cash Management Agreement relating to the timing of movement of Rental
																				  Payments or other monies received or Expenses Incurred among the Accounts by
																				  the Cash Manager, (c) to add or replace any Eligible Credit Facility,
																				  (d) to any amendment (other than a Basic Terms Modification) of an
																				  immaterial nature necessary to facilitate the issuance of Refinancing Notes
																				  and/or Additional Notes and related acquisition of Additional Aircraft (all in
																				  a manner consistent with the express provisions of this Indenture) or
																				  (e) to comply with the requirements of the Commission in connection with
																				  the qualification of this Indenture under the TIA. The Rating Agencies and any
																				  paying agent shall be given prior notice of any such modification, and such
																				  modification shall be notified to the Holders as soon as practicable thereafter
																				  and shall be binding on all the Holders.

																				 

																				Upon any
																				  such modification, the Issuer shall deliver to the Holders, the Trustee, the
																				  Policy Provider and the Initial Liquidity Facility Provider a certificate of
																				  the Issuer certifying that such modification will not adversely affect the
																				  Holders, the Policy Provider or the Initial Liquidity Facility
																				  Provider.

																				 

																				In
																				  addition, the Issuer may, without providing the certificate mentioned in the
																				  preceding paragraph, and without the consent of the Trustee, any Holder or any
																				  provider of an Eligible Credit Facility, the Policy Provider or the Initial
																				  Liquidity Facility Provider or any other party, list the Notes on the Irish
																				  Stock Exchange and trade the Notes on the Irish Stock Exchange.

																				 

																				Section
																				  9.03 Subordination
																				  and Priority of Payments. The
																				  subordination provisions contained in Section 3.09, Section 3.10 and
																				  Article X may not be amended or modified without the consent of the Policy
																				  Provider (so long as a Policy Provider Non-Consent Event has not occurred and
																				  is not continuing), the Servicer, each provider of an Eligible Credit Facility,
																				  each Holder of the subclass of Notes affected thereby and each Holder of any
																				  subclass of Notes ranking senior thereto. In no event shall the provisions set
																				  forth in Section 3.09 relating to the priority of the Expenses, Senior
																				  Hedge Payments and payments under all Eligible Credit Facilities be amended or
																				  modified.

																				 

																				Section
																				  9.04 Execution
																				  of Amendments by Trustee. In
																				  executing, or accepting the additional trusts created by, any amendment or
																				  modification to this Indenture permitted by this Article or the modifications
																				  thereby of the trusts created by this Indenture, the Trustee shall be entitled
																				  to receive, and shall be fully protected in relying upon, an Officer’s
																				  Certificate and an Opinion of Counsel stating that the execution of such
																				  amendment is authorized or permitted by this Indenture and that all conditions
																				  precedent to the execution of such amendment have been met. The Trustee may,
																				  but shall not be obligated to, enter into any such amendment which affects the
																				  Trustee’s own rights, duties, immunities or indemnities under this
																				  Indenture or otherwise.

																				 

																				

																				
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																				ARTICLE
																				  X

																				 

																				SUBORDINATION

																				 

																				Section
																				  10.01 Subordination
																				  of the Securities and Other Subordinated Obligations.
																				  (a)  (i) The Issuer, each Holder (by its acceptance of its Note) and
																				  each other Secured Party (by its acceptance of the benefits of the Security
																				  Trust Agreement) agree that the Securities and the other Obligations shall be
																				  subject to the provisions of this Article X and, in the case of the
																				  Secured Obligations, to the provisions of Article VII of the Security
																				  Trust Agreement and (ii) each Junior Claimant (and each Junior
																				  Representative of any thereof) agrees for the benefit of each Senior Claimant
																				  (and the Controlling Party and the Trustee acting therefor) that each Junior
																				  Claim shall be subordinated fully in right of payment to each Senior Claim as
																				  provided in Section 3.09, Section 3.10 (if applicable), this
																				  Article X and Article VII of the Security Trust
																				  Agreement.

																				 

																				(b) For the
																				  purposes of this Agreement, no Senior Claims shall be deemed to have been paid
																				  in full until and unless the Senior Claimant (or the Trustee therefor) of such
																				  Senior Claims shall have received payment in full in cash of such Senior
																				  Claims.

																				 

																				(c) All
																				  payments or distributions upon or with respect to any Obligations that are
																				  received by any Junior Claimant (or any Junior Representative thereof) contrary
																				  to the provisions of this Indenture or in excess of the amounts to which such
																				  Junior Claimant is entitled under Section 3.09 shall be received for the
																				  benefit of the Senior Claimant, shall be segregated from other funds and
																				  property held by such Junior Claimant (or any Junior Representative thereof)
																				  and shall be forthwith paid over to the Trustee in the same form as so received
																				  (with any necessary endorsement) to be applied (in the case of cash) to or held
																				  as collateral (in the case of non-cash property or securities) for the payment
																				  or prepayment of the Senior Claims in accordance with the terms
																				  hereof.

																				 

																				(d) Notwithstanding
																				  anything contained herein to the contrary, payments (i) deposited in any
																				  Cash Collateral Account or drawn under any Eligible Credit Facility (as
																				  provided in Section 3.13 or Section 3.14), (ii) drawn under the
																				  Policy, (iii) of Contribution Amounts or (iv) deposited in the
																				  Defeasance/Redemption Account (or, in the case of a Refinancing, the
																				  Refinancing Account) in respect of a Redemption under Section 3.11 or in
																				  respect of the defeasance of Notes pursuant to Article XI shall not be
																				  subordinated to the prior payment of any Senior Claimants in respect of any
																				  Senior Claims or subject to any other restrictions set forth in this
																				  Article X and Article VII of the Security Trust Agreement, and none
																				  of the Holders shall be obligated to pay over any payments from any such
																				  property to the Security Trustee or any other creditor of any of the Grantors
																				  (as defined in the Security Trust Agreement).

																				 

																				(e) The
																				  Senior Representative is hereby authorized to demand specific performance of
																				  the provisions of this Article X at any time when any Junior Claimant (or
																				  any Junior Representative thereof) shall have failed to comply with any of such
																				  provisions applicable to them. The Junior Claimants (and each Junior
																				  Representative thereof) hereby 

																				 

																				

																				
																				  133
																				

																				

																				
 
																				 

																				irrevocably
																				  waive any defense based on the adequacy of a remedy at law that might be
																				  asserted as a bar to such remedy of specific performance.

																				 

																				Section
																				  10.02 Rights
																				  of Subrogation. The
																				  Junior Claimants (and each Junior Representative thereof) agree that no payment
																				  or distributions to any Senior Claimant (or the Trustee therefor) pursuant to
																				  the provisions of this Indenture shall entitle any Junior Claimant (or any
																				  Junior Representative thereof) to exercise any rights of subrogation in respect
																				  thereof until all Obligations constituting Senior Claims with respect to such
																				  Person shall have been paid in full.

																				 

																				Section
																				  10.03 Further
																				  Assurances of Junior Representatives. Each
																				  of the Junior Representatives shall, at the expense of the Issuer, at any time
																				  and from time to time promptly execute and deliver all further instruments and
																				  documents, and take all further action, that the Controlling Party (or the
																				  Policy Provider if the Policy Provider is not the Controlling Party;
																				  provided that if
																				  the Junior Representatives receive conflicting requests, the request of the
																				  Controlling Party shall apply only) may reasonably request, in order to
																				  effectuate the provisions of this Article X.

																				 

																				Section
																				  10.04 Enforcement. Each
																				  Junior Claimant (and the Junior Representative therefor) agrees that the
																				  provisions of this Article X shall be enforceable against it under all
																				  circumstances, including without limitation in any proceeding referred to in
																				  Sections 4.01(e) and 4.01(f).

																				 

																				Section
																				  10.05 Continued
																				  Effectiveness. The
																				  provisions of this Article X shall continue to be effective or shall be
																				  revived or reinstated, as the case may be, if at any time any payment of any of
																				  the Senior Claims is rescinded or must otherwise be returned by any Senior
																				  Claimant upon the insolvency, bankruptcy or reorganization of any Issuer Group
																				  Member, or otherwise, all as though such payment had not been
																				  made.

																				 

																				Section
																				  10.06 Senior
																				  Claims and Junior Claims Unimpaired.
																				  Nothing in this Article X shall impair, as between the Issuer and any
																				  Senior Claimant or any Junior Claimant, the obligations of the Issuer to such
																				  Person, including without limitation the Senior Claims and the Junior Claims;
																				  provided that it
																				  is understood that the enforcement of rights and remedies shall be subject to
																				  the terms of this Indenture and the Security Trust Agreement.

																				 

																				ARTICLE
																				  XI

																				 

																				DISCHARGE
																				  OF INDENTURE; DEFEASANCE

																				 

																				Section
																				  11.01 Discharge
																				  of Liability on the Notes; Defeasance.
																				  (a) When (i) the Issuer delivers to the Trustee all Outstanding Notes
																				  (other than Notes that have been lost, stolen or destroyed and that have been
																				  replaced pursuant to Section 2.08 hereof) for cancellation or
																				  (ii) all Outstanding Notes have become due and payable, whether at
																				  maturity or as a result of the mailing of a notice of redemption pursuant to
																				  Section 3.11(c) hereof and the Issuer irrevocably deposits in the
																				  Defeasance/Redemption Account funds sufficient to pay at maturity or upon
																				  redemption all Outstanding Notes, including interest thereon to maturity or the
																				  

																				 

																				

																				
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																				Redemption
																				  Date (other than Notes replaced pursuant to Section 2.08), and if in
																				  either case the Issuer pays all other sums payable hereunder by the Issuer,
																				  then this Indenture shall, subject to Section 11.01(c), cease to be of
																				  further effect. The Trustee shall acknowledge satisfaction and discharge of
																				  this Indenture on demand of the Issuer accompanied by an Officers’
																				  Certificate and an Opinion of Counsel, at the cost and expense of the Issuer,
																				  to the effect that any conditions precedent to a discharge of this Indenture
																				  have been met.

																				 

																				(b) Subject
																				  to Sections 11.01(c) and 11.02 hereof, the Issuer at any time may
																				  terminate (i) all its obligations under the Notes and this Indenture
																				  (“Legal
																				  Defeasance”
																				  option) or (ii) its obligations under Sections 4.01 (other than with
																				  respect to a failure to comply with Sections 4.01(a), 4.01(b), 4.01(c),
																				  4.01(e) (only with respect to the Issuer), 4.01(f) (only with respect to the
																				  Issuer)), 5.02 and 5.03 (“Covenant
																				  Defeasance”
																				  option). The Issuer may exercise its Legal Defeasance option notwithstanding
																				  its prior exercise of its Covenant Defeasance option.

																				 

																				If the
																				  Issuer exercises its Legal Defeasance option, payment of any Notes subject to
																				  such Legal Defeasance may not be accelerated because of an Event of Default. If
																				  the Issuer exercises its Covenant Defeasance option, payment of the Notes may
																				  not be accelerated because of an Event of Default (other than with respect to a
																				  failure to comply with Sections 4.01(a), 4.01(b), 4.01(c), 4.01(e) (other
																				  than with respect to the Issuer), 4.01(f) (other than with respect to the
																				  Issuer)) and 5.02(n) hereof.

																				 

																				Upon
																				  satisfaction of the conditions set forth herein and upon written request of the
																				  Issuer, the Trustee shall acknowledge in writing the discharge of those
																				  obligations that the Issuer terminates.

																				 

																				(c) Notwithstanding
																				  clauses (a) and (b) above, the Issuer’s obligations in
																				  Sections 2.01, 2.02, 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 2.09 and 5.02(n),
																				  Article VI, and Sections 8.01, 11.04, 11.05 and 11.06 hereof shall
																				  survive until all the Notes have been paid in full. Thereafter, the
																				  Issuer’s obligations in Sections 8.01, 11.04 and 11.05 shall
																				  survive.

																				 

																				Section
																				  11.02 Conditions
																				  to Defeasance. The
																				  Issuer may exercise its Legal Defeasance option or its Covenant Defeasance
																				  option only if:

																				 

																				(a) the
																				  Issuer irrevocably deposits in trust in the Defeasance/Redemption Account any
																				  one or any combination of (i) money, (ii) obligations of, and
																				  supported by the full faith and credit of, the U.S. Government
																				  (“U.S.
																				  Government Obligations”)
																				  or (iii) obligations of corporate issuers (“Corporate
																				  Obligations”)
																				  (provided that
																				  any such Corporate Obligations are rated AA+, or the equivalent, or higher, by
																				  the Rating Agencies at such time and shall not have a maturity of longer than
																				  three years from the date of defeasance) for the payment of all principal or
																				  Redemption Price and interest (A) on the Notes or any class or subclass of
																				  Notes being defeased, in the case of Legal Defeasance, or (B) on all of
																				  the Notes in the case of Covenant Defeasance, in either case, to maturity or
																				  redemption, as the case may be;

																				 

																				(b) the
																				  Issuer delivers to the Trustee a certificate from a nationally recognized firm
																				  of independent accountants expressing their opinion that the payments of
																				  

																				 

																				

																				
																				  135
																				

																				

																				
 
																				 

																				principal
																				  and interest when due and without reinvestment on the deposited U.S. Government
																				  Obligations or the Corporate Obligations plus any deposited money without
																				  investment will provide cash at such times and in such amounts as will be
																				  sufficient to pay principal and interest when due (i) on each class or
																				  subclass of Notes being defeased, in the case of Legal Defeasance, or
																				  (ii) on all of the Notes in the case of Covenant Defeasance, in either
																				  case, to maturity or redemption, as the case may be;

																				 

																				(c) 91 days
																				  pass after the deposit described in clause (a) above is made and during
																				  the 91-day period no Event of Default specified in Section 4.01(e) or
																				  (f) with respect to the Issuer occurs which is continuing at the end of
																				  the period;

																				 

																				(d) the
																				  deposit described in clause (a) above does not constitute a default under
																				  any other agreement binding on the Issuer;

																				 

																				(e) the
																				  Issuer delivers to the Trustee an Opinion of Counsel to the effect that the
																				  trust resulting from the deposit described in clause (a) does not
																				  constitute, or is qualified as, a regulated investment company under the
																				  Investment Company Act of 1940, as amended;

																				 

																				(f) in the
																				  case of the Legal Defeasance option, the Issuer shall have delivered to the
																				  Trustee an Opinion of Counsel stating that (i) the Issuer has received
																				  from, or there has been published by, the U.S. Internal Revenue Service a
																				  ruling, or (ii) since the date of this Indenture there has been a change
																				  in the applicable federal income tax law, in either case to the effect that,
																				  and based thereon such opinion of counsel shall confirm that the Holders will
																				  not recognize income, gain or loss for U.S. federal income tax purposes as a
																				  result of such Legal Defeasance and will be subject to federal income tax on
																				  the same amounts, in the same manner and at the same times as would have been
																				  the case if such Legal Defeasance had not occurred;

																				 

																				(g) in the
																				  case of the Covenant Defeasance option, the Issuer shall have delivered to the
																				  Trustee an Opinion of Counsel to the effect that the Holders will not recognize
																				  income, gain or loss for U.S. federal income tax purposes as a result of such
																				  Covenant Defeasance and will be subject to U.S. federal income tax on the same
																				  amounts, in the same manner and at the same times as would have been the case
																				  if such Covenant Defeasance had not occurred;

																				 

																				(h) if the
																				  related Notes are then listed on any securities exchange, the Issuer delivers
																				  to the Trustee an Opinion of Counsel to the effect that such deposit,
																				  defeasance and discharge will not cause such Notes to be delisted;

																				 

																				(i) a Rating
																				  Agency Confirmation and the prior written consent of each of the Policy
																				  Provider and the Initial Liquidity Facility Provider is obtained relating to
																				  the defeasance contemplated by this Section 11.02;

																				 

																				(j) in the
																				  case of a Legal Defeasance only, the Policy shall be terminated and surrendered
																				  to the Policy Provider for cancellation;

																				 

																				

																				
																				  136
																				

																				

																				
 
																				 

																				(k) all
																				  amounts due and owing to the Policy Provider and the Initial Liquidity Facility
																				  Provider have been paid (or provided for under Section 11.02(a));
																				  and

																				 

																				(l) the
																				  Issuer delivers to the Trustee an Opinion of Counsel and an Officer’s
																				  Certificate that all conditions precedent to such defeasance have been
																				  satisfied.

																				 

																				Section
																				  11.03 Application
																				  of Trust Money. The
																				  Trustee shall hold in trust in the Defeasance/Redemption Account money, U.S.
																				  Government Obligations or Corporate Obligations deposited with it pursuant to
																				  this Article XI. Upon payment of its fees and expenses, it shall apply the
																				  deposited money and the money from U.S. Government Obligations or Corporate
																				  Obligations in accordance with this Indenture to the payment of principal,
																				  premium, if any, and interest on the class or subclass of Notes.

																				 

																				Section
																				  11.04 Repayment
																				  to Issuer. The
																				  Trustee shall promptly turn over to the Issuer upon written request any excess
																				  money or securities held by it at any time after application of the appropriate
																				  defeasance option.

																				 

																				Subject
																				  to any applicable abandoned property law, the Trustee shall pay to the Issuer
																				  upon written request any money held by it for the payment of principal or
																				  interest that remains unclaimed for two years and, thereafter, Holders entitled
																				  to the money must look to the Issuer for payment as general
																				  creditors.

																				 

																				Section
																				  11.05 Indemnity
																				  for Government Obligations and Corporate Obligations. The
																				  Issuer shall pay and shall indemnify the Trustee against any tax, fee or other
																				  charge imposed on or assessed against deposited U.S. Government Obligations or
																				  Corporate Obligations, or the principal and interest received on such U.S.
																				  Government Obligations or Corporate Obligations.

																				 

																				Section
																				  11.06 Reinstatement. If the
																				  Trustee is unable to apply any money or U.S. Government Obligations or
																				  Corporate Obligations in accordance with this Article XI by reason of any
																				  legal proceeding or by reason of any order or judgment of any court or
																				  governmental authority enjoining, restraining or otherwise prohibiting such
																				  application or otherwise, the Issuer’s obligations under this Indenture
																				  and the Notes shall be revived and reinstated as though no deposit had occurred
																				  pursuant to this Article XI until such time as the Trustee is permitted to
																				  apply all such money, U.S. Government Obligations or Corporate Obligations in
																				  accordance with this Article XI; provided,
																				  however, that,
																				  if the Issuer has made any payment of interest on or principal of any Notes
																				  because of the reinstatement of its obligations, the Issuer shall be subrogated
																				  to the rights of the Holders of such Notes to receive such payment from the
																				  money, U.S. Government Obligations or Corporate Obligations held by the
																				  Trustee.

																				 

																				ARTICLE
																				  XII

																				 

																				MISCELLANEOUS

																				 

																				Section
																				  12.01 Right
																				  of Trustee to Perform. If the
																				  Issuer for any reason fails to observe or punctually to perform any of its
																				  obligations to the Trustee, whether under this Indenture or any of the other
																				  Related Documents or otherwise, the Trustee shall have 

																				 

																				

																				
																				  137
																				

																				

																				
 
																				 

																				power
																				  (but shall have no obligation), on behalf of or in the name of the Issuer or
																				  otherwise, to perform such obligations and to take any steps which the Trustee
																				  may, in its absolute discretion, consider appropriate with a view to remedying,
																				  or mitigating the consequences of, such failure by the Issuer; provided that no
																				  exercise or failure to exercise this power by the Trustee shall in any way
																				  prejudice the Trustee’s other rights under this Indenture or any of the
																				  other Related Documents.

																				 

																				Section
																				  12.02 Waiver. Any
																				  waiver by any party of any provision of this Indenture or any right, remedy or
																				  option hereunder shall only prevent and estop such party from thereafter
																				  enforcing such provision, right, remedy or option if such waiver is given in
																				  writing and only as to the specific instance and for the specific purpose for
																				  which such waiver was given. The failure or refusal of any party hereto to
																				  insist in any one or more instances, or in a course of dealing, upon the strict
																				  performance of any of the terms or provisions of this Indenture by any party
																				  hereto or the partial exercise of any right, remedy or option hereunder shall
																				  not be construed as a waiver or relinquishment of any such term or provision,
																				  but the same shall continue in full force and effect. No failure on the part of
																				  the Trustee to exercise, and no delay on its part in exercising, any right or
																				  remedy under this Indenture will operate as a waiver thereof, nor will any
																				  single or partial exercise of any right or remedy preclude any other or further
																				  exercise thereof or the exercise of any other right or remedy. The rights and
																				  remedies provided in this Indenture are cumulative and not exclusive of any
																				  rights or remedies provided by law. The Trustee shall notify the Paying Agent
																				  promptly of any waiver by any party of any provision of this Indenture pursuant
																				  to this Section 12.02.

																				 

																				Section
																				  12.03 Severability. In the
																				  event that any provision of this Indenture or the application thereof to any
																				  party hereto or to any circumstance or in any jurisdiction governing this
																				  Indenture shall, to any extent, be invalid or unenforceable under any
																				  applicable statute, regulation or rule of law, then such provision shall be
																				  deemed inoperative to the extent that it is invalid or unenforceable and the
																				  remainder of this Indenture, and the application of any such invalid or
																				  unenforceable provision to the parties, jurisdictions or circumstances other
																				  than to whom or to which it is held invalid or unenforceable, shall not be
																				  affected thereby nor shall the same affect the validity or enforceability of
																				  this Indenture. The parties hereto further agree that the holding by any court
																				  of competent jurisdiction that any remedy pursued by the Trustee hereunder is
																				  unavailable or unenforceable shall not affect in any way the ability of the
																				  Trustee to pursue any other remedy available to it.

																				 

																				Section
																				  12.04 Restrictions
																				  on Exercise of Certain Rights; Limited Recourse.
																				  (a) Each of the parties hereto (other than the Trustee) hereby agrees with
																				  the Trustee that, except as otherwise provided in Section 4.04 hereof, it
																				  shall not sue for recovery or take any other steps for the purpose of
																				  recovering any of the obligations hereunder or any other debts or liabilities
																				  whatsoever owing to it by the Issuer or any Issuer Subsidiary. Each of the
																				  parties hereto (other than the Trustee) hereby agrees with the Trustee that it
																				  shall not take any steps for the purpose of procuring the appointment of an
																				  administrative receiver, Irish law examiner, receiver or similar officer or the
																				  making of an administration order or for instituting any bankruptcy,
																				  reorganization, arrangement, insolvency, winding up, liquidation, composition,
																				  Irish law examinership or any like proceedings under the laws of Bermuda or any
																				  other jurisdiction in respect of either the Issuer or any Issuer Subsidiary or
																				  in respect of any of their respective liabilities.

																				 

																				

																				
																				  138
																				

																				

																				
 
																				 

																				(b) Each of
																				  the parties hereto hereby agrees that all amounts payable by the Issuer or any
																				  Issuer Subsidiary in respect of the obligations hereunder shall be recoverable
																				  only from and to the extent of:

																				 

																				(i) amounts
																				  on deposit in the Accounts;

																				 

																				(ii) any
																				  other assets of the Issuer and the Issuer Subsidiaries and any proceeds
																				  thereof;

																				 

																				(iii) in the
																				  case of any payments by way of indemnity to be made by the Issuer pursuant to
																				  any Related Document, to any liability insurance proceeds payable in respect of
																				  such indemnity obligation on the part of the Issuer; provided that
																				  any such liability insurance proceeds shall be held in trust for the Person
																				  entitled to the relevant indemnity by the recipient thereof; and

																				 

																				(iv) any
																				  other Collateral pledged under the Security Trust Agreement,

																				 

																				and in
																				  consequence the Trustee agrees (A) that it shall look solely to the
																				  foregoing property for payment of all amounts payable by the Issuer or any
																				  Issuer Subsidiary in respect of the obligations hereunder and that none of the
																				  Issuer nor any Issuer Subsidiary shall be otherwise personally liable therefor
																				  and (B) that it shall not petition for the bankruptcy, Irish law
																				  examinership, insolvency, winding up, liquidation, reorganization, amalgamation
																				  or dissolution of the Issuer or any Issuer Subsidiary (or any of their assets
																				  or undertakings); provided that if
																				  any such proceeding is commenced by any other Person, the Trustee shall be
																				  entitled to join, claim or prove in such proceeding; provided,
																				  however, that
																				  the foregoing provisions of this Section 12.04(b) shall not:

																				 

																				(1) limit or
																				  restrict in any way the accrual of interest on any unpaid amount (although the
																				  limitations as to the personal liability of the Issuer and each Issuer
																				  Subsidiary shall apply to such interest on such unpaid amount); or

																				 

																				(2) limit or
																				  restrict in any way the personal liability of the Issuer or any Issuer
																				  Subsidiary for the discharge or its nonmonetary obligations in relation to its
																				  covenants, undertakings, representations and warranties (or any monetary
																				  obligations arising from any breach thereof) under any Related
																				  Document.

																				 

																				Section
																				  12.05 Notices. All
																				  notices, demands, certificates, requests, directions, instructions and
																				  communications hereunder (“Notices”)
																				  shall be in writing and shall be effective (a) upon receipt when sent
																				  through the mails, registered or certified mail, return receipt requested,
																				  postage prepaid, with such receipt to be effective the date of delivery
																				  indicated on the return receipt, or (b) one Business Day after delivery to
																				  an overnight courier, or (c) on the date personally delivered to an
																				  authorized officer of the party to which sent, or (d) on the date
																				  transmitted by legible telecopier transmission with a confirmation of receipt,
																				  in all cases addressed to the recipient as follows: 

																				 

																				

																				
																				  139
																				

																				

																				
 
																				 

																				if to
																				  the Issuer, to:

																				 

																				Genesis
																				  Funding Limited

																				c/o
																				  A&L Goodbody

																				25/28
																				  North Wall Quay

																				Dublin
																				  1

																				Ireland

																				Attention:
																				  The Company Secretary

																				Fax:
																				  [__________]

																				 

																				if to
																				  DBTCA, the Trustee, the Operating Bank, the Security Trustee, the Reference
																				  Agent, the Registrar or the Paying Agent, to:

																				 

																				Deutsche
																				  Bank Trust Company Americas

																				60 Wall
																				  Street, 26th Floor

																				MS
																				  NYC60-2606

																				New
																				  York, New York 10005-2858

																				Attention:
																				  Lou Bodi

																				Fax:
																				  (212) 797-8606

																				 

																				if to
																				  the Policy Provider, to:

																				 

																				Financial
																				  Guaranty Insurance Company

																				125 Park
																				  Avenue

																				New
																				  York, NY 10019

																				Attention:
																				  Surveillance, Commercial Structured Finance

																				Fax:
																				  (212) 312-3220

																				 

																				if to
																				  the Initial Liquidity Facility Provider, to:

																				 

																				PK
																				  AirFinance US, Inc.

																				400
																				  Madison Avenue, Suite 9C

																				New
																				  York, NY 10017

																				Attention:
																				  First Vice President

																				Fax:
																				  212-397-9393

																				 

																				if to
																				  any Holder of a Definitive Note, to such Holder at its address set forth in the
																				  Register as of the applicable Record Date;

																				 

																				for so
																				  long as the Notes are listed on the Irish Stock Exchange, if to the Listing
																				  Agent to:

																				 

																				25/28
																				  North Wall Quay

																				International
																				  Financial Services Centre

																				Dublin
																				  1, Ireland

																				Attention:
																				  Aideen Lee

																				Fax:
																				  +353 1 649 2 649

																				 

																				

																				
																				  140
																				

																				

																				
 
																				 

																				A copy
																				  of each notice given hereunder to any party hereto shall also be given to each
																				  of the other parties hereto. Each party hereto may, by notice given in
																				  accordance herewith to each of the other parties hereto, designate any further
																				  or different address to which subsequent Notices shall be sent. 

																				 

																				Section
																				  12.06 Assignments;
																				  Third Party Beneficiary. This
																				  Indenture shall be a continuing obligation of the Issuer and shall (a) be
																				  binding upon the Issuer and its successors and assigns and (b) inure to
																				  the benefit of and be enforceable by the Trustee, and by its successors,
																				  transferees and assigns. The Issuer may not assign any of its obligations under
																				  this Indenture, or other than as provided in Section 5.04 delegate any of
																				  its duties hereunder. Each Hedge Provider and each provider of an Eligible
																				  Credit Facility shall be a third party beneficiary of Sections 3.09, 9.01
																				  and 9.03, as applicable. The Servicer and each of the Sellers shall each be a
																				  third party beneficiary of each provision of this Indenture that affects any of
																				  its rights or obligations under this Indenture or any Related Document,
																				  including the provisions hereof providing for Priority Expense payment and Lien
																				  priority for amounts payable to the Servicer or any of the Sellers under the
																				  Servicing Agreement or the Asset Purchase Agreement or any other Related
																				  Document.

																				 

																				Section
																				  12.07 Currency
																				  Conversion.
																				  (a)  If any amount is received or recovered by the Cash Manager or
																				  the Trustee in respect of this Indenture or any part thereof (whether as a
																				  result of the enforcement of the security created under the Security Trust
																				  Agreement or pursuant to this Indenture or any judgment or order of any court
																				  or in the liquidation or dissolution of the Issuer or by way of damages for any
																				  breach of any obligation to make any payment under or in respect of the
																				  Issuer’s obligations hereunder or any part thereof or otherwise) in a
																				  currency (the “Received
																				  Currency”)
																				  other than the currency in which such amount was expressed to be payable (the
																				  “Agreed
																				  Currency”),
																				  then the amount in the Received Currency actually received or recovered by the
																				  Trustee or the Cash Manager shall, to the fullest extent permitted by
																				  Applicable Law, only constitute a discharge to the Issuer to the extent of the
																				  amount of the Agreed Currency which the Cash Manager or the Trustee was or
																				  would have been able in accordance with its normal procedures to purchase on
																				  the date of actual receipt or recovery (or, if that is not practicable, on the
																				  next date on which it is so practicable), and, if the amount of the Agreed
																				  Currency which the Cash Manager or Trustee is or would have been so able to
																				  purchase is less than the amount of the Agreed Currency which was originally
																				  payable by the Issuer, the Issuer shall pay to the Cash Manager such amount as
																				  the Cash Manager shall determine to be necessary to indemnify the Trustee and
																				  the Cash Manager against any loss sustained by it as a result (including the
																				  cost of making any such purchase and any premiums, commissions or other charges
																				  paid or Incurred in connection therewith) and so that such indemnity, to the
																				  fullest extent permitted by Applicable Law, (i) shall constitute a
																				  separate and independent obligation of the Issuer distinct from its obligation
																				  to discharge the amount which was originally payable by the Issuer and
																				  (ii) shall give rise to a separate and independent cause of action and
																				  apply irrespective of any indulgence granted by the Cash Manager or the Trustee
																				  and continue in full force and effect notwithstanding any judgment, order,
																				  claim or proof for a liquidated amount in respect of the amount originally
																				  payable by the Issuer or any judgment or order and no proof or evidence of any
																				  actual loss shall be required.

																				 

																				(b) For the
																				  purpose of or pending the discharge of any of the moneys and liabilities hereby
																				  secured the Cash Manager may, or cause the Operating Bank to, convert
																				  

																				 

																				

																				
																				  141
																				

																				

																				
 
																				 

																				any
																				  moneys received, recovered or realized by the Cash Manager under this Indenture
																				  (including the proceeds of any previous conversion under this
																				  Section 12.07) or any funds currently maintained in any account hereunder
																				  from their existing currency of denomination into the currency of denomination
																				  (if different) of such moneys and liabilities and any conversion from one
																				  currency to another for the purposes of any of the foregoing shall be made at
																				  the Trustee’s then prevailing spot selling rate at its office by which
																				  such conversion is made. If not otherwise required to be applied in the
																				  Received Currency, the Cash Manager, acting on behalf of the Security Trustee,
																				  shall promptly convert any moneys in such Received Currency other than U.S.
																				  dollars into U.S. dollars. Each previous reference in this Section 12.07
																				  to a currency extends to funds of that currency and funds of one currency may
																				  be converted into different funds of the same currency. The cost and expense of
																				  any such conversion shall be added to and reflected in the rate obtained for
																				  conversion and in no event shall the Cash Manager or any of its affiliates be
																				  liable in respect of the exchange rate obtained for any such conversion or any
																				  related cost or expense.

																				 

																				Section
																				  12.08 Application
																				  to Court. The
																				  Trustee may at any time after the service of a Default Notice apply to any
																				  court of competent jurisdiction for an order that the terms of this Indenture
																				  be carried into execution under the direction of such court and for the
																				  appointment of a Receiver of the Collateral or any part thereof and for any
																				  other order in relation to the administration of this Indenture as the Trustee
																				  shall deem fit and it may assent to or approve any application to any court of
																				  competent jurisdiction made at the instigation of any of the Holders or the
																				  Policy Provider and shall be indemnified by the Issuer against all costs,
																				  charges and expenses Incurred by it in relation to any such application or
																				  proceedings.

																				 

																				Section
																				  12.09 Governing
																				  Law. THIS
																				  INDENTURE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
																				  WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION,
																				  VALIDITY AND PERFORMANCE. 

																				 

																				Section
																				  12.10 Jurisdiction.
																				  (a)  Each of the parties hereto agrees that the United States federal
																				  and New York State courts located in The City of New York shall have
																				  jurisdiction to hear and determine any suit, action or proceeding, and to
																				  settle any disputes, which may arise out of or in connection with this
																				  Indenture and, for such purposes, submits to the jurisdiction of such courts.
																				  Each of the parties hereto waives any objection which it might now or hereafter
																				  have to the United States federal or New York State courts located in The City
																				  of New York being nominated as the forum to hear and determine any suit, action
																				  or proceeding, and to settle any disputes, which may arise out of or in
																				  connection with this Indenture and agrees not to claim that any such court is
																				  not a convenient or appropriate forum. Each of the parties hereto (except for
																				  the Cash Manager, Operating Bank, Trustee and Policy Provider) agrees that the
																				  process by which any suit, action or proceeding is begun may be served on it by
																				  being delivered in connection with any suit, action or proceeding in the city
																				  of New York to [__________], and each of the parties hereby appoints
																				  [__________] its designee, appointee and agent to receive, accept and
																				  acknowledge for and on its behalf such service of legal process, with the
																				  exception of the Trustee, who hereby consents to receive any such service of
																				  process directly at the address set forth in Section 12.05
																				  herein.

																				 

																				

																				
																				  142
																				

																				

																				
 
																				 

																				(b) The
																				  submission to the jurisdiction of the courts referred to in
																				  Section 12.10(a) shall not (and shall not be construed so as to) limit the
																				  right of the Trustee to take proceedings against the Issuer in any other court
																				  of competent jurisdiction nor shall the taking of proceedings in any one or
																				  more jurisdictions preclude the taking of proceedings in any other
																				  jurisdiction, whether concurrently or not.

																				 

																				(c) Each of
																				  the parties hereto hereby consents generally in respect of any legal action or
																				  proceeding arising out of or in connection with this Indenture to the giving of
																				  any relief or the issue of any process in connection with such action or
																				  proceeding, including the making, enforcement or execution against any property
																				  whatsoever (irrespective of its use or intended use) of any order or judgment
																				  which may be made or given in such action or proceeding. 

																				 

																				Section
																				  12.11 Counterparts. This
																				  Indenture may be executed in two or more counterparts by the parties hereto,
																				  and each such counterpart shall be considered an original and all such
																				  counterparts shall constitute one and the same instrument.

																				 

																				Section
																				  12.12 Table
																				  of Contents, Headings, Etc. The
																				  Table of Contents and headings of the Articles and Sections of this Indenture
																				  have been inserted for convenience of reference only, are not to be considered
																				  a part hereof and shall in no way modify or restrict any of the terms and
																				  provisions hereof.

																				 

																				Section
																				  12.13 Compliance
																				  with Applicable Anti-Terrorism and Anti-Money Laundering
																				  Regulations. In
																				  order to comply with laws, rules, regulations and executive orders in effect
																				  from time to time applicable to banking institutions, including those relating
																				  to the funding of terrorist activities and money laundering (“Applicable
																				  Regulations”),
																				  the Trustee is required to obtain, verify and record certain information
																				  relating to individuals and entities which maintain a business relationship
																				  with. Accordingly, each of the parties agrees to provide to Trustee upon its
																				  request from time to time such identifying information and documentation as may
																				  be available for such party in order to enable the Trustee to comply with
																				  Applicable Regulations.

																				 

																				

																				
																				  143
																				

																				

																				
 
																				 

																				IN
																				  WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
																				  executed, all as of the date first written above.

																				
																				  	 	 	 
	 	GENESIS FUNDING
																						  LIMITED, as the Issuer 
	 
	 
	 

	 	By  	 
	 	
																						  
Name:
	 	Title:

 

																				 

																				
																				  
																					 	 	 	 
	 	

																							 DEUTSCHE BANK TRUST
																								COMPANY 

																							 AMERICAS, as the
																								Operating Bank and Trustee
 
	 
	 
	 

	 	By  	 
	 	
																							 
Name:
	 	Title:

 

																				   
 

																				
																				  
																					 	 	 	 
	 	By  	 
	 	
																							 
Name:
	 	Title:

 

																				  

																				 

																				
																				  
																					 	 	 	 
	 	

																							 DEUTSCHE BANK TRUST
																								COMPANY 

																							 AMERICAS, as the Cash
																								Manager
 
	 
	 
	 

	 	By  	 
	 	
																							 
Name:
	 	Title:

 

																				  
																					  

																					 
																						
																						  	 	 	 
	
																								  	By  	
																								  
	 	
																								  
Name:
	 	Title:

																						  
 

																					  
 
 

																				 

																				
																				  
																					  
 

																				  
																					  

																					 
																						
 
 

																				  
																					  
 
 

																				
																				   

																				  
																					 
																							 	 	 
	 	
																								FINANCIAL GUARANTY
																								  INSURANCE 

																								COMPANY, as the Policy
																								  Provider
 
	 
	 
	 

	
																									By  	
																								
	 	
																								
Name:
	 	Title:

																						

																					  
 
 

																				
																				  
																					 
																						
																						  	 	 	 
	 	
																								  PK AIRFINANCE US, INC.,
																									 as the Initial Liquidity 

																								  Facility
																									 Provider
 
	 
	 
	 

	
																								  	By  	
																								  
	 	
																								  
Name:
	 	Title:

																						  

																						 

																						

																						
																						  2
																						

																						

																						
  
 
 

																				SCHEDULE
																				  1

																				 

																				INITIAL
																				  AIRCRAFT

																				 

																				
																				  	
																						  MSN

																						  	 	
																						  Type
																							 of Aircraft
 	 	
																						  Aircraft
																							 Owner
 	 	
																						  Date
																							 of Manufacture
 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

																				

																				

																				
																				  
																				

																				

																				
  

																				SCHEDULE
																				  2

																				 

																				ISSUER
																				  SUBSIDIARIES

																				 

																				
																				  	
																						  Entity

																						  	 	
																						  Jurisdiction
																							 of Incorporation
 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

																				

																				

																				
																				  
																				

																				

																				
  

																				SCHEDULE
																				  3

																				 

																				INITIAL
																				  LEASES

																				 

																				

																				
																				  
																				

																				

																				
  

																				SCHEDULE
																				  4

																				 

																				POOL
																				  FACTORS

																				 

																				

																				
																				  
																				

																				

																				
 
																				 

																				SCHEDULE
																				  5

																				 

																				EXTENDED
																				  POOL FACTORS

																				 

																				
																				  
																					 
																				  

																				  

																				  
 
																				   

																				  SCHEDULE
																					 6

																				   

																				  MINIMUM
																					 TARGET PRINCIPAL BALANCE

																				   

																				  

																				  
																					 
																				  

																				  

																				  
 
																				   

																				  SCHEDULE
																					 7

																				   

																				  AMORTIZATION
																					 PERCENTAGESSECURITY TRUST
		AGREEMENT
	 

	 
		Dated as of
		[__________], 2006
	 

	 
		between 
	 

	 
		GENESIS FUNDING
		LIMITED
	 

	 
		and
	 

	 
		THE ADDITIONAL
		GRANTORS REFERRED TO HEREIN
	 

	 
		as the
		Grantors
	 

	 
		and
	 

	 
		DEUTSCHE BANK TRUST
		COMPANY AMERICAS,
	 

	 
		as the Security
		Trustee, the Cash Manager and the Operating Bank
	 

	 
		 
	 

	 

	 
	 

	 

	 
		T A B L E
		  O F   C O N T E N T S
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  PAGE
				

			 
	
				
				  ARTICLE I
				  DEFINITIONS
				

			 	
				
				  2
				

			 
	
				
				  Section
				  1.01
				

			 	
				
				   
				

			 	
				
				  Definitions
				

			 	
				
				  2
				

			 
	
				
				  Section
				  1.02
				

			 	
				
				   
				

			 	
				
				  Construction
				  and Usage
				

			 	
				
				  8
				

			 
	
				
				  ARTICLE II
				  SECURITY
				

			 	
				
				  8
				

			 
	
				
				  Section
				  2.01
				

			 	
				
				   
				

			 	
				
				  Grant of
				  Security
				

			 	
				
				  8
				

			 
	
				
				  Section
				  2.02
				

			 	
				
				   
				

			 	
				
				  Security for
				  Obligations
				

			 	
				
				  12
				

			 
	
				
				  Section
				  2.03
				

			 	
				
				   
				

			 	
				
				  Representations and Warranties of
				  the Grantors
				

			 	
				
				  12
				

			 
	
				
				  Section
				  2.04
				

			 	
				
				   
				

			 	
				
				  Grantors
				  Remain Liable
				

			 	
				
				  15
				

			 
	
				
				  Section
				  2.05
				

			 	
				
				   
				

			 	
				
				  Delivery of
				  Collateral
				

			 	
				
				  15
				

			 
	
				
				  Section
				  2.06
				

			 	
				
				   
				

			 	
				
				  Maintenance
				  of Security Trustee Accounts
				

			 	
				
				  16
				

			 
	
				
				  Section
				  2.07
				

			 	
				
				   
				

			 	
				
				  The Grantor
				  and the Covenants Regarding Accounts
				

			 	
				
				  17
				

			 
	
				
				  Section
				  2.08
				

			 	
				
				   
				

			 	
				
				  Covenants
				  Regarding Assigned Documents
				

			 	
				
				  18
				

			 
	
				
				  Section
				  2.09
				

			 	
				
				   
				

			 	
				
				  Covenants
				  Regarding Security Collateral, Beneficial Interest Collateral, Membership
				  Interest Collateral and Investment Collateral
				

			 	
				
				  20
				

			 
	
				
				  Section
				  2.10
				

			 	
				
				   
				

			 	
				
				  Further
				  Assurances
				

			 	
				
				  21
				

			 
	
				
				  Section
				  2.11
				

			 	
				
				   
				

			 	
				
				  Place of
				  Perfection; Records
				

			 	
				
				  23
				

			 
	
				
				  Section
				  2.12
				

			 	
				
				   
				

			 	
				
				  Voting
				  Rights; Dividends; Etc.
				

			 	
				
				  23
				

			 
	
				
				  Section
				  2.13
				

			 	
				
				   
				

			 	
				
				  Transfers and
				  Other Encumbrances; Additional Shares or Interests
				

			 	
				
				  24
				

			 
	
				
				  Section
				  2.14
				

			 	
				
				   
				

			 	
				
				  Security
				  Trustee Appointed Attorney-in-Fact
				

			 	
				
				  25
				

			 
	
				
				  Section
				  2.15
				

			 	
				
				   
				

			 	
				
				  Security
				  Trustee May Perform
				

			 	
				
				  25
				

			 
	
				
				  Section
				  2.16
				

			 	
				
				   
				

			 	
				
				  Covenant to
				  Pay
				

			 	
				
				  25
				

			 
	
				
				  Section
				  2.17
				

			 	
				
				   
				

			 	
				
				  Delivery of
				  Collateral Supplements
				

			 	
				
				  26
				

			 
	
				
				  Section
				  2.18
				

			 	
				
				   
				

			 	
				
				  Annual
				  Opinion
				

			 	
				
				  26
				

			 
	
				
				  Section
				  2.19
				

			 	
				
				   
				

			 	
				
				  Covenant
				  Regarding Control
				

			 	
				
				  26
				

			 
	
				
				  Section
				  2.20
				

			 	
				
				   
				

			 	
				
				  As to Irish
				  Law
				

			 	
				
				  26
				

			 
	
				
				  Section
				  2.21
				

			 	
				
				   
				

			 	
				
				  As to French
				  law
				

			 	
				
				  26
				

			 
	
				
				  Section
				  2.22
				

			 	
				
				   
				

			 	
				
				  Irish Share
				  Mortgages
				

			 	
				
				  27
				

			 
	
				
				  Section
				  2.23
				

			 	
				
				   
				

			 	
				
				  Dutch
				  Security Agreement
				

			 	
				
				  27
				

			 
	
				
				  Section
				  2.24
				

			 	
				
				   
				

			 	
				
				  French Share
				  Pledges
				

			 	
				
				  27
				

			 
	
				
				  Section
				  2.25
				

			 	
				
				   
				

			 	
				
				  Swedish Share
				  Pledge
				

			 	
				
				  27
				

			 
	
				
				  Section
				  2.26
				

			 	
				
				   
				

			 	
				
				  Irish Account
				  Charges
				

			 	
				
				  27
				

			 
	
				
				  Section
				  2.27
				

			 	
				
				   
				

			 	
				
				  Limitations
				  as to French Law
				

			 	
				
				  27
				

			 
	
				
				  Section
				  2.28
				

			 	
				
				   
				

			 	
				
				  Limitations
				  as to Swedish Law
				

			 	
				
				  27
				

			 
	
				
				  ARTICLE III
				  REMEDIES
				

			 	
				
				  28
				

			 
	
				
				  Section
				  3.01
				

			 	
				
				   
				

			 	
				
				  Remedies
				

			 	
				
				  28
				

			 
	
				
				  ARTICLE IV
				  SECURITY INTEREST ABSOLUTE
				

			 	
				
				  29
				

			 
	
				
				  Section
				  4.01
				

			 	
				
				   
				

			 	
				
				  Security
				  Interest Absolute
				

			 	
				
				  29
				

			 
	
				
				  ARTICLE V THE
				  SECURITY TRUSTEE AND THE OPERATING BANK
				

			 	
				
				  30
				

			 
	
				
				  Section
				  5.01
				

			 	
				
				   
				

			 	
				
				  Authorization
				  and Action
				

			 	
				
				  30
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
			
				
				  Section
				  5.02
				

			 	
				
				   
				

			 	
				
				  Absence of
				  Duties
				

			 	
				
				  30
				

			 
	
				
				  Section
				  5.03
				

			 	
				
				   
				

			 	
				
				  Representations or
				  Warranties
				

			 	
				
				  30
				

			 
	
				
				  Section
				  5.04
				

			 	
				
				   
				

			 	
				
				  Reliance;
				  Agents; Advice of Counsel
				

			 	
				
				  31
				

			 
	
				
				  Section
				  5.05
				

			 	
				
				   
				

			 	
				
				  Cape Town
				  Convention
				

			 	
				
				  32
				

			 
	
				
				  Section
				  5.06
				

			 	
				
				   
				

			 	
				
				  No Individual
				  Liability
				

			 	
				
				  32
				

			 
	
				
				  Section
				  5.07
				

			 	
				
				   
				

			 	
				
				  The Operating
				  Bank
				

			 	
				
				  32
				

			 
	
				
				  ARTICLE VI
				  SUCCESSOR TRUSTEES AND OPERATING BANK
				

			 	
				
				  32
				

			 
	
				
				  Section
				  6.01
				

			 	
				
				   
				

			 	
				
				  Resignation
				  and Removal of Security Trustee
				

			 	
				
				  32
				

			 
	
				
				  Section
				  6.02
				

			 	
				
				   
				

			 	
				
				  Appointment
				  of Successor
				

			 	
				
				  33
				

			 
	
				
				  Section
				  6.03
				

			 	
				
				   
				

			 	
				
				  The Operating
				  Bank
				

			 	
				
				  34
				

			 
	
				
				  ARTICLE VII
				  AGREEMENT BETWEEN SECURED PARTIES
				

			 	
				
				  34
				

			 
	
				
				  Section
				  7.01
				

			 	
				
				   
				

			 	
				
				  Subordination
				  and Priority
				

			 	
				
				  34
				

			 
	
				
				  Section
				  7.02
				

			 	
				
				   
				

			 	
				
				  Exercise of
				  Remedies
				

			 	
				
				  34
				

			 
	
				
				  Section
				  7.03
				

			 	
				
				   
				

			 	
				
				  Further
				  Agreements of Subordination
				

			 	
				
				  35
				

			 
	
				
				  Section
				  7.04
				

			 	
				
				   
				

			 	
				
				  Rights of
				  Subrogation
				

			 	
				
				  37
				

			 
	
				
				  Section
				  7.05
				

			 	
				
				   
				

			 	
				
				  Further
				  Assurances of Subordinated Representatives
				

			 	
				
				  37
				

			 
	
				
				  Section
				  7.06
				

			 	
				
				   
				

			 	
				
				  No Change in
				  Rights in Collateral
				

			 	
				
				  37
				

			 
	
				
				  Section
				  7.07
				

			 	
				
				   
				

			 	
				
				  Waiver of
				  Marshalling and Similar Rights
				

			 	
				
				  37
				

			 
	
				
				  Section
				  7.08
				

			 	
				
				   
				

			 	
				
				  Enforcement
				

			 	
				
				  37
				

			 
	
				
				  Section
				  7.09
				

			 	
				
				   
				

			 	
				
				  Obligations
				  Not Affected
				

			 	
				
				  37
				

			 
	
				
				  Section
				  7.10
				

			 	
				
				   
				

			 	
				
				  Waiver

				

			 	
				
				  38
				

			 
	
				
				  Section
				  7.11
				

			 	
				
				   
				

			 	
				
				  Senior
				  Obligations and Subordinated Obligations Unimpaired
				

			 	
				
				  38
				

			 
	
				
				  Section
				  7.12
				

			 	
				
				   
				

			 	
				
				  Upon
				  Discharge of Obligations
				

			 	
				
				  38
				

			 
	
				
				  Section
				  7.13
				

			 	
				
				   
				

			 	
				
				  Agreement of
				  the Secured Parties
				

			 	
				
				  38
				

			 
	
				
				  ARTICLE VIII
				  INDEMNITY AND EXPENSES
				

			 	
				
				  39
				

			 
	
				
				  Section
				  8.01
				

			 	
				
				   
				

			 	
				
				  Indemnity
				

			 	
				
				  39
				

			 
	
				
				  Section
				  8.02
				

			 	
				
				   
				

			 	
				
				  Holders’
				  Indemnity
				

			 	
				
				  40
				

			 
	
				
				  Section
				  8.03
				

			 	
				
				   
				

			 	
				
				  No
				  Compensation from Secured Parties
				

			 	
				
				  40
				

			 
	
				
				  Section
				  8.04
				

			 	
				
				   
				

			 	
				
				  Security
				  Trustee Fees
				

			 	
				
				  40
				

			 
	
				
				  ARTICLE IX
				  MISCELLANEOUS
				

			 	
				
				  40
				

			 
	
				
				  Section
				  9.01
				

			 	
				
				   
				

			 	
				
				  Amendments;
				  Waivers; Etc.
				

			 	
				
				  40
				

			 
	
				
				  Section
				  9.02
				

			 	
				
				   
				

			 	
				
				  Addresses for
				  Notices
				

			 	
				
				  41
				

			 
	
				
				  Section
				  9.03
				

			 	
				
				   
				

			 	
				
				  No Waiver;
				  Remedies
				

			 	
				
				  42
				

			 
	
				
				  Section
				  9.04
				

			 	
				
				   
				

			 	
				
				  Severability
				

			 	
				
				  42
				

			 
	
				
				  Section
				  9.05
				

			 	
				
				   
				

			 	
				
				  Continuing
				  Security Interest; Assignments
				

			 	
				
				  42
				

			 
	
				
				  Section
				  9.06
				

			 	
				
				   
				

			 	
				
				  Release and
				  Termination
				

			 	
				
				  42
				

			 
	
				
				  Section
				  9.07
				

			 	
				
				   
				

			 	
				
				  Currency
				  Conversion
				

			 	
				
				  43
				

			 
	
				
				  Section
				  9.08
				

			 	
				
				   
				

			 	
				
				  Governing
				  Law
				

			 	
				
				  43
				

			 
	
				
				  Section
				  9.09
				

			 	
				
				   
				

			 	
				
				  Jurisdiction
				

			 	
				
				  43
				

			 
	
				
				  Section
				  9.10
				

			 	
				
				   
				

			 	
				
				  Counterparts
				

			 	
				
				  44
				

			 
	
				
				  Section
				  9.11
				

			 	
				
				   
				

			 	
				
				  Table of
				  Contents, Headings, Etc.
				

			 	
				
				  44
				

			 
	
				
				  Section
				  9.12
				

			 	
				
				   
				

			 	
				
				  Limited
				  Recourse
				

			 	
				
				  44
				

			 
	
				
				  Section
				  9.13
				

			 	
				
				   
				

			 	
				
				  Servicing
				  Agreement
				

			 	
				
				  44
				

			 

 

	 
		 
	 

	 
		ii
	 

	 
		 
	 

	 

	 
	 

	 

	 
		SCHEDULES
	 

	 
		 
	 

	 
			
				
				  Schedule
				  I
				

			 	
				
				  Pledged
				  Shares, Pledged Beneficial Interests and Pledged Debt
				

			 
	
				
				  Schedule
				  II
				

			 	
				
				  Non-Trustee
				  Account Information
				

			 
	
				
				  Schedule
				  III
				

			 	
				
				  Trade
				  Names
				

			 
	
				
				  Schedule
				  IV
				

			 	
				
				  Chief Place
				  of Business and Chief Executive or Registered Office
				

			 
	
				
				  Schedule
				  V
				

			 	
				
				  Aircraft
				  Objects
				

			 

 

	 
		EXHIBITS
	 

	 
		 
	 

	 
			
				
				  Exhibit
				  A
				

			 	
				
				  Form of
				  Secured Party Supplement
				

			 
	
				
				  Exhibit
				  B-1
				

			 	
				
				  Form of
				  Collateral Supplement
				

			 
	
				
				  Exhibit
				  B-2
				

			 	
				
				  Form of
				  Grantor Supplement
				

			 
	
				
				  Exhibit
				  C
				

			 	
				
				  Form of
				  Non-Trustee Account Letter
				

			 
	
				
				  Exhibit
				  D
				

			 	
				
				  Form of
				  Consent and Agreement
				

			 
	
				
				  Exhibit
				  E-1
				

			 	
				
				  Form of
				  Aircraft Mortgage
				

			 
	
				
				  Exhibit
				  E-2
				

			 	
				
				  Form of
				  Aircraft Mortgage and Lease Assignment
				

			 
	
				
				  Exhibit
				  E-3
				

			 	
				
				  Form of FAA
				  Lease Security Assignment
				

			 
	
				
				  Exhibit
				  F
				

			 	
				
				  Form of Irish
				  Share Mortgage
				

			 
	
				
				  Exhibit
				  G
				

			 	
				
				  Form of
				  French Share Pledge
				

			 
	
				
				  Exhibit
				  H
				

			 	
				
				  Form of
				  Swedish Share Pledge
				

			 
	
				
				  Exhibit
				  I
				

			 	
				
				  Form of Deed
				  of Charge Over a Bank Account
				

			 
	
				
				  Exhibit
				  J
				

			 	
				
				  Form of
				  French Account Pledge
				

			 
	
				
				  Exhibit
				  K
				

			 	
				
				  Form of Dutch
				  Security Agreement
				

			 

 

	 
		 
	 

	 
		iii
	 

	 
		 
	 

	 

	 
	 

	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		This SECURITY TRUST
		AGREEMENT (this “Agreement”), dated as of [__________], 2006, is made
		between GENESIS FUNDING LIMITED, a Bermuda exempted company (the
		“Issuer”), the ISSUER SUBSIDIARIES listed on the signature pages of,
		or who otherwise become grantors under, this Agreement (the “Issuer
		Subsidiaries”, and together with the Issuer, the “Grantors”) and
		DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation
		(“DBTCA”) as the Security Trustee, the Cash Manager and the Operating
		Bank.
	 

	 
		PRELIMINARY
		STATEMENTS:
	 

	 
		(1) The Issuer,
		DBTCA, the Cash Manager, the Initial Liquidity Facility Provider and the Policy
		Provider have entered into the Indenture pursuant to which the Issuer is
		issuing the Notes and DBTCA has been appointed the Trustee.
	 

	 
		(2) The Issuer is the
		owner, directly or indirectly, of (i) all of the beneficial interest in certain
		Issuer Subsidiaries and all of the outstanding shares of capital stock of the
		other Issuer Subsidiaries, all as described in the attached Schedule I and in
		any Collateral Supplement or Grantor Supplement, and (ii) the indebtedness of
		certain Issuer Subsidiaries, all as described in the attached Schedule I and in
		any Collateral Supplement or Grantor Supplement.
	 

	 
		(3) The Issuer
		Subsidiaries are or may from time to time be parties to lease and sub-lease
		contracts and servicing agreements with respect to the Initial Aircraft, and
		they may enter into lease and sub-lease contracts and servicing agreements with
		respect to Additional Aircraft.
	 

	 
		(4) The Issuer and
		the Issuer Subsidiaries may from time to time grant additional security for the
		benefit of the Secured Parties.
	 

	 
		(5) It is a condition
		precedent to the issuance of the Notes by the Issuer that each Grantor grant
		the security interests required by this Agreement.
	 

	 
		(6) Each Grantor will
		derive substantial direct and indirect benefit from the issuance of the Notes
		and from the Related Documents.
	 

	 
		(7) DBTCA is willing
		to act as the Security Trustee, the Cash Manager and the Operating Bank under
		this Agreement.
	 

	 
		NOW, THEREFORE, in
		consideration of the premises, each Grantor hereby agrees with the Security
		Trustee for its benefit and the benefit of the other Secured Parties as
		follows:
	 

	 
		 
	 

	 

	 
	 

	 

	 
		ARTICLE I
	 

	 
		DEFINITIONS
	 

	 
		Section 1.01 Definitions. (a) Certain Defined
		Terms. For the
		purposes of this Agreement, the following terms have the meanings indicated
		below: 
	 

	 
		“1881 Act”
		has the meaning specified in Section 2.20.
	 

	 
		“Account
		Collateral” has the meaning specified in Section 2.01(e).
	 

	 
		“Account
		Letters” has the meaning specified in Section 2.07(b).
	 

	 
		“Accounts
		Receivable” means, with respect to each Grantor, all of such
		Grantor’s now owned or hereafter acquired or arising “accounts”,
		as defined in the UCC, including any rights to payment for the sale or lease of
		goods or rendition of services, whether or not they have been earned by
		performance.
	 

	 
		“Additional
		Grantor” has the meaning specified in Section 9.01(b).
	 

	 
		“Agreed
		Currency” has the meaning specified in Section 9.07.
	 

	 
		“Agreement”
		has the meaning specified in the recital of parties to this Agreement.
	 

	 
		“Agreement
		Collateral” means, collectively, the Assigned Agreement Collateral, the
		Lease Collateral and the Servicing Collateral.
	 

	 
		“Aircraft
		Mortgage” means a Mortgage and Security Agreement substantially in the
		form attached as Exhibit E-1.
	 

	 
		“Aircraft
		Mortgage and Lease Assignment” means a Mortgage and Security Agreement
		substantially in the form attached as Exhibit E-2.
	 

	 
		“Aircraft
		Objects” means the Aircraft Objects (as defined in the Protocol) described
		on Schedule V hereto.
	 

	 
		“Aircraft
		Purchase Collateral” has the meaning specified in Section 2.01(j).
	 

	 
		“Assigned
		Agreement Collateral” has the meaning specified in Section 2.01(g).

	 

	 
		“Assigned
		Agreements” has the meaning specified in Section 2.01(g).
	 

	 
		“Assigned
		Documents” means, collectively, the Assigned Agreements, the Assigned
		Leases, the Service Provider Documents included in the Servicing Collateral and
		the Acquisition Agreements included in the Aircraft Purchase Collateral.

	 

	 
		“Assigned
		Leases” has the meaning specified in Section 2.01(h).
	 

	 
		“Beneficial
		Interest Collateral” has the meaning specified in Section 2.01(b).
	 

	 
		 
	 

	 
		-2-
	 

	 
		 
	 

	 

	 
	 

	 

	 
		“Cape Town
		Convention” means, collectively, the Convention and the Protocol, together
		with all regulations and procedures issued in connection therewith, and all
		other rules, amendments, supplements, modifications, and revisions thereto (in
		each case using the English language version).
	 

	 
		“Cape Town
		Lease” means any Lease (including any Lease between Issuer Group Members)
		that has been entered into, extended, assigned or novated after March 1, 2006
		(A) with a Cape Town Lessee or (B) where the related Aircraft Object is
		registered in a Contracting State.
	 

	 
		“Cape Town
		Lessee” means a lessee under a Lease that is “situated in” a
		“Contracting State”.
	 

	 
		“Certificated
		Security” means a certificated security (as defined in Section 8-102(a)(4)
		of the UCC) other than a Government Security.
	 

	 
		“Collateral” has the
		meaning specified in Section 2.01.
	 

	 
		“Collateral
		Supplement” means a supplement to this Agreement in substantially the form
		attached as Exhibit B-1 executed and delivered by a Grantor.
	 

	 
		“Convention” means the
		Convention on International Interests in Mobile Equipment, signed in Cape Town,
		South Africa on November 16, 2001.
	 

	 
		“DBTCA” has
		the meaning specified in the recital of parties to this Agreement.
	 

	 
		“Dutch Security
		Agreement” means the Dutch Security Agreement in substantially the form
		attached as Exhibit K to be entered into by and between the Issuer, GFL
		Aircraft Leasing Netherlands B.V. and the Security Trustee pursuant to Section
		2.23 of this Agreement.
	 

	 
		“FAA” means
		the Federal Aviation Administration of the United States of America.
	 

	 
		“FAA Lease
		Security Assignment” means a Lease Security Assignment substantially in
		the form attached as Exhibit E-3.
	 

	 
		“French Share
		Pledge” means a French law governed pledge of shares in substantially the
		form attached as Exhibit G, to be executed and delivered by the Issuer as
		further described at Section 2.24.
	 

	 
		“Government
		Security” means any security that is issued or guaranteed by the United
		States of America or an agency or instrumentality thereof and that is
		maintained in book-entry on the records of the Federal Reserve Bank of New York
		and is subject to the Revised Book-Entry Rules.
	 

	 
		“Grantors”
		has the meaning specified in the recital of parties to this Agreement.
	 

	 
		“Grantor
		Supplement” means a supplement to this Agreement in substantially the form
		attached as Exhibit B-2 executed and delivered by an Issuer Group Member.
		
	 

	 
		 
	 

	 
		-3-
	 

	 
		 
	 

	 

	 
	 

	 

	 
		“Indenture”
		means the Trust Indenture dated as of [__________], 2006 among the Issuer, the
		Operating Bank, DBTCA, as Trustee, DBTCA, as Cash Manager, PK AirFinance US,
		Inc., as the Initial Liquidity Facility Provider and the Policy
		Provider.
	 

	 
		“Indenture
		Obligations” means, in respect of any class of Notes, all obligations of
		the Issuer under and in respect of such class of Notes including all
		obligations of the Issuer to make payments of principal of, interest on
		(including interest following the filing of a petition initiating any
		proceeding referred to in Section 7.03(a)) and premium, if any, on such class
		of Notes, all obligations to pay any fees, expenses or other amounts under or
		in respect of such class of Notes, the Indenture or any Related Document in
		respect of such class of Notes, and all obligations in respect of any
		amendment, modification, extension, renewal or refinancing of such class of
		Notes.
	 

	 
		“Instrument” means any
		“instrument” as defined in Section 9-102(a)(47) of the UCC.
	 

	 
		“International
		Registry” means the International Registry under the Cape Town
		Convention.
	 

	 
		“Investment
		Property Collateral” has the meaning specified in Section 2.01(f).
	 

	 
		“Irish Account
		Charge” means an Irish law governed account charge in substantially the
		form attached as Exhibit I, to be executed and delivered by the Issuer as
		further described at Section 2.26.
	 

	 
		“Irish Share
		Mortgage” means an Irish law governed mortgage of shares in substantially
		the form attached as Exhibit F, executed and delivered by the Issuer pursuant
		to Section 2.22.
	 

	 
		“Issuer”
		has the meaning specified in the recital of parties to this Agreement.
	 

	 
		“Lease
		Assignment Documents” means, in respect of any Assigned Lease, (a) any
		agreement providing for the novation thereof to substitute, or the assignment
		thereof to, an Issuer Group Member as the lessor, (b) any agreement or
		instrument supplemental to this Agreement for the purpose of effecting and/or
		perfecting the assignment of, and the grant of a lien upon, such Assigned Lease
		in favor the Security Trustee under any Applicable Law, (c) any notice provided
		to the lessee thereof of the assignment thereof pursuant to this Agreement
		and/or such supplement, (d) any acknowledgment of such assignment by such
		lessee and (e) any undertaking of quiet enjoyment given by the Security Trustee
		in respect thereof.
	 

	 
		“Lease
		Collateral” has the meaning specified in Section 2.01(h).
	 

	 
		“Lease
		Obligations” means, with respect to each Grantor that owns an Aircraft
		Interest, its obligations (as lessee and/or purchaser) to each Issuer Group
		Member under each aircraft lease agreement, conditional sale agreement, hire
		purchase agreement or other similar agreement with such Issuer Group Member (as
		lessor or vendor).
	 

	 
		“Letter of
		Credit” means any “letter of credit” as defined in Section 5-102
		of the UCC.
	 

	 
		 
	 

	 
		-4-
	 

	 
		 
	 

	 

	 
	 

	 

	 
		“Membership
		Interest Collateral” has the meaning specified in Section 2.01(c).
	 

	 
		“Non-Trustee
		Account Banks” has the meaning specified in Section 2.07(b).
	 

	 
		“Non-Trustee
		Account Collateral” has the meaning specified in Section 2.01(d).
	 

	 
		“Obligor”
		has the meaning specified in Section 2.07(a).
	 

	 
		“Operating
		Bank” means the Person acting, at the time of determination, as the
		operating bank under this Agreement. The initial Operating Bank is
		DBTCA.
	 

	 
		“Pledged
		Aircraft Interest” means any Pledged Shares or Pledged Beneficial
		Interests consisting of an Aircraft Interest.
	 

	 
		“Pledged
		Beneficial Interest” means the beneficial interests identified in any of
		Schedule I, any Collateral Supplement or Grantor Supplement and includes any
		Pledged Aircraft Interests in the nature of beneficial interests.
	 

	 
		“Pledged
		Debt” means the indebtedness identified in any of Schedule I, any
		Collateral Supplement or Grantor Supplement.
	 

	 
		“Pledged
		Shares” means the capital stock identified in any of Schedule I, any
		Collateral Supplement or Grantor Supplement and includes any Pledged Aircraft
		Interests in the nature of capital stock.
	 

	 
		“Policy
		Provider” means Financial Guaranty Insurance Company, a New York stock
		insurance company, or any successor thereto as issuer of the Policy.
	 

	 
		“Protocol”
		means the Protocol to the Convention on Matters Specific to Aircraft
		Equipment.
	 

	 
		“Received
		Currency” has the meaning specified in Section 9.07.
	 

	 
		“Relevant
		Collateral” has the meaning specified in Section 2.09(a).
	 

	 
		“Required Cape
		Town Registrations” has the meaning set forth in Section 2.10(h).
	 

	 
		“Revised
		Book-Entry Rules” means 31 C.F.R. § 357 (Treasury bills, notes and
		bonds); 12 C.F.R. § 615 (book-entry securities of the Farm Credit
		Administration); 12 C.F.R. §§ 910 and 912 (book-entry securities of
		the Federal Home Loan Banks); 24 C.F.R. § 81 (book-entry securities of the
		Federal National Mortgage Association and the Federal Home Loan Mortgage
		Corporation); 12 C.F.R. § 1511 (book-entry securities of the Resolution
		Funding Corporation or any successor thereto); 31 C.F.R. § 354 (book-entry
		securities of the Student Loan Marketing Association); and any substantially
		comparable book-entry rules of any other Federal agency or
		instrumentality.
	 

	 
		“Secured
		Collateral Provider” means any of or, in its plural form, all of the
		Secured Service Providers, Secured Hedge Providers and Secured Credit Facility
		Providers.
	 

	 
		 
	 

	 
		-5-
	 

	 
		 
	 

	 

	 
	 

	 

	 
		“Secured
		Collateral Provider Document” means any of or, in its plural form, all of
		the Service Provider Documents, Hedge Agreements, Eligible Credit Facilities
		and Acquisition Agreements.
	 

	 
		“Secured Credit
		Facility” means any Eligible Credit Facility and, for the avoidance of
		doubt, all obligations to pay fees, expenses or other amounts required to be
		paid thereunder in respect of which the provider has delivered to the Security
		Trustee a Secured Party Supplement.
	 

	 
		“Secured Credit
		Facility Obligations” means the obligations of the Issuer now or hereafter
		existing under any Secured Credit Facilities to Secured Credit Facility
		Providers.
	 

	 
		“Secured Credit
		Facility Provider” means the provider of any Secured Credit
		Facility.
	 

	 
		“Secured Hedge
		Agreement” means a Hedge Agreement in respect of which the Hedge Provider
		has executed and delivered to the Security Trustee a Secured Party
		Supplement.
	 

	 
		“Secured Hedge
		Provider” means the Hedge Provider of a Secured Hedge Agreement.
	 

	 
		“Secured Hedge
		Provider Obligations” means the obligations of the Issuer now or hereafter
		existing under the Secured Hedge Agreements.
	 

	 
		“Secured
		Obligations” means, collectively, the Indenture Obligations with respect
		to the Notes, all Policy Provider Obligations, the Secured Service Provider
		Obligations, the Secured Credit Facility Obligations and the Secured Hedge
		Provider Obligations.
	 

	 
		“Secured
		Party” means any of or, in the plural form, all of the Security Trustee,
		the Policy Provider, each other Secured Service Provider, each Holder, each
		Secured Credit Facility Provider and each Secured Hedge Provider.
	 

	 
		“Secured Party
		Supplement” means a supplement to this Agreement in substantially the form
		attached as Exhibit A executed and delivered between the Security Trustee
		and a Service Provider, a Hedge Provider or a Secured Credit Facility
		Provider.
	 

	 
		“Secured Service
		Provider” means any of the Security Trustee, the Trustee, the Operating
		Bank, the Servicer, the Manager, the Cash Manager, the Reference Agent, the
		Hedge Services Provider and each other provider of services (including any
		Authorized Agent) under a Secured Service Provider Document.
	 

	 
		“Secured Service
		Provider Document” means any Service Provider Document listed under clause
		(a) of the definition of that term and any other service agreement entered into
		by an Issuer Group Member in accordance with the Indenture in respect of which
		the counterparty has executed and delivered to the Security Trustee a Secured
		Party Supplement.
	 

	 
		“Secured Service
		Provider Obligations” means, collectively, the obligations now or
		hereafter existing of any Issuer Group Member to a Service Provider under a
		Secured Service Provider Document.
	 

	 
		 
	 

	 
		-6-
	 

	 
		 
	 

	 

	 
	 

	 

	 
		“Securities
		Account” means a securities account as defined in Section 8-501(a) of the
		UCC maintained in the name of the Security Trustee as “entitlement
		holder” (as defined in Section 8-102(a)(7) of the UCC) on the books and
		records of the Operating Bank or another Securities Intermediary who has agreed
		that its securities intermediary jurisdiction (within the meaning of Section
		8-110(e) of the UCC) is the State of New York.
	 

	 
		“Securities
		Intermediary” means any “securities intermediary” of the
		Security Trustee as defined in 31 C.F.R. Section 357.2 or Section 8-102(a)(14)
		of the UCC.
	 

	 
		“Security
		Collateral” has the meaning specified in Section 2.01(a).
	 

	 
		“Security
		Trustee” means the Person appointed, at the time of determination, as the
		security trustee under this Agreement. The initial Security Trustee is
		DBTCA.
	 

	 
		“Security
		Trustee Account” means any Account other than a Non-Trustee
		Account.
	 

	 
		“Senior
		Creditors” means the Secured Parties to whom the Senior Obligations are
		owed.
	 

	 
		“Senior
		Obligations” means, with respect to any Secured Obligation (other than
		Secured Service Provider Obligations and all Secured Credit Facility
		Obligations that constitute Expenses), all other Obligations the payment of
		which constitute a Prior Ranking Amount.
	 

	 
		“Senior
		Representative” means the Controlling Party.
	 

	 
		“Service
		Provider Documents” means (a) the Servicing Agreement, the Management
		Agreement, the Cash Management Agreement, the Indenture (with respect to the
		obligations of the Issuer to the Trustee), the Reference Agency Agreement, the
		Hedge Overview Services Agreement and this Agreement (with respect to the
		obligations of the Grantors to the Security Trustee and the Operating Bank) and
		(b) any other service agreement including, without limitation, any Conversion
		Agreement, entered into by any Issuer Group Member pursuant to the
		Indenture.
	 

	 
		“Servicing
		Collateral” has the meaning specified in Section 2.01(i).
	 

	 
		“Subordinated
		Creditors” means, at any time, the holders and owners of Subordinated
		Obligations.
	 

	 
		“Subordinated
		Obligations” means (a) with respect to the Secured Service Provider
		Obligations and Secured Credit Facility Obligations that constitute Expenses,
		all other Obligations and (b) with respect to any other Secured Obligations,
		all Obligations as to which the payment of such Secured Obligation constitutes
		a Prior Ranking Amount.
	 

	 
		“Subordinated
		Representative” means, at any time, any trustee or representative of any
		holders or owners (or, in the absence of any such person, such holders and
		owners) of any Secured Obligations other than the Senior Representative at such
		time.
	 

	 
		 
	 

	 
		-7-
	 

	 
		 
	 

	 

	 
	 

	 

	 
		“Swedish Share
		Pledge” means a Swedish law governed pledge of shares in substantially the
		form attached as Exhibit H, to be executed and delivered by the Issuer as
		further described at Section 2.25.
	 

	 
		“UCC” means
		the Uniform Commercial Code as in effect on the date of determination in the
		State of New York; provided that if by reason of mandatory
		provisions of law, the perfection or the effect of perfection or non-perfection
		of the security interest in any Collateral is governed by the Uniform
		Commercial Code as in effect in a jurisdiction other than New York,
		“UCC” means the Uniform Commercial Code as in effect in such other
		jurisdiction for purposes of the provisions of this Agreement relating to such
		perfection or effect of perfection or non-perfection. 
	 

	 
		“Uncertificated
		Security” means an uncertificated security (as defined in Section
		8-102(a)(18) of the UCC) other than a Government Security.
	 

	 
		(b) Terms Defined in the Cape Town
		Convention. The
		following terms shall have the respective meanings ascribed thereto in the Cape
		Town Convention: “Administrator”, “Contracting State”,
		“Contract of Sale”, “International Interest”, “power
		to dispose”, “Professional User”, “Prospective
		International Interest”, “situated in” and “Transacting
		User”.
	 

	 
		(c) Terms Defined in the
		Indenture. For
		all purposes of this Agreement, all capitalized terms used, but not otherwise
		defined in, this Agreement shall have the respective meanings assigned to such
		terms in the Indenture.
	 

	 
		Section 1.02 Construction and
		Usage. The
		conventions of construction and usage set forth in Section 1.02 of the
		Indenture are hereby incorporated by reference in this Agreement.
	 

	 
		ARTICLE II
	 

	 
		SECURITY
	 

	 
		Section 2.01 Grant of Security. To secure the Secured
		Obligations, each Grantor hereby agrees to assign and pledge and hereby assigns
		and pledges to the Security Trustee for its benefit and the benefit of the
		Secured Parties (except, with respect to any Secured Collateral Provider
		Documents under clause (i) or clause (k) below, the related Secured Collateral
		Provider), and hereby grants to the Security Trustee for its benefit and the
		benefit of the Secured Parties (except, with respect to any Secured Collateral
		Provider Documents under clause (i) or clause (k) below, the related Secured
		Collateral Provider) a security interest in, all of such Grantor’s right,
		title and interest in and to the following (collectively, the
		“Collateral”):
	 

	 
		(a) with respect to
		each Grantor, all of the following (the “Security
		Collateral”):
	 

	 
		(i) subject to any
		prior security interest created in favor of the Security Trustee under any
		other Security Document, the Pledged Shares and the certificates representing
		such Pledged Shares, and all dividends, cash, instruments and other property
		from time to time received, receivable or otherwise distributed in respect of
		or in exchange for any or all of the Pledged Shares;
	 

	 
		 
	 

	 
		-8-
	 

	 
		 
	 

	 

	 
	 

	 

	 
		(ii) subject to any
		prior security interest created in favor of the Security Trustee under any
		other Security Document, the Pledged Debt and all instruments evidencing the
		Pledged Debt, and all interest, cash, instruments and other property from time
		to time received, receivable or otherwise distributed in respect of or in
		exchange for any or all of the Pledged Debt;
	 

	 
		(iii) subject to any
		prior security interest created in favor of the Security Trustee under any
		other Security Document, all additional shares of the capital stock of any
		Issuer Group Member (including any Aircraft Interests in the nature of capital
		stock) from time to time acquired by such Grantor in any manner, including the
		capital stock of any Issuer Group Member that may be formed from time to time,
		and all certificates, if any, representing such additional shares of the
		capital stock and all dividends, cash, instruments and other property from time
		to time received, receivable or otherwise distributed in respect of or in
		exchange for any or all such additional shares; and
	 

	 
		(iv) all additional
		indebtedness from time to time owed to such Grantor by any Issuer Group Member
		and the instruments evidencing such indebtedness, and all interest, cash,
		instruments and other property from time to time received, receivable or
		otherwise distributed in respect of or in exchange for any or all of such
		indebtedness;
	 

	 
		(b) with respect to
		each Grantor, all of the following (the “Beneficial Interest
		Collateral”):
	 

	 
		(i) the Pledged
		Beneficial Interests, all certificates, if any, from time to time representing
		all of such Grantor’s right, title and interest in the Pledged Beneficial
		Interests, any contracts and instruments pursuant to which any such Pledged
		Beneficial Interests are created or issued and all distributions, cash,
		instruments and other property from time to time received, receivable or
		otherwise distributed in respect of or in exchange for any or all of the
		Pledged Beneficial Interest; and
	 

	 
		(ii) all additional
		beneficial interests in any Issuer Group Member (including any Aircraft
		Interest in the nature of beneficial interests), from time to time acquired by
		such Grantor in any manner, including the beneficial interests in any Issuer
		Group Member that may be formed from time to time, and all certificates, if
		any, from time to time representing such additional beneficial interests and
		all distributions, cash, instruments and other property from time to time
		received, receivable or otherwise distributed in respect of or in exchange for
		any or all such additional beneficial interests;
	 

	 
		 
	 

	 
		-9-
	 

	 
		 
	 

	 

	 
	 

	 

	 
		(c) with respect to
		each Grantor, all membership interests (including any Aircraft Interest in the
		nature of a membership interest) (whether now existing or hereafter created)
		from time to time acquired by such Grantor in any manner, all certificates, if
		any, from time to time representing such membership interests and all
		distributions, cash, instruments and other property from time to time received,
		receivable or otherwise distributed in respect of or in exchange for any or all
		such membership interests (the “Membership Interest
		Collateral”);
	 

	 
		(d) with respect to
		each Grantor, all of the following (collectively, the “Non-Trustee Account
		Collateral”):
	 

	 
		(i) all of the
		Non-Trustee Accounts in such Grantor’s name, all funds or any other
		interest held or required by the terms of the Indenture to be held in, and all
		certificates and instruments, if any, from time to time representing or
		evidencing, such Non-Trustee Accounts;
	 

	 
		(ii) all notes,
		certificates of deposit, deposit accounts, checks and other instruments from
		time to time hereafter delivered to or otherwise possessed by the Security
		Trustee for or on behalf of such Grantor in substitution for or in addition to
		any or all of the then existing Non-Trustee Account Collateral; and
	 

	 
		(iii) all interest,
		dividends, cash, instruments and other property from time to time received,
		receivable or otherwise distributed in respect of or in exchange for any or all
		of the then existing Non-Trustee Account Collateral;
	 

	 
		(e) with respect to
		each Grantor, all of the following (collectively, the “Account
		Collateral”):
	 

	 
		(i) each Security
		Trustee Account at any time or from time to time established; and 
	 

	 
		(ii) all cash,
		investment property, Permitted Account Investments, other Investments,
		securities, instruments or other property (including all “financial
		assets” within the meaning of Section 8-102(a)(9) of the UCC) at any time
		or from time to time credited to any such Security Trustee Account;
	 

	 
		(f) with respect to
		each Grantor, all other “investment property” (as defined in Section
		9-102(a)(49) of the UCC) of such Grantor including any of the following (the
		“Investment Property Collateral”):
	 

	 
		(i) all Permitted
		Account Investments made or acquired from or with the proceeds of any
		Non-Trustee Account Collateral of such Grantor from time to time and all
		certificates and instruments, if any, from time to time representing or
		evidencing such Permitted Account Investments; and
	 

	 
		(ii) all interest,
		dividends, instruments and other property from time to time received,
		receivable or otherwise distributed in respect of or in exchange for any or all
		of the then existing Investment Collateral; 
	 

	 
		 
	 

	 
		-10-
	 

	 
		 
	 

	 

	 
	 

	 

	 
		(g) with respect to
		each Grantor, all of the following (the “Assigned Agreement
		Collateral”):
	 

	 
		(i) any Intercompany
		Loan and all security assignments, cash deposit agreements and other security
		agreements executed in its favor, in each case as such agreements may be
		amended or otherwise modified from time to time (collectively, the
		“Assigned Agreements”); and
	 

	 
		(ii) all deposit
		accounts, all funds or other property held in such deposit accounts, all
		certificates and instruments, if any, from time to time representing or
		evidencing such deposit accounts and all other property of whatever nature, in
		each case pledged, assigned or transferred to it or mortgaged or charged in its
		favor pursuant to any Assigned Agreement and all “supporting
		obligations” as defined in Section 9-102(a)(77) of the UCC) relating to
		any Assigned Agreement;
	 

	 
		(h) with respect to
		each Grantor, all leases to which such Grantor is or may from time to time be
		party and any leasing arrangements among Issuer Group Members with respect to
		such leases together with all Related Collateral Documents (all such leases and
		Related Collateral Documents, the “Assigned Leases”), including (i)
		all rights of such Grantor to receive moneys due and to become due under or
		pursuant to such Assigned Leases, (ii) all rights of such Grantor to receive
		proceeds of any insurance, indemnity, warranty or guaranty with respect to such
		Assigned Leases, (iii) claims of such Grantor for damages arising out of or for
		breach or default under such Assigned Leases, (iv) all rights under any
		such Assigned Lease with respect to any subleases of the Aircraft subject to
		such Assigned Lease, (v) the right of such Grantor to terminate such Assigned
		Leases and to compel performance of, and otherwise to exercise all remedies
		under, any Assigned Lease, whether arising under such Assigned Leases or by
		statute or at law or in equity and (vi) any deregistration power of attorney
		issued in favor of such Grantor (the “Lease Collateral”);
	 

	 
		(i) with respect to
		each Grantor, all Service Provider Documents including, without limitation, (i)
		all rights of such Grantor to receive any moneys due or payable under or
		pursuant to such Service Provider Document, (ii) any claims of such Grantor for
		damages arising out of, or for breach or default under, such Service Provider
		Document, (iii) all rights to indemnification under such Service Provider
		Document and (iv) all rights to compel performance under such Service Provider
		Document, in each case whether arising under such Service Provider Document or
		by statute, at law or in equity (the “Servicing Collateral”);
	 

	 
		(j) with respect to
		each Grantor, all Acquisition Agreements (the “Aircraft Purchase
		Collateral”);
	 

	 
		(k) with respect to
		each Grantor, all (i) Eligible Credit Facilities (including any “letter of
		credit rights” or “supporting obligations,” as defined in
		Section 9-102(a)(51) and 9-102(a)(77), respectively, of the UCC) not consisting
		of a Cash Collateral Account and (ii) Hedge Agreements, and all rights to
		administer, draw upon and otherwise deal with each such Eligible Credit
		Facility and to administer and otherwise deal with each such Hedge
		Agreement;
	 

	 
		 
	 

	 
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		(l) with respect to
		each Grantor, the personal property identified in a Grantor Supplement or a
		Collateral Supplement executed and delivered by such Grantor to the Security
		Trustee; 
	 

	 
		(m) with respect to
		each Grantor, all of such Grantor’s Accounts Receivable;
	 

	 
		(n) with respect to
		each Grantor, all of such Grantor’s Letters of Credit;
	 

	 
		(o) all books,
		records and other property related to or referring to any of the foregoing,
		including books, records, account ledgers, data processing records, computer
		software and other property and general intangibles at any time evidencing or
		relating to any of the foregoing; 
	 

	 
		(p) with respect to
		each Grantor, (i) the Aircraft Objects and (ii) any money or non-money proceeds
		of an Aircraft Object arising from the total or partial loss or physical
		destruction of the Aircraft Object or its total or partial confiscation,
		condemnation or requisition; and
	 

	 
		(q) all proceeds of
		any and all of the foregoing Collateral (including proceeds that constitute
		property of the types described in subsections (a), (b), (c), (d), (e), (f),
		(g), (h), (i), (j), (k), (l), (m), (n), (o) and (p) of this Section
		2.01).
	 

	 
		For the avoidance of
		doubt, the Collateral does not include the Policy or any proceeds
		thereof.
	 

	 
		Section 2.02 Security for
		Obligations.
		This Agreement secures the payment and performance of all Secured Obligations
		of each Grantor to each Secured Party (subject to the subordination provisions
		of this Agreement and the Indenture) and shall be held by the Security Trustee
		in trust for the Secured Parties. Without limiting the generality of the
		foregoing, this Agreement secures the payment of all amounts that constitute
		part of the Secured Obligations and would be owed by any Grantor to any Secured
		Parties but for the fact that the Secured Obligations are unenforceable or not
		allowable due to the existence of a bankruptcy, reorganization or similar
		proceeding involving such Grantor.
	 

	 
		Section 2.03 Representations and Warranties of
		the Grantors.
		Each Grantor represents and warrants as of the date of this Agreement, and as
		of each subsequent Closing Date and each Acquisition Date on which such Grantor
		accepts an Aircraft (or the related Aircraft Interest), as follows:
	 

	 
		(a) The Grantors are
		the legal and beneficial owners of the Collateral and each applicable Aircraft
		(except for those Grantors which do not hold title to Aircraft) free and clear
		of any Encumbrance other than Permitted Encumbrances and Encumbrances created
		under this Agreement. No effective financing statement or other instrument
		similar in effect (which, for the avoidance of doubt, shall not include any
		Contract of Sale in favor of any Grantor) covering all or any part of the
		Collateral or any International Interest in respect thereof is on file in any
		recording office including the International Registry, except such as may have
		been filed in favor of the Security Trustee relating to the Collateral.
	 

	 
		 
	 

	 
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		(b) This Agreement
		creates a valid and (upon the taking of the actions required hereby) perfected
		security interest in the Collateral and any Letter of Credit or “letter of
		credit right” (except to the extent any such Letter of Credit or
		“letter of credit right” constitutes supporting obligations of any
		Assigned Lease) as security for the Secured Obligations, subject in priority to
		no other Encumbrances (other than Permitted Encumbrances), and all filings and
		other actions necessary or desirable to perfect and protect such security
		interest have been (or in the case of future Collateral will be) duly
		taken.
	 

	 
		(c) No Grantor has
		any trade names except as set forth on Schedule III hereto.
	 

	 
		(d) No consent of any
		Person and no authorization, approval or other action by, and no notice to or
		filing with, any governmental authority or regulatory body or other third party
		(including, for the avoidance of doubt, the International Registry) is required
		either (i) for the grant by such Grantor of the assignment and security
		interest granted hereby, (ii) for the execution, delivery or performance of
		this Agreement by such Grantor or (iii) for the perfection or maintenance of
		the pledge, assignment and security interest created hereby, except for (A)
		with respect to each Aircraft (and any related Assigned Lease) whose State of
		Registration is the United States of America wherein the Applicable Aviation
		Authority is the FAA, the filing with the FAA, in due form, for recordation
		where applicable, pursuant to Section 40102 and Section 44101 through Section
		44112 of Title 49, United States Code, “Transportation,” of any and
		all title, registration and financing documentation necessary to accomplish the
		purposes of this Agreement, including, without limitation, an Aircraft
		Mortgage, an Aircraft Mortgage and Lease Assignment and/or an FAA Lease
		Security Assignment, as applicable, with respect to such Aircraft and/or the
		related Assigned Lease, (B) the Required Cape Town Registrations, (C) the
		filing of financing and continuation statements under the UCC, (D) the filing
		of particulars of charge in the Irish Companies Registration Office and (E)
		such other filings as are required under other relevant local law.
	 

	 
		(e) The jurisdiction
		of organization, organizational ID number (if applicable), the chief place of
		business and chief executive or registered office of such Grantor and the
		office where such Grantor keeps records of the Collateral are located at the
		address specified opposite the name of such Grantor on Schedule IV hereto. If
		such Grantor is the lessor under a Cape Town Lease, it has the right to assign
		the International Interest provided for in such Cape Town Lease and all
		associated rights in respect of such Cape Town Lease that form part of the
		Collateral.
	 

	 
		(f) The Pledged
		Shares constitute the percentage of the issued and outstanding shares of
		capital stock of the issuer thereof indicated on Schedule I hereto. The Pledged
		Beneficial Interests constitute the percentage of the beneficial interest of
		the issuer thereof indicated on Schedule I hereto. The Pledged Aircraft
		Interests constitute all of the direct and indirect ownership interests of the
		Person owning the related Aircraft.
	 

	 
		(g) The Pledged
		Shares and the Pledged Beneficial Interests (and, as applicable, the interests
		constituting the Membership Interest Collateral (if any)) (i) have been duly
		authorized and validly issued and are fully paid up and nonassessable (or, in
		the case of the Pledged Beneficial Interests (or, as applicable, Membership
		Interest Collateral), not subject to any capital call or other additional
		capital requirement) and not subject to any preemptive rights, warrants,
		options or similar rights or restrictions in favor of third-parties or any
		contractual or 
	 

	 
		 
	 

	 
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		other restrictions
		upon transfer other than in favor of Lessees or otherwise as permitted or
		required under the Indentures and (ii) constitute all of the outstanding share
		of capital stock, all of the beneficial interests and, as applicable, all of
		the membership interests in all of the direct and indirect Issuer Subsidiaries
		as of the date hereof. The Pledged Debt has been duly authorized, authenticated
		or issued and delivered, is the legal, valid and binding obligation of each
		obligor thereunder and is not in default.
	 

	 
		(h) The Pledged
		Shares, the Pledged Beneficial Interests and the Membership Interest Collateral
		(if any) constitute “certificated securities” within the meaning of
		Section 8-102(4) of the UCC. The terms of any Membership Interest Collateral
		(if any) expressly provide that such Membership Interest Collateral shall be
		governed by Article 8 of the Uniform Commercial Code as in effect in the
		jurisdiction of the issuer of such Membership Interest Collateral. The Pledged
		Shares, the Pledged Beneficial Interests and the Membership Interest Collateral
		(if any) have been delivered to the Security Trustee. The Pledged Shares, the
		Pledged Beneficial Interests and the Membership Interest Collateral (if any)
		either (i) are in bearer form, (ii) have been indorsed, by an effective
		indorsement, to the Security Trustee or in blank or (iii) have been registered
		in the name of the Security Trustee. None of the Pledged Shares, the Pledged
		Beneficial Interests and the Membership Interest Collateral (if any) that
		constitute or evidence the Collateral have any marks or notations indicating
		that they have been pledged, assigned or otherwise conveyed to any Person other
		than the Security Trustee.
	 

	 
		(i) A true and
		complete copy of each Assigned Agreement in effect on the Initial Closing Date
		has been delivered to the Security Trustee. Each Assigned Document upon its
		inclusion in the Collateral will have been duly authorized, executed and
		delivered by the relevant Grantors, will be in full force and effect and will
		be binding upon and enforceable against all parties thereto in accordance with
		their terms. 
	 

	 
		(j) Other than the
		Security Interests granted to the Security Trustee pursuant to this Agreement,
		the Grantors have not pledged, assigned, sold, granted a security interest in,
		or otherwise conveyed any of the Collateral. The Grantors have not authorized
		the filing of, and are not aware of, any financing statements against any
		Grantor that include a description of collateral covering the Collateral other
		than any financing statement relating to the Security Interests granted to the
		Security Trustee hereunder or that has been terminated. The Grantors are not
		aware of any judgment or tax lien filing against any Grantor.
	 

	 
		(k) Each Lease
		constitutes “tangible chattel paper” within the meaning of Section
		9-102(a)(78) of the UCC. No such Lease has any marks or notations indicating
		that it has been pledged, assigned or conveyed to any Person other than the
		Security Trustee. A true and complete original copy (or, if not available, a
		certified true copy) of each Lease to which any Issuer Group Member is a party
		has been delivered to the Security Trustee.
	 

	 
		(l) Each of the Hedge
		Agreements constitutes “general intangibles” within the meaning of
		Section 9-102(a)(42) of the UCC.
	 

	 
		(m) Each Security
		Trustee Account constitutes a “securities account” within the meaning
		of Section 8-501 of the UCC.
	 

	 
		 
	 

	 
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		(n) Each Non-Trustee
		Account at an Eligible Institution in the U.S. shall constitute a “deposit
		account” as defined in Section 9-102(a)(29) of the UCC.
	 

	 
		Section 2.04
		Grantors Remain Liable. Anything contained herein to the
		contrary notwithstanding, (a) each Grantor shall remain liable under the
		contracts and agreements included in the Collateral to the extent set forth
		therein to perform all of its duties and obligations thereunder to the same
		extent as if this Agreement had not been executed, (b) the exercise by the
		Security Trustee of any of its rights hereunder shall not release any Grantor
		from any of its duties or obligations under the contracts and agreements
		included in the Collateral and (c) no Secured Party shall have any obligation
		or liability under the contracts and agreements included in the Collateral by
		reason of this Agreement, nor shall any Secured Party be obligated to perform
		any of the obligations or duties of any Grantor under the contracts and
		agreements included in the Collateral or to take any action to collect or
		enforce any claim for payment assigned under this Agreement.
	 

	 
		Section 2.05
		Delivery of Collateral. All certificates, instruments,
		documents or tangible chattel paper representing or evidencing any Collateral
		(other than Account Collateral), if deliverable, shall be delivered to and held
		by or on behalf of the Security Trustee in New York and shall be in suitable
		form for transfer by delivery, or shall be accompanied by duly executed
		instruments of transfer or assignment in blank, all in form and substance
		satisfactory to evidence the security interests granted hereby. The Security
		Trustee shall have the right, at any time in its discretion and without notice
		to any Grantor, to transfer to or to register in the name of the Security
		Trustee or any of its nominees any or all of the Pledged Shares, Pledged
		Beneficial Interests and Membership Interest Collateral (if any), subject only
		to the revocable rights specified in Section 2.12(a). In addition, the Security
		Trustee shall have the right at any time to exchange certificates or
		instruments representing or evidencing any Collateral (other than Account
		Collateral and any certificates representing or evidencing any Pledged Shares
		in an Irish or Bermuda company) for certificates or instruments of smaller or
		larger denominations. To the extent that any Assigned Lease constitutes
		“tangible chattel paper” (as defined in Section 9-102(a)(78) of the
		UCC), each Grantor shall, if it has an original of such Assigned Lease in its
		possession, cause such original to be delivered to the Security Trustee in New
		York promptly (and in any case no later than 10 days) after the execution and
		delivery of such Assigned Lease by all its parties provided, however, that if any such Grantor shall
		require such original of such Assigned Lease for the purposes of enforcement of
		the obligations thereunder, the Security Trustee shall deliver such original of
		such Assigned Lease to such Grantor or the Servicer, as applicable, within two
		Business Days of receipt of any request from such Grantor or the Servicer, as
		applicable, and provided, further, that if no original copy of such Assigned
		Lease has been expressly designated as the original counterpart for purposes of
		perfection by possession of “tangible chattel paper” under the UCC,
		such Grantor’s obligation to deliver such Assigned Lease to the Security
		Trustee shall be satisfied by the delivery of one original copy of such
		Assigned Lease. Each Grantor undertakes to return any such original of an
		Assigned Lease promptly after such Grantor or the Servicer, as applicable, no
		longer requires such original for enforcement purposes. With respect to any
		Assigned Lease that is a Future Lease, the Grantors shall (a) (1) cause the
		lessor and the lessee of such Future Lease to designate one executed copy
		thereof the original by adding language in substantially the following form to
		the cover page thereof: “To the extent, if any, that this [Lease
		Agreement] or any [Lease Supplement] hereunder constitutes tangible chattel
		paper (as such term is defined in the Uniform Commercial Code as in effect in
		any applicable jurisdiction), no security interest in this [Lease Agreement] or
		
	 

	 
		 
	 

	 
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		such [Lease
		Supplement] may be created through the transfer or possession of any
		counterpart other than the original executed counterpart, which shall be
		identified as the counterpart containing the receipt therefor executed by the
		Security Trustee under and as defined in the Security Trust Agreement dated as
		of [__________], 2006 among Genesis Funding Limited, Deutsche Bank Trust
		Company Americas, as the Security Trustee, the Cash Manager and the Operating
		Bank and each other party thereto”, and (2) no later than 10 days after
		the execution of such Future Lease by all the parties thereto, deliver such
		original chattel paper copy (which, by way of clarification, shall not include
		the signature or the receipt therefor of the Security Trustee) to a courier
		service for delivery to the Security Trustee at Deutsche Bank Trust Company
		Americas, 60 Wall Street, 26th Floor, MS NYC60-2606, New York, New York
		10005-2858, Attention: Lou Bodi, (b) notify the Lessee in writing of the
		security assignment of such Future Lease to the Security Trustee pursuant to
		the Security Trust Agreement (which notice may be contained in such Future
		Lease or in a separate document) and (c) obtain from the Lessee a written
		acknowledgement (which may be contained in such Future Lease or in a separate
		document) addressed to, or for the benefit of, the Security Trustee (1)
		acknowledging receipt of notification of such security assignment and
		(2) containing the agreement of the Lessee to continue to make all
		payments required to be made to the lessor under such Future Lease to the
		account specified in such Future Lease unless and until the Security Trustee
		otherwise directs (it being understood that the account specified in such
		Future Lease will be the account specified by the Cash Manager to the Servicer
		as contemplated by Section 1.1(a) of Schedule 2.02(a) to the Servicing
		Agreement and subject in each case to applicable legal or tax
		constraints).
	 

	 
		Section 2.06
		Maintenance of Security Trustee Accounts. (a) DBTCA hereby agrees to act
		as the Operating Bank. Upon the execution of this Agreement and from time to
		time thereafter as called for by Section 3.01 of the Indenture, the Operating
		Bank shall establish and maintain on the books and records of its office
		specified in Section 9.02 and maintain in the name of the Security Trustee each
		respective Security Trustee Account (as an Eligible Account) to be established
		on the Initial Closing Date or on such other time. If, at any time, any
		Security Trustee Account ceases to be an Eligible Account, the Operating Bank
		shall, within 10 Business Days thereafter, establish a new Security Trustee
		Account having the same characteristics as such other Account and transfer all
		property related to such old Account to such new Account. The Operating Bank
		also agrees to cooperate with any replacement Operating Bank as to the transfer
		of any property in, or records relating to, any Security Trust Account
		maintained by it. Except as a Secured Party in accordance with the provisions
		of this Agreement, DBTCA waives any claim or lien against any Account it may
		have, by operation of law or otherwise, for any amount owed to it by any
		Grantor.
	 

	 
		(b) The Operating
		Bank hereby agrees that (i) it is a “bank” (as defined in Section
		9-101(a)(8) of the UCC), (ii) each Security Trustee Account is and will be
		maintained as a Securities Account of which the Operating Bank is the
		Securities Intermediary and in respect of which the Security Trustee is the
		“entitlement holder” (as defined in Section 8-102(a)(7) of the UCC)
		of the “security entitlement” (as defined in Section 8-102(a)(17) of
		the UCC) with respect to each “financial asset” (as defined in
		Section 8-102(a)(9) of the UCC) credited to such Account and the Operating Bank
		shall comply with all entitlement orders (as defined in Section 8-102(a)(8) of
		the UCC) issued by the Security Trustee without further consent of the Grantors
		or any other person, (iii) all Collections and other cash required to be
		deposited in any such Account and Permitted Account Investments and all other
		property acquired with cash credited to any such Account will be credited to
		such Account, (iv) all items of property (whether cash,
	 

	 
		 
	 

	 
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		investment property,
		Permitted Account Investments, other investments, securities, instruments or
		other property credited to each Security Trustee Account will be treated as a
		“financial asset” (as defined in Section 8-102(a)(9) of the UCC)
		under Article 8 of the UCC, (v) its “securities intermediary’s
		jurisdiction” (as defined in Section 8-110(e) of the UCC) and the
		“bank’s jurisdiction” (within the meaning of Section 9-304 of
		the UCC) with respect to each Account is the State of New York and
		(vi) all securities, instruments and other property in order or registered
		from and credited to any Security Trustee Account shall be payable to or to the
		order of, or registered in the name of, the Operating Bank or shall be indorsed
		to the Operating Bank or in blank, and in no case whatsoever shall any
		“financial asset” (as defined in Section 8-102(a)(9) of the UCC)
		credited to any Security Trustee Account be registered in the name of any
		Grantor, payable to or to the order of any Grantor or specially indorsed to any
		Grantor except to the extent the foregoing have been specially endorsed by a
		Grantor to the Operating Bank or in blank. 
	 

	 
		(c) The Operating
		Bank acknowledges that the Security Trustee has appointed the Cash Manager
		pursuant to the Cash Management Agreement, as its agent for, among other
		things, dealings with respect to the Security Trustee Accounts; the Operating
		Bank agrees that, until otherwise notified in writing by the Security Trustee,
		the Operating Bank will follow the written directions and instructions of the
		Cash Manager, as the agent for the Security Trustee, to the extent it is
		required to follow those of the Security Trustee except that, with respect to
		withdrawals from any Note Account, the Operating Bank agrees that it will only
		follow the directions and instructions of the Trustee, as the agent for the
		Security Trustee. The Security Trustee hereby appoints the Trustee as its agent
		for purposes of the preceding sentence, and the Trustee hereby accepts such
		appointment.
	 

	 
		(d) The Security
		Trustee agrees that it will hold (and will indicate clearly in the books and
		records that it holds) its “security entitlement” to the
		“financial assets” credited to each Security Trustee Account in trust
		(i) to the extent of any Segregated Funds in the Lessee Funded Account,
		for the benefit of the relevant Lessees, (ii) in the case of any Cash
		Collateral Account for any class or subclass of Notes, for the benefit of the
		Holders of such Notes and (to the extent so provided, if at all, in the
		Indenture or in the Board Resolution establishing such Eligible Credit
		Facility) each provider of an Eligible Credit Facility the proceeds of which
		funded such Cash Collateral Account, (iii) in the case of any Aircraft Purchase
		Account, for the Secured Parties, (iv) in the case of any Aircraft Conversion
		Account, for the Secured Parties and, to the extent set forth in Section
		3.04(i) of the Indenture, the person effecting the applicable Conversions under
		the related Conversion Agreement, and (v) in the case of any other
		Security Trustee Account, for the benefit of the Secured Parties (but subject
		to the subordination provisions hereof).
	 

	 
		Section 2.07
		The Grantor and the Covenants Regarding Accounts. So long as any Secured
		Obligations remain unpaid:
	 

	 
		(a) No Grantor shall
		establish any Account except to the extent that it is entitled, pursuant to the
		Indenture and in compliance with this Section 2.07, to establish one or more
		Non-Trustee Accounts. Except to the extent that the payee of any amount
		requires such payment to be deposited in a Non-Trustee Account (and such
		deposit is permitted by the Indenture) or as otherwise expressly provided in
		the Indenture, each Grantor shall instruct each Person obligated at any time to
		make any payment to such Grantor for any reason (an “Obligor”) under
		or in
	 

	 
		 
	 

	 
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		respect of any
		Assigned Lease and any Related Collateral Document to make such payment to the
		Rental Account.
	 

	 
		(b) With respect to
		each Non-Trustee Account to be established or established by any
		Grantor:
	 

	 
		(i) Each Grantor
		shall maintain each Non-Trustee Account (as an Eligible Account) in its name
		only with Eligible Institutions (such institutions, “Non-Trustee Account
		Banks”) that have entered into letter agreements in substantially the form
		of Exhibit C hereto (or made such other arrangements as are acceptable to the
		Security Trustee) with such Grantor and the Security Trustee (the “Account
		Letters”).
	 

	 
		(ii) Each Grantor
		shall immediately instruct each Obligor to make any payment not required, as
		provided in Section 2.07(a), to be made to a Security Trustee Account to a
		Non-Trustee Account meeting the requirements of Section 2.07(b)(i).
	 

	 
		(iii) Upon any
		termination of any Account Letter or other agreement with respect to the
		maintenance of a Non-Trustee Account by any Grantor or any Non-Trustee Account
		Bank, such Grantor shall immediately notify all Obligors that were making
		payments to such Non-Trustee Account to make all future payments to another
		Non-Trustee Account meeting the requirements of Section 2.07(b)(i). Subject to
		the terms of any Lease, upon request by the Security Trustee, each Grantor
		shall, and if prohibited from so doing by the terms of any Lease, shall use its
		best efforts to seek the consent of the relevant Lessee to, terminate any or
		all of its Non-Trustee Accounts, in which case Section 2.07(a) shall
		apply.
	 

	 
		Section 2.08
		Covenants Regarding Assigned Documents. (a) Upon the inclusion of any
		Assigned Document (other than an Assigned Lease) in the Collateral, the
		relevant Grantor will deliver to the Security Trustee a consent, in
		substantially the form of Exhibit D and executed by each party to such Assigned
		Document (other than any Grantor) or (where the terms of such Assigned Document
		expressly provide for a consent to its assignment for security purposes to
		substantially the same effect as Exhibit D) will give due notice to each such
		other party to such Assigned Document of its assignment pursuant to this
		Agreement. Upon the inclusion of any Assigned Lease in the Collateral, the
		relevant Grantor will deliver to the Security Trustee (i) in the case of any
		Assigned Lease that is an Initial Lease such consents, acknowledgments and/or
		notices as are provided for in the related Lease Assignment Documents and (ii)
		in the case of any other Assigned Lease such consents, acknowledgments and/or
		notices as are necessary or customary under the terms of such Assigned Lease
		and under the Applicable Law of the jurisdiction governing such Assigned Lease
		and the jurisdiction in which the relevant lessee is principally located in
		order to effect and perfect the assignment of, and grant of a lien upon, such
		Assigned Lease pursuant to this Agreement and/or to assure the payment of all
		Rental Payments under such Assigned Lease to the appropriate Account in
		accordance with the terms of the Indenture. Upon the written request of any
		Grantor, the Security Trustee (solely in its capacity as such) will execute
		such undertakings of quiet enjoyment in favor of the lessee under any Assigned
		Lease as are (in the case of any Assigned Lease that is an Initial Lease)
		provided for in the Lease Assignment Documents or as are (in the case of any
		other Assigned Lease) substantially to the same effect as such
		undertakings.
	 

	 
		 
	 

	 
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		(b) Upon (i) the
		inclusion of any Assigned Document in the Collateral or (ii) the amendment or
		replacement of any Assigned Document or (iii) the entering into of any new
		Assigned Document, the relevant Grantor will deliver a copy thereof to the
		Security Trustee and will take such other action as may be necessary or
		desirable to perfect the lien of this Agreement as to such Assigned
		Document.
	 

	 
		(c) Each Grantor
		shall, at its expense but subject to Section 2.08(e), Section 3.01(c), the
		Indenture and (in the case of any Assigned Lease) the Servicing Agreement:
		
	 

	 
		(i) perform and
		observe all the terms and provisions of the Assigned Documents to be performed
		or observed by it, enforce the Assigned Documents in accordance with their
		terms and take all such action to such end as may be from time to time
		requested by the Security Trustee; and
	 

	 
		(ii) furnish to the
		Security Trustee promptly upon receipt copies of all notices, requests and
		other documents received by such Grantor under or pursuant to the Assigned
		Documents, and from time to time, (A) furnish to the Security Trustee such
		information and reports regarding the Collateral as the Security Trustee may
		reasonably request and (B) upon request of the Security Trustee make to each
		other party to any Assigned Document such demands and requests for information
		and reports or for action as such Grantor is entitled to make thereunder.
		
	 

	 
		(d) Each Grantor
		will, at its expense and upon the request of any Secured Service Provider,
		pursue for the benefit of such Secured Service Provider any claim that such
		Secured Service Provider has under any Assigned Document for indemnity.
	 

	 
		(e) So long as no
		Default Notice shall have been delivered to the Issuer and no Acceleration
		Default shall have occurred and be continuing, and notwithstanding any
		provision to the contrary in this Agreement, each Grantor shall be entitled, to
		the exclusion of the Security Trustee but subject always to the terms of the
		Indenture (x) to exercise and receive, directly or indirectly through one or
		more agents, including the Servicer, any of the claims, rights, powers,
		privileges, remedies and other benefits under, pursuant to, with respect to or
		arising out of the Assigned Documents and (y) to take any action or to not take
		any action, directly or indirectly through one or more agents, including the
		Servicer, related to the Assigned Documents and the lessees or counterparties
		thereunder, including entering into, amending, supplementing, terminating,
		performing, enforcing, compelling performance of, exercising all remedies
		(whether arising under any Assigned Document or by statute or at law or in
		equity or otherwise) under, exercising rights, elections or options or taking
		any other action under or in respect of, granting or withholding notices,
		waivers, approvals and consents in respect of, receiving all payments under,
		dealing with any credit support or collateral security in respect of, or taking
		any other action in respect of, the Assigned Documents and contacting or
		otherwise having any dealings with any lessee or counterparty thereunder;
		provided that (i) whether or not a
		Default Notice has been delivered or an Acceleration Default has occurred, all
		amounts payable under each Assigned Document (including all Rental Payments
		under each Assigned Lease) shall be paid directly to the appropriate Account in
		accordance with the terms of the Indenture and the applicable Lease, (ii) so
		long as any Assigned Lease remains in effect (and without limiting the
		authority of the Servicer under the express terms of the Servicing Agreement),
		no Grantor will abrogate any right, power or privilege granted expressly in
		favor of the Security Trustee or the 
	 

	 
		 
	 

	 
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		Trustee under any
		Lease Assignment Document and (iii) so long as any Assigned Lease remains in
		effect (and without limiting the authority of the Servicer under the express
		terms of the Servicing Agreement), upon the delivery of a Default Notice to the
		Issuer or during the continuance of an Acceleration Default, all such rights of
		each Grantor shall cease, and, subject to Section 3.01(c), all such rights
		shall become vested in the Security Trustee, which shall thereupon have the
		sole right, subject to Section 3.01(c), to exercise or refrain from exercising
		such rights.
	 

	 
		Section 2.09
		Covenants Regarding Security Collateral, Beneficial Interest Collateral,
		Membership Interest Collateral and Investment Collateral. (a) All Security Collateral,
		Beneficial Interest Collateral, Membership Interest Collateral and Investment
		Collateral (the “Relevant Collateral”) shall be delivered to the
		Security Trustee as follows:
	 

	 
		(i) in the case of
		each Certificated Security or Instrument, by (A) causing the delivery of such
		Certificated Security or Instrument to the Security Trustee in the State of New
		York, registered in the name of the Security Trustee or duly endorsed by an
		appropriate person to the Security Trustee or in blank and, in each case, held
		by the Security Trustee in the State of New York, or (B) if such Certificated
		Security or Instrument is registered in the name of any Securities Intermediary
		on the books of the issuer thereof or on the books of any securities
		intermediary of any Securities Intermediary, by causing such Securities
		Intermediary to continuously credit by book entry such Certificated Security or
		Instrument to a Securities Account maintained by such Securities Intermediary
		in the name of the Security Trustee and confirming to the Security Trustee that
		it has been so credited;
	 

	 
		(ii) in the case of
		each Uncertificated Security, by (A) causing such Uncertificated Security to be
		continuously registered on the books of the issuer thereof in the name of the
		Security Trustee or (B) if such Uncertificated Security is registered in the
		name of a Securities Intermediary on the books of the issuer thereof or on the
		books of any securities intermediary of a Securities Intermediary, by causing
		such Securities Intermediary to continuously credit by book entry such
		Uncertificated Security to a Securities Account maintained by such Securities
		Intermediary in the name of the Security Trustee and confirming to the Security
		Trustee that it has been so credited; 
	 

	 
		(iii) in the case of
		each Government Security registered in the name of any Securities Intermediary
		on the books of the Federal Reserve Bank of New York or on the books of any
		securities intermediary of such Securities Intermediary, by causing such
		Securities Intermediary to continuously credit by book entry such security to
		the Securities Account maintained by such Securities Intermediary in the name
		of the Security Trustee and confirming to the Security Trustee that it has been
		so credited; and
	 

	 
		(iv) in the case of
		any Beneficial Interest Collateral or Membership Interest Collateral by (a) to
		the extent that the grant of the security interest to the Security Trustee in
		any Beneficial Interest Collateral or Membership Interest Collateral or the
		transfer of any Beneficial Interest Collateral or Membership Interest
		Collateral upon exercise of remedies by the Security Trustee is subject to any
		restrictions on transfer or any consent requirements, by obtaining all
		necessary consents and approvals thereof and (b)(1) if Beneficial Interest
		Collateral or Membership Interest Collateral constitutes a Certificated 

	 

	 
		 
	 

	 
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		Security, Instrument
		or Uncertificated Security, complying with clauses (i) or (ii) above, as
		applicable or (2) if Beneficial Interest Collateral or Membership Interest
		Collateral constitutes a general intangible, by causing an appropriate
		financing statement covering each such Beneficial Interest Collateral or
		Membership Interest Collateral to be filed in the appropriate office necessary
		to perfect the security interest of the Security Trustee therein.
	 

	 
		(b) Each Grantor and
		the Security Trustee hereby represents and warrants, with respect to the
		Relevant Collateral, that it has not entered into, and hereby agrees that it
		will not enter into, any agreement (i) with any of the other parties hereto or
		any Securities Intermediary specifying any jurisdiction other than the State of
		New York as any Securities Intermediary’s jurisdiction in connection with
		any Securities Account with any Securities Intermediary referred to in Section
		2.09(a) for purposes of 31 C.F.R. Section 357.11(b), Section 8-110(e) of the
		UCC or any similar state or Federal law, or (ii) with any other person relating
		to such account pursuant to which it has agreed that any Securities
		Intermediary may comply with entitlement orders made by such person. The
		Security Trustee represents that it will, by express agreement with each
		Securities Intermediary, provide for each item of property constituting
		Relevant Collateral held in and credited to the applicable Securities Account,
		including cash, to be treated as a “financial asset” within the
		meaning of Section 8-102(a)(9) of the UCC for the purposes of Article 8 of the
		UCC.
	 

	 
		(c) In addition to
		the foregoing, each applicable Grantor shall take all steps required under the
		laws of Ireland and Bermuda in order to ensure the validity, perfection,
		priority and enforceability of the security interests and charge granted
		hereunder. 
	 

	 
		(d) Without limiting
		the foregoing, the Issuer and the Security Trustee agree, and the Security
		Trustee shall cause each Securities Intermediary, to take such different or
		additional action as may be required based upon any Opinion of Counsel received
		pursuant to Section 2.18 in order to maintain the perfection and priority of
		the security interest of the Security Trustee in the Relevant Collateral in the
		event of any change in applicable law or regulation, including Articles 8 and 9
		of the UCC and regulations of the U.S. Department of the Treasury governing
		transfers of interests in Government Securities. 
	 

	 
		Section 2.10
		Further Assurances. (a) Each Grantor agrees that
		from time to time, at the expense of such Grantor, such Grantor shall promptly
		execute and deliver all further instruments and documents, and take all further
		action (including under the laws of any foreign jurisdiction), that may be
		necessary or desirable, or that the Security Trustee may reasonably request, in
		order to perfect and protect any pledge, assignment or security interest
		granted or purported to be granted hereby or to enable the Security Trustee to
		exercise and enforce its rights and remedies hereunder with respect to any
		Collateral. Without limiting the generality of the foregoing, each Grantor
		shall: (i) if any Collateral shall be evidenced by a promissory note or
		other instrument or tangible chattel paper (as defined in Section 9-102(a)(78)
		of the UCC), deliver and pledge to the Security Trustee hereunder such note or
		instrument or tangible chattel paper duly indorsed and accompanied by duly
		executed instruments of transfer or assignment; (ii) execute and file such
		financing or continuation statements, or amendments thereto, and such other
		instruments or notices, as may be necessary or desirable, or as the Security
		Trustee may reasonably request, in order to perfect and preserve the pledge,
		assignment and security interest granted or purported to be granted hereby and
		(iii) execute, file, record, or register such 
	 

	 
		 
	 

	 
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		additional documents
		and supplements to this Agreement, including any further assignments, security
		agreements pledges, grants and transfers, as may be required by or desirable
		under the laws of any foreign jurisdiction, or as the Security Trustee may
		reasonably request, to create, attach, perfect, validate, render enforceable,
		protect or establish the priority of the security interest and lien of this
		Agreement.
	 

	 
		(b) Each Grantor
		hereby authorizes the Security Trustee to file one or more financing or
		continuation statements, and amendments thereto, relating to all or any part of
		the Collateral without the signature of such Grantor where permitted by law. A
		photocopy or other reproduction of this Agreement or any financing statement
		covering the Collateral or any part thereof shall be sufficient as a financing
		statement where permitted by law.
	 

	 
		(c) Each Grantor
		shall furnish or cause to be furnished to the Security Trustee from time to
		time statements and schedules further identifying and describing the Collateral
		and such other reports in connection with the Collateral as the Security
		Trustee may reasonably request, all in reasonable detail; provided that, to the extent that (in the
		case of any Assigned Lease) such statements, schedules or reports (or the data
		needed to prepare them) can be obtained only from the Servicer, no Grantor
		shall be required to obtain any such statements, schedules, reports or data
		beyond those to which it is entitled under the Servicing Agreement.
	 

	 
		(d) Each Grantor
		shall, immediately upon the organization or acquisition by such Grantor of any
		Issuer Subsidiary, including, without limitation, any Pledged Aircraft
		Interests, cause such Issuer Subsidiary to enter into a Grantor
		Supplement.
	 

	 
		(e) With respect to
		each Aircraft that is on the date hereof or at any time prior to the date that
		is two years after the date hereof registered in the United States of America,
		each Grantor shall, so long as such Aircraft is so registered, and (i) in the
		case of an Aircraft that is not subject to an Assigned Lease, register and
		record with the FAA an Aircraft Mortgage with respect to such Aircraft and (ii)
		in the case of an Aircraft that is subject to an Assigned Lease, register and
		record with the FAA an Aircraft Mortgage and Lease Assignment with respect to
		such Aircraft.
	 

	 
		(f) Each Grantor
		shall, if at any time (i) after the filing with the FAA of an Aircraft Mortgage
		with respect to an applicable Aircraft such Aircraft becomes subject to an
		Assigned Lease or (ii) on or after the date that is two years after the date
		hereof an applicable Aircraft is registered in the United States of America and
		is subject to an Assigned Lease, register and record with the FAA an FAA Lease
		Security Assignment with respect to such Aircraft.
	 

	 
		(g) With respect to
		each Aircraft that is on the date hereof or at any time prior to the date that
		is two years after the date hereof registered in Ireland, each Grantor shall,
		so long as such Aircraft is so registered, enter into an Aircraft Mortgage with
		respect to such Aircraft.
	 

	 
		(h) Each Grantor
		shall register or cause to be registered or consent to the registration with
		the International Registry of (collectively, the “Required Cape Town
		Registrations”): (i) the International Interest provided for hereunder
		with respect to each Aircraft Object where the relevant Grantor is situated in
		a Contracting State or if such Aircraft Object is registered in a Contracting
		State; (ii) the International Interest provided for in any Cape Town 
	 

	 
		 
	 

	 
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		Lease to which such
		Grantor is a lessor or lessee; (iii) the assignment to the Security Trustee of
		each International Interest described in clause (ii) and assigned to the
		Security Trustee hereunder; and (iv) the Contract of Sale with respect to any
		Aircraft by which title to such Aircraft is conveyed by or to such Grantor, but
		only if the seller under such Contract of Sale is situated in a Contracting
		State. To the extent that (A) the Security Trustee’s consent is required
		for any such registration, or (B) the Security Trustee is required to initiate
		any such registration, the Security Trustee shall ensure that such consent or
		the such initiation of such registration is effected, and no Grantor shall be
		in breach of this Section should the Security Trustee fail to do so in a proper
		fashion.
	 

	 
		Section 2.11
		Place of Perfection; Records. (a) Each Grantor shall keep its
		jurisdiction of organization, chief place of business and chief executive
		office and the office where it keeps its records concerning the Collateral at
		the location therefor specified in Schedule IV or, upon 30 days’ prior
		written notice to the Security Trustee, at such other locations in a
		jurisdiction where all actions required by Section 2.03(d) shall have been
		taken with respect to the Collateral. Each Grantor shall hold and preserve such
		records and shall permit representatives of the Security Trustee at any time
		during normal business hours to inspect and make abstracts from such records,
		all at the cost and expense of such Grantor.
	 

	 
		(b) The Issuer hereby
		represents and warrants that it has no place of business within the United
		States and that it shall not establish any place of business within the United
		States unless it shall have given the Security Trustee 30 days’ prior
		written notice thereof and shall have taken such action, if any, reasonably
		requested by the Security Trustee to ensure the perfection and priority of the
		security interest granted hereunder. 
	 

	 
		(c) Each Issuer
		Subsidiary that is a trust represents and warrants that the trust agreement
		pursuant to which such Issuer Subsidiary was established specifies a name for
		the trust and such name is the name specified on the signature page
		hereof.
	 

	 
		Section 2.12
		Voting Rights; Dividends; Etc. (a) So long as no Default Notice
		shall have been delivered to the Issuer and no Acceleration Default shall have
		occurred and be continuing: 
	 

	 
		(i) Each of the
		Grantors shall be entitled to exercise any and all voting and other consensual
		rights pertaining to all or any part of the Security Collateral, Membership
		Interest Collateral and Beneficial Interest Collateral pledged by such Grantor
		for any purpose not inconsistent with the terms of this Agreement, the charter
		documents of such Grantor or the Indenture; provided that such Grantor shall not
		exercise or shall refrain from exercising any such right to the extent that, in
		its judgment, such action would have a material adverse effect on the value of
		the Security Collateral, Membership Interest Collateral or the Beneficial
		Interest Collateral as Collateral for the Secured Obligations; and
	 

	 
		(ii) The Security
		Trustee shall execute and deliver (or cause to be executed and delivered) to
		such Grantor all such proxies and other instruments as such Grantor may
		reasonably request in writing and provide for the purpose of enabling such
		Grantor to exercise the voting and other rights that it is entitled to exercise
		pursuant to Section 2.12(a)(i).
	 

	 
		 
	 

	 
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		(b) Whether or not
		any Default or Event of Default shall have occurred, any and all distributions,
		dividends and interest paid in respect of the Security Collateral, Membership
		Interest Collateral and Beneficial Interest Collateral pledged by such Grantor,
		including any and all (i) distributions, dividends and interest paid or payable
		other than in cash in respect of, and instruments and other property received,
		receivable or otherwise distributed in respect of, or in exchange for, such
		Security Collateral, Membership Interest Collateral or Beneficial Interest
		Collateral; (ii) distributions, dividends and other distributions paid or
		payable in cash in respect of such Security Collateral, Membership Interest
		Collateral or Beneficial Interest Collateral in connection with a partial or
		total liquidation or dissolution or in connection with a reduction of capital,
		capital surplus or paid-in surplus; and (iii) cash paid, payable or otherwise
		distributed in respect of principal of, or in redemption of, or in exchange
		for, such Security Collateral, Membership Interest Collateral or Beneficial
		Interest Collateral shall be paid into the Collections Account or shall be
		forthwith delivered to the Security Trustee, as applicable and, if received by
		such Grantor, shall be received in trust for the benefit of the Security
		Trustee, be segregated from the other property or funds of such Grantor and be
		forthwith paid to the Collections Account or delivered to the Security Trustee
		in the same form as so received (with any necessary indorsement).
	 

	 
		(c) Upon the delivery
		of a Default Notice to any Issuer Group Member or during the continuance of an
		Acceleration Default, all rights of each Grantor to exercise or refrain from
		exercising the voting and other consensual rights that it would otherwise be
		entitled to exercise pursuant to Section 2.12(a)(i) and 2.12(a)(ii) shall
		cease, and all such rights shall thereupon become vested in the Security
		Trustee, which shall thereupon have the sole right to exercise or refrain from
		exercising such voting and other consensual rights (including, but not limited
		to, the right, subject to the restrictions set forth in the applicable
		organizational documents, to remove or appoint any trustee, directors and
		officers of any direct or indirect subsidiary of the Issuer); provided that the Security Trustee shall have no
		obligation to exercise such voting or consensual right without written
		instruction from the Senior Representative.
	 

	 
		Section 2.13
		Transfers and Other Encumbrances; Additional Shares or
		Interests. (a)
		No Grantor shall (i) sell, assign (by operation of law or otherwise) or
		otherwise dispose of, or grant any option with respect to, any of the
		Collateral or (ii) create or suffer to exist any Encumbrance upon or with
		respect to any of the Collateral of such Grantor, in the case of clause (i) or
		(ii) other than the pledge, assignment and security interest created by this
		Agreement and as otherwise provided or permitted herein, in the Indenture or in
		the Servicing Agreement.
	 

	 
		(b) Except as
		otherwise provided pursuant to Section 5.02(l) of the Indenture, the Issuer
		Subsidiaries shall not, and the Issuer shall not permit the Issuer Subsidiaries
		to, issue, deliver or sell any shares, interests, participations or other
		equivalents. Any beneficial interest or capital stock or other securities or
		interests issued in respect of or in substitution for the Pledged Shares or the
		Pledged Beneficial Interest (or any Membership Interest Collateral (if any), as
		applicable) shall be issued or delivered (with any necessary endorsement) to
		the Security Trustee.
	 

	 
		(c) All
		distributions, dividends and interest payments that are received by such
		Grantor contrary to the provisions of Section 2.13(a) or (b) shall be received
		in trust for the benefit of the Security Trustee, shall be segregated from
		other funds of such Grantor and shall be
	 

	 
		 
	 

	 
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		forthwith paid over
		to the Security Trustee as Security Collateral or Beneficial Interest
		Collateral as the case may be, in the same form as so received (with any
		necessary indorsement).
	 

	 
		Section 2.14
		Security Trustee Appointed Attorney-in-Fact. Each Grantor hereby irrevocably
		appoints the Security Trustee such Grantor’s attorney-in-fact, with full
		authority in the place and stead of such Grantor and in the name of such
		Grantor or otherwise, from time to time in the Security Trustee’s
		discretion, to take any action and to execute any instrument that the Security
		Trustee may deem necessary or advisable to accomplish the purposes of this
		Agreement, and in the case of the Grantors incorporated in Ireland, such
		appointment shall be by way of security, including:
	 

	 
		(a) to ask for,
		demand, collect, sue for, recover, compromise, receive and give acquittance and
		receipts for moneys due and to become due under or in respect of any of the
		Collateral;
	 

	 
		(b) to receive,
		indorse and collect any drafts or other instruments and documents included in
		the Collateral;
	 

	 
		(c) to file any
		claims or take any action or institute any proceedings that the Security
		Trustee may deem necessary or desirable for the collection of any of the
		Collateral or otherwise to enforce the rights of the Security Trustee with
		respect to any of the Collateral; and
	 

	 
		(d) to execute and
		file any financing or continuation statements, or amendments thereto, and such
		other instruments or notices, as may be necessary or desirable, including as
		may be identified to the Security Trustee pursuant to the Opinion of Counsel
		described in Section 2.18 in order to perfect and preserve the pledge,
		assignment and security interest granted hereby; 
	 

	 
		provided that the Security Trustee’s
		exercise of any such power shall be subject to Section 2.08(e) and Section
		8.02.
	 

	 
		Section 2.15
		Security Trustee May Perform. If any Grantor fails to perform
		any agreement contained in this Agreement, the Security Trustee may (but shall
		not be obligated to) itself perform, or cause performance of, such agreement,
		and the expenses of the Security Trustee incurred in connection with doing so
		shall be payable by such Grantor.
	 

	 
		Section 2.16
		Covenant to Pay. Each Grantor covenants with the
		Security Trustee (for the benefit of the Security Trustee and the Secured
		Parties) that it will pay or discharge any monies and liabilities whatsoever
		that are now, or at any time hereafter may be, due, owing or payable by such
		Grantor in any currency, actually or contingently, solely and/or jointly,
		and/or severally with another or others, as principal or surety on any account
		whatsoever pursuant to the Service Provider Documents, the Indenture, the
		Notes, the Secured Credit Facilities and the Secured Hedge Agreements in
		accordance with their terms. If no Default Notice has been delivered and no
		Acceleration Default is continuing, all such payments shall be made in
		accordance with Section 3.09(a) of the Indenture; if a Default Notice has been
		declared or an Acceleration Default is continuing, all such payments shall be
		made in accordance with Section 3.09(b) of the Indenture.
	 

	 
		 
	 

	 
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		Section 2.17
		Delivery of Collateral Supplements. Upon (a) the acquisition by any
		Grantor of any Relevant Collateral or (b) the establishment of any Non-Trustee
		Account, each relevant Grantor shall concurrently execute and deliver to the
		Security Trustee a Collateral Supplement duly completed with respect to such
		Collateral and shall take such steps with respect to the perfection of such
		Collateral as are called for by this Agreement for Collateral of the same type;
		provided that the foregoing shall not be
		construed to impair or otherwise derogate from any restriction on any such
		action in any Related Document; and provided, further, that the failure of any Grantor
		to deliver any Collateral Supplement as to any such Collateral shall not impair
		the lien of this Agreement as to such Collateral.
	 

	 
		Section 2.18
		Annual Opinion. Upon each anniversary of the
		Initial Closing Date, the Issuer shall cause to be delivered to the Security
		Trustee an Opinion of Counsel to the effect that (i) during the preceding year
		there has not occurred any change of New York law that would require the taking
		of any action in order to maintain the perfection or priority of the lien of
		this Agreement on the Collateral or, if there has been such a change, setting
		forth the actions so to be taken and (ii) no additional UCC financing
		statement, continuation statement or amendment thereof will be necessary during
		the next twelve months to maintain the perfected security interest of the
		Security Trustee on the Collateral or identify any such required UCC financing
		statement, continuation statement or amendment. The Issuer agrees to take all
		such actions as may be indicated in any such opinion, except that, as provided
		in Section 2.09, the Security Trustee shall take any such actions as may
		be required with respect to any Securities Intermediary.
	 

	 
		Section 2.19
		Covenant Regarding Control. No Grantor shall cause or
		permit any Person other than the Security Trustee to have “control”
		(as defined in Section 9-104, 9-105, 9 106, or 9-107 of the UCC) of
		any “deposit account,” “electronic chattel paper,”
		“investment property,” “supporting obligations” or
		“letter of credit right” (as such terms are defined in Article 9 of
		the UCC).
	 

	 
		Section 2.20
		As to Irish Law. Notwithstanding anything to the
		contrary contained in this Agreement and in addition to and without prejudice
		to any other rights or power of the Security Trustee under this Agreement or
		under general law in any relevant jurisdiction, at any time that the Collateral
		shall become enforceable, the Security Trustee shall be entitled to appoint a
		receiver under this Agreement or under the Conveyancing and Law of Property
		Act, 1881 (as amended and as the same may be amended, modified or replaced from
		time to time, the “1881 Act”) and such receiver shall
		have all such powers, rights and authority conferred under the 1881 Act, this
		Agreement and otherwise under the laws of Ireland without any limitation or
		restriction imposed by the 1881 Act or otherwise under the laws of Ireland
		which may be excluded or removed. Sections 17 and 20 of the 1881 Act shall not
		apply to the Collateral or any receiver appointed under this Agreement or under
		the 1881 Act and section 24(b) of the 1881 Act shall not apply to the
		Collateral or to any receiver appointed under this Agreement.
	 

	 
		Section 2.21
		As to French law. For the purposes of the
		appointment of the Security Trustee by the Secured Parties under
		Section 5.01 hereof in respect of such Collateral governed by French law
		(which includes, in particular but without limitation, the pledges over the
		bank accounts of Genesis Funding France 1 S.à r.l. and Genesis Funding
		France 2 S.à r.l. substantially in the form of Exhibit J hereto, and the
		French Share Pledges under Section 2.24, to be granted on or about the date
		hereof), it is specified that the Security Trustee is duly 
	 

	 
		 
	 

	 
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		empowered to, on
		behalf of each Secured Party, take, hold and enforce such Collateral and,
		accordingly, enter into any documents and take any action (including any step
		towards obtaining a titre executoire and to file any claim
		(déclaration de
		créance)
		in any pre–insolvency or insolvency proceedings (procédures de sauvegarde,
		de redressement ou de liquidation judicaires) opened against any Grantor
		incorporated under the laws of France, in connection with such
		Collateral.
	 

	 
		Section 2.22
		Irish Share Mortgages. The Issuer undertakes with the
		Security Trustee to enter into the Irish Share Mortgage in respect of,
		inter
		alia, the issued
		share capital held by it of any Issuer Subsidiary which is incorporated under
		the laws of Ireland on the date of the acquisition of such shares pursuant to
		the Asset Purchase Agreement.
	 

	 
		Section 2.23
		Dutch Security Agreement. The Issuer and GFL Aircraft
		Leasing Netherlands B.V. undertake with the Security Trustee to enter into the
		Dutch Security Agreement and the Dutch Security Documents (as defined therein)
		on the date that the Issuer acquires the shares of GFL Aircraft Leasing
		Netherlands B.V. pursuant to the Asset Purchase Agreement.
	 

	 
		Section 2.24
		French Share
		Pledges. The Issuer undertakes with the Security Trustee to enter into a
		French Share Pledge on the relevant date that the Issuer acquires the shares of
		Genesis Funding France 1 S.à r.l. and Genesis Funding France 2
		S.à r.l., respectively, pursuant to the Asset Purchase Agreement.

	 

	 
		Section 2.25
		Swedish Share Pledge. The Issuer undertakes with the
		Security Trustee to enter into the Swedish Share Pledge on the date that the
		Issuer acquires the shares of Genesis Funding Sweden I AB pursuant to the Asset
		Purchase Agreement.
	 

	 
		Section 2.26
		Irish Account Charges. The Issuer undertakes with the
		Security Trustee to enter into an Irish Account Charge in respect of the Irish
		Rental Account and the Irish VAT Refund Account, respectively, on the date of
		the establishment of such account.
	 

	 
		Section 2.27
		Limitations as to French Law. Notwithstanding anything to the
		contrary in any Related Document, the liability of each Grantor incorporated in
		France in its capacity as Grantor under this Agreement shall be limited at all
		times to the greater of (i) the Secured Obligations and (ii) the aggregate
		amount of the Collateral. In any event, the guarantee given by any Grantor that
		is incorporated in France shall not cover (x) any obligation or liability
		which, if incurred, would constitute a misuse of corporate assets as defined
		under article L.241-3 of the French Commercial Code or any article or
		regulation to the same effect or (y) any obligation undertaken by any person
		arising from the acquisition of the shares in any Grantor that is incorporated
		in France, including but not limited to the payment of the purchase price
		thereof.
	 

	 
		Section 2.28
		Limitations as to Swedish Law. Notwithstanding anything to the
		contrary in any Related Document, the obligations of each Grantor incorporated
		in Sweden in its capacity as Grantor under this Agreement shall (to the extent
		required) be limited by the provisions of the Swedish Companies Act (Sw:
		Aktiebolagslagen
		(2005:551))
		regulating distribution of assets (Chapter 17) and loans to shareholders
		(Chapter 21) (or its equivalent from time to time).
	 

	 
		 
	 

	 
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		ARTICLE III
	 

	 
		REMEDIES
	 

	 
		Section 3.01
		Remedies. Upon delivery of a Default Notice pursuant to Section 4.02 of
		the Indenture or if any Acceleration Default under the Indenture shall have
		occurred and be continuing:
	 

	 
		(a) The Security Trustee may exercise in respect of the
		Collateral, in addition to other rights and remedies provided for herein, all
		the rights and remedies of a secured party upon default under the UCC (whether
		or not the UCC applies to the affected Collateral) and also may (i) require any
		Grantor to, and such Grantor hereby agrees that it shall at its expense and
		upon request of the Security Trustee forthwith, assemble all or part of the
		Collateral as directed by the Security Trustee and make it available to the
		Security Trustee at a place to be designated by the Security Trustee that is
		reasonably convenient to both parties, (ii) without notice except as specified
		below, sell or cause the sale of the Collateral or any part thereof in one or
		more parcels at public or private sale, at any of the Security Trustee’s
		offices or elsewhere, for cash, on credit or for future delivery, and upon such
		other terms as the Security Trustee may deem commercially reasonable and (iii)
		exercise all rights of the applicable Grantors under any other agreement in
		respect of any Intercompany Loan or of any Grantor under any Lease. Each
		Grantor agrees that, to the extent notice of sale shall be required by law, at
		least ten days’ notice to such Grantor of the time and place of any public
		sale or the time after which any private sale is to be made shall constitute
		reasonable notification. The Security Trustee shall not be obligated to make
		any sale of Collateral regardless of notice of sale having been given. The
		Security Trustee may adjourn any public or private sale from time to time by
		announcement at the time and place fixed therefor, and such sale may, without
		further notice, be made at the time and place to which it was so adjourned.
		Notwithstanding any provision in this Agreement to the contrary, any such sale
		shall not be subject to the restrictions described in Section 5.02(g) of the
		Indenture.
	 

	 
		(b) The Security Trustee may, in addition to or in
		connection with any other remedies available hereunder or under any other
		Applicable Law, exercise of any and all remedies granted in the Cape Town
		Convention as it shall determine in its sole discretion. In connection
		therewith, the parties hereby agree to the extent permitted by Applicable Law
		that (i) Article 9(1) and Article 9(2) of the Convention, wherein the parties
		may agree or the court may order that any Collateral shall vest in the Security
		Trustee in or towards satisfaction of the Secured Obligations, shall not
		preclude the Security Trustee from obtaining title to any Collateral pursuant
		to any other remedies available under Applicable Law (including but not limited
		to Article 9-620 of the UCC); (ii) any surplus of cash or cash proceeds held by
		the Security Trustee and remaining after payment in full of all the Secured
		Obligations shall be paid over to the relevant Grantors or whomsoever may be
		lawfully entitled to receive such surplus; and (iii) the Security Trustee may
		obtain from any applicable court, pending final determination of any claim
		resulting from an Event of Default, speedy relief in the form of any of the
		orders specified in Article 13 of the Convention and Article X of the Protocol
		as the Security Trustee shall determine in its sole and absolute discretion,
		subject to any procedural requirements prescribed by Applicable Laws.
	 

	 
		(c) All cash proceeds received by the Security Trustee in
		respect of any sale of, collection from, or other realization upon all or any
		part of the Collateral may, in the discretion
	 

	 
		 
	 

	 
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		of the Security Trustee, be held by the Security Trustee
		as collateral for, and/or then or at any time thereafter applied in whole or in
		part by the Security Trustee for the benefit of the Secured Parties against,
		all or any part of the Secured Obligations in accordance with Article VII of
		this Agreement and Articles III and X of the Indenture. Any surplus of such
		cash or cash proceeds held by the Security Trustee and remaining after payment
		in full of all the Secured Obligations shall be paid over to the relevant
		Grantors or whomsoever may be lawfully entitled to receive such surplus. Any
		amount received for any sale or sales conducted in accordance with the terms of
		this Section 3.01 shall be deemed conclusive and binding on the Issuer, each
		Grantor and the Secured Parties.
	 

	 
		ARTICLE IV
	 

	 
		SECURITY INTEREST ABSOLUTE
	 

	 
		Section 4.01
		Security Interest Absolute. A separate action or actions may be brought
		and prosecuted against each Grantor to enforce this Agreement, irrespective of
		whether any action is brought against any other Grantor or whether any other
		Grantor is joined in any such action or actions. All rights of the Security
		Trustee and the security interest and lien granted under, and all obligations
		of each Grantor under, this Agreement shall be absolute and unconditional,
		irrespective of:
	 

	 
		(a) any lack of validity or enforceability of any Related
		Document, Assigned Document, Eligible Credit Facility or Hedge Agreement or any
		other agreement or instrument relating thereto;
	 

	 
		(b) any change in the time, manner or place of payment of,
		the security for, or in any other term of, all or any of the Secured
		Obligations, or any other amendment or waiver of or any consent to any
		departure from any Related Document, Assigned Document, Eligible Credit
		Facility or Hedge Agreement or any other agreement or instrument relating
		thereto;
	 

	 
		(c) any taking, exchange, release or non-perfection of the
		Collateral or any other collateral or taking, release or amendment or waiver of
		or consent to departure from any guaranty, for all or any of the Secured
		Obligations;
	 

	 
		(d) any manner of application of collateral, or proceeds
		thereof, to all or any of the Secured Obligations, or any manner of sale or
		other disposition of any collateral for all or any of the Secured Obligations
		or any other assets of such Grantor;
	 

	 
		(e) any change, restructuring or termination of the
		corporate, company or trust structure or existence as applicable of any
		Grantor; or
	 

	 
		(f) any other circumstance that might otherwise constitute
		a defense available to, or a discharge of, any Grantor or a third-party grantor
		of a security interest or a Person deemed to be a surety. 
	 

	 
		 
	 

	 
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		ARTICLE V
	 

	 
		THE SECURITY TRUSTEE
	 

	 
		AND THE OPERATING BANK
	 

	 
		Section 5.01
		Authorization and Action. (a) Each Secured Party by its acceptance of
		the benefits of this Agreement hereby appoints and authorizes DBTCA as the
		initial Security Trustee to take such action as trustee on behalf of the
		Secured Parties and to exercise such powers and discretion under this Agreement
		and the other Related Documents as are specifically delegated to the Security
		Trustee by the terms of this Agreement and of the Related Documents, and no
		implied duties and covenants shall be deemed to arise against the Security
		Trustee. 
	 

	 
		(b) The Security Trustee accepts such appointment and
		agrees to perform the same but only upon the terms of this Agreement and the
		Indenture and agrees to receive and disburse all moneys received by it in
		accordance with the terms of this Agreement and the Indenture. The Security
		Trustee in its individual capacity shall not be answerable or accountable under
		any circumstances, except for its own willful misconduct or gross negligence
		(or simple negligence in the handling of funds or breach of any of its
		representations or warranties set forth in this Agreement) and the Security
		Trustee shall not be liable for any action or inaction of any Grantor or any
		other parties to any of the Related Documents. 
	 

	 
		Section 5.02
		Absence of Duties. The powers conferred on the Security Trustee under
		this Agreement with respect to the Collateral are solely to protect its
		interest in this Agreement and shall not impose any duty upon it to exercise
		any such powers. Except for the safe custody of any Collateral in its
		possession and the accounting for moneys actually received by it under this
		Agreement, the Security Trustee shall have no duty as to any Collateral, as to
		ascertaining or taking action with respect to calls, conversions, exchanges,
		maturities, tenders or other matters relative to any Collateral, whether or not
		any Secured Party has or is deemed to have knowledge of such matters, or as to
		the taking of any necessary steps to preserve or perfect rights against any
		parties or any other rights pertaining to any Collateral; provided that, if the Security Trustee
		receives any notices with respect to the Collateral, it shall promptly transmit
		such notices to the Senior Representative. The Security Trustee shall have no
		duty to ascertain or inquire as to the performance or observance of any
		covenants, conditions or agreements on the part of any Grantor or Lessee.
		
	 

	 
		Section 5.03
		Representations or Warranties. The Security Trustee does not make, and
		shall not be deemed to have made, any representation or warranty as to the
		validity, legality or enforceability of this Agreement, any other Related
		Document or any other document or instrument or as to the correctness of any
		statement contained in any thereof, or as to the validity or sufficiency of any
		of the pledge and security interests granted hereby, except that the Security
		Trustee in its individual capacity hereby represents and warrants (a) that each
		such specified document to which it is a party has been or will be duly
		executed and delivered by one of its officers who is and will be duly
		authorized to execute and deliver such document on its behalf, and (b) this
		Agreement is the legal, valid and binding obligation of DBTCA, enforceable
		against DBTCA in accordance with its terms, subject to the effect of any
		applicable bankruptcy, insolvency, reorganization, moratorium or similar law
		affecting creditors’ rights generally.
	 

	 
		 
	 

	 
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		Section 5.04
		Reliance; Agents; Advice of Counsel. (a) The Security Trustee shall
		incur no liability to anyone as a result of acting upon any signature,
		instrument, notice, resolution, request, consent, order, certificate, report,
		opinion, bond or other document believed by it to be genuine and believed by it
		to be signed by the proper party or parties. The Security Trustee may accept a
		copy of a resolution of the board or other governing body of any party to this
		Agreement or any Related Document, certified by the Secretary or an Assistant
		Secretary thereof or other duly authorized Person of such party as duly adopted
		and in full force and effect, as conclusive evidence that such resolution has
		been duly adopted by said board or other governing body and that the same is in
		full force and effect. As to any fact or matter the manner of ascertainment of
		which is not specifically described in this Agreement, the Security Trustee
		shall be entitled to receive and may for all purposes hereof conclusively rely
		on, and shall be fully protected in acting or refraining from acting upon, a
		certificate, signed by an officer of any duly authorized Person, as to such
		fact or matter, and such certificate shall constitute full protection to the
		Security Trustee for any action taken or omitted to be taken by it in good
		faith in reliance thereon. The Security Trustee shall furnish to each Service
		Provider upon request such information and copies of such documents as the
		Security Trustee may have and as are necessary for such Service Provider to
		perform its duties under the applicable Related Documents. The Security Trustee
		shall assume, and shall be fully protected in assuming, that each other party
		to this Agreement is authorized by its constitutional documents to enter into
		this Agreement and to take all action permitted to be taken by it pursuant to
		the provisions of this Agreement, and shall not inquire into the authorization
		of such party with respect thereto. 
	 

	 
		(b) The Security Trustee may execute any of the powers
		hereunder or perform any duties under this Agreement either directly or by or
		through agents (including financial advisors) or attorneys or a custodian or
		nominee, and the Security Trustee shall not be responsible for any misconduct
		or negligence on the part of, or for the supervision of, any such agent,
		attorney, custodian or nominee appointed with due care by it hereunder.
	 

	 
		(c) The Security Trustee may consult with counsel, and any
		opinion of counsel or any advice of such counsel shall be full and complete
		authorization and protection in respect of any action taken or suffered or
		omitted by it under this Agreement in good faith and in accordance with such
		advice or opinion of counsel.
	 

	 
		(d) The Security Trustee shall be under no obligation to
		exercise any of the rights or powers vested in it by this Agreement, or to
		institute, conduct or defend any litigation under this Agreement or in relation
		hereto, at the request, order or direction of any of the Secured Parties,
		pursuant to the provisions of this Agreement, unless such Secured Party shall
		have offered to the Security Trustee security or indemnity reasonably
		satisfactory to it against the costs, expenses and liabilities which may be
		incurred therein or thereby.
	 

	 
		(e) The Security Trustee shall not be required to expend
		or risk its own funds or otherwise incur any financial liability in the
		performance of any of its duties hereunder, or in the exercise of any of its
		rights or powers, if there is reasonable ground for believing that the
		repayment of such funds or indemnity reasonably satisfactory to it against such
		risk or liability is not reasonably assured to it, and none of the provisions
		contained in this Agreement shall in any event require the Security Trustee to
		perform, or be responsible or liable for the manner of performance of, any
		obligations of the Issuer or the Cash Manager under any of the Related
		Documents.
	 

	 
		 
	 

	 
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		(f) The Security Trustee shall not be liable for any
		Costs, Taxes or the selection of Permitted Account Investments or for any
		investment losses resulting from Permitted Account Investments.
	 

	 
		(g) When the Security Trustee incurs expenses or renders
		services in connection with an exercise of remedies specified in Section 3.01
		or during a case or proceeding described in Section 7.03(a), such expenses
		(including the fees and expenses of its counsel) and the compensation for such
		services are intended to constitute expenses of administration under any
		bankruptcy law or law relating to creditors’ rights generally.
	 

	 
		(h) The Security Trustee shall not be charged with
		knowledge of an Event of Default unless a Responsible Officer of the Security
		Trustee obtains actual knowledge of such event or the Security Trustee receives
		written notice of such event from any of the Secured Parties or the Cash
		Manager.
	 

	 
		(i) The Security Trustee shall have no duty to monitor the
		performance of the Issuer, the Cash Manager or any other party to the Related
		Documents, nor shall it have any liability in connection with the appointment
		of the Cash Manager, or the malfeasance or nonfeasance by such parties. The
		Security Trustee shall have no liability in connection with non-compliance by
		the Issuer, the Cash Manager or any lessee under a Lease with statutory or
		regulatory requirements related to the Collateral, any Aircraft or any Lease.
		The Security Trustee shall not make or be deemed to have made any
		representations or warranties with respect to the Collateral, any Aircraft or
		any Lease or the validity or sufficiency of any assignment or other disposition
		of the Collateral, any Aircraft, or any Lease.
	 

	 
		Section 5.05 Cape Town
		Convention. The Security Trustee, during the term of
		this Agreement, shall establish and maintain a valid and existing account as a
		Transacting User with the International Registry and appoint an Administrator
		and/or a Professional User to make registrations in regard to the Collateral as
		required by this Agreement.
	 

	 
		Section 5.06 No Individual
		Liability. The Security Trustee shall have no
		individual liability in respect of all or any part of the Secured Obligations,
		and all shall look, subject to the lien and priorities of payment provided
		herein and in the Indenture, only to the property of the Grantors for payment
		or satisfaction of the Secured Obligations.
	 

	 
		Section 5.07 The Operating
		Bank. The Operating Bank shall be entitled to the
		immunities and privileges of the Security Trustee under Sections 5.03 and
		5.04(a), (e) and (g). The Operating Bank agrees to perform its duties hereunder
		in accordance with the requirements of, and subject to the limitations of the
		duties of, a Securities Intermediary under the UCC.
	 

	 
		ARTICLE VI
	 

	 
		SUCCESSOR TRUSTEES
	 

	 
		AND OPERATING BANK
	 

	 
		Section 6.01
		Resignation and Removal of Security Trustee. The Security Trustee may
		resign at any time without cause by giving at least 30 days’ prior written
		notice to
	 

	 
		 
	 

	 
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		the Issuer and the Senior Representative. The Senior
		Representative may at any time remove the Security Trustee without cause by an
		instrument in writing delivered to the Secured Parties and the Security
		Trustee. No resignation or removal of the Security Trustee pursuant to this
		Section 6.01 shall become effective prior to the date of appointment by the
		Senior Representative of a successor Security Trustee and the acceptance of
		such appointment by such successor Security Trustee.
	 

	 
		Section 6.02
		Appointment of Successor. (a) In the case of the resignation or removal
		of the Security Trustee, the Senior Representative, on behalf of the Secured
		Parties, shall promptly appoint a successor Security Trustee. If a successor
		Security Trustee shall not have been appointed and accepted its appointment
		hereunder within 60 days after the Security Trustee gives notice of
		resignation, the retiring Security Trustee or the Secured Parties (or Senior
		Representative on behalf of the Secured Parties) may petition any court of
		competent jurisdiction for the appointment of a successor Security Trustee. Any
		successor Security Trustee so appointed by such court shall immediately and
		without further act be superseded by any successor Security Trustee appointed
		as provided in the first sentence of this paragraph within one year from the
		date of the appointment by such court. 
	 

	 
		(b) Any successor Security Trustee shall execute and
		deliver to the Secured Parties an instrument accepting such appointment. Upon
		the acceptance of any appointment as Security Trustee hereunder, a successor
		Security Trustee, upon the execution and filing or recording of such financing
		statements, or amendments thereto, and such amendments or supplements to this
		Agreement, and such other instruments or notices, as may be necessary or
		desirable, or as the Senior Trustee may request, in order to continue the
		perfection (if any) of the liens granted or purported to be granted hereby,
		shall succeed to and become vested with all the rights, powers, discretion,
		privileges and duties of the retiring Security Trustee, and the retiring
		Security Trustee shall be discharged from its duties and obligations under this
		Agreement and the other Related Documents. The retiring Security Trustee shall
		take all steps necessary to transfer all Collateral in its possession and all
		its control over the Collateral to the successor Security Trustee. After any
		retiring Security Trustee’s resignation or removal hereunder as to any
		actions taken or omitted to be taken by it while it was Security Trustee, the
		provisions of all of Article VII shall inure to its benefit as to any actions
		taken or omitted to be taken by it while it was Security Trustee under this
		Agreement.
	 

	 
		(c) Each Security Trustee shall be an Eligible
		Institution, if there be such an institution willing, able and legally
		qualified to perform the duties of a Security Trustee hereunder.
	 

	 
		(d) Any corporation into which the Security Trustee may be
		merged or converted or with which it may be consolidated, or any corporation
		resulting from any merger, conversion or consolidation to which the Security
		Trustee shall be a party, or any corporation to which substantially all the
		business of the Security Trustee may be transferred, shall be the Security
		Trustee under this Agreement without further act.
	 

	 
		(e) Following the resignation or removal of the Security
		Trustee, and the appointment and acceptance of such appointment by a successor
		Security Trustee, all references to “New York” in Sections 2.05
		and 2.09 herein shall be deemed to refer to the state in which the Security
		Trustee is physically located. Upon acceptance of such appointment by a
		successor
	 

	 
		 
	 

	 
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		Security Trustee (unless the Policy Provider or any
		provider of an Eligible Credit Facility is the Controlling Party and as Senior
		Representative has removed the original Security Trustee), the Issuer shall
		cause to be delivered to the Security Trustee, the Trustee and the Policy
		Provider an opinion of counsel setting forth any actions that must be taken to
		maintain the perfection and priority of the lien of this Agreement on the
		Collateral and the Issuer shall cause such action to be taken. Thereafter, any
		opinions delivered in connection with such successor Security Trustee shall be
		delivered in place of the applicable New York law opinions to be delivered
		hereunder.
	 

	 
		Section 6.03
		The Operating Bank. If at any time the Person acting as the Operating
		Bank is no longer the Security Trustee, the Security Trustee shall so notify
		the Cash Manager and the Issuer, and the Security Trustee shall cause the Cash
		Manager to establish and maintain the Security Trustee Accounts with the Person
		then acting as the Security Trustee as provided in the Management Agreement and
		the Person then acting as the Security Trustee shall assume the obligations of
		the Operating Bank under this Agreement.
	 

	 
		ARTICLE VII
	 

	 
		AGREEMENT BETWEEN SECURED PARTIES
	 

	 
		Section 7.01 Subordination and Priority. (a) Notwithstanding the
		date, manner or order of attachment or perfection (if any) or the description
		of any collateral or security interests, liens, claims or encumbrances covered
		or granted by Section 2.01, each Subordinated Representative agrees that the
		respective rights and interest of the Subordinated Creditors in the Collateral
		are and shall be subordinate, to the extent and in the manner hereinafter and
		in Articles III and X of the Indenture set forth, to all rights and interest of
		the Senior Creditors in the Collateral, and that the Senior Creditors shall
		have at all times interests prior and senior to that of the Subordinated
		Creditors in all Collateral until the payment in full of all Senior Obligations
		owed to such Senior Creditors.
	 

	 
		(b) For the purposes of this Agreement, no Senior
		Obligations shall be deemed to have been paid in full until and unless the
		Holder in respect of such Senior Obligations shall have received payment in
		full of such Senior Obligations.
	 

	 
		(c) Notwithstanding anything contained herein to the
		contrary, payments from any property (or the proceeds thereof) deposited in the
		Defeasance/Redemption Account or the Refinancing Account pursuant to Section
		3.11(a) or Article XI of the Indenture and payments covered by Section 3.14 or
		3.15 of the Indenture shall not be subordinated to the prior payment of any
		Senior Creditors in respect of any Senior Obligations or subject to any other
		restrictions set forth in this Article VII and Article X of the Indenture, and
		none of the Holders shall be obligated to pay over any payments from any such
		property to the Security Trustee or any other creditor of any of the
		Grantors.
	 

	 
		Section 7.02 Exercise of
		Remedies. (a) Until the date on which all the Senior
		Obligations shall have been paid in full, the Senior Representative, in its
		sole discretion and to the exclusion of the Subordinated Representatives, shall
		have, whether or not any default under the Indenture shall have occurred and be
		continuing and both before and after the commencement of any proceeding
		referred to in Section 7.03(a), the sole and exclusive right to direct the
		Security Trustee to take all action with respect to the Collateral, including
		the right to
	 

	 
		 
	 

	 
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		exercise or direct voting or other consensual rights, to
		foreclose or forebear from foreclosure in respect of the Collateral and to
		accept the Collateral in full or partial satisfaction of any Senior Obligation,
		all in accordance with the terms of this Agreement. The Subordinated
		Representatives agree that, until the Senior Obligations have been paid in
		full, the only right of the Subordinated Creditors under this Agreement is for
		the Subordinated Obligations to be secured by the Collateral for the period and
		to the extent provided for herein or in the Indenture and to receive a share of
		the proceeds of the Collateral, if any, subject to payment priorities set forth
		in Section 3.09 of the Indenture.
	 

	 
		(b) The Subordinated Representatives agree that, so long
		as any of the Senior Obligations shall remain unpaid, they and the Subordinated
		Creditors will not commence, or join with any creditor other than the Security
		Trustee and the Senior Creditors in commencing, any enforcement, collection,
		execution, levy or foreclosure proceeding with respect to the Collateral or
		proceeds of Collateral. Upon request by the Senior Representative, the
		Subordinated Representatives and the Subordinated Creditors will, at the
		expense of the Issuer, join in enforcement, collection, execution, levy or
		foreclosure proceedings and otherwise cooperate fully in the maintenance of
		such proceedings by the Security Trustee, including by executing and delivering
		all such consents, pleadings, releases and other documents and instruments as
		the Security Trustee may reasonably request in connection therewith, it being
		understood that the conduct of such proceedings shall at all times be under the
		exclusive control of the Security Trustee acting upon the directions of the
		Senior Representative.
	 

	 
		(c) The Subordinated Representatives agree, upon written
		request by the Senior Representative, to release the liens and security
		interests in favor of the Subordinated Creditors in any Collateral and to
		execute and deliver all such directions, consents, pleadings, releases and
		other documents and instruments as the Senior Representative may reasonably
		request in connection therewith, upon any sale, lease, transfer or other
		disposition of such Collateral or part thereof in accordance with, or for
		application of proceeds pursuant to, Sections 7.01(a) and 7.02(a).
	 

	 
		(d) The Subordinated Representatives agree that neither
		they nor any Subordinated Creditors will contest, or bring (or join in) any
		action or proceeding for the purpose of contesting, the validity, perfection or
		priority of, or seeking to avoid, the rights of the Senior Representative or
		the Senior Creditors in or with respect to the Collateral.
	 

	 
		Section 7.03 Further
		Agreements of Subordination. The Subordinated
		Representatives agree as follows:
	 

	 
		(a) Upon any distribution of all or any of the Collateral
		or proceeds of Collateral to creditors of any Grantor upon the dissolution,
		winding-up, liquidation, arrangement, reorganization, adjustment, protection,
		relief, or composition of such Grantor or its debts, whether in any bankruptcy,
		insolvency, arrangement, reorganization, receivership, relief or similar case
		or proceedings or upon an assignment for the benefit of creditors or any other
		marshalling of the assets and liabilities of such Grantor, or otherwise, any
		distribution of any kind of Collateral or proceeds of Collateral that otherwise
		would be deliverable upon or with respect to the Subordinated Obligations shall
		be delivered directly to the Security Trustee for application (in the case of
		cash) to or as collateral (in the case of non-cash property or
		securities)
	 

	 
		 
	 

	 
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		for the payment or prepayment of the Senior Obligations
		until the Senior Obligations shall have been paid in full.
	 

	 
		(b) If any case or proceeding referred to in Section
		7.03(a) is commenced by or against any Grantor,
	 

	 
		(i) the Security Trustee is hereby irrevocably authorized
		and empowered (in its own name or in the name of the Secured Parties or
		otherwise), but shall have no obligation, to demand, sue for, collect and
		receive every distribution referred to in subsection (a) above and give
		acquittance therefor and to file claims and proofs of claim and take such other
		action (including enforcing this Agreement) as it may deem necessary or
		advisable, or as the Senior Representative may direct, for the exercise or
		enforcement of any of the rights or interests of the Senior Creditors
		hereunder; and
	 

	 
		(ii) the Subordinated Representatives shall duly and
		promptly take such action, at the expense of the Issuer, as the Senior
		Representative may request (A) to collect Collateral and proceeds of Collateral
		for the account of the Senior Creditors and to file appropriate claims or
		proofs of claim in respect of Collateral and proceeds of Collateral, (B) to
		execute and deliver to the Security Trustee such powers of attorney,
		assignments, or other instruments as the Senior Representative may request in
		order to enable it to enforce any and all claims with respect to the Collateral
		and proceeds of Collateral and (C) to collect and receive any and all payments
		or distributions that may be payable or deliverable upon or with respect to the
		Collateral or proceeds of Collateral. Without limiting the generality of any of
		the foregoing, if any proceeding referred to in Section 7.03(a) is commenced by
		or against any Grantor, the Subordinated Creditors shall, upon written demand
		from the Senior Representative or the Security Trustee, file such claims in
		such proceeding as the Senior Representative or the Security Trustee, as
		applicable, shall request in such written demand or any subsequent written
		demand provided in connection therewith; provided, however, that should one or more
		Subordinated Creditors fail to comply fully with any such demand within thirty
		(30) days of receipt by such Subordinated Creditor of the relevant demand, such
		Subordinated Creditor (by holding its respective Notes) shall be deemed to have
		irrevocably appointed the Security Trustee its attorney-in-fact to file and
		prosecute any such claim and to dispose of any proceeds of such filing or
		prosecution in accordance with the terms hereof and of the other Related
		Documents.
	 

	 
		(c) All payments or distributions upon or with respect to
		the Collateral or proceeds of Collateral that are received by the Subordinated
		Representatives or the Subordinated Creditors contrary to the provisions of
		this Agreement shall be received for the benefit of the Senior Creditors, shall
		be segregated from other funds and property held by the Subordinated
		Representatives or the Subordinated Creditors and shall be forthwith paid over
		to the Security Trustee in the same form as so received (with any necessary
		indorsement) to be applied (in the case of cash) to or held as collateral (in
		the case of non-cash property or securities) for the payment or prepayment of
		the Senior Obligations in accordance with the terms thereof.
	 

	 
		(d) The Senior Representative is hereby authorized to
		demand specific performance of this Agreement at any time when any of the
		Subordinated Representatives or the Subordinated Creditors shall have failed to
		comply with any of the provisions of this Agreement
	 

	 
		 
	 

	 
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		applicable to them. The Subordinated Representatives
		hereby irrevocably waive, on their own behalf and on behalf of the Subordinated
		Creditors, any defense based on the adequacy of a remedy at law that might be
		asserted as a bar to such remedy of specific performance.
	 

	 
		Section 7.04 Rights of
		Subrogation. The Subordinated Representatives agree
		that no payment or distributions to the Senior Representative or the Senior
		Creditors pursuant to the provisions of this Agreement shall entitle any
		Subordinated Representative or any Subordinated Creditor to exercise any rights
		of subrogation in respect thereof until all Obligations constituting Senior
		Obligations with respect to such Person shall have been paid in full.
	 

	 
		Section 7.05 Further
		Assurances of Subordinated Representatives. Each of
		the Subordinated Representatives shall, at the expense of the Issuer, at any
		time and from time to time promptly execute and deliver all further instruments
		and documents, and take all further action, that the Senior Representative or
		the Security Trustee may reasonably request, in order to protect any right or
		interest granted or purported to be granted hereby or to enable the Senior
		Representative and the Security Trustee to exercise and enforce their rights
		and remedies hereunder.
	 

	 
		Section 7.06 No Change in
		Rights in Collateral. The Subordinated
		Representatives and the Subordinated Creditors will not sell, assign, pledge,
		encumber or otherwise dispose of any of their rights in the Collateral as such
		or in proceeds of Collateral as such, without the prior written consent of the
		Senior Representative. Nothing in this Section 7.06 shall limit the right of
		any Subordinated Creditor to transfer any Subordinated Obligation including any
		Note.
	 

	 
		Section 7.07 Waiver of
		Marshalling and Similar Rights. Each of the
		Subordinated Representatives waives, on its own behalf and on behalf of the
		Subordinated Creditors, to the fullest extent permitted by applicable law, any
		requirement regarding, and agrees not to demand, request, plead or otherwise
		claim the benefit of, any marshalling, appraisement, valuation or other similar
		right with respect to the Collateral that may otherwise be available under
		applicable law or any other similar rights a junior creditor or junior secured
		creditor may have under applicable law.
	 

	 
		Section 7.08 Enforcement. Each of the Subordinated
		Representatives agrees that this Agreement shall be enforceable against it and
		the Subordinated Creditors under all circumstances, including in any proceeding
		referred to in Section 7.03(a).
	 

	 
		Section 7.09 Obligations
		Not Affected. All rights and interests of the Senior
		Representative, the Senior Creditors and the Security Trustee hereunder, and
		all agreements and obligations of the Subordinated Representatives under this
		Agreement, shall remain in full force and effect irrespective of: 
	 

	 
		(a) any lack of validity or enforceability of this
		Agreement, any Assigned Document, Note, Secured Credit Facility or Secured
		Hedge Agreement or any other agreement or instrument relating thereto;
	 

	 
		 
	 

	 
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		(b) any change in the time, manner or place of payment of,
		the security for, or in any other term of, all or any of the Senior
		Obligations, or any other amendment or waiver of or any consent to any
		departure from this Agreement, any Service Provider Document, Note, Secured
		Credit Facility or Secured Hedge Agreement or any other agreement or instrument
		relating thereto;
	 

	 
		(c) any taking, exchange, release or non-perfection of the
		Collateral or any other collateral, or any release or amendment or waiver of or
		consent to departure from any guaranty, for all or any of the Senior
		Obligations; or
	 

	 
		(d) any other circumstance that might otherwise constitute
		a defense available to, or a discharge of, the Subordinated Representatives,
		the Subordinated Creditors, a subordinated creditor or a secured subordinated
		creditor or a Person deemed to be a surety. 
	 

	 
		This Agreement shall continue to be effective or shall be
		revived or reinstated, as the case may be, if at any time any payment of any of
		the Senior Obligations is rescinded or must otherwise be returned by any Senior
		Creditor upon the insolvency, bankruptcy or reorganization of any Grantor, or
		otherwise, all as though such payment had not been made.
	 

	 
		Section 7.10 Waiver. The Subordinated Representatives
		hereby waive, on their own behalf and on behalf of the Subordinated Creditors,
		to the fullest extent permitted by law, any right under Section 9-615 of the
		N.Y. Uniform Commercial Code to application of the proceeds of disposition
		(other than as contemplated by this Agreement), any right to notice and
		objection under Section 9-620 of the N.Y. Uniform Commercial Code and
		promptness, diligence, notice of acceptance and any other notice with respect
		to any of the Senior Obligations and this Agreement and any requirement that
		the Security Trustee protect, secure, perfect or insure any security interest
		or lien hereunder or otherwise or any Collateral or any other property subject
		thereto or exhaust any right or take any action against the Grantors or any
		other person or entity or any Collateral or any other collateral.
	 

	 
		Section 7.11 Senior
		Obligations and Subordinated Obligations Unimpaired.
		Nothing in this Agreement shall impair (a) as between the Issuer and any
		Secured Party, the obligations of the Issuer to such Secured Party, including
		the Senior Obligations and the Subordinated Obligations or (b) as between the
		Senior Creditors and the Subordinated Creditors, the provisions relating to the
		priority of payments in the Indenture; provided that it is understood that the
		enforcement of rights and remedies against the Collateral shall be subject to
		the terms of this Agreement.
	 

	 
		Section 7.12 Upon Discharge
		of Obligations. Upon the payment in full of the
		Senior Obligations in respect of which it is acting as Senior Representative,
		the Security Trustee shall, without any further action on its part, be relieved
		of any obligation under this Agreement with respect to such discharged Senior
		Obligations and this Agreement shall continue in effect as an agreement among
		the remaining Secured Parties.
	 

	 
		Section 7.13 Agreement of
		the Secured Parties. Prior to the date which is one
		year and one day after the payment in full of the Notes, each Secured Party
		agrees by signing the Secured Party Supplement that in respect of amounts due
		to any Secured Party hereunder not to directly or indirectly take any action
		against the Issuer or any Issuer Subsidiary, seeking to
	 

	 
		 
	 

	 
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		adjudicate any of them as bankrupt or insolvent or to have
		an Irish law examiner appointed over any of them or any part of their
		undertaking; seeking liquidation, winding up, reorganization, arrangement,
		adjustment, protection, relief or composition of its debt under any law
		relating to bankruptcy, insolvency or reorganization or relief of debtors; or
		seeking the entry of an order for relief of the appointment of a receiver,
		trustee, Irish law examiner or other similar official for either all or any
		substantial part of its property provided, however that nothing herein shall prevent
		the Security Trustee from otherwise participating in such bankruptcy proceeding
		instituted by any other Person.
	 

	 
		ARTICLE VIII
	 

	 
		INDEMNITY AND EXPENSES
	 

	 
		Section 8.01 Indemnity. (a) The Issuer shall indemnify
		the Security Trustee (and its officers, directors, employees, representatives
		and agents) for, and defend and hold it harmless against, any loss, liability
		or expense (including reasonable legal fees and expenses) incurred by it
		without negligence or bad faith on its part in connection with the acceptance
		or administration of this Agreement and its duties hereunder, including the
		costs and expenses of defending itself against any claim or liability and of
		complying with any process served upon it or any of its officers in connection
		with the exercise or performance of any of its powers or duties hereunder and
		hold it harmless against, any loss, liability or reasonable expense incurred
		without negligence or bad faith on its part. The Security Trustee shall notify
		the Issuer promptly of any claim asserted against the Security Trustee for
		which it may seek indemnity; provided that failure to provide such notice shall not invalidate any right to
		indemnity hereunder. The Issuer shall defend the claim and the Security Trustee
		shall cooperate in the defense. The Security Trustee may have separate counsel
		and the Issuer shall pay reasonable fees and expenses of such counsel. The
		Issuer need not reimburse any expense or indemnity against any loss or
		liability incurred by the Security Trustee through negligence, willful
		misconduct, fraud or bad faith. For the avoidance of doubt, in the event the
		Security Trustee is providing any of the Cash Management Services (as defined
		in the Cash Management Agreement) in place of the Cash Manager, each of its
		expenses related thereto shall be deemed to be an “Expense” for
		purposes of the Related Documents.
	 

	 
		(b) The Issuer shall upon demand pay to the Security
		Trustee the amount of any and all reasonable out-of-pocket expenses, including
		the reasonable fees and expenses of its counsel and of any experts and agents,
		that the Security Trustee may incur in connection with (i) the administration
		of this Agreement, (ii) the custody, preservation, use or operation of, or the
		sale of, collection from or other realization upon, any of the Collateral,
		(iii) the exercise or enforcement of any of the rights of the Security Trustee
		or any other Secured Party against any Grantor hereunder, (iv) the failure by
		any Grantor to perform or observe any of the provisions hereof, or (v) without
		limiting any of the foregoing, the Security Trustee’s performance of any
		of the Cash Management Services (as defined in the Cash Management Agreement)
		in place of the Cash Manager.
	 

	 
		(c) The Issuer shall indemnify the Operating Bank (and its
		officers, directors, employees and agents) for, and hold it harmless against,
		any loss, liability or expense (including reasonable legal fees and expenses)
		incurred by it without negligence or bad faith on its part in connection with
		its duties hereunder, including the costs and expenses of defending itself
		against any claim or liability and of complying with any process served upon it
		or any of its officers in
	 

	 
		 
	 

	 
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		connection with the exercise or performance of any of its
		powers or duties hereunder and hold it harmless against, any loss, liability or
		reasonable expense incurred without negligence or bad faith on its part. The
		Operating Bank shall notify the Issuer promptly of any claim asserted against
		the Operating Bank for which it may seek indemnity; provided, however, that failure to provide such notice
		shall not invalidate any right to indemnity hereunder. The Issuer shall defend
		the claim and the Operating Bank shall cooperate in the defense. The Operating
		Bank may have separate counsel and the Issuer shall pay reasonable fees and
		expenses of such counsel. The Issuer need not pay for any settlements made
		without its consent; provided that such consent shall not be unreasonably withheld or delayed. The
		Issuer need not reimburse any expense or indemnity against any loss or
		liability incurred by the Operating Bank through negligence, willful
		misconduct, fraud or bad faith.
	 

	 
		Section 8.02 Holders’
		Indemnity. The Security Trustee shall be entitled to
		be indemnified (subject to the limitations and requirements described in
		Section 8.01 mutatis
		mutandis) by the Senior
		Creditors to the sole satisfaction of the Security Trustee before proceeding to
		exercise any right or power under this Agreement at the request or direction of
		the Senior Representative. The provisions of Section 8.01 and this Section 8.02
		shall survive the termination of this Agreement or the earlier resignation or
		removal of the Security Trustee.
	 

	 
		Section 8.03 No
		Compensation from Secured Parties. Each of the
		Security Trustee and the Operating Bank agrees that it shall have no right
		against the Secured Parties for any fee as compensation for its services in
		such capacity.
	 

	 
		Section 8.04 Security
		Trustee Fees. In consideration of the Security
		Trustee’s performance of the services provided for under this Agreement,
		the Issuer shall pay to the Security Trustee an annual fee set forth under a
		separate agreement between the Issuer and the Security Trustee. 
	 

	 
		ARTICLE IX
	 

	 
		MISCELLANEOUS
	 

	 
		Section 9.01 Amendments;
		Waivers; Etc. (a) No amendment or waiver of any
		provision of this Agreement, and no consent to any departure by any party from
		the provisions of this Agreement, shall in any event be effective unless the
		same shall be in writing and signed by each Service Provider, the Senior
		Representative, the Policy Provider and, in the event the Subordinate Creditors
		are adversely affected thereby, the Subordinated Representative, and then such
		waiver or consent shall be effective only in the specific instance and for the
		specific purpose for which given. In executing and delivering any amendment or
		modification to this Agreement, the Security Trustee shall be entitled to (i)
		an Opinion of Counsel stating that such amendment is authorized and permitted
		pursuant to the Indenture and this Agreement and complies with the terms
		thereof and hereof and (ii) an Officer’s Certificate stating that all
		conditions precedent to the execution, delivery and performance of such
		amendment have been satisfied in full. The Security Trustee may, but shall have
		no obligation to, execute and deliver any amendment or modification which would
		affect its duties, powers, rights, immunities or indemnities hereunder.
	 

	 
		(b) Upon the execution and delivery by any Person of a
		Grantor Supplement, (i) such Person shall be referred to as an
		“Additional Grantor” and shall be and become a Grantor
	 

	 
		 
	 

	 
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		hereunder, and each reference in this Agreement to
		“Grantor” shall also mean and be a reference to such Additional
		Grantor, (ii) Annexes I, II, III and IV attached to each Grantor
		Supplement shall be incorporated into, become a part of and supplement
		Schedules I, II, III and IV, respectively, and the Security Trustee may attach
		such Annexes as supplements to such Schedules; and each reference to such
		Schedules shall be a reference to such Schedules as so supplemented and
		(iii) such Additional Grantor shall be a Grantor for all purposes under
		this Agreement and shall be bound by the obligations of the Grantors hereunder.
		
	 

	 
		(c) Upon the execution and delivery by a Grantor of a
		Collateral Supplement, Annexes I and II to each Collateral Supplement shall be
		incorporated into, become a part of and supplement Schedules I and II,
		respectively, and the Security Trustee may attach such Annexes as supplements
		to such Schedules; and each reference to such Schedules shall be a reference to
		such Schedules as so supplemented.
	 

	 
		Section 9.02 Addresses for
		Notices. All notices and other communications
		provided for hereunder shall be in writing (including telecopier) and mailed,
		telecopied or delivered to the intended recipient at its address specified, as
		follows:
	 

	 
		For each Grantor:
	 

	 
		Genesis Funding Limited
	 

	 
		Clarendon House
	 

	 
		2 Church Street
	 

	 
		Hamilton, HM11
	 

	 
		Bermuda
	 

	 
		Attention: The Company Secretary
	 

	 
		Fax: +1 (441) 292-6720
	 

	 
		For the Security Trustee:
	 

	 
		Deutsche Bank Trust Company Americas
	 

	 
		60 Wall Street, 26th Floor
	 

	 
		MS NYC60-2606
	 

	 
		New York, New York 10005-2858
	 

	 
		Attn: Lou Bodi
	 

	 
		Fax: (212) 797-8606
	 

	 
		For the Operating Bank:
	 

	 
		Deutsche Bank Trust Company Americas
	 

	 
		60 Wall Street, 26th Floor
	 

	 
		MS NYC60-2606
	 

	 
		New York, New York 10005-2858
	 

	 
		Attn: Structured Finance Services/Trust & Securities
		Services
	 

	 
		Fax: (212) 553-2454
	 

	 
		or, as to each party, at such other address as shall be
		designated by such party in a written notice to each other party complying as
		to delivery with the terms of this Section 9.02. Each such
	 

	 
		 
	 

	 
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		notice shall be effective (a) upon receipt when sent
		through the mails, registered or certified mail, return receipt requested,
		postage prepaid, with such receipt to be effective the date of delivery
		indicated on the return receipt, or (b) one Business Day after delivery to an
		overnight courier, or (c) on the date personally delivered to an authorized
		officer of the party to which sent, or (d) on the date transmitted by legible
		telecopier transmission with a confirmation of receipt.
	 

	 
		Section 9.03 No Waiver;
		Remedies. No failure on the part of the Security
		Trustee to exercise, and no delay in exercising, any right hereunder shall
		operate as a waiver thereof; nor shall any single or partial exercise of any
		right hereunder preclude any other or further exercise thereof or the exercise
		of any other right. The remedies herein provided are cumulative and not
		exclusive of any remedies provided by law.
	 

	 
		Section 9.04 Severability. If any provision of this
		Agreement shall be invalid, illegal or unenforceable, the validity, legality
		and enforceability of the remaining provisions hereof shall not in any way be
		affected or impaired.
	 

	 
		Section 9.05 Continuing
		Security Interest; Assignments. Subject to Section
		9.06(c), this Agreement shall create a continuing security interest in the
		Collateral and shall (a) remain in full force and effect until the earlier
		of the payment in full in cash of the Secured Obligations and the circumstances
		specified in Section 9.06(c), (b) be binding upon each Grantor, its successors
		and assigns and (c) inure, together with the rights and remedies of the
		Security Trustee hereunder, to the benefit of the Secured Parties and their
		respective successors, transferees and assigns. Without limiting the generality
		of the foregoing subsection (c), any Secured Party may assign or otherwise
		transfer all or any portion of its rights and obligations under any Related
		Document to which it is a party in accordance with the terms thereof to any
		other Person or entity, and such other Person or entity shall thereupon become
		vested with all the rights in respect thereof granted to such Secured Party
		herein or otherwise.
	 

	 
		Section 9.06 Release and
		Termination. (a) Upon any sale, lease, transfer or
		other disposition of any item of Collateral in accordance with the terms of the
		Indenture, the Security Trustee will, at the Issuer’s expense, execute and
		deliver to the Grantor of such item of Collateral such documents as such
		Grantor shall reasonably request and provide to the Security Trustee to
		evidence the release of such item of Collateral from the assignment and
		security interest granted hereby.
	 

	 
		(b) Except as otherwise provided in Section 9.06(c), upon
		the payment in full in cash of the Secured Obligations, the pledge, assignment
		and security interest granted hereby shall terminate and all rights to the
		Collateral shall revert to the Grantors. Upon any such termination, the
		Security Trustee will, at the Issuer’s expense, execute and deliver to
		each relevant Grantor such documents as such Grantor shall prepare and
		reasonably request to evidence such termination.
	 

	 
		(c) If at any time all Notes have been defeased pursuant
		to Article XI of the Indenture, the pledge, assignment and security interest in
		the Pledged Shares and the Pledged Beneficial Interests shall be released and
		the certificates or other instruments representing or evidencing any of the
		Collateral held by the Security Trustee shall be returned to the Issuer and the
		Security Trustee shall, at the expense of the Issuer, execute and deliver to
		the Issuer such documents as the Issuer shall prepare and reasonably request to
		evidence such termination.
	 

	 
		 
	 

	 
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		Section 9.07 Currency Conversion. If
		any amount is received or recovered by the Security Trustee in a currency (the
		“Received Currency”) other than the currency in which such amount was
		expressed to be payable (the “Agreed Currency”), then the amount in
		the Received Currency actually received or recovered by the Security Trustee,
		to the extent permitted by law, shall only constitute a discharge of the
		relevant Grantor to the extent of the amount of the Agreed Currency which the
		Security Trustee was or would have been able in accordance with its or his
		normal procedures to purchase on the date of actual receipt or recovery (or, if
		that is not practicable, on the next date on which it is so practicable), and,
		if the amount of the Agreed Currency which the Security Trustee is or would
		have been so able to purchase is less than the amount of the Agreed Currency
		which was originally payable by the relevant Grantor, such Grantor shall pay to
		the Security Trustee such amount as it shall determine to be necessary to
		indemnify the Security Trustee against any Loss sustained by it as a result
		(including the cost of making any such purchase and any premiums, commissions
		or other charges paid or incurred in connection therewith) and so that, to the
		extent permitted by law, (i) such indemnity shall constitute a separate and
		independent obligation of each Grantor distinct from its obligation to
		discharge the amount which was originally payable by such Grantor and (ii)
		shall give rise to a separate and independent cause of action and apply
		irrespective of any indulgence granted by the Security Trustee and continue in
		full force and effect notwithstanding any judgment, order, claim or proof for a
		liquidated amount in respect of the amount originally payable by any Grantor or
		any judgment or order and no proof or evidence of any actual loss shall be
		required.
	 

	 
		Section 9.08
		Governing
		Law. THIS
		AGREEMENT, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE
		HEREOF, SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
		THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CHOICE OF LAW
		PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL
		OBLIGATIONS LAW). NOTWITHSTANDING ANY OTHER AGREEMENT, THE “SECURITIES
		INTERMEDIARY’S JURISDICTION” (WITHIN THE MEANING OF SECTION 8-110(e)
		OF THE UCC) WITH RESPECT TO EACH SECURITIES ACCOUNT IS THE STATE OF NEW YORK
		AND THE “BANK’S JURISDICTION” (WITHIN THE MEANING OF SECTION
		9-304 OF THE UCC) WITH RESPECT TO EACH DEPOSIT ACCOUNT IS THE STATE OF NEW
		YORK.
	 

	 
		Section 9.09
		Jurisdiction. (a) Each of the parties hereto
		irrevocably agrees that the courts sitting in the borough of Manhattan in the
		City of New York shall have jurisdiction to hear and determine any suit, action
		or proceeding, and to settle any disputes, which may arise out of or in
		connection with this Agreement and, for such purposes, irrevocably submits to
		the jurisdiction of such courts. Each of the parties hereto irrevocably waives
		any objection which it might now or hereafter have to the federal U.S. or New
		York State courts located in New York, New York being nominated as the forum to
		hear and determine any suit, action or proceeding, and to settle any disputes,
		which may arise out of or in connection with this Agreement and agrees not to
		claim that any such court is not a convenient or appropriate forum. Each of the
		parties hereto agrees that the process by which any suit, action or proceeding
		is begun may be served on it by being delivered in connection with any suit,
		action or proceeding in New York, New York to [Corporation Service Company],
		with an office on the date hereof at [1133 Avenue of the Americas, Suite 3100,
		New York, New York 10036] and each of the parties hereby 
	 

	 
		 
	 

	 
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		appoints [Corporation
		Service Company] its designee, appointee and agent to receive, accept and
		acknowledge for and on its behalf such service of legal process.
	 

	 
		(b) Each of the
		parties hereto hereby consents generally in respect of any legal action or
		proceeding arising out of or in connection with this Agreement to the giving of
		any relief or the issue of any process in connection with such action or
		proceeding, including the making, enforcement or execution against any property
		whatsoever (irrespective of its use or intended use) of any order or judgment
		which may be made or given in such action or proceeding.
	 

	 
		Section 9.10
		Counterparts.
		This Agreement may be executed in two or more counterparts by the parties
		hereto, and each such counterpart shall be considered an original and all such
		counterparts shall constitute one and the same instrument.
	 

	 
		Section 9.11
		Table of Contents, Headings, Etc. The Table of Contents and
		headings of the Articles and Sections of this Agreement have been inserted for
		convenience of reference only, are not to be considered a part hereof and shall
		in no way modify or restrict any of the terms and provisions hereof.
	 

	 
		Section 9.12
		Limited Recourse. (a) In the event that the
		direct or indirect assets of any Grantor are insufficient, after payment of all
		other claims, if any, ranking in priority to the claims of the Security Trustee
		or any Secured Party hereunder, to pay in full such claims of the Security
		Trustee or such Secured Party (as the case may be), then the Security Trustee
		or the Secured Party shall have no further claim against the Issuer or the
		other Grantors in respect of any such unpaid amounts.
	 

	 
		(b) To the extent
		permitted by applicable law, no recourse under any obligation, covenant or
		agreement of any party contained in this Agreement shall be had against any
		shareholder (not including the Issuer as a shareholder of any other Grantor
		hereunder), officer or director of the relevant party as such, by the
		enforcement of any assessment or by any proceeding, by virtue of any statute or
		otherwise; it being expressly agreed and understood that this Agreement is a
		corporate obligation of the relevant party and no personal liability shall
		attach to or be incurred by the shareholders (not including the Issuer as a
		shareholder of any other Grantor hereunder), officers or directors of the
		relevant party as such, or any of them under or by reason of any of the
		obligations, covenants or agreements of such relevant party contained in this
		Agreement, or implied therefrom, and that any and all personal liability for
		breaches by such party of any of such obligations, covenants or agreements,
		either at law or by statute or constitution, of every such shareholder (not
		including the Issuer as a shareholder of any other Grantor hereunder), officer
		or director is hereby expressly waived by the other parties as a condition of
		and consideration for the execution of this Agreement.
	 

	 
		Section 9.13
		Servicing Agreement. Notwithstanding any provision
		in this Agreement to the contrary, nothing in this Agreement or any rights or
		actions of the Security Trustee hereunder or any duties or obligations of any
		Grantor or Issuer Group Member hereunder shall increase, reduce or otherwise
		affect any rights, authority (except that the Servicer may not rely on
		instructions from the Issuer, Manager or Cash Manager when notified to not so
		rely by the Security Trustee, as provided in the Servicing Agreement), duties,
		obligations or benefits of the Servicer under or pursuant to the Servicing
		Agreement, nor affect the rights of any Lessee to 
	 

	 
		 
	 

	 
		-44-
	 

	 
		 
	 

	 

	 
	 

	 

	 
		the extent it
		conflicts with rights of quiet enjoyment provided by any Grantor or the
		Security Trustee to an applicable Lessee under a Lease, and the Security
		Trustee as assignee of the Issuer agrees not to take any action constituting
		Services (as defined in the Servicing Agreement) and is otherwise subject to
		the terms of the Servicing Agreement when acting thereunder in place of any
		Grantor, except (subject to Section 2.08(e)) to the extent the Issuer would
		then be entitled to take such action under the express terms of the Servicing
		Agreement.
	 

	 
		[The Remainder of this Page is
		Intentionally Left Blank]
	 

	 
		 
	 

	 
		-45-
	 

	 
		 
	 

	 

	 
	 

	 

	 
		IN WITNESS WHEREOF,
		the parties hereto have caused this Agreement to be duly executed and delivered
		by its representative or officer thereunto duly authorized as of the date first
		above written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  GENESIS
				  FUNDING LIMITED
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  

				  By: 
				

			 	 
				
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE BANK
				  TRUST COMPANY AMERICAS, as the Security Trustee, the Cash Manager and the
				  Operating Bank
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  

				  By: 
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  [OTHER
				  GRANTORS]
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  

				  By: 
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		SCHEDULE I
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		PLEDGED SHARES

	 

	 
		 
	 

	 
			

				
				  Stock
				  Issuer
				

			 	
				
				   
				

			 	

				
				  Par
				  Value
				

			 	
				
				   
				

			 	

				
				  Certificate
				  No(s).
				

			 	
				
				   
				

			 	

				
				  Number of
				  
 Shares
				

			 	
				
				   
				

			 	

				
				  Percentage
				  of 
 Outstanding
				  
 Shares
				

			 
	  	
				
				   
				

			 	  	
				
				   
				

			 	  	
				
				   
				

			 	  	
				
				   
				

			 	  

 

	 
		PLEDGED BENEFICIAL
		INTERESTS
	 

	 
		 
	 

	 
			

				
				  Trust
				

			 	
				
				   
				

			 	

				
				  Trust
				  Agreement
				

			 	
				
				   
				

			 	

				
				  Percentage
				  of Beneficial Interest
				

			 
	  	
				
				   
				

			 	  	
				
				   
				

			 	  

 

	 
		PLEDGED DEBT
	 

	 
		 
	 

	 
			

				
				  Debt
				  Issuer
				

			 	
				
				   
				

			 	

				
				  Description
				  of Debt
				

			 	
				
				   
				

			 	

				
				  Date
				

			 
	  	
				
				   
				

			 	  	
				
				   
				

			 	  

 

	 
		 
	 

	 

	 
	 

	 

	 
		SCHEDULE II
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		NON-TRUSTEE ACCOUNT
		INFORMATION
	 

	 
		 
	 

	 
			
				
				  NAME AND
				  ADDRESS 
 OF BANK
				

			 	
				
				   
				

			 	
				
				  NAME AND
				  ADDRESS OF
 NON-TRUSTEE 
 ACCOUNT HOLDER
				

			 	
				
				   
				

			 	
				
				  ACCOUNT
				  NUMBER
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  [None]

				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		SCHEDULE III
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		TRADE NAMES
	 

	 
		[None]
	 

	 
		 
	 

	 

	 
	 

	 

	 
		SCHEDULE IV
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		 
	 

	 
			
				
				  Name of
				  Grantor
				

			 	
				
				   
				

			 	
				
				  Organizational ID
				

			 	
				
				   
				

			 	
				
				  Jurisdiction
				

			 	
				
				   
				

			 	
				
				  Chief
				  Executive Office, Chief Place of 
 Business and Registered
				  Office
				

			 
	
				
				  Genesis
				  Funding Limited
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Bermuda
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		SCHEDULE V
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		AIRCRAFT
		OBJECTS
	 

	 
		 
	 

	 
			
				
				  Airframe
				  MSN
				

			 	
				
				   
				

			 	
				
				  Airframe
				  Manufacturer
  and Model
				

			 	
				
				   
				

			 	
				
				  Engine
				  MSNs
				

			 	
				
				   
				

			 	
				
				  Engine
				  Manufacturer 
 and Model
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 

	 
	 

	 
	 
		EXHIBIT A
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF SECURED PARTY
		SUPPLEMENT
	 

	 
		Deutsche Bank Trust
		Company Americas, as the Security Trustee
	 

	 
		60 Wall Street, 26th
		Floor
	 

	 
		MS NYC60-2606
	 

	 
		New York, New York
		10005-2858 
	 

	 
		[Date]
	 

	 
		Attention: Lou
		Bodi
	 

	 
		Re: Security Trust
		Agreement, dated as of [__________], 2006
	 

	 
		Reference is made to
		the Security Trust Agreement (the “Security Trust Agreement”), dated
		as of [__________], 2006 among GENESIS FUNDING LIMITED, a Bermuda Exempted
		Company (the “Issuer”), the ISSUER SUBSIDIARIES listed on the
		signature pages of, or who otherwise become grantors under, the Security Trust
		Agreement (together with the Issuer, the “Grantors”) and DEUTSCHE
		BANK TRUST COMPANY AMERICAS, a New York banking corporation, as the Security
		Trustee, the Cash Manager and the Operating Bank.
	 

	 
		The undersigned
		hereby:
	 

	 
		1. confirms that
		attached hereto is a true and complete copy of the _________ Agreement, between
		the Issuer and the undersigned, dated as of ____ [(the “Credit Facility
		Agreement”), which Credit Facility Agreement constitutes a [____________]
		Credit Facility under the Indenture] [a “Service Provider
		Document”][a “Hedge Agreement”] [FOR SWAPS ENTITLED TO SENIOR
		SWAP PAYMENTS ADD: payments under which constitute Senior Hedge Payments under
		and as defined in the Indenture, entitled to the priority of payments specified
		in Section 3.09(a)(ii) and 3.09(b)(iii) of the Indenture];
	 

	 
		2. confirms that it
		has received a copy of the Security Trust Agreement and such other documents
		and information as it deems appropriate to make a decision to enter into this
		Secured Party Supplement;
	 

	 
		3. confirms that,
		upon delivery of this Secured Party Supplement, each reference in the Security
		Trust Agreement to a “Secured Party” shall also mean and be a
		reference to the undersigned and the undersigned accepts the benefits of the
		Security Trust Agreement subject to the terms and provisions thereof (including
		Article VII thereof);
	 

	 
		4. in its capacity as
		a Secured Party, appoints and authorizes the Security Trustee to take any and
		all actions in respect of the Collateral as are delegated to the Security
		Trustee by 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		the terms of the
		Security Trust Agreement, together with any such powers and discretion as are
		reasonably incidental thereto;
	 

	 
		5. in its capacity as
		a Secured Party, confirms its agreement to the limitations and qualifications
		of the Security Trustee’s obligations set forth in Article V and Article
		VII of the Security Trust Agreement; and
	 

	 
		6. confirms that this
		Secured Party Supplement shall in all respects be governed by, and construed in
		accordance with, the laws of the State of New York, including all matters of
		construction, validity and performance.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Very truly
				  yours,
				

				
				  [SECURED
				  PARTY]
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  

				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		Acknowledged,
		Accepted and Agreed to
	 

	 
		as of the date first
		above written:
	 

	 
		DEUTSCHE BANK TRUST
		COMPANY AMERICAS,
	 

	 
		not in its individual
		capacity, but
	 

	 
		solely as the
		Security Trustee
	 

	 
		 
	 

	 
			
				
				  By
				

			 	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By
				

			 	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT B-1
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF COLLATERAL
		SUPPLEMENT
	 

	 
		Deutsche Bank Trust
		Company Americas, as the Security Trustee
	 

	 
		60 Wall Street, 26th
		Floor
	 

	 
		MS NYC60-2606
	 

	 
		New York, New York
		10005-2858 
	 

	 
		[Date]
	 

	 
		Attention: Lou
		Bodi
	 

	 
		Re: Security Trust
		Agreement, dated as of [__________], 2006
	 

	 
		Ladies and
		Gentlemen:
	 

	 
		Reference is made to
		the Security Trust Agreement (the “Security Trust Agreement”), dated
		as of [__________], 2006 among GENESIS FUNDING LIMITED, a Bermuda exempted
		company (the “Issuer”), the ISSUER SUBSIDIARIES listed on the
		signature pages of, or who otherwise become grantors under, the Security Trust
		Agreement (together with the Issuer, the “Grantors”) and DEUTSCHE
		BANK TRUST COMPANY AMERICAS, a New York banking corporation, as the Security
		Trustee, the Cash Manager and the Operating Bank. Capitalized terms used herein
		and not otherwise defined herein shall have the meanings assigned to them in
		the Security Trust Agreement. 
	 

	 
		The undersigned
		hereby delivers, as of the date first above written, the attached Annexes I and
		II pursuant to Section 2.17 of the Security Trust Agreement.
	 

	 
		The undersigned
		Grantor hereby confirms that the property included in the attached Annexes
		constitutes part of the Collateral and hereby makes each representation and
		warranty set forth in Section 2.03 of the Security Trust Agreement (as
		supplemented by the attached Annexes).
	 

	 
		Attached are (i) an
		Account Letter in substantially the form of Exhibit C to the Security Trust
		Agreement from each Non-Trustee Account Bank at which each Non-Trustee Account
		included in the foregoing Collateral is maintained, (ii) where required with
		respect to any Assigned Document (other than an Assigned Lease) included in the
		foregoing Collateral, a Consent and Agreement in substantially the form of
		Exhibit D to the Security Trust Agreement from the counterparty thereto or,
		with respect to any Assigned Lease included in the foregoing Collateral, such
		consents, acknowledgements and/or notices as are called for under Section
		2.08(a) of the Security Trust Agreement and (iii) duly completed copies of
		Annexes I and II hereto.
	 

	 
		 
	 

	 

	 
	 

	 

	 
		This Collateral
		Supplement shall in all respects be governed by, and construed in accordance
		with, the internal substantive laws of the State of New York (without giving
		effect to conflicts of law principles thereof), including all matters of
		construction, validity and performance.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Very truly
				  yours,
				

				
				  [NAME OF
				  GRANTOR]
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		Acknowledged and
		agreed to 
	 

	 
		as of the date first
		above written:
	 

	 
		DEUTSCHE BANK TRUST
		COMPANY AMERICAS,
	 

	 
		not in its individual
		capacity, but
	 

	 
		solely as the
		Security Trustee
	 

	 
		 
	 

	 
			
				
				  By 
				

			 	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				  By 
				

			 	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 

	 
	 

	 

	 
		ANNEX I
	 

	 
		PLEDGED SHARES

	 

	 
		 
	 

	 
			
				
				  Stock
				  Issuer
				

			 	
				
				   
				

			 	
				
				  Par
				  Value
				

			 	
				
				   
				

			 	
				
				  Certificate
				  No(s).
				

			 	
				
				   
				

			 	
				
				  Number of
				  Shares
				

			 	
				
				   
				

			 	
				
				  Percentage
				  of
 Outstanding

				  Shares
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		PLEDGED BENEFICIAL
		INTERESTS
	 

	 
		 
	 

	 
			
				
				  Issuer
				

			 	
				
				   
				

			 	
				
				  Certificate
				  No.
				

			 	
				
				   
				

			 	
				
				  Percentage
				  of
 Beneficial Interest
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		PLEDGED DEBT
	 

	 
		 
	 

	 
			
				
				  Debt
				  Issuer
				

			 	
				
				   
				

			 	
				
				  Description
				  of Debt
				

			 	
				
				   
				

			 	
				
				  Date
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		ANNEX II
	 

	 
		NON-TRUSTEE ACCOUNT
		INFORMATION
	 

	 
		 
	 

	 
			
				
				  NAME AND
				  ADDRESS
 OF
				  BANK
				

			 	
				
				   
				

			 	
				
				  NAME AND
				  ADDRESS OF
 NON-TRUSTEE 

				  ACCOUNT HOLDER

				

			 	
				
				   
				

			 	
				
				  ACCOUNT
				  NUMBER
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT B-2
	 

	 
		SECURITY TRUST AGREEMENT
	 

	 
		FORM OF GRANTOR SUPPLEMENT
	 

	 
		Deutsche Bank Trust Company Americas, as the Security
		Trustee
	 

	 
		60 Wall Street, 26th Floor
	 

	 
		MS NYC60-2606
	 

	 
		New York, New York 10005-2858 
	 

	 
		 
	 

	 
			
				
				  [Date]
				

			 	
				
				   
				

			 

 
 

	 
			
				
				  Attention:
				

			 	
				
				  Lou Bodi
				

			 

 

	 
		Re: Security Trust Agreement, dated as of [__________],
		2006
	 

	 
		Ladies and Gentlemen:
	 

	 
		Reference is made to the Security Trust Agreement (the
		“Security Trust Agreement”), dated as of [__________], 2006 among
		GENESIS FUNDING LIMITED, a Bermuda exempted company (the “Issuer”),
		the ISSUER SUBSIDIARIES listed on the signature pages of, or who otherwise
		become grantors under, the Security Trust Agreement (together with the Issuer,
		the “Grantors”) and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York
		banking corporation, as the Security Trustee, the Cash Manager and the
		Operating Bank. Capitalized terms used herein and not otherwise defined herein
		shall have the meanings assigned to them in the Security Trust Agreement.
		
	 

	 
		The undersigned hereby agrees, as of the date first above
		written, to become a Grantor under the Security Trust Agreement as if it were
		an original party thereto and agrees that each reference in the Security Trust
		Agreement to “Grantor” shall also mean and be a reference to the
		undersigned.
	 

	 
		To secure the Secured Obligations, the undersigned Grantor
		hereby assigns and pledges to the Security Trustee for its benefit and the
		benefit of the Secured Parties (except, with respect to any Secured Collateral
		Provider Documents under clause (i) or clause (k) below, the related Secured
		Collateral Provider), and hereby grants to the Security Trustee for its benefit
		and the benefit of the Secured Parties (except, with respect to any Secured
		Collateral Provider Documents under clause (i) or clause (k) below, the related
		Secured Collateral Provider) a security interest in, all of its right, title
		and interest in and to:
	 

	 
		(a) all of the following (the “Security
		Collateral”):
	 

	 
		(i) subject to any prior security interest created in
		favor of the Security Trustee under any other Security Document, the Pledged
		Shares identified on the attached Annex
	 

	 
		 
	 

	 
		1
	 

	 
		 
	 

	 

	 
	 

	 

	 
		 1 and the certificates representing such Pledged Shares,
		and all dividends, cash, instruments and other property from time to time
		received, receivable or otherwise distributed in respect of or in exchange for
		any or all of the Pledged Shares;
	 

	 
		(ii) subject to any prior security interest created in
		favor of the Security Trustee under any other Security Document, the Pledged
		Debt identified on the attached Annex 1 and all instruments evidencing the
		Pledged Debt, and all interest, cash, instruments and other property from time
		to time received, receivable or otherwise distributed in respect of or in
		exchange for any or all of the Pledged Debt;
	 

	 
		(iii) subject to any prior security interest created in
		favor of the Security Trustee under any other Security Document, all additional
		shares of the capital stock of any Issuer Group Member (including any Aircraft
		Interests in the nature of capital stock) from time to time acquired by such
		Grantor in any manner, including the capital stock of any Issuer Group Member
		that may be formed from time to time, and all certificates, if any,
		representing such additional shares of the capital stock and all dividends,
		cash, instruments and other property from time to time received, receivable or
		otherwise distributed in respect of or in exchange for any or all such
		additional shares; and
	 

	 
		(iv) all additional indebtedness from time to time owed to
		such Grantor by any Issuer Group Member and the instruments evidencing such
		indebtedness, and all interest, cash, instruments and other property from time
		to time received, receivable or otherwise distributed in respect of or in
		exchange for any or all of such indebtedness;
	 

	 
		(b) all of the following (the “Beneficial Interest
		Collateral”):
	 

	 
		(i) the Pledged Beneficial Interests identified on the
		attached Annex 1, all certificates, if any, from time to time representing all
		of such Grantor’s right, title and interest in the Pledged Beneficial
		Interests, any contracts and instruments pursuant to which any such Pledged
		Beneficial Interests are created or issued and all distributions, cash,
		instruments and other property from time to time received, receivable or
		otherwise distributed in respect of or in exchange for any or all of the
		Pledged Beneficial Interest; and
	 

	 
		(ii) all additional beneficial interests in any Issuer
		Group Member (including any Aircraft Interest in the nature of beneficial
		interests), from time to time acquired by such Grantor in any manner, including
		the beneficial interests in any Issuer Group Member that may be formed from
		time to time, and all certificates, if any, from time to time representing such
		additional beneficial interests and all distributions, cash, instruments and
		other property from time to time received, receivable or otherwise distributed
		in respect of or in exchange for any or all such additional beneficial
		interests;
	 

	 
		(c) all membership interests (including any Aircraft
		Interest in the nature of a membership interest) (whether now existing or
		hereafter created) from time to time acquired by such Grantor in any manner,
		all certificates, if any, from time to time representing such membership
		interests and all distributions, cash, instruments and other property from time
		to time received, receivable or otherwise distributed in respect of or in
		exchange for any or all such membership interests (the “Membership
		Interest Collateral”);
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 

	 
	 

	 

	 
		(d) all of the following (collectively, the
		“Non-Trustee Account Collateral”):
	 

	 
		(i) all of the Non-Trustee Accounts in such Grantor’s
		name, all funds or any other interest held or required by the terms of the
		Indenture to be held in, and all certificates and instruments, if any, from
		time to time representing or evidencing, such Non-Trustee Accounts;
	 

	 
		(ii) all notes, certificates of deposit, deposit accounts,
		checks and other instruments from time to time hereafter delivered to or
		otherwise possessed by the Security Trustee for or on behalf of such Grantor in
		substitution for or in addition to any or all of the then existing Non-Trustee
		Account Collateral; and
	 

	 
		(iii) all interest, dividends, cash, instruments and other
		property from time to time received, receivable or otherwise distributed in
		respect of or in exchange for any or all of the then existing Non-Trustee
		Account Collateral;
	 

	 
		(e) each Security Trustee Account at any time or from time
		to time established, all of the following (collectively, the “Account
		Collateral”):
	 

	 
		(i) all right of such Grantor in and to each Security
		Trustee Account at any time or from time to time established; and 
	 

	 
		(ii) all cash, investment property, Permitted Account
		Investments, other Investments, securities, instruments or other property
		(including all “financial assets” within the meaning of Section
		8-102(a)(9) of the UCC) at any time or from time to time credited to any such
		Security Trustee Account;
	 

	 
		(f) all other “investment property” (as defined
		in Section 9-102(a)(49) of the UCC) of such Grantor including any of the
		following (the “Investment Property Collateral”):
	 

	 
		(i) all Permitted Account Investments made or acquired
		from or with the proceeds of any Non-Trustee Account Collateral of such Grantor
		from time to time and all certificates and instruments, if any, from time to
		time representing or evidencing such Permitted Account Investments; and
	 

	 
		(ii) all interest, dividends, instruments and other
		property from time to time received, receivable or otherwise distributed in
		respect of or in exchange for any or all of the then existing Investment
		Collateral; 
	 

	 
		(g) all of the following (the “Assigned Agreement
		Collateral”):
	 

	 
		(i) any Intercompany Loan and all security assignments,
		cash deposit agreements and other security agreements executed in such
		Grantor’s favor by any Issuer Subsidiary, in each case as such agreements
		may be amended or otherwise modified from time to time (collectively, the
		“Assigned Agreements”); and
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 

	 
	 

	 

	 
		(ii) all deposit accounts, all funds or other property
		held in such deposit accounts, all certificates and instruments, if any, from
		time to time representing or evidencing such deposit accounts and all other
		property of whatever nature, in each case pledged, assigned or transferred to
		it or mortgaged or charged in its favor pursuant to any Assigned Agreement and
		all “supporting obligations” as defined in Section 9-102(a)(77) of
		the UCC) relating to any Assigned Agreement;
	 

	 
		(h) all leases to which such Grantor is or may from time
		to time be party and any leasing arrangements among Issuer Group Members with
		respect to such leases together with all Related Collateral Documents (all such
		leases and Related Collateral Documents, the “Assigned Leases”, as
		more particularly described on Annex [  ] attached hereto), including
		(i) all rights of such Grantor to receive moneys due and to become due under or
		pursuant to such Assigned Leases, (ii) all rights of such Grantor to receive
		proceeds of any insurance, indemnity, warranty or guaranty with respect to such
		Assigned Leases, (iii) claims of such Grantor for damages arising out of or for
		breach or default under such Assigned Leases, (iv) all rights under any
		such Assigned Lease with respect to any subleases of the Aircraft subject to
		such Assigned Lease, (v) the right of such Grantor to terminate such Assigned
		Leases and to compel performance of, and otherwise to exercise all remedies
		under, any Assigned Lease, whether arising under such Assigned Leases or by
		statute or at law or in equity and (vi) any deregistration power of attorney
		issued in favor of such Grantor (the “Lease Collateral”);
	 

	 
		(i) all Service Provider Documents (the “Servicing
		Collateral”);
	 

	 
		(j) all Acquisition Agreements (the “Aircraft
		Purchase Collateral”);
	 

	 
		(k) all (i) Eligible Credit Facilities (including any
		“letter of credit rights” or “supporting obligations,” as
		defined in Section 9-102(a)(51) and 9-102(a)(77), respectively, of the UCC) not
		consisting of a Cash Collateral Account and (ii) Hedge Agreements, and all
		rights to administer, draw upon and otherwise deal with each such Eligible
		Credit Facility and to administer and otherwise deal with each such Hedge
		Agreement;
	 

	 
		(l) the personal property identified in a Grantor
		Supplement or a Collateral Supplement executed and delivered by such Grantor to
		the Security Trustee; 
	 

	 
		(m) all of such Grantor’s Accounts Receivable;

	 

	 
		(n) all of such Grantor’s Letters of Credit;
	 

	 
		(o) all books, records and other property related to or
		referring to any of the foregoing, including books, records, account ledgers,
		data processing records, computer software and other property and general
		intangibles at any time evidencing or relating to any of the foregoing; 

	 

	 
		(p) with respect to each Grantor, (i) the Aircraft Objects
		and (ii) any money or non-money proceeds of an Aircraft Object arising from the
		total or partial loss or physical destruction of the Aircraft Object or its
		total or partial confiscation, condemnation or requisition; and
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 

	 
	 

	 

	 
		(q) all proceeds of any and all of the foregoing
		Collateral (including proceeds that constitute property of the types described
		in subsections (a), (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m),
		(n), (o) and (p) of this Section 2.01).
	 

	 
		The undersigned Grantor hereby makes each representation
		and warranty set forth in Section 2.03 of the Security Trust Agreement (as
		supplemented by the attached Annexes) and hereby agrees to be bound as a
		Grantor by all of the terms and provisions of the Security Trust Agreement.
		Each reference in the Security Trust Agreement to the Pledged Shares, the
		Pledged Debt, the Pledged Beneficial Interests, the Security Collateral, the
		Beneficial Interest Collateral, the Membership Interest Collateral, the
		Non-Trustee Account Collateral, the Account Collateral, the Investment
		Collateral, the Assigned Agreement, the Assigned Agreement Collateral, the
		Acquisition Agreements which form part of the Aircraft Purchase Collateral, the
		Acquisition Agreement, the Aircraft Purchase Collateral, the Assigned Leases,
		the Lease Obligations, the Service Provider Documents, the Servicing
		Collateral, the Lease Collateral, the Assigned Documents and the Agreement
		Collateral shall be construed to include a reference to the corresponding
		Collateral hereunder.
	 

	 
		The undersigned hereby agrees, together with the Issuer,
		jointly and severally to indemnify the Security Trustee, its officers,
		directors, employees and agents in the manner set forth in Section 9.01 of
		the Security Trust Agreement.
	 

	 
		Attached are (i) an Account Letter in substantially the
		form of Exhibit C to the Security Trust Agreement from each Non-Trustee Account
		Bank at which each Non-Trustee Account included in the foregoing Collateral is
		maintained, (ii) where required with respect to any Assigned Document (other
		than an Assigned Lease) included in the foregoing Collateral, a Consent and
		Agreement in substantially the form of Exhibit D to the Security Trust
		Agreement from the counterparty thereto or, with respect to any Assigned Lease
		included in the foregoing Collateral, such consents, acknowledgements and/or
		notices as are called for under Section 2.08(a) of the Security Trust Agreement
		and (iii) duly completed copies of Annexes I, II, III, IV and V hereto.
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 

	 
	 

	 

	 
		This Grantor Supplement shall in all respects be governed
		by, and construed in accordance with, the laws of the State of New York,
		including all matters of construction, validity and performance.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Very truly yours,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  [NAME OF GRANTOR]
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
 Title:
				

			 

 

	 
		 
	 

	 
		Acknowledged and agreed to 
	 

	 
		as of the date first above written:
	 

	 
		 
	 

	 
			
				
				  DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 not in
				  its individual capacity, but 
 solely as the Security Trustee
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  
 By 
				

			 	

				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				  Name:
 Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
			
				
				  By 
				

			 	

				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				  Name:
 Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 

	 
	 

	 

	 
		ANNEX I
	 

	 
		PLEDGED SHARES

	 

	 
		 
	 

	 
			
				
				  Stock
				  Issuer
				

			 	
				
				   
				

			 	
				
				  Par
				  Value
				

			 	
				
				   
				

			 	
				
				  Certificate
				  No(s).
				

			 	
				
				   
				

			 	
				
				  Number of
				  Shares
				

			 	
				
				   
				

			 	
				
				  Percentage
				  of
 
				

				
				  
				  Outstanding 
 Shares
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		PLEDGED BENEFICIAL
		INTERESTS
	 

	 
		 
	 

	 
			
				
				  Issuer
				

			 	
				
				   
				

			 	
				
				  Certificate
				  No.
				

			 	
				
				   
				

			 	
				
				  Percentage
				  of
 Beneficial
				  Interest
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		PLEDGED DEBT
	 

	 
		 
	 

	 
			
				
				  Debt
				  Issuer
				

			 	
				
				   
				

			 	
				
				  Description
				  of Debt
				

			 	
				
				   
				

			 	
				
				  Date
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		ANNEX II
	 

	 
		NON-TRUSTEE ACCOUNT
		INFORMATION
	 

	 
		 
	 

	 
			
				
				  NAME AND
				  ADDRESS 
 OF
				  BANK
				

			 	
				
				   
				

			 	
				
				  NAME AND
				  ADDRESS OF 
 NON-TRUSTEE 
 ACCOUNT
				  HOLDER
				

			 	
				
				   
				

			 	
				
				  ACCOUNT
				  NUMBER
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		ANNEX III
	 

	 
		TRADE NAMES
	 

	 
		 
	 

	 

	 
	 

	 

	 
		ANNEX IV
	 

	 
		 
	 

	 
			
				
				  NAME OF
				  GRANTOR
				

			 	
				
				   
				

			 	
				
				  CHIEF
				  EXECUTIVE OFFICE
				

			 	
				
				   
				

			 	
				
				  CHIEF PLACE
				  OF BUSINESS
				

			 	
				
				   
				

			 	
				
				  REGISTERED
				  OFFICE
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		ANNEX V
	 

	 
		ASSIGNED
		LEASES
	 

	 
		 
	 

	  

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT C
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF NON-TRUSTEE
		ACCOUNT LETTER
	 

	 
		_______________,
		200_
	 

	 
		[Name and address
		
	 

	 
		of Account
		Bank]
	 

	 
		[Name of the
		Grantor]
	 

	 
		Ladies and
		Gentlemen:
	 

	 
		Reference is made to
		Account No. __________ into which certain monies, instruments and other
		properties are deposited from time to time (the “Pledged Account”)
		maintained with you by GENESIS FUNDING LIMITED (the “Grantor”) and to
		the Security Trust Agreement dated as of [__________], 2006 (the “Security
		Trust Agreement”), between the Grantor, various other Grantors and
		DEUTSCHE BANK TRUST COMPANY AMERICAS, as the Security Trustee, the Cash Manager
		and the Operating Bank (the “Security Trustee”). Capitalized terms
		used herein, unless otherwise defined herein, have the meanings assigned to
		them in the Security Trust Agreement.
	 

	 
		Pursuant to the
		Security Trust Agreement, the Grantor has granted to the Security Trustee a
		security interest in certain property of the Grantor, including, among other
		things, the following (the “Collateral”): the Pledged Account, all
		funds held or required by the terms of the Indenture to be held therein and all
		certificates and instruments, if any, from time to time representing or
		evidencing such Pledged Account, all notes, certificates of deposit, deposit
		accounts, checks and other instruments from time to time hereafter delivered to
		or otherwise possessed by the Security Trustee for or on behalf of such Grantor
		in substitution for or in addition to any or all of the then existing
		Collateral, and all interest, dividends, cash, instruments and other property
		from time to time received, receivable or otherwise distributed in respect of
		or in exchange for any or all of the then existing Collateral, and all proceeds
		of any and all of the foregoing Collateral. It is a condition to the continued
		maintenance of the Pledged Account with you that you agree to this letter
		agreement.
	 

	 
		By signing this
		letter agreement, you acknowledge notice of, and consent to the terms and
		provisions of, the Security Trust Agreement and confirm to the Security Trustee
		that you have received no notice of any other pledge or assignment of the
		Pledged Account. Further, you hereby agree with the Security Trustee
		that:
	 

	 
		(a) Notwithstanding
		anything to the contrary in any other agreement relating to the Pledged
		Account, the Pledged Account is and will be subject to the terms and conditions
		of the Security Trust Agreement, and will henceforth be subject to written
		instructions directing the disposition of funds in the Pledged Account or
		otherwise only from an officer of the Security Trustee or (unless you are
		otherwise notified by the Security Trustee) from an officer of the Cash 

	 

	 
		 
	 

	 

	 
	 

	 

	 
		Manager as the agent
		of the Security Trustee. In the event of any conflicting instructions, those of
		the Security Trustee shall prevail.
	 

	 
		(b) You will follow
		your usual operating procedures for the handling of any remittance received in
		the Pledged Account, including any remittance that contains restrictive
		endorsements, irregularities (such as a variance between the written and
		numerical amounts), undated or postdated items, missing signatures, incorrect
		payees, etc.
	 

	 
		(c) You will
		transfer, in same day funds, on each of your business days, an amount equal to
		the credit balance of the Pledged Account (other than any amount required to be
		left on deposit for local tax or other regulatory or legal purposes) on such
		day to the following account (the “Collections Account”):
	 

	 
		[Insert address of
		Operating Bank and
	 

	 
		account number of the
		Collections Account]
	 

	 
		Each such transfer of
		funds shall neither comprise only part of a remittance nor reflect the rounding
		off of any funds so transferred.
	 

	 
		(d) All service
		charges and fees with respect to the Pledged Account shall be payable by the
		Grantor, and deposited checks returned for any reason shall not be charged to
		such account.
	 

	 
		(e) The Security
		Trustee and the Cash Manager as the agent of the Security Trustee shall be
		entitled to exercise any and all rights of the Grantor in respect of the
		Pledged Account in accordance with the terms of the Security Trust Agreement,
		and the undersigned shall comply in all respects with such exercise.
	 

	 
		(f) The Security
		Trustee is your customer with respect to the Pledged Account. 
	 

	 
		This letter agreement
		shall be binding upon you and your successors and assigns and shall inure to
		the benefit of the Security Trustee, the Secured Parties and their successors,
		transferees and assigns. You may terminate this letter agreement only upon 30
		days’ prior written notice to the Grantor and the Security Trustee. Upon
		such termination you shall close the Pledged Account and transfer all funds in
		the Pledged Account to the Collections Account. After any such termination, you
		shall nonetheless remain obligated promptly to transfer to the Collections
		Account all funds and other property received in respect of the Pledged
		Account.
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 

	 
	 

	 

	 
		This letter agreement
		shall in all respects be governed by and construed in accordance with the laws
		of the State of New York, including all matters of construction, validity and
		performance.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Very truly
				  yours,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  [NAME OF
				  GRANTOR]
				

			 
	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE BANK
				  TRUST COMPANY AMERICAS, not in its individual capacity, but solely as the
				  Security Trustee
				

			 
	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 

 

	 
		 
	 

	 
			
				
				  Acknowledged
				  and agreed to as of

				  the date first above
				  written:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  [NAME OF
				  PLEDGED ACCOUNT BANK]
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By:
				

			 	

				
				

			 	
				
				   
				

			 	
				
				   

				

			 	
				
				

			 
	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Title:

				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT D
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF CONSENT AND
		AGREEMENT
	 

	 
		_______________,
		200_
	 

	 
		[Name of the
		Grantor]
	 

	 
		Ladies and
		Gentlemen:
	 

	 
		Reference is made to
		the agreement between you and the Grantor dated (the “Assigned
		Document”).
	 

	 
		Pursuant to the
		Security Trust Agreement, dated [__________], 2006 (the “Security Trust
		Agreement”), between the Grantor, certain other Grantors and Deutsche Bank
		Trust Company Americas, as the Security Trustee, the Cash Manager and the
		Operating Bank (the “Security Trustee”), the Grantor has granted to
		the Security Trustee a security interest in certain property of the Grantor,
		including, among other things, the following (the “Collateral”): all
		of such Grantor’s right, title and interest in and to the Assigned
		Document, including without limitation all rights of such Grantor to receive
		moneys due and to become due under or pursuant to the Assigned Document, all
		rights of such Grantor to receive proceeds of any insurance, indemnity,
		warranty or guaranty with respect to the Assigned Document, claims of such
		Grantor for damages arising out of or for breach or default under the Assigned
		Document and the right of such Grantor to terminate the Assigned Document, to
		perform thereunder and to compel performance and otherwise exercise all
		remedies thereunder, whether arising under the Assigned Document or by statute
		or at law or in equity. Capitalized terms used herein, unless otherwise defined
		herein, have the meanings assigned to them in the Security Trust
		Agreement.
	 

	 
		By signing this
		Consent and Agreement, you acknowledge notice of, and consent to the terms and
		provisions of, the Security Trust Agreement and confirm to the Security Trustee
		that you have received no notice of any other pledge or assignment of the
		Assigned Document. Further, you hereby agree with the Security Trustee
		that:
	 

	 
		(a) You will make all
		payments to be made by you under or in connection with the Assigned Document
		directly to the Collections Account or otherwise in accordance with the
		instructions of the Security Trustee.
	 

	 
		(b) The Security
		Trustee shall be entitled to exercise any and all rights and remedies of the
		Grantor under the Assigned Document in accordance with the terms of the
		Security Trust Agreement, and you will comply in all respects with such
		exercise.
	 

	 
		(c) You will not,
		without the prior written consent of the Security Trustee, (i) cancel or
		terminate the Assigned Document or consent to or accept any cancellation or
		termination thereof or (ii) amend or otherwise modify the Assigned
		Document.
	 

	 
		 
	 

	 

	 
	 

	 

	 
		This Consent and
		Agreement shall be binding upon you and your successors and assigns and shall
		inure to the benefit of the Security Trustee, the Secured Parties and their
		successors, transferees and assigns.
	 

	 
		This Consent and
		Agreement shall in all respects, be governed by and construed in accordance
		with the laws of the State of New York, including all matters of construction,
		validity and performance.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Very truly
				  yours,
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  [NAME OF
				  GRANTOR]
				

			 
	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE BANK
				  TRUST COMPANY AMERICAS, not in its individual capacity, but solely as the
				  Security Trustee
				

			 
	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 

 

	 
		 
	 

	 
			
				
				  Acknowledged
				  and agreed to as of

				  the date first above
				  written:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  [NAME OF
				  OBLIGOR]
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By:
				

			 	

				
				

			 	
				
				   
				

			 	
				
				   

				

			 	
				
				

			 
	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Title:

				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT E-1
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF AIRCRAFT
		MORTGAGE
	 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT E-2
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF AIRCRAFT
		MORTGAGE AND LEASE ASSIGNMENT
	 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT E-3
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF FAA LEASE
		SECURITY ASSIGNMENT
	 

	 
		THIS FAA LEASE
		SECURITY ASSIGNMENT (MSN [_____]) (this “Assignment”), dated as of
		[__________], is made by and between WELLS FARGO BANK NORTHWEST, NATIONAL
		ASSOCIATION, not in its individual capacity but solely as trustee under the
		Trust Agreement (Aircraft MSN [_____]), dated as of [__________], 2006, as
		grantor (the “Grantor”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a
		New York banking corporation (“DBTCA”), as the Security Trustee (the
		“Security Trustee”) under the Security Trust Agreement (the
		“Security Trust Agreement”), dated as of [__________], 2006, among
		the Grantor, Genesis Funding Limited (the “Issuer”), the additional
		grantors named therein and the Security Trustee. All capitalized terms used but
		not defined herein shall have the respective meanings assigned thereto in the
		Trust Indenture (the “Indenture”), dated as of [__________], 2006,
		among the Issuer, the Security Trustee, PK AirFinance US, Inc. (the
		“Initial Liquidity Facility Provider”) and Financial Guaranty
		Insurance Company (the “Policy Provider”). 
	 

	 
		W I T N E S S E T
		H:
	 

	 
		WHEREAS, the Issuer,
		DBTCA, the Initial Liquidity Facility Provider and the Policy Provider have
		entered into the Indenture pursuant to which the Issuer is issuing the Notes
		and DBTCA has been appointed the Trustee; and 
	 

	 
		WHEREAS, the Issuer
		indirectly owns all of the beneficial interest in the Grantor; and
	 

	 
		WHEREAS, it is a
		condition precedent to the issuance of the Notes by the Issuer that the Grantor
		assign to the Security Trustee the Lease Agreement as more fully described on
		Schedule 1 hereto, and all amendments, supplements, schedules, receipts and
		acceptance certificates executed or delivered pursuant thereto (the
		“Assigned Lease”); and
	 

	 
		WHEREAS, the Grantor
		will derive substantial direct and indirect benefit from the issuance of the
		Notes and from the Related Documents;
	 

	 
		NOW THEREFORE, the
		Grantor hereby agrees as follows with the Security Trustee for the benefit of
		the Secured Parties: 
	 

	 
		1. The Grantor hereby
		bargains, sells, transfers and conveys to the Security Trustee, for the benefit
		of the Secured Parties, and grants to the Security Trustee for the benefit of
		the Secured Parties, a first priority security interest in and to the Assigned
		Lease, and all amendments, supplements, schedules, receipts and acceptance
		certificates executed or 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		delivered pursuant
		thereto, together with all of the Grantor’s rights as lessor thereunder
		including without limitation: (i) all rights, if any, under § 1110 of the
		Bankruptcy Code of the United States or any statute of similar import (whether
		of the United States or any other jurisdiction and whether now in effect or
		hereinafter enacted); (ii) all rights to receive payment of insurance proceeds
		and payments with respect to any manufacturer’s warranty, in each case
		payable with respect to the aircraft, the aircraft engines
		or other
		property which is the subject of the Assigned Lease; and (iii) upon the
		occurrence of an Event of Default to demand, collect, receive and retain all
		rent and other sums which may from time to time become payable under or in
		connection with the Assigned Lease.
	 

	 
		2. The Grantor
		represents and warrants that:
	 

	 
		(a) The Assigned
		Lease is in full force and effect;
	 

	 
		(b) There has
		occurred no event under the Assigned Lease which constitutes a default or event
		of default thereunder or which with the giving of notice or lapse of time or
		both would constitute a default thereunder;
	 

	 
		(c) No rent or other
		sum payable under the Assigned Lease has been prepaid;
	 

	 
		(d) The Assigned
		Lease is the entire agreement of lease with respect to the aircraft, aircraft
		engines and other property which are the subject thereof, and the Assigned
		Lease has not been amended, supplemented, or modified nor has any provision
		thereof been waived by either party thereto;
	 

	 
		(e) By this
		assignment, the Security Trustee assumes none of the obligations of the lessor
		under the Assigned Lease and lessor shall remain solely responsible for the
		performance of each and every term and provision of the Assigned Lease on its
		part to be performed; and
	 

	 
		(f) Upon the
		occurrence and continuation of an Event of Default and in addition to any other
		rights and remedies provided in the Indenture or arising by operation of law,
		the Security Trustee may send notice to the lessee under the Assigned Lease
		demanding that such lessee perform all obligations required to be performed
		thereunder including, but not limited to, the obligation to pay all rent and
		other sums which may thereafter become payable under the Assigned Lease, solely
		to and for the benefit of the Security Trustee to the exclusion of Grantor and
		any other party who may claim entitlement to the payment thereof.
	 

	 
		[The remainder of this page is
		intentionally blank.]
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 

	 
	 

	 

	 
		IN WITNESS WHEREOF,
		the undersigned have executed or caused this Assignment to be executed on the
		day and year first written above.
	 

	 
		 
	 

	 
			
				
				  GRANTOR:
				

			 	
				
				   
				

			 	
				
				  WELLS FARGO
				  BANK NORTHWEST, 
 NATIONAL ASSOCIATION, not in its
				  individual 
 capacity but solely as Owner
				  Trustee
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 

 

	 
		 
	 

	 
			
				
				  SECURITY
				  TRUSTEE:
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE BANK
				  TRUST COMPANY 
 AMERICAS, not in its individual
				  capacity but 
 solely as Security Trustee

				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 

 

	 
		 
	 

	 

	 
	 

	 

	 
		SCHEDULE 1
	 

	 
		FAA LEASE SECURITY
		ASSIGNMENT
	 

	 
		DESCRIPTION OF
		LEASE AGREEMENT
	 

	 
		 
	 

	 

   
	 
		EXHIBIT E-1
	 

	 
		SECURITY TRUST AGREEMENT
	 

	 
		[FORM OF AIRCRAFT MORTGAGE]
	 

	 
		MORTGAGE AND SECURITY AGREEMENT (MSN [_____])
	 

	 
		THIS MORTGAGE AND SECURITY AGREEMENT (MSN [_____]) (this
		“Agreement”) dated as of [__________], is made by and between WELLS
		FARGO BANK NORTHWEST, NATIONAL ASSOCIATION (“Wells Fargo”), not in
		its individual capacity but solely as trustee under the Trust Agreement
		(Aircraft MSN [_____]), dated as of [__________], 2006, as grantor (the
		“Grantor”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York
		banking corporation (“DBTCA”), as Security Trustee (the
		“Security Trustee”) under the Security Trust Agreement (the
		“Security Trust Agreement”), dated as of [__________], 2006, among
		the Grantor, Genesis Funding Limited (the “Issuer”), the additional
		grantors named therein and the Security Trustee. Capitalized terms used and not
		defined herein are used as defined in Appendix A hereto. 
	 

	 
		W I T N E S S E T H:
	 

	 
		WHEREAS, the Issuer, DBTCA and certain other parties have
		entered into the Trust Indenture, dated as of [__________], 2006 (the
		“Indenture”), pursuant to which the Issuer is issuing the Notes and
		DBTCA has been appointed the Trustee;
	 

	 
		WHEREAS, the Issuer, the Security Trustee, the Grantor and
		certain other Issuer Subsidiaries have entered into the Security Trust
		Agreement in order to secure the payment of the Notes by the Issuer and the
		payment and performance of all obligations of the Issuer, the Grantor and the
		other Issuer Subsidiaries under the Related Documents;
	 

	 
		WHEREAS, the Grantor has agreed to secure the Secured
		Obligations under the Notes and the Related Documents by granting to the
		Security Trustee for the benefit of the Secured Parties a Lien on its interest
		in the Airframe and Engines described in Schedule 1 hereto (collectively, the
		“Aircraft”) and on certain other property and rights relating
		thereto; and
	 

	 
		WHEREAS, the Grantor will derive substantial direct and
		indirect benefit from the issuance of the Notes by the Issuer and from the
		execution, delivery and performance of the Related Documents, whether or not
		the Grantor is a party thereto.
	 

	 
		NOW, THEREFORE, in order to (a) induce the Secured Parties
		to enter into the Related Documents and (b) secure the prompt payment and
		performance of all the Secured Obligations, the Grantor and the Security
		Trustee hereby agree as follows:
	 

	 
		 
	 

	 

	 
	 

	 
	 
		1. SECURITY INTEREST. The Grantor does hereby transfer,
		convey, pledge, mortgage, hypothecate, assign and grant a first priority
		security interest to the Security Trustee, subject to no prior interests of any
		Person whatsoever except for a lessee under an Initial Lease, in the following
		collateral (collectively, the “Mortgage Collateral”) attaching on the
		date of this Agreement:
	 

	 
			
				
				   
				

			 	
				
				  a.
				

			 	
				
				  the Aircraft;
				

			 

 

	 
			
				
				   
				

			 	
				
				  b.
				

			 	
				
				  all Parts, equipment, attachments, accessories,
				  replacement and added Parts and components now or hereafter placed thereon,
				  installed therein or attached thereto, whether or not any of such Parts,
				  equipment, attachments, accessories, replacements or added parts or components
				  may from time to time no longer be installed on the Aircraft or may be
				  installed in any other aircraft;
				

			 

 

	 
			
				
				   
				

			 	
				
				  c.
				

			 	
				
				  all of the Grantor’s right, title and
				  interest in the technical data, technical documents, manuals, log books and all
				  inspection, modification, overhaul, service, repair, maintenance, technical and
				  other records that relate to the Aircraft and all the Grantor’s right,
				  title and interest, present and future, therein and thereto and any sale or
				  other transfer agreement relating to the Aircraft, any acceptance certificate,
				  and/or bill of sale relating to the Aircraft, any guaranties, letters of credit
				  or other credit support relating to the Aircraft, and any other certificate,
				  instrument or agreement relating to the Aircraft or a lessee, user or lessor of
				  the Aircraft (collectively, the “Aircraft Documents”);
				

			 

 

	 
			
				
				   
				

			 	
				
				  d.
				

			 	
				
				  all proceeds from the sale or other disposition
				  of, all proceeds of insurance due to the Grantor on, and all proceeds of any
				  condemnation due to the Grantor with respect to, any of the equipment described
				  in clauses (a), (b) and (c) above;
				

			 

 

	 
			
				
				   
				

			 	
				
				  e.
				

			 	
				
				  all rents, issues, profits, revenues and other
				  income of the property intended, subjected or required to be subjected to the
				  Lien of this Agreement hereby, by the other Related Documents or by any
				  supplement to this Agreement in form and substance satisfactory to the Security
				  Trustee (a “Mortgage Supplement”), and all of the estate, right,
				  title and interest of every nature whatsoever of the Grantor in and to the same
				  and every part thereof; and
				

			 

 

	 
			
				
				   
				

			 	
				
				  f.
				

			 	
				
				  all proceeds, howsoever arising, of the
				  foregoing.
				

			 

 

	 
		BUT EXCLUDING, HOWEVER, the Excluded Payments.
	 

	 
		TO HAVE AND TO HOLD the Mortgage Collateral unto the
		Security Trustee, and its successors and assigns, as security for the Secured
		Obligations. 
	 

	 
		 
	 

	 

	 
	 

	 
	 
		2. INCORPORATION BY REFERENCE. The security interest in
		the Mortgage Collateral created under this Agreement is granted in accordance
		with the Security Trust Agreement and all of the terms and conditions thereof,
		including but not limited to provisions relating to the exercise of remedies,
		shall be incorporated herein by reference.
	 

	 
		3. MISCELLANEOUS
	 

	 
		3.1 Successors and Assigns. All the terms, provisions,
		conditions and covenants herein contained shall be binding upon and shall inure
		to the benefit of the Grantor, the Security Trustee and their respective
		successors, assigns and transferees.
	 

	 
		3.2 Severability. Any provision of this Agreement
		prohibited by the laws of any jurisdiction or otherwise held to be invalid by
		any court of law of any jurisdiction shall, as to such jurisdiction, be
		ineffective to the extent of such prohibition, or modified to conform with such
		laws, without invalidating the remaining provisions hereof; and any such
		prohibition in any jurisdiction shall not invalidate such provisions in any
		other jurisdiction.
	 

	 
		3.2 Governing Law. THIS AGREEMENT SHALL, PURSUANT TO NEW
		YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE GOVERNED BY THE LAW OF THE
		STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICTS OF LAWS
		PROVISIONS.
	 

	 
		3.4 Further Assurances. At any time and from time to time,
		upon the request of the Security Trustee, the Grantor shall promptly and duly
		execute and deliver any and all such further instruments and documents as the
		Security Trustee may reasonably deem desirable in obtaining the full benefits
		of security interests and assignments created or intended to be created hereby
		and of the rights and powers granted herein and in the Security Trust
		Agreement.
	 

	 
		3.5 Notices. All notices, requests, demands or other
		communications required hereunder or given pursuant hereto shall be in writing
		unless otherwise expressly provided to the following specified address or to
		such other address as either party may from time to time hereafter designate to
		the other party in writing:
	 

	 
		If to the Grantor:
	 

	 
		Wells Fargo Bank Northwest, National Association
	 

	 
		299 South Main Street, 12th Floor
	 

	 
		Salt Lake City, Utah 84111
	 

	 
		Telephone: (801) 246-5300
	 

	 
		Facsimile: (801) 246-5053
	 

	 
		Attention: Michael Hoggan, Vice President
	 

	 
		If to the Security Trustee:
	 

	 
		Deutsche Bank Trust Company Americas
	 

	 
		60 Wall Street
	 

	 
		New York, NY 10005
	 

	 
		Tel: (212) 250-4855
	 

	 
		 
	 

	 

	 
	 

	 
	 
		Facsimile: (212) 553-2459
	 

	 
		Attention: Lou Bodi – Structured Finance
	 

	 
		3.6 Trustee. Wells Fargo is entering into this Agreement
		solely in its capacity as Owner Trustee under the Trust Agreement and not in
		its individual capacity, except as expressly set forth herein. Accordingly,
		each of the representations, warranties, undertakings and agreements herein
		made on the part of Wells Fargo, is made and intended not as a personal
		representation, warranty, undertaking or agreement by or for the purpose or
		with the intention of binding Wells Fargo personally, but is made solely in its
		capacity as Owner Trustee. This Agreement is executed and delivered by Wells
		Fargo solely in the exercise of the powers expressly conferred upon them as
		trustees under the Trust Agreement; and no personal liability or responsibility
		is assumed hereunder by or shall at any time be enforceable against Wells Fargo
		or any successor in trust on account of any action taken or omitted to be taken
		or any representation, warranty, undertaking or agreement hereunder of Wells
		Fargo, either expressed or implied, all such personal liability, if any, being
		expressly waived by the parties hereto, except that the parties hereto, or any
		Person acting by, through or under them, making a claim hereunder, may look to
		the Trust Estate for satisfaction of the same and Wells Fargo or its successor
		in trust, as applicable, shall be personally liable for its own gross
		negligence or willful misconduct in the performance of its duties as Owner
		Trustee or otherwise.
	 

	 
		3.7 Security Trustee. 
	 

	 
		The Security Trustee shall be afforded all of the rights,
		protections, immunities and indemnities set forth in the Security Trust
		Agreement as if such rights, protections, immunities and indemnities were
		specifically set forth herein.
	 

	 
		3.8 Execution in Counterparts. 
	 

	 
		This Agreement may be executed in any number of
		counterparts, each of which shall be an original, with the same effect as if
		the signatures were upon the same instrument. 
	 

	 
		[Remainder of page intentionally left blank]
	 

	 
		 
	 

	 

	 
	 

	 
	 
		IN WITNESS WHEREOF, the parties hereto have, by their
		indicated officers thereunto duly authorized, caused this Mortgage and Security
		Agreement to be executed as of the day and year first above written and to be
		delivered in the State of New York.
	 

	 
		 
	 

	 
			
				
				  GRANTOR:
				

			 	
				
				   
				

			 	
				
				  WELLS FARGO BANK NORTHWEST, 

				  NATIONAL ASSOCIATION, not in its individual 

				  capacity but solely as Owner Trustee
				

			 
	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
 Title:
				

			 

 

	 
		 
	 

	 
			
				
				  SECURITY TRUSTEE:
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE BANK TRUST COMPANY

				  AMERICAS, not in its individual capacity but 

				  solely as Security Trustee
				

			 
	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
 Title:
				

			 

 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
 Title:
				

			 

 

	 
		 
	 

	 

	 
	 

	 
	 
		APPENDIX A
	 

	 
		MORTGAGE AND SECURITY AGREEMENT
	 

	 
		DEFINITIONS
	 

	 
		For all purposes of this Agreement, all capitalized terms
		used, but not defined, in this Agreement shall have the respective meanings
		assigned to such terms in the Indenture, and the following terms have the
		meanings indicated below:
	 

	 
		“Agreement” has the meaning specified in the
		recital of parties to this Agreement.
	 

	 
		“Aircraft” means the Airframe together with the
		Engines. 
	 

	 
		“Aircraft Documents” has the meaning assigned to
		such term in Section 1(c) of this Agreement. 
	 

	 
		“Airframe” has the meaning assigned to such term
		in Schedule 1 attached hereto. 
	 

	 
		“Closing Date” means September __, 2006.
	 

	 
		“DBTCA” has the meaning specified in the recital
		of parties to this Agreement.
	 

	 
		“Engines” has the meaning assigned to such term
		in Schedule 1 attached hereto.
	 

	 
		“Excluded Payments” means payments in respect of
		(i) indemnities payable by a Lessee to Wells Fargo pursuant to a Lease and (ii)
		proceeds of public liability insurance in respect of the Aircraft payable as a
		result of insurance claims paid, or losses suffered, by Wells Fargo or the
		Lessee. 
	 

	 
		“Grantor” has the meaning specified in the
		recital of parties to this Agreement.
	 

	 
		“Indenture Trustee” means DBTCA, in its capacity
		as indenture trustee under the Indenture. 
	 

	 
		“Indenture” has the meaning specified in the
		preliminary statements to this Agreement.
	 

	 
		“Initial Lease” has the meaning set forth in the
		Indenture. 
	 

	 
		“Issuer” has the meaning specified in the
		preamble to this Agreement.
	 

	 
		“Issuer Group Member” means the Issuer or any
		Issuer Subsidiary.
	 

	 
		“Issuer Subsidiary” means either or both, as the
		context may require, of (i) each Subsidiary of the Issuer existing on the
		Closing Date and listed on Schedule 2 to the Indenture, and (ii) each other
		direct or indirect Subsidiary of the Issuer.
	 

	 
		“Lease” means, with respect to an Aircraft, any
		aircraft lease agreement, (including, without limitation, any future Lease),
		conditional sale agreement, hire purchase agreement or 
	 

	 
		 
	 

	 

	 
	 

	 
	 
		other similar arrangement, as may be in effect between an
		Issuer Group Member that owns or leases-in such Aircraft (as Lessor) and a
		Person that is not an Issuer Group Member (as Lessee), as such agreement or
		arrangement may be amended, modified, extended, supplemented, assigned or
		novated from time to time in accordance with the Related Documents; provided
		that if, under any sub-leasing arrangement with respect to an Aircraft
		permitted by the Lease of such Aircraft and executed by the Lessee and a
		sub-lessee, the Lessor of such Aircraft agrees to receive payments or
		collateral directly from, or is to make payments directly to, such sub-lessee,
		in any such case to the exclusion of the related Lessee, then the relevant
		sub-lease shall constitute the “Lease” of such Aircraft, and the
		sub-lessee shall constitute the related “Lessee” with respect to such
		Aircraft, but only to the extent of the provisions of such sub-lease agreement
		relevant to such payments and collateral and to the extent agreed by the
		relevant Lessor.
	 

	 
		“Lessee” means the Lessee under a Lease.
	 

	 
		“Lien” means any mortgage, pledge, lien,
		encumbrance, international interest, charge or security interest, including
		without limitation any prospective contract of sale or other prospective
		international interest. 
	 

	 
		“Mortgage Collateral” means the Aircraft,
		Assigned Leases and other property described in Section 1 hereof and subject to
		the security interest created by this Agreement. 
	 

	 
		“Mortgage Supplement” has the meaning assigned
		to such term in Section 1 hereof. 
	 

	 
		“Note” means any one of the promissory notes
		executed by the Issuer and authenticated by or on behalf of the Indenture
		Trustee in accordance with the Indenture.
	 

	 
		“Part” means any and all parts, avionics,
		attachments, accessions, appurtenances, furnishings, components, appliances,
		accessories, instruments and other equipment installed in, or attached to (or
		constituting a spare for any such item installed in or attached to) the
		Aircraft. 
	 

	 
		“Person” means any natural person, firm,
		corporation, partnership, joint venture, association, joint-stock company,
		trust, unincorporated organization, government or any political subdivision
		thereof or any other legal entity, including public bodies.
	 

	 
		“Related Documents” has the meaning set forth in
		the Indenture.
	 

	 
		“Secured Obligations” has the meaning set forth
		in the Security Trust Agreement.
	 

	 
		“Secured Parties” has the meaning set forth in
		the Security Trust Agreement.
	 

	 
		“Security Trust Agreement” has the meaning
		specified in the preliminary statements to this Agreement.
	 

	 
		“Subsidiary” means, as to any Person, a
		corporation, partnership, limited liability company or other entity of which
		shares of stock or other ownership interests having ordinary voting power
		(other than stock or such other ownership interests having such power only by
		reason of the happening of a contingency) to elect a majority of the board of
		directors or other managers of such corporation, partnership, limited liability
		company or other entity are at the 
	 

	 
		 
	 

	 

	 
	 

	 
	 
		time owned, or the management of which is otherwise
		controlled, directly or indirectly through one or more intermediaries, or both,
		by such Person.
	 

	 
		“Trust Agreement” means the Trust Agreement
		(Aircraft MSN [_____]), dated as of [__________], 2006, between the Grantor and
		the Issuer (as successor to [__________]). 
	 

	 
		“Wells Fargo” has the meaning specified in the
		recital of parties to this Agreement. 
	 

	 
		 
	 

	 

	 
	 

	 
	 
		SCHEDULE 1
	 

	 
		MORTGAGE AND SECURITY AGREEMENT
	 

	 
		MORTGAGE COLLATERAL
	 

	 
		“Airframe” means one (1) [__________] Model
		[__________] aircraft bearing manufacturer’s serial no. [_____].
	 

	 
		“Engines” means two (2) [__________] Model
		[__________] aircraft engines (each of which engines has 550 or more rated
		takeoff horsepower or the equivalent thereof) bearing manufacturer’s
		serial nos. [_____] and [_____] respectively.
	 

	 
		 
	 

	 

	 
	 

	 
	 
		EXHIBIT E-2
	 

	 
		SECURITY TRUST AGREEMENT
	 

	 
		[FORM OF AIRCRAFT MORTGAGE AND LEASE ASSIGNMENT]
	 

	 
		MORTGAGE AND SECURITY AGREEMENT (MSN [_____])
	 

	 
		THIS MORTGAGE AND SECURITY AGREEMENT (MSN [_____]) (this
		“Agreement”) dated as of [__________], is made by and between WELLS
		FARGO BANK NORTHWEST, NATIONAL ASSOCIATION (“Wells Fargo”), not in
		its individual capacity but solely as trustee under the Trust Agreement
		(Aircraft MSN [_____]), dated as of [__________], 2006, as grantor (the
		“Grantor”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York
		banking corporation (“DBTCA”), as Security Trustee (the
		“Security Trustee”) under the Security Trust Agreement (the
		“Security Trust Agreement”), dated as of [__________], 2006, among
		the Grantor, Genesis Funding Limited (the “Issuer”), the additional
		grantors named therein and the Security Trustee. Capitalized terms used and not
		defined herein are used as defined in Appendix A hereto. 
	 

	 
		W I T N E S S E T H:
	 

	 
		WHEREAS, the Issuer, DBTCA and certain other parties have
		entered into the Trust Indenture, dated as of [__________], 2006 (the
		“Indenture”), pursuant to which the Issuer is issuing the Notes and
		DBTCA has been appointed the Trustee;
	 

	 
		WHEREAS, the Issuer, the Security Trustee, the Grantor and
		certain other Issuer Subsidiaries have entered into the Security Trust
		Agreement in order to secure the payment of the Notes by the Issuer and the
		payment and performance of all obligations of the Issuer, the Grantor and the
		other Issuer Subsidiaries under the Related Documents;
	 

	 
		WHEREAS, the Grantor has agreed to secure the Secured
		Obligations under the Notes and the Related Documents by granting to the
		Security Trustee for the benefit of the Secured Parties a Lien on its interest
		in the Airframe and Engines described in Schedule 1 hereto (collectively, the
		“Aircraft”) and by granting to the Security Trustee a Lien on and
		security interest in its rights under the Initial Lease described in Schedule 1
		hereto and on certain other property and rights relating thereto; and
	 

	 
		WHEREAS, the Grantor will derive substantial direct and
		indirect benefit from the issuance of the Notes by the Issuer and from the
		execution, delivery and performance of the Related Documents, whether or not
		the Grantor is a party thereto.
	 

	 
		NOW, THEREFORE, in order to (a) induce the Secured Parties
		to enter into the Related Documents and (b) secure the prompt payment and
		performance of all the Secured Obligations, the Grantor and the Security
		Trustee hereby agree as follows:
	 

	 
		1. SECURITY INTEREST. The Grantor does hereby transfer,
		convey, pledge, mortgage, hypothecate, assign and grant a first priority
		security interest to the Security Trustee, subject to no prior interests of any
		Person whatsoever except for a lessee under an Initial Lease, in the 
	 

	 
		 
	 

	 

	 
	 

	 
	 
		following collateral (collectively, the “Mortgage
		Collateral”) attaching on the date of this Agreement:
	 

	 
			
				
				   
				

			 	
				
				  a.
				

			 	
				
				  the Aircraft;
				

			 

 

	 
			
				
				   
				

			 	
				
				  b.
				

			 	
				
				  all Parts, equipment, attachments, accessories,
				  replacement and added Parts and components now or hereafter placed thereon,
				  installed therein or attached thereto, whether or not any of such Parts,
				  equipment, attachments, accessories, replacements or added parts or components
				  may from time to time no longer be installed on the Aircraft or may be
				  installed in any other aircraft;
				

			 

 

	 
			
				
				   
				

			 	
				
				  c.
				

			 	
				
				  all of the Grantor’s right, title and
				  interest in the technical data, technical documents, manuals, log books and all
				  inspection, modification, overhaul, service, repair, maintenance, technical and
				  other records that relate to the Aircraft and all the Grantor’s right,
				  title and interest, present and future, therein and thereto and any sale or
				  other transfer agreement relating to the Aircraft or any Assigned Lease or
				  Assigned Head Lease, any lease assignments, novations or assumption agreements,
				  relating to the Aircraft or any Assigned Lease or Assigned Head Lease, any
				  acceptance certificate, and/or bill of sale relating to the Aircraft or any
				  Assigned Lease, any guaranties, letters of credit or other credit support
				  relating to the Aircraft or any Assigned Lease or Assigned Head Lease, and any
				  other certificate, instrument or agreement relating to the Aircraft or a
				  lessee, user or lessor of the Aircraft (collectively, the “Aircraft
				  Documents”);
				

			 

 

	 
			
				
				   
				

			 	
				
				  d.
				

			 	
				
				  all proceeds from the sale or other disposition
				  of, all proceeds of insurance due to the Grantor on, and all proceeds of any
				  condemnation due to the Grantor with respect to, any of the equipment described
				  in clauses (a), (b) and (c) above;
				

			 

 

	 
			
				
				   
				

			 	
				
				  e.
				

			 	
				
				  the Initial Lease and each other Lease of an
				  Aircraft, whether or not owned by the Grantor, under which the Grantor is or
				  may from time to time be the Lessor, together with any and all Aircraft
				  Documents relating to such Lease (any such Leases and Aircraft Documents being
				  referred to individually as, an “Assigned Lease,” and collectively
				  as, the “Assigned Leases”) and each Head Lease to which the Grantor
				  is a party as lessor or lessee and all Aircraft Documents relating to such Head
				  Lease (any such Head Leases and Aircraft Documents being referred to
				  individually as, an “Assigned Head Lease,” and collectively as,
				  “Assigned Head Leases”), including without limitation (A) all rights
				  of the Grantor to all Lease Payments, however denominated, under such Assigned
				  Leases and Assigned Head Leases, (B) all rights of the Grantor to receive
				  proceeds of any insurance, indemnity, warranty or guaranty pursuant to or with
				  respect to such Assigned Leases and Assigned Head Leases, (C) claims of the
				  Grantor for damages arising out of or for breach or default under such Assigned
				  Leases and Assigned Head Leases, (D) all rights of the Grantor to receive and
				  any and all rights to amend, waive, modify and give notices, approvals and
				  consents under such Assigned Leases and Assigned Head Leases, (E) all rights of
				  the Grantor under any such Assigned Lease with respect to any sublease of any
				  such Aircraft or, in the case of an Assigned Head Lease, the Lease of the
				  Aircraft subject to such Assigned Head Lease, (F) all rights of the Grantor to
				  terminate such Assigned Leases or Assigned Head Leases and to compel
				  performance of, and otherwise to exercise all remedies under, any such Assigned
				  Lease or Assigned Head Lease, whether arising 
				

			 

 

	 
		 
	 

	 

	 
	 

	 
	 
		under such Assigned Leases or Assigned Head Leases or by
		statute or at law or in equity, (G) all rights of the Grantor to possession of
		any Aircraft under an Assigned Head Lease and (H) all other rights and property
		of the Grantor included therein together with all payments, including without
		limitation all rent, damages, expenses, indemnities and other amounts due to
		the Grantor (or any person claiming by, through or under the Grantor)
		thereunder; 
	 

	 
			
				
				   
				

			 	
				
				  f.
				

			 	
				
				  all rents, issues, profits, revenues and other
				  income of the property intended, subjected or required to be subjected to the
				  Lien of this Agreement hereby, by the other Related Documents or by any
				  supplement to this Agreement in form and substance satisfactory to the Security
				  Trustee (a “Mortgage Supplement”), and all of the estate, right,
				  title and interest of every nature whatsoever of the Grantor in and to the same
				  and every part thereof; and
				

			 

 

	 
			
				
				   
				

			 	
				
				  g.
				

			 	
				
				  all proceeds, howsoever arising, of the
				  foregoing.
				

			 

 

	 
		BUT EXCLUDING, HOWEVER, the Excluded Payments.
	 

	 
		TO HAVE AND TO HOLD the Mortgage Collateral unto the
		Security Trustee, and its successors and assigns, as security for the Secured
		Obligations. 
	 

	 
		2. INCORPORATION BY REFERENCE. The security interest in
		the Mortgage Collateral created under this Agreement is granted in accordance
		with the Security Trust Agreement and all of the terms and conditions thereof,
		including but not limited to provisions relating to the exercise of remedies,
		shall be incorporated herein by reference.
	 

	 
		3. MISCELLANEOUS
	 

	 
		3.1 Successors and
		Assigns. All the terms, provisions, conditions and
		covenants herein contained shall be binding upon and shall inure to the benefit
		of the Grantor, the Security Trustee and their respective successors, assigns
		and transferees.
	 

	 
		3.2 Severability. Any provision of this Agreement prohibited by the laws of any
		jurisdiction or otherwise held to be invalid by any court of law of any
		jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
		such prohibition, or modified to conform with such laws, without invalidating
		the remaining provisions hereof; and any such prohibition in any jurisdiction
		shall not invalidate such provisions in any other jurisdiction.
	 

	 
		3.3 Governing Law. THIS AGREEMENT SHALL, PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW
		SECTION 5-1401, BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING
		EFFECT TO ITS CONFLICTS OF LAWS PROVISIONS.
	 

	 
		3.4 Further
		Assurances. At any time and from time to time, upon
		the request of the Security Trustee, the Grantor shall promptly and duly
		execute and deliver any and all such further instruments and documents as the
		Security Trustee may reasonably deem desirable in obtaining the full benefits
		of security interests and assignments created or intended to be created hereby
		and of the rights and powers granted herein and in the Security Trust
		Agreement.
	 

	 
		 
	 

	 

	 
	 

	 
	 
		3.5 Notices. All notices, requests, demands or other communications required
		hereunder or given pursuant hereto shall be in writing unless otherwise
		expressly provided to the following specified address or to such other address
		as either party may from time to time hereafter designate to the other party in
		writing:
	 

	 
		If to the Grantor:
	 

	 
		Wells Fargo Bank Northwest, National Association
	 

	 
		299 South Main Street, 12th Floor
	 

	 
		Salt Lake City, Utah 84111
	 

	 
		Telephone: (801) 246-5300
	 

	 
		Facsimile: (801) 246-5053
	 

	 
		Attention: Michael Hoggan, Vice President
	 

	 
		If to the Security Trustee:
	 

	 
		Deutsche Bank Trust Company Americas
	 

	 
		60 Wall Street
	 

	 
		New York, NY 10005
	 

	 
		Tel: (212) 250-4855
	 

	 
		Facsimile: (212) 553-2459
	 

	 
		Attention: Lou Bodi – Structured Finance
	 

	 
		3.6 Trustee. Wells Fargo is entering into this Agreement solely in its capacity
		as Owner Trustee under the Trust Agreement and not in its individual capacity,
		except as expressly set forth herein. Accordingly, each of the representations,
		warranties, undertakings and agreements herein made on the part of Wells Fargo,
		is made and intended not as a personal representation, warranty, undertaking or
		agreement by or for the purpose or with the intention of binding Wells Fargo
		personally, but is made solely in its capacity as Owner Trustee. This Agreement
		is executed and delivered by Wells Fargo solely in the exercise of the powers
		expressly conferred upon them as trustees under the Trust Agreement; and no
		personal liability or responsibility is assumed hereunder by or shall at any
		time be enforceable against Wells Fargo or any successor in trust on account of
		any action taken or omitted to be taken or any representation, warranty,
		undertaking or agreement hereunder of Wells Fargo, either expressed or implied,
		all such personal liability, if any, being expressly waived by the parties
		hereto, except that the parties hereto, or any Person acting by, through or
		under them, making a claim hereunder, may look to the Trust Estate for
		satisfaction of the same and Wells Fargo or its successor in trust, as
		applicable, shall be personally liable for its own gross negligence or willful
		misconduct in the performance of its duties as Owner Trustee or
		otherwise.
	 

	 
		3.7 Security
		Trustee.
	 

	 
		The Security Trustee shall be afforded all of the rights,
		protections, immunities and indemnities set forth in the Security Trust
		Agreement as if such rights, protections, immunities and indemnities were
		specifically set forth herein.
	 

	 
		 
	 

	 

	 
	 

	 
	 
		3.7 Execution in
		Counterparts. This Agreement may be executed in any
		number of counterparts, each of which shall be an original, with the same
		effect as if the signatures were upon the same instrument. 
	 

	 
		[Remainder of page intentionally left blank]
	 

	 
		 
	 

	 

	 
	 

	 
	 
		IN WITNESS WHEREOF, the parties hereto have, by their
		indicated officers thereunto duly authorized, caused this Mortgage and Security
		Agreement to be executed as of the day and year first above written and to be
		delivered in the State of New York.
	 

	 
		 
	 

	 
			
				
				  GRANTOR:
				

			 	
				
				   
				

			 	
				
				  WELLS FARGO BANK NORTHWEST, 

				  NATIONAL ASSOCIATION, not in its individual 

				  capacity but solely as Owner Trustee
				

			 
	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
 Title:
				

			 

 

	 
		 
	 

	 
			
				
				  SECURITY TRUSTEE:
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE BANK TRUST COMPANY 

				  AMERICAS, not in its individual capacity but 

				  solely as Security Trustee
				

			 
	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
 Title:
				

			 

 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	

				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
 Title:
				

			 

 

	 
		 
	 

	 

	 
	 

	 
	 
		APPENDIX A
	 

	 
		MORTGAGE AND SECURITY AGREEMENT
	 

	 
		DEFINITIONS
	 

	 
		For all purposes of this Agreement, all capitalized terms
		used, but not defined, in this Agreement shall have the respective meanings
		assigned to such terms in the Indenture, and the following terms have the
		meanings indicated below:
	 

	 
		“Agreement” has the meaning specified in the
		recital of parties to this Agreement.
	 

	 
		“Aircraft” means the Airframe together with the
		Engines. 
	 

	 
		“Aircraft Documents” has the meaning assigned to
		such term in Section 1(c) of this Agreement. 
	 

	 
		“Airframe” has the meaning assigned to such term
		in Schedule 1 attached hereto. 
	 

	 
		“Assigned Leases” has the meaning specified in
		Section 1 of this Agreement. 
	 

	 
		“Closing Date” means September __, 2006.
	 

	 
		“DBTCA” has the meaning specified in the recital
		of parties to this Agreement.
	 

	 
		“Engines” has the meaning assigned to such term
		in Schedule 1 attached hereto.
	 

	 
		“Excluded Payments” means payments in respect of
		(i) indemnities payable by a Lessee to Wells Fargo pursuant to a Lease and (ii)
		proceeds of public liability insurance in respect of the Aircraft payable as a
		result of insurance claims paid, or losses suffered, by Wells Fargo or the
		Lessee. 
	 

	 
		“Grantor” has the meaning specified in the
		recital of parties to this Agreement.
	 

	 
		“Head Lease” means any lease of an Aircraft from
		the Grantor to a Leasing Subsidiary. 
	 

	 
		“Indenture Trustee” means DBTCA, in its capacity
		as indenture trustee under the Indenture. 
	 

	 
		“Indenture” has the meaning specified in the
		preliminary statements to this Agreement.
	 

	 
		“Initial Lease” has the meaning assigned to such
		term in Schedule 1 attached hereto. 
	 

	 
		“Issuer” has the meaning specified in the
		preamble to this Agreement.
	 

	 
		“Issuer Group Member” means the Issuer or any
		Issuer Subsidiary.
	 

	 
		“Issuer Subsidiary” means either or both, as the
		context may require, of (i) each Subsidiary of the Issuer existing on the
		Closing Date and listed on Schedule 2 to the Indenture, and (ii) each other
		direct or indirect Subsidiary of the Issuer.
	 

	 
		 
	 

	 

	 
	 

	 
	 
		“Lease” means, with respect to an Aircraft, any
		aircraft lease agreement, (including, without limitation, any future Lease),
		conditional sale agreement, hire purchase agreement or other similar
		arrangement, as may be in effect between an Issuer Group Member that owns or
		leases-in such Aircraft (as Lessor) and a Person that is not an Issuer Group
		Member (as Lessee), as such agreement or arrangement may be amended, modified,
		extended, supplemented, assigned or novated from time to time in accordance
		with the Related Documents; provided that if, under any sub-leasing arrangement
		with respect to an Aircraft permitted by the Lease of such Aircraft and
		executed by the Lessee and a sub-lessee, the Lessor of such Aircraft agrees to
		receive payments or collateral directly from, or is to make payments directly
		to, such sub-lessee, in any such case to the exclusion of the related Lessee,
		then the relevant sub-lease shall constitute the “Lease” of such
		Aircraft, and the sub-lessee shall constitute the related “Lessee”
		with respect to such Aircraft, but only to the extent of the provisions of such
		sub-lease agreement relevant to such payments and collateral and to the extent
		agreed by the relevant Lessor.
	 

	 
		“Lease Payments” means all lease payments and
		other amounts payable by or on behalf of a Lessee under a Lease or a Head
		Lease, and all rights of Grantor to receive moneys due and to become due under
		or pursuant to such Lease or Head Lease, including, without limitation, Rent
		Payments, Supplemental Rent and Security Deposits.
	 

	 
		“Leasing Subsidiaries” means any special purpose
		entities (i) to which the Issuer or the Grantor may lease the Aircraft, (ii)
		which are lessors under Leases of the Aircraft to a Lessee and (iii) which are
		wholly owned directly or indirectly by the Issuer. 
	 

	 
		“Lessee” means the Lessee under a Lease.
	 

	 
		“Lien” means any mortgage, pledge, lien,
		encumbrance, international interest, charge or security interest, including
		without limitation any prospective contract of sale or other prospective
		international interest. 
	 

	 
		“Mortgage Collateral” means the Aircraft,
		Assigned Leases and other property described in Section 1 hereof and subject to
		the security interest created by this Agreement. 
	 

	 
		“Mortgage Supplement” has the meaning assigned
		to such term in Section 1 hereof. 
	 

	 
		“Note” means any one of the promissory notes
		executed by the Issuer and authenticated by or on behalf of the Indenture
		Trustee in accordance with the Indenture.
	 

	 
		“Part” means any and all parts, avionics,
		attachments, accessions, appurtenances, furnishings, components, appliances,
		accessories, instruments and other equipment installed in, or attached to (or
		constituting a spare for any such item installed in or attached to) the
		Aircraft. 
	 

	 
		“Person” means any natural person, firm,
		corporation, partnership, joint venture, association, joint-stock company,
		trust, unincorporated organization, government or any political subdivision
		thereof or any other legal entity, including public bodies.
	 

	 
		“Related Documents” has the meaning set forth in
		the Indenture.
	 

	 
		 
	 

	 

	 
	 

	 
	 
		“Rent Payments” means all payments of basic rent
		under a Lease that are payable in respect of periods specified under such
		Lease. 
	 

	 
		“Secured Obligations” has the meaning set forth
		in the Security Trust Agreement.
	 

	 
		“Secured Parties” has the meaning set forth in
		the Security Trust Agreement.
	 

	 
		“Security Deposits” means any cash deposits and
		other collateral provided by, or on behalf of, a Lessee to secure the
		obligations of such Lessee under a Lease. 
	 

	 
		“Security Trust Agreement” has the meaning
		specified in the preliminary statements to this Agreement.
	 

	 
		“Subsidiary” means, as to any Person, a
		corporation, partnership, limited liability company or other entity of which
		shares of stock or other ownership interests having ordinary voting power
		(other than stock or such other ownership interests having such power only by
		reason of the happening of a contingency) to elect a majority of the board of
		directors or other managers of such corporation, partnership, limited liability
		company or other entity are at the time owned, or the management of which is
		otherwise controlled, directly or indirectly through one or more
		intermediaries, or both, by such Person.
	 

	 
		“Supplemental Rent” means additional rent
		(whether called additional rent, supplemental rent, utilization rent,
		maintenance reserve or any similar term) payable under a Lease based on hours
		or cycles of operation of the airframe, engines, life-limited engine parts,
		landing gear and/or auxiliary power unit of an Aircraft, and with respect to
		maintenance of which the lessor under the Lease may have a maintenance
		contribution obligation measured in part by or with reference to such
		additional rent.
	 

	 
		“Trust Agreement” means the Trust Agreement
		(Aircraft MSN [_____]), dated as of [__________], 2006, between the Grantor and
		the Issuer (as successor to [__________]). 
	 

	 
		“Wells Fargo” has the meaning specified in the
		recital of parties to this Agreement.
	 

	 
		 
	 

	 

	 
	 

	 
	 
		SCHEDULE 1
	 

	 
		MORTGAGE AND SECURITY AGREEMENT
	 

	 
		MORTGAGE COLLATERAL
	 

	 
		“Airframe” means one (1) [__________] Model
		[__________] aircraft bearing manufacturer’s serial no. [_____].
	 

	 
		“Engines” means two (2) [__________] Model
		[__________] aircraft engines (each of which engines has 550 or more rated
		takeoff horsepower or the equivalent thereof) bearing manufacturer’s
		serial nos. [_____] and [_____] respectively.
	 

	 
		“Initial Lease” means any now existing or
		after-acquired lease agreement between the Grantor, as lessor, and any lessee
		in force with respect to the Aircraft, including, but not limited to, the
		following:
	 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT F
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF IRISH SHARE
		MORTGAGE
	 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT G
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF FRENCH SHARE
		PLEDGE
	 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT H
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF SWEDISH SHARE
		PLEDGE
	 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT I
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF DEED OF
		CHARGE OVER A BANK ACCOUNT
	 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT J
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF FRENCH
		ACCOUNT PLEDGE
	 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT K
	 

	 
		SECURITY TRUST
		AGREEMENT
	 

	 
		FORM OF DUTCH
		SECURITY AGREEMENT

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