Document:

SERVICING
		AGREEMENT

	  

	 among

	  

	 GE
		COMMERCIAL AVIATION SERVICES LIMITED,

	  

	 GENESIS
		FUNDING LIMITED

	  

	 and

	  

	 FINANCIAL
		GUARANTY INSURANCE COMPANY

	  

	  
 

	  

	 
		
		  
		

		

		
 
		 

		TABLE
		  OF CONTENTS

		 

		
		  	 	 	

				  Page

				  
	
				  ARTICLE
					 I
 	
				  Definitions

				  	
				  1

				  
	
				  Section
					 1.01.
 	
				  Definitions

				  	
				  1

				  
	
				  Section
					 1.02.
 	
				  Construction
					 and Usage
 	
				  1

				  
	 	 	 
	
				  ARTICLE
					 II
 	
				  Appointment;
					 Services
 	
				  1

				  
	
				  Section
					 2.01.
 	
				  Appointment

				  	
				  1

				  
	
				  Section
					 2.02.
 	
				  Aircraft
					 Asset Services
 	
				  3

				  
	
				  Section
					 2.03.
 	
				  Offerings

				  	
				  5

				  
	
				  Section
					 2.04.
 	
				  Compliance
					 with Applicable Laws and GE Policies
 	
				  9

				  
	
				  Section
					 2.05.
 	
				  Limitations

				  	
				  10

				  
	 	 	 
	
				  ARTICLE
					 III
 	
				  Standard
					 of Care; Conflicts of Interest; Standard of Liability
 	
				  11

				  
	
				  Section
					 3.01.
 	
				  Standard
					 of Care
 	
				  11

				  
	
				  Section
					 3.02.
 	
				  Conflicts
					 of Interest
 	
				  11

				  
	
				  Section
					 3.03.
 	
				  Standard
					 of Liability
 	
				  13

				  
	
				  Section
					 3.04.
 	
				  Waiver
					 of Implied Standard
 	
				  14

				  
	 	 	 
	
				  ARTICLE
					 IV
 	
				  Representations
					 and Warranties
 	
				  14

				  
	
				  Section
					 4.01.
 	
				  Aircraft
					 Assets
 	
				  14

				  
	
				  Section
					 4.02.
 	
				  Aircraft
					 Assets Related Documents
 	
				  14

				  
	
				  Section
					 4.03.
 	
				  Accounts
					 and Cash Flow
 	
				  15

				  
	
				  Section
					 4.04
 	
				  Organization
					 and Standing
 	
				  15

				  
	
				  Section
					 4.05.
 	
				  Authority

				  	
				  15

				  
	
				  Section
					 4.06.
 	
				  No
					 Conflicts
 	
				  15

				  
	
				  Section
					 4.07.
 	
				  Compliance
					 with Applicable Laws
 	
				  16

				  
	
				  Section
					 4.08.
 	
				  Litigation;
					 Decrees
 	
				  16

				  
	
				  Section
					 4.09.
 	
				  Appointments

				  	
				  16

				  
	
				  Section
					 4.10.
 	
				  Authority

				  	
				  16

				  

 

		 

		

		
		  i
		

		

		
 
		 

		
		  	 	 	
				  Page

				  
	
				  Section
					 4.11.
 	
				  No
					 Conflicts
 	
				  17

				  
	
				  Section
					 4.12.
 	
				  Compliance
					 with Applicable Laws of Ireland
 	
				  17

				  
	
				  Section
					 4.13
 	
				  Litigation;
					 Decrees
 	
				  17

				  
	 	 	 
	
				  ARTICLE
					 V
 	
				  Servicer
					 Undertakings
 	
				  17

				  
	
				  Section
					 5.01.
 	
				  Access

				  	
				  17

				  
	
				  Section
					 5.02.
 	
				  Compliance
					 with Law
 	
				  18

				  
	
				  Section
					 5.03.
 	
				  Commingling

				  	
				  18

				  
	
				  Section
					 5.04.
 	
				  Restrictions
					 on Exercise of Certain Rights
 	
				  18

				  
	
				  Section
					 5.05.
 	
				  Coordination
					 with GFL Group
 	
				  18

				  
	
				  Section
					 5.06.
 	
				  Corporate
					 Formalities
 	
				  18

				  
	 	 	 
	
				  ARTICLE
					 VI
 	
				  Undertakings
					 of GFL
 	
				  18

				  
	
				  Section
					 6.01.
 	
				  Cooperation

				  	
				  18

				  
	
				  Section
					 6.02.
 	
				  No
					 Representation with Respect to Third Parties
 	
				  18

				  
	
				  Section
					 6.03.
 	
				  Related
					 Document Amendments
 	
				  19

				  
	
				  Section
					 6.04.
 	
				  Exclusivity

				  	
				  19

				  
	
				  Section
					 6.05.
 	
				  Communications

				  	
				  19

				  
	
				  Section
					 6.06.
 	
				  Ratification

				  	
				  19

				  
	
				  Section
					 6.07.
 	
				  Additional
					 Aircraft Assets
 	
				  19

				  
	
				  Section
					 6.08.
 	
				  Execution,
					 Amendment, Modification or Termination of Aircraft Assets Related
					 Documents
 	
				  19

				  
	
				  Section
					 6.09.
 	
				  Access
					 to GFL Group Information
 	
				  20

				  
	
				  Section
					 6.10.
 	
				  GFL
					 Group Accounts and Cash Arrangements
 	
				  20

				  
	
				  Section
					 6.11.
 	
				  [Intentionally
					 Left Blank]
 	
				  21

				  
	
				  Section
					 6.12.
 	
				  Further
					 Assurances
 	
				  21

				  
	
				  Section
					 6.13.
 	
				  Guarantees

				  	
				  21

				  

 

		 

		

		
		  ii
		

		

		
 
		 
 

	 
			 	 	
				Page 

				
	
				Section
				  6.14.
 	
				Transfers
				  of Funds
 	
				21

				
	 	 	 
	
				ARTICLE
				  VII
 	
				GFL
				  Group Responsibility
 	
				21

				
	
				Section
				  7.01.
 	
				GFL
				  Group Responsibility
 	
				21

				
	
				Section
				  7.02.
 	
				Performance
				  with Respect to Aircraft Assets
 	
				22

				
	
				Section
				  7.03.
 	
				Lease
				  Operating Budget; Aircraft Asset Expenses Budget
 	
				22

				
	
				Section
				  7.04.
 	
				Transaction
				  Approval Requirements
 	
				24

				
	
				Section
				  7.05.
 	
				Approved
				  Budgets and Transaction Approval Requirements
 	
				26

				
	 	 	 
	
				ARTICLE
				  VIII
 	
				Effectiveness

					
				26

				
	
				Section
				  8.01.
 	
				Effectiveness

					
				26

				
	 	 	 
	
				ARTICLE
				  IX
 	
				Servicing
				  Fees; Expenses; Taxes; Priority of Servicing Fees
 	
				26

				
	
				Section
				  9.01.
 	
				Servicing
				  Fees
 	
				26

				
	
				Section
				  9.02.
 	
				Monthly
				  Base Fee
 	
				27

				
	
				Section
				  9.03.
 	
				Rent
				  Fees
 	
				27

				
	
				Section
				  9.04.
 	
				Sales
				  Fee
 	
				28

				
	
				Section
				  9.05.
 	
				Fees in
				  Bankruptcy
 	
				28

				
	
				Section
				  9.06.
 	
				Expenses

					
				28

				
	
				Section
				  9.07.
 	
				Taxes

					
				28

				
	
				Section
				  9.08.
 	
				Priority
				  of Payments to Servicer
 	
				31

				
	 	 	 
	
				ARTICLE
				  X
 	
				Term;
				  Right to Terminate; Resignation; Consequences of Expiration, Termination,
				  Resignation or Removal; Certain Tax Matters; Survival
 	
				31

				
	
				Section
				  10.01.
 	
				Term

					
				31

				
	
				Section
				  10.02.
 	
				Right to
				  Terminate
 	
				31

				
	
				Section
				  10.03.
 	
				Resignation
				  or Removal
 	
				35

				
	
				Section
				  10.04.
 	
				Consequences
				  of Expiration, Termination, Resignation or Removal
 	
				36

				
	
				Section
				  10.05.
 	
				Survival

					
				37

				

 

	 

		
		  iii
		

		

		
 
		 

		
		  	 	 	
				  Page

				  
	
				  ARTICLE
					 XI
 	
				  Indemnification

				  	
				  37

				  
	
				  Section
					 11.01.
 	
				  Indemnity

				  	
				  37

				  
	
				  Section
					 11.02.
 	
				  Procedures
					 for Defense of Claims
 	
				  38

				  
	
				  Section
					 11.03.
 	
				  Reimbursement
					 of Costs
 	
				  39

				  
	
				  Section
					 11.04.
 	
				  Waiver
					 of Certain Claims; Special Indemnity
 	
				  39

				  
	
				  Section
					 11.05.
 	
				  Waiver
					 of Certain Accounting Claims; Special Indemnity
 	
				  39

				  
	
				  Section
					 11.06.
 	
				  Continuing
					 Liability under Other Agreements
 	
				  40

				  
	 	 	 
	
				  ARTICLE
					 XII
 	
				  Assignment
					 and Delegation
 	
				  40

				  
	
				  Section
					 12.01.
 	
				  Assignment
					 and Delegation
 	
				  40

				  
	 	 	 
	
				  ARTICLE
					 XIII
 	
				  Miscellaneous

				  	
				  41

				  
	
				  Section
					 13.01.
 	
				  Documentary
					 Conventions
 	
				  41

				  
	
				  Section
					 13.02.
 	
				  Power of
					 Attorney
 	
				  41

				  
	
				  Section
					 13.03.
 	
				  Reliance

				  	
				  41

				  
	
				  Section
					 13.04.
 	
				  Certain
					 Information
 	
				  41

				  
	
				  Section
					 13.05.
 	
				  Original
					 Aircraft
 	
				  42

				  
	
				  Section
					 13.06.
 	
				  Relationship
					 to Master Servicing Agreement
 	
				  42

				  
	
				  Section
					 13.07.
 	
				  Limited
					 Recourse
 	
				  42

				  
	
				  Section
					 13.08.
 	
				  GFL
					 Group Members
 	
				  42

				  

 

		
		   

		  
			 iv
		  

		  

		  
 
		   

		  Schedules

		   

		  
			 	
					 Schedule
						2.02(a)
 	
					 Aircraft
						Assets Services
 
	
					 Schedule
						2.02(a)(i)
 	
					 Applicable
						Indenture Covenants
 
	
					 Schedule
						2.02(a)(ii)
 	
					 Form of
						Officer’s Certificate
 
	
					 Schedule
						4.01
 	
					 Aircraft
						Assets
 
	
					 Schedule
						4.02
 	
					 Aircraft
						Assets Related Documents
 
	
					 Schedule
						4.03
 	
					 Bank
						Accounts
 
	
					 Schedule
						4.04(a)
 	
					 List of
						Persons within the GFL Group and Jurisdictions
 
	
					 Schedule
						7.01
 	
					 Responsibilities
						of GFL Group
 
	
					 Schedule
						7.04
 	
					 Liabilities
						Incurred in Ordinary Course of Business
 
	
					 Schedule
						8.01
 	
					 Conditions
						to Execution 
 
	
					 Schedule
						9.06(a) 
 	
					 Overhead
						Expenses
 
	
					 Schedule
						9.06(b)
 	
					 Categories
						of Aircraft Asset Expenses
 
	
					 Schedule
						13.02
 	
					 Management
						Services Power of Attorney of [Grantor]
 
	 
	
					 Annexes

					 
	 
	
					 Annex
						1
 	
					 Insurance
						Guidelines
 
	
					 Annex
						2
 	
					 Concentration
						Limits
 
	 
	
					 Appendices

					 
	 
	
					 Appendix
						A
 	
					 Construction
						and Usage; Definitions
 
	
					 Appendix
						B
 	
					 Form of
						Guarantee
 
	
					 Appendix
						C
 	
					 Notices

					 
	 	 
	
					 Exhibits

					 
	 
	
					 Exhibit
						A
 	
					 Monthly
						Report Form
 
	
					 Exhibit
						B-1
 	
					 Quarterly
						Report Form for GFL
 
	
					 Exhibit
						B-2
 	
					 Quarterly
						Report Form for Policy Provider
 

 

		   

		  

		  
			 v
		  

		  

		  
 
		   
 

		SERVICING
		  AGREEMENT dated as of _______ __, 2006, among GE COMMERCIAL AVIATION SERVICES
		  LIMITED, a company incorporated under the laws of Ireland (the
		  “Servicer”),
		  GENESIS FUNDING LIMITED, a limited liability company incorporated under the
		  laws of Bermuda (“GFL”),
		  and Financial Guaranty Insurance Company, a New York stock insurance company
		  (the “Policy
		  Provider”).
		  For the consideration set forth herein and other good and valuable
		  consideration, the receipt of which is hereby acknowledged, the Servicer and
		  GFL agree as follows:

		 

		ARTICLE
		  I

		 

		Definitions

		 

		Section
		  1.01.  Definitions. Unless
		  otherwise defined herein, all capitalized terms used but not defined herein
		  have the meanings assigned to such terms in Appendix A.

		 

		Section
		  1.02.  Construction
		  and Usage. The
		  conventions of construction and usage set forth in Appendix A are incorporated
		  by reference herein.

		 

		ARTICLE
		  II

		 

		Appointment;
		  Services

		 

		Section
		  2.01.  Appointment.
		  (a) GFL appoints the Servicer as the exclusive provider of the Services
		  (as defined in Section 2.02(a)) to (1) GFL, (2) Subsidiaries of GFL and
		  (3) Affiliates of GFL in which GFL or any of its Subsidiaries has a direct or
		  indirect ownership interest (collectively, the “GFL
		  Group”,
		  and which term, for purposes of clarification, does not include Affiliates of
		  GFL which are not direct or indirect Subsidiaries of GFL) in respect of the
		  Aircraft Assets on the terms and subject to the conditions set forth in this
		  Agreement. In furtherance of the foregoing, the parties hereto acknowledge and
		  agree that, notwithstanding any other provision of this Agreement, without the
		  consent of the Servicer, GFL shall not, and shall not permit any Person within
		  the GFL Group or any agent of any thereof, including the Manager or the Cash
		  Manager, to, contact directly or otherwise have any direct dealings with any
		  Lessee or any relevant third party with respect to any Aircraft Asset (which,
		  as provided in the definition of “Aircraft Assets”, the parties
		  understand shall not include any Aircraft Asset (x) that shall have ceased to
		  be an Aircraft Asset in accordance with the provisions of Sections 2.04(b) or
		  3.02(d), but shall include any Former Aircraft Asset that shall have become an
		  Aircraft Asset pursuant to Section 6.07 of the Servicing Agreement or (y) in
		  respect of which the obligation of the Servicer to provide Services shall have
		  been terminated in accordance with Article X) (such contact or other direct
		  dealing, a “Lessee
		  Contact”)
		  to the extent that such Lessee Contact constitutes, or involves taking any
		  action that constitutes, the provision or performance of any Services (to such
		  extent, a “Restricted
		  Lessee Contact”).
		  Notwithstanding the foregoing, in the event that GFL or any other member of the
		  GFL Group or, in the case of clause (iv) or (v) below only, Genesis, reasonably
		  believes that it shall be necessary or, in the case of clause (iv) or (v) below
		  only, desirable, for there to be a Restricted Lessee Contact under
		  circumstances in which one of the following clauses is applicable:

		 

		(i)  during
		  the period (x) commencing on the occurrence of an Event of Default under
		  Section 4.01 of the Indenture in respect of the payment of interest on any Note
		  (as defined in the Indenture) due to an insufficiency of funds in the
		  Collection Account on the relevant date, which Event of Default (1) shall have
		  occurred on a date on which no amount is available for drawing under any
		  Eligible Credit Facility (as defined in the Indenture) in respect thereof and
		  (2) shall have continued unremedied for 60 days after the date of the
		  occurrence of such Event of Default and (y) ending after such date upon
		  the remedying of such Event of Default;

		 

		

		
		   
		

		

		
 
		 
 

	 (ii)  following
		the occurrence and during the continuance of an Event of Default (other than
		one referred to in clause (i) of this Section 2.01(a)) under the Indenture and,
		other than in respect of an Event of Default under Sections 4.01(e) or 4.01(f)
		of the Indenture, the issuance of a Default Notice (pursuant to which the
		Outstanding Principal Balance of the Notes and all accrued and unpaid interest
		thereon shall become due and payable) in accordance with the terms of the
		Indenture, and provided that at
		the time of such Event of Default at least 15% of the number of Aircraft Assets
		shall not be subject to Leases and each such Aircraft Asset shall have been
		off-lease and reasonably available for re-lease (which, for purposes of
		clarification, shall mean that such Aircraft Asset shall be in the possession
		or under the unfettered control of the Servicer, together with the related
		Aircraft Documents, shall be free of any legal prohibition on the re-leasing
		thereof, shall be free of Liens (other than Liens, if any, created pursuant to
		the “Related Documents” as defined in the Indenture or created by or
		at the instruction of the Servicer) and shall be in a condition which should be
		reasonably acceptable to a potential lessee) during the three-month period
		ending on the date of such Event of Default;

	  

	 (iii)  in
		respect of any claim for indemnification made by the Servicer under this
		Agreement in respect of a Loss incurred by the Servicer related to a
		Lessee;

	  

	 (iv)  to
		discharge GFL’s, or Genesis’, or any of their officer’s or
		director’s as the case may be, obligations under Applicable Law (including
		under United States’ securities laws and under United States and European
		“know your customer” laws) including any requirement to obtain
		information, to file any report with any governmental authority, to fulfill
		their fiduciary duties or other obligations under Applicable Laws or to respond
		to any court order or to prosecute or defend any suit;

	  

	 (v)  to
		respond to requests from GFL’s or Genesis’, as the case may be,
		auditors reasonably related to the filing of any tax return or the conduct of
		any audit of GFL or Genesis and/or their Subsidiaries;

	  

	 (vi)  to
		enable GFL to discharge its obligations under Article VII;

	  

	 (vii)  to
		enable the Cash Manager to monitor the Servicer’s performance under this
		Agreement in accordance with the express terms of the Cash Management
		Agreement;

	  

	 (viii)  to
		enable GFL to perform its express obligations under the Indenture and Security
		Trust Agreement including, without limitation, GFL’s obligations under
		Sections 5.02 and 5.03 of the Indenture and Sections 2.06 and 3.01 of the
		Security Trust Agreement; or

	  

	 (ix)  the
		Servicer’s material failure to perform a Service which involves a Lessee
		and necessitates a Lessee Contact, which material failure continues unremedied
		for 30 days after the Servicer’s receipt of written notice of such
		material failure from GFL or the Policy Provider and which if left unremedied
		would have a Material Adverse Effect on the GFL Group taken as a
		whole;

	  

	 then GFL
		or another Person within the GFL Group, or in the case of clause (iv) or (v)
		above, Genesis, shall deliver a written notice to the Servicer setting forth in
		reasonable detail the reasons for such Restricted Lessee Contact (including
		which of the foregoing clauses (i) through (ix) is applicable thereto) and the
		specifics of such Restricted Lessee Contact. In the case of clauses (i) and
		(ii) and (iv) through (viii) above, after receipt of such notice, the Servicer
		shall promptly notify GFL whether the Servicer will itself make such Restricted
		Lessee Contact, or whether a Person within the GFL Group or agent of any
		thereof, including the Manager or the Cash Manager, should make such Restricted
		Lessee Contact. In the case of clauses (iii) and (ix) above, after delivering
		such notice to the Servicer, any Person within the GFL 

	  

	 

	 
		2
	 

	 

	 
 
	  

	 Group
		shall be permitted to make such Restricted Lessee Contact directly itself or
		through any agent, including the Manager. In making any Restricted Lessee
		Contact GFL shall not, and shall not permit any Person within the GFL Group or
		any agent of any thereof, including the Manager or the Cash Manager, to
		interfere with the Servicer’s performance of any Services. For purposes of
		clarification, the parties agree that GFL or any agent thereof, including the
		Manager, may contact a Lessee for the purpose of purchasing from such Lessee
		Aircraft that are not Aircraft Assets hereunder or “Aircraft Assets”
		as defined under the Master Servicing Agreement or for the purpose of selling
		or leasing to such Lessee Aircraft that are not Aircraft Assets hereunder or
		“Aircraft Assets” as defined under the Master Servicing Agreement,
		and such contact shall not be considered a Restricted Lessee Contact, so long
		as in no event shall GFL or any agent thereof, including the Manager or the
		Cash Manager, interfere with the Servicer’s performance of any
		Services.

	  

	 (b)  The
		Servicer hereby accepts its appointment pursuant to the first sentence of
		Section 2.01(a) and agrees to perform the Services on the terms and subject to
		the conditions set forth in this Agreement.

	  

	 Section
		2.02.  Aircraft
		Asset Services.
		(a) The Services to be provided by the Servicer in respect of the Aircraft
		Assets are as set forth in Schedule 2.02(a) (the “Services”),
		the provisions of which Schedule 2.02(a) are hereby incorporated herein by
		reference.

	  

	 (b)  GFL has
		advised the Servicer that each Person within the GFL Group has appointed GFL to
		act as its representative with respect to any matter in respect of which GFL or
		any other Person within the GFL Group is required or permitted to take any
		action pursuant to the terms of this Agreement. Accordingly, in connection with
		the performance of the Services, the Servicer shall in all cases be entitled to
		rely on the instructions (or other actions) of GFL as representative of each
		Person within the GFL Group. The Servicer shall not be liable to any Person
		within the GFL Group or any other Person for any act taken or omission to act
		in accordance with such instructions (or other actions), except to the extent
		otherwise provided in Section 3.03 and Article XI. The Servicer shall in all
		cases be entitled to rely upon the instructions (or other actions) of GFL and
		upon notices, reports or other communications (whether written or oral) made by
		any Lessee or any other Person (other than any Affiliate of the Servicer) in or
		concerning any Aircraft Assets, Aircraft Assets Related Document or any
		document in connection therewith and shall not be responsible for the accuracy
		or completeness of any such notices, reports or other
		communications.

	  

	 (c)  GFL has
		advised the Servicer that it has appointed the Manager and the Cash Manager, on
		a revocable basis, to, among other things, act on its behalf in connection with
		any actions required or permitted to be taken by GFL on its own behalf or on
		behalf of any other Person within the GFL Group (including as provided in
		Section 2.02(b)) pursuant to the terms of this Agreement. Accordingly, in
		connection with the performance of the Services, unless earlier notified in
		writing by GFL that the Manager’s or Cash Manager’s appointment to
		act on behalf of GFL has been revoked or terminated, or by the Security Trustee
		that all of the GFL Group’s rights hereunder shall be exercisable by the
		Security Trustee as provided in Section 12.01, the Servicer shall in all cases
		be entitled to rely on the instructions (or other actions) of the Manager and
		of the Cash Manager; provided,
		however, that
		the Servicer shall not be obliged to act upon the instructions of, or with
		respect to, or provide any information to, the Manager or Cash Manager, as the
		case may be, if Competitor Control is in existence with respect to the Manager
		or Cash Manager, as the case may be, or with respect to a Manager or Cash
		Manager, as the case may be, which is appointed hereafter unless the Servicer
		consented to the appointment of such Manager or such Cash Manager in writing,
		which consent shall not be unreasonably withheld (it being understood that the
		Servicer may consider, among other factors, whether the proposed Manager or
		Cash Manager, as the case may be, is a Competitor). Subject to the absence of
		Competitor Control with respect thereto, the Servicer hereby consents to the
		appointment of Genesis as the initial Manager and to Deutsche Bank Trust
		Company Americas as initial Cash Manager. The appointment of the Manager and
		

	  

	 

	 
		3
	 

	 

	 
 
	  

	 of the
		Cash Manager to act on behalf of the GFL shall in no way limit or otherwise
		derogate from the Servicer’s right to rely on the instructions (or other
		actions) of GFL as set forth in Section 2.02(b). Without limiting the
		foregoing, until such time as the Servicer has been notified in writing by GFL
		that the Manager’s or the Cash Manager’s, as the case may be,
		appointment has been revoked or terminated, or by the Security Trustee that all
		of the GFL Group’s rights hereunder shall be exercisable by the Security
		Trustee as provided in Section 12.01, in all circumstances requiring the
		direction, consent or approval of, or the delivery of any notices or other
		communications to, GFL hereunder, the Servicer shall only be required to seek
		the direction, consent or approval of, or deliver any such notices or other
		communications to, the Manager or the Cash Manager, as the case may be. The
		Servicer shall not be liable to any Person within the GFL Group or any other
		Person for any act taken or omission to act in accordance with the instructions
		(or other actions) of the Manager or the Cash Manager, as the case may be,
		except to the extent otherwise provided in Section 3.03 and Article XI. GFL
		agrees with the Servicer that the Management Agreement and the Cash Management
		Agreement shall not be amended by the parties thereto in any manner that may,
		directly or indirectly, affect the Servicer’s rights, obligations or
		liabilities (or potential liabilities) under this Agreement or with respect to
		the Management Agreement or the Cash Management Agreement or otherwise without
		the Servicer’s prior written consent. Without limiting the foregoing, GFL
		represents and warrants to the Servicer that Competitor Control with respect to
		the Manager shall automatically result in a replacement of the Manager under
		the Management Agreement. Immediately upon Competitor Control occurring with
		respect to the Manager, GFL agrees that the Manager under the Management
		Agreement shall be replaced and another Person shall be appointed as Manager in
		compliance with the foregoing provisions of this Section. The Servicer hereby
		consents to Phoenix American Financial Services, Inc., as a replacement under
		the Management Agreement for the initial Manager.

	  

	 (d)  Except
		as otherwise provided in Sections 2.04(b), 3.02(c), 3.02(d) and 10.04, GFL
		agrees not to (and not to permit any other Person within the GFL Group to)
		appoint any third party service provider (whether an Affiliate or otherwise)
		with respect to any Aircraft Asset without the prior written consent of the
		Servicer; provided,
		however, that
		the Servicer’s prior written consent is not required with respect to the
		appointment by any Person within the GFL Group of any legal, accounting,
		insurance, valuation or other similar service providers to perform services not
		included within the Services and, provided further,
		however, that
		the foregoing shall not be construed as prohibiting actions permitted under the
		Master Servicing Agreement with respect to Aircraft that are not Aircraft
		Assets hereunder.

	  

	 (e)  The
		Servicer shall in all cases be entitled to rely on the instructions (or other
		actions) of any Person that the Servicer reasonably believes to be authorized
		to act on behalf of GFL (or any other Person within the GFL Group) or the
		Manager or the Cash Manager and shall not be liable to any Person within the
		GFL Group for any act taken or omission to act in accordance with such
		instructions (or other actions), except to the extent otherwise provided in
		Section 3.03 and Article XI.

	  

	 (f)  Notwithstanding
		anything contained in this Agreement to the contrary, the Servicer shall not be
		required to perform any Service (or any other service) with respect to any
		Aircraft Asset unless and until a true and complete copy of all Aircraft Assets
		Related Documents has been delivered to the Servicer or other written notice
		thereof has been provided to the Servicer. Without limiting the foregoing, the
		Servicer acknowledges that, in connection with its provision of services with
		respect to the Original Aircraft, it is in possession of various Aircraft
		Assets Related Documents that were received by the Servicer prior to the date
		hereof.

	  

	 (g)  GFL
		agrees not to (and not to permit any other Person within the GFL Group to)
		enter into any agency, finders’ or brokerage agreements (whether with an
		Affiliate or otherwise) relating to the procurement of lessees or purchasers
		for the Aircraft Assets (or agreements similar thereto) without the prior
		written consent of the Servicer; provided,
		however, that
		the foregoing shall not be construed as 

	  

	  

	 
		4
	 

	 

	 
 
	  

	 prohibiting
		actions permitted under the Master Servicing Agreement with respect to Aircraft
		that are not Aircraft Assets.

	  

	 Section
		2.03.  Offerings.
		(a) (i) In connection with the public or private offering and sale
		(whether within the United States, outside of the United States or both within
		and outside of the United States) of any Notes or other equity or debt
		securities or the obtaining of loans (including lines of credit, but excluding
		individual aircraft financings of five or fewer aircraft) by (x) Genesis,
		(y) GFL, or (z) any other Person, pursuant to which any Person within the GFL
		Group is required to file, or assist in the filing of, any registration
		statement with the United States Securities and Exchange Commission or prepare
		and distribute, or assist in the preparation and distribution of, a
		registration statement, prospectus, offering memorandum, a private placement
		memorandum, lender group memorandum or other securities or loan offering
		document (any such offering and sale, including, without limitation, the
		Initial Offer, being hereinafter referred to herein as an “Offering”),
		GFL will provide (or cause its advisors to provide, as the case may be) the
		Servicer and its advisors drafts of, and a reasonable time to review, each
		registration statement, prospectus, offering memorandum, private placement
		memorandum, lender group memorandum or other securities or loan offering
		document, as the case may be, and each amendment or supplement to any thereof
		relating to any such Offering (a “Prospectus”)
		and will use its best efforts to incorporate the comments, if any, provided by
		the Servicer with respect to the Servicer or any of its Affiliates or their
		respective roles in connection with any such Offering including under this
		Agreement, the Master Servicing Agreement or the Business Opportunities
		Agreement (the “Servicer
		Disclosure”,
		which term shall include the Servicer Information) (it being understood that
		the Servicer and its Affiliates have the right, but not the obligation, to
		comment thereon). GFL will not, and will not permit any Person within the GFL
		Group to, file, or assist in the filing of, any such Prospectus with any
		governmental agency or otherwise publicly disclose or distribute to potential
		purchasers or lenders the contents of such Prospectus without the
		Servicer’s prior consent (which consent must be written only with respect
		to, in the case of any Prospectus that is filed with the United States
		Securities and Exchange Commission, the last Prospectus filed prior to or
		concurrently with the filing of a request for acceleration of effectiveness of
		the related registration statement or post-effective amendment thereto or, in
		the case of any Prospectus that is not filed with the United States Securities
		and Exchange Commission, the version of the Prospectus to be delivered in
		connection with the sale, or confirmation of sale, of any Notes or other debt
		or equity securities or the making of any loans, as the case may be) as to
		those portions of any such Prospectus relating to Servicer Disclosure, which
		consent shall not be unreasonably withheld or determination
		delayed.

	  

	 (ii)  GFL
		understands and agrees that the Servicer has the right to approve any and all
		Servicer Disclosure, including the context thereof, and that GFL will not
		permit the inclusion in any Prospectus of (x) any financial statements or
		financial data relating to the Servicer or any Affiliate thereof,
		(y) performance or related data with respect to the Servicer’s
		servicing of aircraft directly or indirectly owned by any Person within the GFL
		Group or directly or indirectly owned by Genesis or any of its Affiliates or
		any other Person’s aircraft or other assets or (z) information
		relating to aircraft owned or managed by the Servicer or any of its Affiliates
		that do not comprise Aircraft Assets or “Aircraft Assets” as defined
		in the Master Servicing Agreement (except and to the extent that the quantities
		and types of aircraft currently owned or managed by the Servicer are disclosed
		in a form and substance substantially similar to that set forth under the
		caption “The Parties—Servicer” in the final offering circular
		dated _____ ___, 2006 relating to GFL and the Notes (the “Final
		Prospectus”)).
		For the avoidance of doubt, however, if such information and the context of its
		disclosure are approved by the Servicer in writing, then GFL shall have the
		right to include such information in such Prospectus. Notwithstanding the
		foregoing, the Servicer agrees (A) that, subject to its prior review and
		updating, any Prospectus may include Servicer Disclosure substantially
		identical to that contained in the Final Prospectus and (B) to respond with any
		comments it may have on any Servicer Disclosure reasonably promptly following
		GFL’s delivery of drafts of the entire Prospectus, 

	  

	 

	 
		5
	 

	 

	 
 
	  

	 including
		any Servicer Disclosure, to the Servicer. GFL will also provide (or cause its
		Affiliates or advisors to provide, as the case may be) the Servicer with copies
		of, and an opportunity to review, any marketing and marketing related materials
		produced in connection with any Offering. GFL will not distribute any such
		marketing materials (or disseminate, or permit the dissemination of, the
		information contained therein) including information relating to the Servicer
		or any of its Affiliates without the Servicer’s prior written consent,
		which consent shall not be unreasonably withheld, as to those portions of any
		such marketing materials relating to the Servicer or any of its Affiliates. The
		Servicer agrees to respond with any comments it may have on any such marketing
		materials reasonably promptly following GFL’s delivery of copies thereof
		to the Servicer.

	  

	 (iii)  GFL
		agrees that it will use commercially reasonable efforts to cause its legal,
		accounting and other technical advisors to include the Servicer and such
		Affiliates of the Servicer as the Servicer designates as addressees of any
		opinions and/or comfort letters being provided to any Person within the GFL
		Group and/or any underwriters in connection with any Offering.

	  

	 (iv)  GFL
		agrees that each Prospectus will include disclosure, in form and substance
		satisfactory to the Servicer, of all disclaimers, the Standard of Care,
		Standard of Liability and Conflicts Standard, waivers of liability and
		indemnification pertaining to the Servicer or any of its Affiliates or their
		respective roles in connection with this Agreement and any related
		Offering.

	  

	 (b)  Subject
		to Section 2.03(g) below, if GFL reasonably requests that the Servicer or
		its Affiliates be present on a reasonable basis at customary marketing
		activities (including a so-called “road show”) related to any
		Offering, the Servicer and its Affiliates shall be present at such marketing
		activities, but solely in the Servicer’s capacity as Servicer with respect
		to the Aircraft Assets pursuant to this Agreement. GFL agrees that on any such
		marketing activities the Servicer’s only obligation shall be, to the
		extent necessary, to discuss the factual matters relating to its role as
		servicer hereunder and the Aircraft Assets which are the subject hereof (and,
		if applicable, its role under the Master Servicing Agreement, the
		“Aircraft Assets” as defined therein and the Business Opportunities
		Agreement), including discussing information contained in the Prospectus with
		respect to such assets relating to types of aircraft, aircraft maintenance and
		aircraft leases. Notwithstanding the foregoing, the Servicer shall not be
		required to make any presentations with respect to, or to comment upon, its
		views of future trends in the aviation industry, including future trends
		relating to types of aircraft, particular lessees or expected aircraft lease
		rates or values, or to provide opinions, forecasts, predictions or prospects
		relating thereto (or to the Aircraft Assets or any other Aircraft). GFL agrees
		that no more than two (2) members of the Servicer’s management, the
		identity of which members and the schedule of any activities in which such
		members are to participate are to be mutually agreed upon by GFL and the
		Servicer from time to time, shall be required to be present at any marketing
		activities related to any Offering (it being understood that if reasonably
		requested by GFL, the Servicer will provide, subject to availability, up to an
		aggregate of four (4) members of its management). In no event shall a
		representative of the Servicer be required to attend any marketing activities
		without representatives of GFL or Genesis, as the case may be, the Manager and
		the underwriters.

	  

	 (c)  GFL will
		invite the Servicer to attend, on reasonable prior notice, all meetings (or
		portions thereof) with rating agencies relating to any Offering of any Person
		in the GFL Group, will provide the Servicer a reasonable period of time to
		review and comment upon any written materials relating to the Servicer or any
		of its Affiliates prior to submission thereof to any Rating Agency and will
		provide the Servicer with copies of all documents or other written materials
		received from any Rating Agencies relating to the Servicer or any of its
		Affiliates. GFL agrees that, in furtherance of the foregoing, it will not
		submit or permit Genesis to submit any materials to any Rating Agency relating
		to the Servicer 

	  

	 

	 
		6
	 

	 

	 
 
	  

	 or any
		of its Affiliates or their respective roles without the Servicer’s prior
		consent, which consent shall be in writing and not unreasonably withheld or
		delayed.

	  

	 (d)  GFL
		understands, acknowledges and agrees that the Servicer will not be a party to
		any underwriting, securities purchase or similar agreement or any letter to,
		representation to or indemnity or other agreement with, any underwriter or
		initial purchaser, in connection with any Offering, and, except as set forth in
		Section 2.03(m), shall not assume responsibility for any information set forth
		in any Prospectus related thereto.

	  

	 (e)  (i) Subject
		to executing confidentiality agreements satisfactory in form and substance to
		GFL, GFL agrees to use its commercially reasonable efforts to provide the
		Servicer or any of its Affiliates and/or advisors with an opportunity, at the
		Servicer’s election, to conduct customary due diligence with respect to
		any Offering of Genesis or any Person in the GFL Group, including with respect
		to any matters disclosed in any Prospectus. 

	  

	 (ii)
		Subject to executing confidentiality agreements satisfactory in form and
		substance to the Servicer, and subject to Section 2.03(g) below, the
		Servicer agrees to provide GFL, Genesis, underwriters, Rating Agencies and/or
		advisors with reasonable opportunities to conduct due diligence with respect to
		information pertaining to the Servicer and the provision of Services pursuant
		to this Agreement with respect to the Aircraft Assets; provided,
		however, that,
		if it is established to the Servicer’s reasonable satisfaction that any
		Rating Agency does not execute confidentiality agreements as a matter of
		policy, the Servicer will waive such requirement with respect to such Rating
		Agency so long as such Rating Agency establishes to the Servicer’s
		reasonable satisfaction that any information made available to it will be held
		confidential.

	  

	 (f)  Except
		to the extent required by law, GFL agrees not to (and not to permit any other
		Person within the GFL Group to) make, directly or indirectly, any press release
		or other public announcement by any means (including by making disclosures to
		financial analysts or other members of the financial community that are
		intended to be or could reasonably be expected to be publicly disclosed)
		relating to Servicer Disclosure without the Servicer’s prior written
		consent. In the event a press release or other public announcement is
		recommended by securities counsel or required by law, GFL shall consult with
		the Servicer prior to making (or permitting to be made) any such press release
		or public announcement to the extent that such press release or public
		announcement relates to the Servicer (or any of its Affiliates) or their
		respective involvement in any Offering. Promptly after GFL’s request
		therefor, the Servicer agrees to provide GFL with the Servicer’s
		pre-approved customary disclosure concerning the Servicer or any of its
		Affiliates and their roles pursuant to this Agreement, the Master Servicing
		Agreement and the Business Opportunities Agreement for inclusion in GFL’s
		quarterly and annual public reporting disclosure documents to be filed with the
		Securities and Exchange Commission; provided,
		however, that
		the context of such disclosure in such documents shall be subject to the prior
		consent of the Servicer.

	  

	 (g)  Upon the
		closing of any Offering (other than the Initial Offer) by any Person in the GFL
		Group, or any Offering by Genesis or any of its Subsidiaries (that constitutes
		a refinancing of the Notes or with respect to which GFL has requested
		participation from the Servicer as provided above in this Section 2.03),
		GFL shall pay, or cause another Person to pay, the Servicer fees in such amount
		as the Servicer and GFL shall agree. In addition to such agreement on such
		fees, GFL and the Servicer hereby agree that additional fees shall be paid to
		the Servicer in connection with the Servicer’s involvement with the
		solicitation of, or otherwise any action to obtain, any lessee consents and/or
		novations in connection with any Offering. Such additional fees to be paid to
		the Servicer shall consist of $6,000 per applicable Aircraft.

	  

	 

	 
		7
	 

	 

	 
 
	  

	 (h)  Notwithstanding
		the foregoing, (i) and except as otherwise expressly agreed by an Affiliate of
		the Servicer in a separate agreement in the case of this clause (i), neither
		the Servicer nor any of its Affiliates shall be obligated to underwrite or
		purchase any securities to be issued by GFL or any other Person within the GFL
		Group; (ii) neither the Servicer nor any of its Affiliates shall be obligated
		to issue any Guarantees or otherwise to provide any credit enhancement or
		support or incur any obligations or liabilities to provide any credit
		enhancement or support or incur any other obligations or liabilities in
		connection with any Offering; (iii) neither the Servicer nor any of its
		Affiliates shall be required to sign any registration statement (or any similar
		document) in connection with any Offering (as “registrant”,
		“issuer” or in any other capacity) or take any other action that
		could, in the Servicer’s sole determination, result in the Servicer or any
		of its Affiliates being (or being deemed to be) a “control person”
		with respect to the applicable issuer of any securities issued in connection
		with any such financing transaction under applicable securities laws in
		connection with any such financing or an “underwriter” of any such
		securities; and (iv) the obligations of the Servicer under this Section 2.03
		shall be subject to the reasonable satisfaction of the Servicer with all the
		terms and conditions of the applicable Offering that relate to the Servicer or
		any of its Affiliates or their respective roles (including the indemnities in
		favor of the Servicer and its Affiliates).

	  

	 (i)  In the
		case of any Offering, the Indemnified Parties shall have no liability for, and
		GFL shall hold, and shall cause each other Person, if any, for whom a Offering
		was conducted to hold, each Indemnified Party harmless from, and indemnify on
		an After-Tax Basis each Indemnified Party against, any and all Losses that may
		be imposed on, incurred by or asserted against (including with respect to any
		such claims, suits, actions or proceedings by third parties, including the
		applicable underwriters and purchasers of any securities issued in connection
		with any such Offering) such Indemnified Party, directly or indirectly, arising
		out of, in connection with or related to the Servicer’s performance of the
		obligations set forth in this Section 2.03 with respect to any Offering;
		provided,
		however, that
		such indemnity shall not apply to the extent that, if GFL had suffered such
		Losses, the Servicer would have been required to indemnify GFL pursuant to the
		terms of Section 2.03(m). The obligation of GFL under this Section 2.03(i)
		shall be in addition to any liability that GFL may otherwise have to the
		Indemnified Parties and shall not be limited or reduced with respect to the
		Indemnified Parties by any other rights to indemnification that may be
		available to such Indemnified Parties.

	  

	 (j)  GFL
		agrees to reimburse the Servicer, on a monthly basis, for all out-of-pocket
		expenses incurred directly or indirectly by the Servicer or any of its
		Affiliates in connection with any Offering with respect to which the Servicer
		shall provide services pursuant to this Section 2.03, including any outside
		advisor fees and expenses (including travel and lodgings), including legal,
		accounting, investment banking, consulting and other similar advisors retained
		by the Servicer or any of its Affiliates in connection with any
		Offering.

	  

	 (k)  For the
		avoidance of doubt, but without derogating from any of the Servicer’s
		rights hereunder, the Servicer shall continue to act as the primary servicer
		for each Aircraft Asset, following the financing or refinancing thereof
		pursuant to a public or private aircraft financing transaction, so long as any
		Person within the GFL Group or Genesis or any of its Affiliates owns or leases
		in such Aircraft Asset, on the terms provided in this Agreement. In addition,
		the Servicer shall continue to act as the primary servicer for any Aircraft
		Assets that are financed or refinanced pursuant to a public or private aircraft
		financing transaction (including a public or private securitization financing
		transaction) under circumstances in which, following such financing or
		refinancing, (i) GFL or any Person in the GFL Group has (individually or in the
		aggregate) a direct or indirect interest in such Aircraft Assets or in any
		securities representing the residual or equity interest in such Aircraft
		Assets, and (ii) such Aircraft Assets are to be managed pursuant to a servicing
		agreement or other arrangement other than this Agreement, (x) on a basis
		substantially the same as the basis upon which the Servicer provides the
		Services pursuant to this Agreement (including for the fees provided for herein
		to be paid to the Servicer and in accordance with the Standard of Care and the
		Conflicts Standard and subject to the Standard of Liability and Article
		

	  

	 

	 
		8
	 

	 

	 
 
	  

	 XI) and
		(y) otherwise on such commercially reasonable terms as shall be agreed.
		For purposes of clarification, after giving effect to any such offering or
		refinancing, regardless of the form or structure thereof, all Aircraft that
		were at one time Original Aircraft owned or leased in by any Person in the GFL
		Group or by Genesis or any of its Affiliates shall continue to be serviced by
		the Servicer pursuant to this Agreement or a servicing agreement substantially
		the same as this Agreement unless such Original Aircraft has become a Former
		Aircraft Asset.

	  

	 (l)  Notwithstanding
		any provision to the contrary in this Agreement, GE Capital or any Affiliate of
		GE Capital may, in its sole discretion, at any time and from time to time enter
		into and effectuate, directly or indirectly, public or private financing
		transactions with respect to Aircraft other than the Aircraft
		Assets.

	  

	 (m)  The
		Servicer shall indemnify and hold harmless GFL and its trustees, officers and
		employees from and against any and all Losses that may be imposed on, incurred
		by or asserted against GFL or any such other Person insofar as any such Loss
		arises out of, or is based upon, (i) any untrue statement or alleged
		untrue statement of a material fact contained in the Servicer Information (as
		defined below) contained in any final or preliminary Prospectus or in any
		amendment thereof or supplement thereto or in any other document filed with the
		United States Securities and Exchange Commission or (ii) the omission or
		alleged omission to state in the Servicer Information included in any final or
		preliminary Prospectus a material fact required to be stated therein or
		necessary to make the statements therein not misleading; provided,
		however, that
		the Servicer shall not be liable to GFL under the indemnity set forth in this
		Section 2.03(m) (x) unless the Servicer shall have consented in writing to the
		text of the Servicer Information in such final or preliminary Prospectus and
		(y) if the relevant Loss results from an untrue statement or omission contained
		in a preliminary Prospectus that was delivered to a person that was sold a
		security described in such preliminary Prospectus and if the Servicer shall
		have provided to GFL prior to the investment decisions of the applicable buyer
		asserting such Loss information correcting such untrue statement or omission
		and GFL shall have failed to deliver or cause to be delivered such correcting
		information to such person. “Servicer
		Information”
		shall mean the information set forth in the section of the Final Prospectus
		captioned “The Parties - Servicer” and the comparable sections (or
		comparable disclosure in comparable portions thereof) contained in any other
		preliminary or final Prospectus. In connection with any Offering, upon the
		request and at the expense of GFL, the Servicer shall make a good faith effort
		to obtain from one of its regular outside legal counsel, selected by the
		Servicer, a customary securities law disclosure letter related solely to the
		Servicer Information included in the relevant Prospectus and addressed to the
		underwriters or initial purchasers in respect of the Notes being offered under
		such Prospectus (such underwriters and initial purchasers not, however,
		constituting third party beneficiaries of this Agreement).

	  

	 Section
		2.04.  Compliance
		with Applicable Laws and GE Policies.
		(a) Notwithstanding anything to the contrary in this Agreement, the
		Servicer shall not be obligated to take or refrain from taking any action at
		any time that the Servicer believes, in good faith but sole discretion, is
		reasonably likely to (i) violate any Applicable Law with respect to the
		Servicer or its Affiliates or any GE Policy or (ii) lead to an investigation by
		any Governmental Authority, directly or indirectly, of or relating to the
		Servicer, any of its Affiliates or the Services. “GE
		Policy”
		means each of the established written policies of GE applicable to GE and its
		controlled affiliates related to business practices with respect to legal,
		ethical and social matters, which policies are currently embodied in the
		pamphlet The
		Spirit & The Letter, a copy
		of which has been provided to GFL, as the same may be amended and in effect
		from time to time. The Servicer shall provide GFL with a copy of all amendments
		and updates to The
		Spirit & The Letter.

	  

	 (b)  If
		pursuant to paragraph (a) above, the Servicer shall have determined not to take
		any action with respect to any transaction or potential transaction (whether or
		not any such transaction or a similar transaction has previously been entered
		into) relating to any Aircraft Asset and as a consequence thereof any Person
		within the GFL Group shall be denied the opportunity to participate in any
		transaction 

	  

	 

	 
		9
	 

	 

	 
 
	  

	 or
		potential transaction in which it would otherwise be able to participate in
		accordance with Applicable Law, then, notwithstanding the provisions of Section
		2.01, any such Person within the GFL Group may enter into, or engage another
		Person to arrange on its behalf, such transaction or potential transaction with
		respect to such Aircraft Asset; provided,
		however, that
		such Person within the GFL Group may not enter into any such transaction or
		potential transaction if at or about the same time a substantially similar
		transaction (with at least as favorable or the same economic terms) could be
		arranged by the Servicer with respect to such Aircraft Asset in a manner that
		is not reasonably likely to violate GE Policy or lead to an investigation by
		any Governmental Authority, directly or indirectly, of or relating to the
		Servicer, any of its Affiliates or the Services; provided further,
		however, that
		(i) the Aircraft Asset that is the subject of such transaction or potential
		transaction or the subject of a resignation or removal as provided in Section
		3.02(d) (a “Former
		Aircraft Asset”)
		shall cease to be an Aircraft Asset (including for the purposes of calculating
		the Servicing Fees) on the date that such transaction or potential transaction
		is entered into, (ii) from and after such date (unless and until such Former
		Aircraft Asset becomes an Aircraft Asset pursuant to Section 6.07) no further
		Services shall be provided with respect to such Former Aircraft Asset and (iii)
		the Servicer shall not have any obligation or liability with respect to such
		Former Aircraft Asset or such transaction or potential
		transaction.

	  

	 (c)  Notwithstanding
		anything to the contrary set forth in paragraph (b) above, no Person
		within the GFL Group shall be entitled to enter into, or engage any other
		Person to arrange on its behalf, any transaction or potential transaction with
		respect to any Aircraft Asset if the Servicer shall have made a determination
		regarding that transaction or potential transaction pursuant to paragraph (a)
		above because it reasonably believed that a party to such transaction or
		potential transaction is an OFAC Designated Person or that such transaction or
		potential transaction was reasonably likely to violate the United States
		Foreign Corrupt Practices Act (or any similar or successor statute), any of the
		Anti-Terrorism laws or any similar or successor statutes or orders applicable
		to entities organized under the laws of the United States (or any state or
		political subdivision thereof) or applicable to any Person within the GFL Group
		or otherwise applicable to such transaction or potential
		transaction.

	  

	 Section
		2.05.  Limitations.
		(a) Notwithstanding any other provision of this Agreement which could be
		construed to the contrary, neither the Servicer nor any of its Affiliates shall
		assume any Indebtedness of any Person within the GFL Group or of Genesis or any
		of its other Affiliates (whether consisting of the Notes, under the Indenture
		or otherwise) nor shall any provision of this Agreement or any other Operative
		Agreement be construed so as to imply that the parties intended any such
		assumption.

	  

	 (b)  In
		addition to Section 2.04, the Servicer shall not, and shall not be obligated
		to, act in a manner inconsistent with the rights, obligations or undertakings
		of the “Lessor” under any Lease, the “seller” under a sale
		contract or any other Person party to any other contract for the benefit of any
		Person in the GFL Group or otherwise in any manner that is illegal or
		prohibited by Applicable Law or any applicable contract.

	  

	 (c)  Notwithstanding
		any other provision of this Agreement (but without limiting its obligation to
		provide Genesis with certain offers of aircraft for sale, and certain
		information related thereto, as and to the extent provided in the Business
		Opportunities Agreement), the Servicer shall not be obligated either initially
		or on a continuing basis to provide any Person within the GFL Group or any of
		its Representatives or Genesis or any of its other Affiliates any confidential
		or proprietary information regarding the Servicer’s or any of its
		Affiliates’ business or the business or finances of any Person, other than
		information regarding any Person within the GFL Group, whose assets it manages
		from time to time.

	  

	 (d)  The
		Servicer shall not be liable or accountable for (i) the failure by a Lessee,
		any buyer or any other Person to perform any of its obligations under any
		Lease, sale contract or any other contract including the payment of amounts
		payable under any Lease or any other contract or (ii) the accuracy or
		completeness of any notices, reports or other communications (whether written
		or oral) made 

	  

	 

	 
		10
	 

	 

	 
 
	  

	 by any
		Lessee, any buyer or any Person other than the Servicer in or concerning any
		Lease or any other contract or any document in connection therewith and shall
		be entitled to rely upon all such notices, reports and communications except to
		the extent that the Servicer has actual notice of any matter to the
		contrary.

	  

	 (e)  The
		Servicer may rely on any Adviser, Broker, law firm or other professional
		adviser appointed by the Servicer or GFL and shall not be liable for any claim
		by any Person within the GFL Group or any other Person to the extent that it
		was acting in good faith upon the advice of such Adviser, Broker, law firm or
		other professional adviser.

	  

	 (f)  The
		relationship between the Servicer and GFL is an agency relationship, however,
		except in relation to any money erroneously received by the Servicer or any of
		its Affiliates into any of the Servicer’s or any of its Affiliates’
		bank accounts on behalf of any Person within the GFL Group, which the Servicer
		will hold in trust for such Person and deposit into the Collection Account as
		soon as reasonably practicable, neither the Servicer nor any of its
		Representatives shall be under any fiduciary duty or other implied obligation
		or duty to any Person within the GFL Group or to Genesis or any Affiliate of
		any such Person or any holder of any equity or debt security issued by or
		lender to any Person within the GFL Group or by Genesis or any of its
		Affiliates, or to any Lessee, the Manager, [the Policy Provider,] or any other
		Person arising out of this Agreement; it being agreed that the rights and
		obligations of the parties hereto shall only be those expressly provided for in
		this Agreement.

	  

	 (g)  Without
		prejudice to the Standard of Care, the Servicer shall not be imputed with the
		knowledge of any of its employees other than its directors, officers and those
		employees involved in the performance of the Services relevant to such
		knowledge responsible for the day-to-day administration of this Agreement. The
		Servicer shall be deemed to have actual notice of any matter only upon the
		receipt of written notice describing any such matter in reasonable detail or to
		the extent that one of the foregoing Persons has actual knowledge of any such
		matter or which one of such Persons ought to have known if the Servicer had
		acted in accordance with the Standard of Care.

	  

	 (h)  The
		Servicer shall not be obligated to assume, or engage in activities which could
		reasonably be expected to subject the Servicer to, any liability as a related
		company or shadow director of any Person within the GFL Group or under any
		similar legal concept. GFL and each other party hereto understands,
		acknowledges and agrees that the intent of the parties hereunder is that the
		Servicer will not be subject to any obligations or liabilities whatsoever other
		than as and to the extent that any obligations or liabilities arise pursuant to
		the express terms of this Agreement.

	  

	 ARTICLE
		III

	  

	 Standard
		of Care; Conflicts of Interest; Standard of Liability

	  

	 Section
		3.01.  Standard
		of Care. The
		Servicer shall use reasonable care and diligence at all times in the
		performance of the Services (the “Standard
		of Care”).

	  

	 Section
		3.02.  Conflicts
		of Interest.
		(a) GFL, Policy Provider and each other party hereto acknowledges and
		agrees that (i) in addition to managing the Aircraft Assets under this
		Agreement, the Servicer may manage, and shall be entitled to manage, from time
		to time the separate assets and businesses of (r) Pegasus Aviation Finance
		Company and its Affiliates, (s) Export Development Canada, (t) Genesis and its
		Affiliates, (u) GE Capital and its Affiliates, (v) Commercial Aircraft Leasing
		Ltd. and its Affiliates, (w) Lease Investment Flight Trust and its
		Affiliates, (x) Airplanes U.S. Trust and Airplanes Limited and their respective
		Affiliates (y) Aircraft Finance Trust and its Affiliates and (z) other third
		parties (the assets of the parties described in clauses (r), (s), (t),
		(u), (v), (w), (x), (y) and (z) are collectively hereinafter referred to as the
		“Other
		Assets”);
		(ii) in the course of conducting such activities, 

	  

	 

	 
		11
	 

	 

	 
 
	  

	 the
		Servicer may from time to time have conflicts of interest in performing its
		duties on behalf of the various entities to whom it provides management
		services and with respect to the various assets in respect of which it provides
		management services; and (iii) Policy Provider, Genesis and the board of
		directors of GFL have approved the transactions contemplated by this Agreement
		and the other Operative Agreements and desire that such transactions be
		consummated and in giving such approval Policy Provider, Genesis and the board
		of directors of GFL have expressly recognized that such conflicts of interest
		may arise and that when such conflicts of interest arise the Servicer shall
		perform the Services hereunder in accordance with the Standard of Care and, to
		the extent applicable, the Conflicts Standard.

	  

	 (b)  If
		conflicts of interest arise regarding the management of (i) a particular
		Aircraft Asset, on the one hand, and another Aircraft Asset, on the other hand,
		or (ii) any Aircraft Asset, on the one hand, and any Other Asset, on the other
		hand, the Servicer shall perform the Services in good faith and, without
		prejudice to the generality of the foregoing, to the extent (i) such Aircraft
		Assets or (ii) such Aircraft Asset and such Other Asset are substantially
		similar in terms of objectively identifiable characteristics relevant for
		purposes of the particular Services to be performed, the Servicer shall not
		discriminate among such Aircraft Assets or between such Aircraft Asset and such
		Other Asset, respectively, on an unreasonable basis (the standard set forth in
		this Section 3.02(b) shall be referred to collectively as the
		“Conflicts
		Standard”).

	  

	 (c)  Notwithstanding
		any provision herein to the contrary, if, in connection with the provision of
		Services with respect to an Aircraft Asset or Lease, a conflict of interest
		shall exist that, in the good faith opinion of the Servicer, requires an
		arm’s-length negotiation between the Servicer or an Affiliate of the
		Servicer, on the one hand, and any Person within the GFL Group, on the other
		hand, and the Servicer believes it would not be appropriate for the Servicer to
		act on behalf of such Person within the GFL Group in connection with such
		negotiation (whether or not the Servicer shall propose to act on behalf of
		itself or one of its Affiliates in connection with such negotiation), then the
		Servicer shall withdraw from acting as Servicer with respect to such Aircraft
		Asset or Lease in connection with the negotiation of the issue giving rise to
		such conflict of interest. The Servicer shall provide written notice to GFL not
		more than ten Business Days after it has made a determination that an
		arm’s-length negotiation is necessary with respect to such conflict of
		interest and it would not be appropriate for the Servicer to act on behalf of
		such Person within the GFL Group in connection with such negotiation. Not more
		than seven Business Days after receipt of such notice from the Servicer, GFL
		shall appoint an independent representative (which may be Genesis, any Person
		within the GFL Group or the Manager, but otherwise not a Competitor listed in
		clause (ii) of the definition of such term or any of its Affiliates so
		long as no Event of Default has occurred and is continuing, and if an Event of
		Default has occurred and is continuing, may be a Competitor listed in clause
		(ii)(b) or (ii)(i) of the definition of such term (or, if the Servicer believes
		negotiation with such Person could result in a risk of a violation of
		Applicable Law or GE Policy, such other Person that is not the largest
		Competitor, either in terms of aircraft value or number of aircraft, of those
		named in such clause (ii) as the Policy Provider shall propose from the Persons
		listed in such clause (ii)) (the “Independent
		Representative”)
		to act on behalf of such Person within the GFL Group to which such Aircraft
		Asset or Lease and conflict of interest relates. Any such Independent
		Representative so appointed shall act on behalf of the relevant Person within
		the GFL Group for purposes of such negotiation relating to such Aircraft Asset
		or Lease and the Servicer shall have no responsibility or liability to any
		Person within the GFL Group with respect to such negotiation relating to such
		Aircraft Asset or Lease. In any event, the Servicer shall be entitled to act on
		behalf of itself or its Affiliate with respect to such negotiation. During the
		period of such Independent Representative’s appointment, the Servicer
		shall continue to perform its ordinary functions as Servicer with respect to
		such Aircraft Asset or Lease to the extent that the performance of the Servicer
		does not directly or indirectly affect the negotiation of the issue giving rise
		to such conflict of interest. To the extent, if any, the Servicer cannot
		continue to perform any Services with respect to such Aircraft Asset or Lease
		during such negotiation, such Services shall be performed by the Independent
		Representative or any other designee of such Person within the GFL Group.
		Except as provided in Section 3.02(d) below, any such Aircraft Asset or
		any 

	  

	 

	 
		12
	 

	 

	 
 
	  

	 Aircraft
		Assets subject to any such Lease shall continue to be included as an Aircraft
		Asset for purposes of calculating the Servicing Fees pursuant to Article IX
		during the appointment of an Independent Representative and the fees, if any,
		of any such Independent Representative shall be paid by GFL.

	  

	 (d)  If
		(i) the Servicer reasonably determines that directions given by any Person
		to the Servicer in accordance with this Agreement or Services required to be
		performed under this Agreement (other than any Service involving an
		arm’s-length negotiation between the Servicer or an Affiliate of the
		Servicer, on the one hand, and any Person within the GFL Group, on the other
		hand) would, in either case, if carried out, place the Servicer in a conflict
		of interest with respect to which, in the Servicer’s good faith opinion,
		the Servicer cannot continue to perform its obligations hereunder within the
		requirements set forth in Section 3.02 with respect to all Aircraft Assets or
		any affected Aircraft Assets, as the case may be, or (ii) there is a
		conflict of interest of the type described in Section 3.02(c) above which
		results in the Independent Representative being required to perform
		substantially all of the Services described in Sections 1 through 3 of
		Schedule 2.02(a) of this Agreement on a long-term basis in respect of an
		affected Aircraft Asset, the Servicer shall give GFL prompt written notice
		thereof and thereafter the Servicer may resign as Servicer with respect to the
		affected Aircraft Assets or Aircraft Asset, or GFL may elect to remove the
		Servicer with regard to the affected Aircraft Assets or Aircraft Asset, as
		provided in Article X, with the result that each affected Aircraft Asset shall
		cease to be an Aircraft Asset hereunder.

	  

	 Section
		3.03.  Standard
		of Liability.
		Notwithstanding any other provision of this Agreement which could be construed
		to the contrary, the Servicer shall not be liable or accountable to any Person
		including, without limitation, GFL or any Subsidiary or Affiliate of GFL (other
		than GFL to the extent set forth in the next following sentence), Policy
		Provider or Genesis or any Affiliate thereof or any other Person, under any
		circumstances for any Losses directly or indirectly arising out of, in
		connection with or related to, the management by the Servicer of Aircraft
		Assets or Other Assets. The Servicer shall not be liable or accountable to GFL
		or any other Person in the GFL Group, Genesis or any Affiliate thereof [,
		Policy Provider] or any other Person under any circumstances for, and GFL shall
		indemnify the Servicer on an After-Tax Basis in accordance with the provisions
		of Article XI for, any Losses, directly or indirectly, arising out of, in
		connection with or related to, the management by the Servicer of Aircraft
		Assets or Other Assets, unless such Losses are finally adjudicated to have
		resulted directly from (x) the Servicer’s (or any Servicer
		Delegate’s) gross negligence or willful misconduct (including willful
		misconduct that constitutes fraud) in respect of its obligation to apply the
		Standard of Care or the Conflicts Standard in respect of its performance of the
		Services or (y) any representation or warranty by the Servicer to such Person
		set forth in Sections 4.10 or 4.11 having proven to be false on the date hereof
		(the liability standards set forth in this Section 3.03, the “Standard
		of Liability”).
		For the avoidance of doubt, but without limiting the provisions of Section
		9.07, the provisions of this Section 3.03 shall not give rise to any
		obligation on the part of the Servicer to indemnify GFL for any Taxes. Without
		limiting the foregoing, the Servicer shall not be directly or indirectly liable
		or accountable to GFL or any Person in the GFL Group or Genesis or any of its
		other Affiliates or the Policy Provider under any circumstances for any Losses
		directly or indirectly arising out of, in connection with or related to, (i)
		the direct or indirect transfer of any Aircraft Assets or Leases related
		thereto or any other assets to any Person within the GFL Group or outside of
		the GFL Group, (ii) the adequacy of the terms of any Lease or other contract
		relating to any Aircraft Assets, (iii) the reliability or creditworthiness of
		any Lessee or other party to a contract with respect to its obligations under
		any Lease or any other contract relating to the Aircraft Assets, (iv) the
		adequacy of the lease payments derived from the Leases related to any Aircraft
		Assets to support various obligations of the Persons within the GFL Group or of
		Genesis, (v) the adequacy of any utilization rents or other payments or
		security deposits relating to the Aircraft Assets, (vi) the terms and
		conditions of the Notes or other securities or instruments being offered and
		sold by GFL or any of its Affiliates as of the Closing Date (or thereafter) or
		pursuant to any Offering, (vii) the ability of GFL or any other Person to
		comply with the terms and conditions of such Notes or such securities or other
		instruments and (viii) the structuring and implementation of any aspect of the
		various transactions contemplated by any Offering, including the Final
		Prospectus.

	  

	 

	 
		13
	 

	 

	 
 
	  

	 Section
		3.04.  Waiver
		of Implied Standard. Except
		as expressly stated above in this Article III, ALL OTHER WARRANTIES, CONDITIONS
		AND REPRESENTATIONS, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE, ARISING UNDER
		U.S. FEDERAL, DELAWARE, IRISH, CAYMAN ISLANDS, BERMUDAN OR OTHER LAW IN
		RELATION TO THE SKILL, CARE, DILIGENCE OR OTHERWISE IN RESPECT OF ANY SERVICE
		TO BE PERFORMED HEREUNDER OR TO THE QUALITY OR FITNESS FOR ANY PARTICULAR
		PURPOSE OR MERCHANTABILITY OF ANY GOODS OR SERVICES ARE HEREBY EXCLUDED AND
		WAIVED BY GFL AND EACH OTHER PERSON IN THE GFL GROUP, THE POLICY PROVIDER,
		GENESIS, THE MANAGER AND THE SERVICER SHALL NOT BE LIABLE TO GFL OR ANY OTHER
		PERSON WITHIN THE GFL GROUP, THE POLICY PROVIDER, GENESIS, THE MANAGER OR ANY
		OTHER PERSON IN CONTRACT, TORT OR OTHERWISE UNDER U.S. FEDERAL, DELAWARE,
		IRISH, CAYMAN ISLANDS, BERMUDAN OR OTHER LAW FOR ANY LOSS, DAMAGE, EXPENSE OR
		INJURY OF ANY KIND WHATSOEVER, CONSEQUENTIAL OR OTHERWISE, ARISING OUT OF OR IN
		CONNECTION WITH EITHER THE SERVICES TO BE SUPPLIED PURSUANT TO THIS AGREEMENT
		OR ANY GOODS TO BE PROVIDED OR SOLD IN CONJUNCTION WITH SUCH SERVICES OR ANY
		DEFECT IN EITHER SUCH GOODS OR SERVICES OR FROM ANY OTHER CAUSE, WHETHER OR NOT
		ANY SUCH MATTER AMOUNTS TO A FUNDAMENTAL BREACH OF A FUNDAMENTAL TERM OF THIS
		AGREEMENT. Nothing in this Article III should be taken as in any way limiting
		or excluding any liability which the Servicer may have to GFL under Section 2
		of the Irish Liability for Defective Products Act, 1991.

	  

	 THE
		CONTRACTUAL RIGHTS, IF ANY, WHICH THE GFL GROUP ENJOYS BY VIRTUE OF SECTIONS
		12, 13, 14 AND 15 OF THE SALE OF GOODS ACT, 1893 (AS AMENDED) AND SECTION 39 OF
		THE SALE OF GOODS AND SUPPLY OF SERVICES ACT, 1980 ARE IN NO WAY PREJUDICED BY
		ANYTHING CONTAINED IN THIS AGREEMENT SAVE TO THE EXTENT PERMITTED BY
		LAW.

	  

	 ARTICLE
		IV

	  

	 Representations
		and Warranties

	  

	 GFL
		represents and warrants to, and agrees with, the Servicer as
		follows:

	  

	 Section
		4.01.  Aircraft
		Assets.
		Schedule 4.01 contains a true and complete list of all Aircraft Assets
		constituting Aircraft Assets as of the Closing Date and each Person within the
		GFL Group, if any, that owns such Aircraft Assets as of the Closing Date.
		Except as otherwise set forth therein, on the Delivery of each Aircraft Asset
		listed in Schedule 4.01, each Person within the GFL Group listed as an
		owner of an Aircraft Asset on such Schedule will have such title to such
		Aircraft Asset as was conveyed to such Person on its Delivery, free and clear
		of all Liens created by or through such Person.

	  

	 Section
		4.02.  Aircraft
		Assets Related Documents.
		(a) The Servicer shall not be required to perform any service provided for
		in or in connection with any Aircraft Assets Related Documents not in its
		possession (all such Aircraft Assets Related Documents listed in Schedule 4.02
		being in its possession) or delivered to it, and, to the extent that the
		failure to provide such service results in any Losses to the Servicer, GFL
		shall indemnify the Servicer for such Losses on an After-Tax Basis, in
		accordance with the provisions of Article XI.

	  

	 (b)  Each
		Aircraft Assets Related Document is a legal, valid and binding agreement of the
		Person within the GFL Group that is a party thereto (including by way of
		assignment or novation) and is enforceable against such Person within the GFL
		Group that is a party thereto in accordance with its terms. 

	  

	 

	 
		14
	 

	 

	 
 
	  

	 No
		Person within the GFL Group has modified, amended or waived any provision of or
		terminated any Aircraft Assets Related Document referred to in Schedule 4.02
		except as disclosed therein.

	  

	 Section
		4.03.  Accounts
		and Cash Flow.
		Schedule 4.03 sets forth a true and complete list of all bank or other similar
		accounts and any other accounts relating to the Aircraft Assets, including wire
		transfer instructions, with respect to which any Person within the GFL Group,
		the Security Trustee, the Manager or any other agent of any of the foregoing
		has authority, and Article III of the Indenture as in effect as of the date of
		this Agreement sets forth in reasonable detail a written description of all
		material arrangements and procedures relating to the flow of cash related to
		the Aircraft Assets.

	  

	 Section
		4.04.  Organization
		and Standing.

	  

	 (a)  GFL is a
		limited liability company duly created under the laws of Bermuda, and each
		other Person within the GFL Group is a corporation duly incorporated, a trust
		duly created or a limited liability company duly formed and validly existing
		and, if relevant, in good standing under the laws of the jurisdiction in which
		it is legally incorporated, created or formed, respectively, and possesses all
		franchises, licenses, permits, authorizations and approvals necessary to enable
		it to use its corporate or trust name and to own, lease or otherwise hold its
		properties and assets and to carry on its business as presently conducted and
		as proposed to be conducted except for such franchises, licenses, permits,
		authorizations and approvals the failure of which to obtain could not,
		individually or in the aggregate, have a Material Adverse Effect on the Persons
		within the GFL Group, taken as a whole, or on the Servicer. Each of GFL and
		each other Person within the GFL Group is in compliance in all material
		respects with all terms and conditions of such franchises, licenses, permits,
		authorizations and approvals. Schedule 4.04(a) sets forth a true and complete
		list of each Person within the GFL Group and the jurisdiction in which each
		such Person within the GFL Group is legally organized.

	  

	 (b)  Each of
		GFL and each other Person within the GFL Group is duly qualified to do business
		as a foreign corporation in each jurisdiction in which the nature of its
		business or the ownership, leasing or holding of its properties or assets
		requires qualification except for such jurisdictions where the failure to be so
		qualified could not, individually or in the aggregate, have a Material Adverse
		Effect on the Persons within the GFL Group, taken as a whole, or on the
		Servicer.

	  

	 Section
		4.05.  Authority.
		(a)  Each of GFL and each other Person within the GFL Group which is a
		party to an Operative Agreement has all requisite power and authority to
		execute each Operative Agreement to which it is or will be a party and to
		consummate the transactions and to perform its obligations contemplated
		thereby. All corporate acts and other proceedings required to be taken by each
		Person within the GFL Group to authorize the execution, delivery and
		performance of each Operative Agreement to which it is or will be a party and
		the consummation of the transactions and the performance of its obligations
		contemplated thereby have been or on or before the date of entering into the
		relevant Operative Agreements will have been duly and properly
		taken.

	  

	 (b)  Each of
		the Operative Agreements to which any Person within the GFL Group is or will be
		a party has been or will be duly and validly executed and delivered by such
		Person, as applicable, and each such Operative Agreement is or upon such
		execution and delivery will be a legal, valid and binding obligation of such
		Person, as applicable, enforceable against it in accordance with its
		terms.

	  

	 Section
		4.06.  No
		Conflicts.
		Neither the execution and delivery of any Operative Agreement to which any
		Person within the GFL Group is a party nor the consummation of the transactions
		contemplated thereby nor performance by any Person within the GFL Group of any
		of its obligations thereunder will (i) violate any provision of the constituent
		documents of any such Person within the GFL Group, (ii) violate any order,
		writ, injunction, judgment or decree applicable to any Person within the GFL
		Group or any of their respective properties or assets, (iii) violate in any
		material respect any 

	  

	 

	 
		15
	 

	 

	 
 
	  

	 Applicable
		Law or (iv) result in any conflict with, breach of or default (or give rise to
		any right of termination, cancellation or acceleration) under, any of the
		terms, conditions or provisions of any note, bond, mortgage, indenture, warrant
		or other similar instrument or any license, permit, material agreement or other
		material obligation to which any Person within the GFL Group is a party or by
		which any Person within the GFL Group or any of their respective properties or
		assets may be bound. No action, consent or approval by, or filing with, any
		Governmental Authority or any other regulatory or self regulatory body, or any
		other Person, is required in connection with the execution, delivery or
		performance by any Person within the GFL Group of the Operative Agreements to
		which it is a party or the consummation by any Person within the GFL Group of
		the transactions contemplated thereby.

	  

	 Section
		4.07.  Compliance
		with Applicable Laws. Each
		of GFL and each other Person within the GFL Group is in compliance in all
		material respects with all Applicable Laws and any filing requirements relating
		thereto.

	  

	 Section
		4.08.  Litigation;
		Decrees. (a)
		Other than in the case of subclause (i) as may exist with respect to the
		Original Aircraft on the Closing Date, or other Aircraft Assets which in good
		faith are believed by GFL to be fully covered by insurance, there are no
		claims, actions, suits, arbitrations or other proceedings or investigations (i)
		pending or, to the best knowledge of each of GFL and each other Person within
		the GFL Group, threatened, by or against or affecting GFL or any other Person
		within the GFL Group, which in any case involves a potential loss exceeding
		$1,000,000 and (ii) pending, or to the best knowledge of each of GFL and each
		other Person within the GFL Group, threatened, by or against or affecting GFL
		or any other Person within the GFL Group, related to the transactions
		contemplated by the Operative Agreements.

	  

	 (b)  Each of
		GFL and each other Person within the GFL Group is in compliance in all material
		respects with each outstanding judgment, order or decree (other than as may
		exist with respect to the Aircraft Assets) of any Governmental Authority or
		arbitrator applicable to GFL or any other Person within the GFL Group, as the
		case may be, and no such judgment, order or decree has or could have a Material
		Adverse Effect on GFL or any other Person within the GFL Group, or on the
		Servicer.

	  

	 Section
		4.09.  Appointments. (a)
		Each Person within the GFL Group has appointed GFL, and GFL has accepted such
		appointment, to act as representative of each such Person with respect to any
		matter in respect of which GFL or any other Person within the GFL Group is
		required or permitted to take any action pursuant to the terms of this
		Agreement.

	  

	 (b)  GFL has
		appointed the Manager to act on its behalf and on behalf of each of its
		Subsidiaries pursuant to the terms of the Management Agreement and GFL has
		appointed the Manager, on a revocable basis, to act on its behalf in connection
		with any action required or permitted to be taken by GFL on its own behalf or
		on behalf of any other Person within the GFL Group pursuant to the terms of
		this Agreement.

	  

	 The
		Servicer represents and warrants to GFL as follows:

	  

	 Section
		4.10.  Authority.
		(a) The Servicer is a limited liability company duly created under the
		laws of Ireland, and, if relevant, in good standing under the laws of Ireland,
		and possesses all franchises, licenses, permits, authorizations and approvals
		necessary under the laws of Ireland to enable it to use its corporate name and
		to own, lease or otherwise hold its properties and assets and to carry on its
		business as presently conducted and as proposed to be conducted except for such
		franchises, licenses, permits, authorizations and approvals the failure of
		which to obtain could not, individually or in the aggregate, have a Material
		Adverse Effect on the Persons within the GFL Group, taken as a whole, or on the
		Servicer. The Servicer has all requisite power and authority to execute each
		Operative Agreement to which it is or will be a party and to consummate the
		transactions and to perform its obligations 

	  

	 

	 
		16
	 

	 

	 
 
	  

	 contemplated
		thereby. All corporate acts and other proceedings required to be taken by the
		Servicer to authorize the execution, delivery and performance of each Operative
		Agreement to which it is or will be a party and the consummation of the
		transactions and the performance of its obligations contemplated thereby have
		been or on or before the date of entering into the relevant Operative
		Agreements will have been duly and properly taken.

	  

	 (b)  Each of
		the Operative Agreements to which the Servicer is or will be a party has been
		or will be duly and validly executed and delivered by the Servicer, as
		applicable, and each such Operative Agreement is or upon such execution and
		delivery will be a legal, valid and binding obligation of the Servicer,
		enforceable against it in accordance with its terms.

	  

	 Section
		4.11.  No
		Conflicts.
		Neither the execution and delivery of any Operative Agreement to which the
		Servicer is a party nor the consummation of the transactions contemplated
		thereby nor performance by the Servicer of any of its obligations thereunder
		will (i) violate any provision of the constituent documents of the Servicer,
		(ii) violate any order, writ, injunction, judgment or decree applicable to the
		Servicer or any of its properties or assets, (iii) violate in any material
		respect any Applicable Law or (iv) result in any conflict with, breach of or
		default (or give rise to any right of termination, cancellation or
		acceleration) under, any of the terms, conditions or provisions of any note,
		bond, mortgage, indenture, warrant or other similar instrument or any license,
		permit, material agreement or other material obligation to which the Servicer
		is a party or by which the Servicer or any of its properties or assets may be
		bound. No action, consent or approval by, or filing with, any Governmental
		Authority or any other regulatory or self-regulatory body, or any other Person,
		is required in connection with the execution, delivery or performance by the
		Servicer of the Operative Agreements to which it is a party or the consummation
		by the Servicer of the transactions contemplated thereby.

	  

	 Section
		4.12.  Compliance
		with Applicable Laws of Ireland. The
		Servicer is in compliance in all material respects with all Applicable Laws of
		Ireland and any filing requirements in Ireland relating thereto necessary to
		perform its obligations under this Agreement.

	  

	 Section
		4.13.  Litigation;
		Decrees.
		(a) There are no claims, actions, suits, arbitrations or other proceedings
		or investigations pending, or to the best knowledge of the Servicer,
		threatened, by or against or affecting the Servicer related to the transactions
		contemplated by this Agreement.

	  

	 (b)  The
		Servicer is in compliance in all material respects with each judgment, order or
		decree (other than may exist with respect to the Aircraft Assets) of any
		Governmental Authority or arbitrator applicable to the Servicer, and no such
		judgment, order or decree has or could have a Material Adverse Effect on GFL or
		any Person within the GFL Group, or on the Servicer.

	  

	 ARTICLE
		V

	  

	 Servicer
		Undertakings

	  

	 Section
		5.01.  Access. The
		Servicer at such times as GFL may reasonably request shall grant, and shall
		cause any Servicer Delegate to grant, to the Persons within the GFL Group and
		their agents (including the Manager and auditors), to the extent party to
		confidentiality agreements acceptable to the Servicer, access to the documents
		and other records generated by the Servicer (and in its possession) as part of
		its performance of the Services (exclusive of internal correspondence, approval
		materials, internal evaluations and similar documents or other records
		developed by the Servicer or any of its Affiliates for their own use) or by a
		Lessee and delivered to the Servicer, and related to the Aircraft Assets
		(copies of which GFL shall (at its expense) be entitled to take), to enable the
		Persons within the GFL Group and Genesis to monitor the performance by the
		Servicer under this Agreement or to otherwise discharge their respective
		obligations under Applicable Law (including applicable securities laws). Upon
		reasonable 

	  

	 

	 
		17
	 

	 

	 
 
	  

	 prior
		written notice and at reasonable times (in any event not more than an
		aggregate, with respect to the GFL Group and Genesis taken as a whole, of four
		(4) times per Year), the Servicer shall make one or more (such number to be
		determined by the Servicer in good faith but sole discretion) members of its
		management available to attend (including by telephone) meetings of the board
		of directors of GFL, at which a representative of the Policy Provider may be
		present. In addition, the Servicer will make one or more members of its
		management available to participate in additional meetings of such board of
		directors either, in the Servicer’s sole discretion, by participating in
		person or by teleconference. Any out-of-pocket expenses incurred by the
		Servicer in connection with any such attendance shall be reimbursed by GFL. In
		addition to the foregoing, the Servicer shall provide, subject to
		Section 13.04, to the Policy Provider the reports described in
		Section 9 of Schedule 2.02(a) as to be provided to the Policy
		Provider. Unless and until an Event of Default has occurred or is occurring,
		none of Genesis, the Manager or any Person in the GFL Group shall provide to
		the Policy Provider any information or data given to Genesis, the Manager or
		any Person in the GFL Group pursuant to this Servicing Agreement except
		information and data to be provided to the Policy Provider as set forth in
		Section 9 of Schedule 2.02(a).

	  

	 Section
		5.02.  Compliance
		with Law. The
		Servicer shall, in connection with the performance of the Services, comply in
		all material respects with all laws, rules and regulations applicable to the
		Servicer.

	  

	 Section
		5.03.  Commingling. The
		Servicer shall not commingle, with its own funds, or the funds of other Persons
		for which it acts as lease servicer or manager, any funds of any Person within
		the GFL Group from time to time in its possession.

	  

	 Section
		5.04.  Restrictions
		on Exercise of Certain Rights.
		Without limiting the Servicer’s rights under the Security Trust Agreement,
		the Servicer shall not take any steps for the purpose of procuring the
		appointment of an administrative receiver or the making of any administrative
		order or for instituting any bankruptcy, reorganization, arrangement,
		insolvency, winding up, liquidation, composition or any similar proceeding
		under the laws of any jurisdiction with respect to any Person within the GFL
		Group or any of the Aircraft Assets.

	  

	 Section
		5.05.  Coordination
		with GFL Group. The
		Servicer shall designate an individual who shall be an employee of the Servicer
		and who shall be primarily responsible for coordinating with GFL and any other
		Person within the GFL Group regarding the Services, and the Servicer may from
		time to time change such designation by providing written notice to GFL of such
		change.

	  

	 Section
		5.06.  Corporate
		Formalities. The
		Servicer will observe all corporate formalities necessary to remain a legal
		entity separate and distinct from, and independent of, each member of the GFL
		Group and will maintain its assets, liabilities, funds, records, books and
		accounts separate and distinct from those of each member of the GFL
		Group.

	  

	 ARTICLE
		VI

	  

	 Undertakings
		of GFL

	  

	 Section
		6.01.  Cooperation. GFL
		shall, and shall cause each other Person within the GFL Group and their
		respective agents (including the Manager and the Cash Manager) to, at all times
		cooperate with the Servicer to enable the Servicer to provide the Services,
		including providing the Servicer with all powers of attorney as may be
		reasonably necessary or appropriate for the Servicer to perform the
		Services.

	  

	 Section
		6.02.  No
		Representation with Respect to Third Parties. GFL
		agrees that as between the Servicer, on the one hand, and each of GFL and the
		other Persons within the GFL Group and Genesis and 

	  

	 

	 
		18
	 

	 

	 
 
	  

	 its
		Affiliates, on the other hand, no representation is made as to the financial
		condition and affairs of any Lessee of, or purchaser of, any Aircraft Asset or
		any vendor or supplier utilized by or any other Person party to a contract with
		the Servicer or any Person within the GFL Group in connection with
		Servicer’s performance of the Services.

	  

	 Section
		6.03.  Related
		Document Amendments. GFL
		shall not take, and shall not permit any other Person within the GFL Group or
		Genesis or any of its Affiliates to take, any action that would increase in any
		respect the scope, nature or level of the Services to be provided under this
		Agreement without the Servicer’s express prior written consent, including
		by entering into, amending, modifying or supplementing any Aircraft Assets
		Related Document (it being understood that (i) the Servicer shall have no
		liability to any Person directly or indirectly arising out of, in connection
		with or related to, the Servicer’s failure to perform such increased
		Service prior to any such amendment, modification or supplement being consented
		to in writing by the Servicer and (ii) no Person within the GFL Group or
		Genesis or any of its Affiliates shall be permitted to engage another Person to
		perform the affected Service without the prior written consent of the
		Servicer).

	  

	 Section
		6.04.  Exclusivity. Except
		as otherwise expressly provided in Sections 2.04(b), 3.02(c) and 10.04 of this
		Agreement, GFL shall not, and shall not permit any other Person within the GFL
		Group or any agent of any Person thereof (including the Manager or the Cash
		Manager) or Genesis or any of its Affiliates to, enter into, or cause or permit
		any Person (other than the Servicer or any Person acting for or on its behalf)
		to enter into on its behalf, (a) any transaction for the lease or sale of
		any Aircraft Asset in respect of which the Servicer is at such time performing
		Services or (b) any agreement for the performance by any Person other than the
		Servicer of some or all of the Services, in the case of (a) and
		(b) without the prior written consent of the Servicer.

	  

	 Section
		6.05.  Communications. GFL
		shall, and shall cause each other Person within the GFL Group and the Manager
		and the Cash Manager to, forward promptly to the Servicer a copy (or, if such
		communication is oral and from a Lessee in respect of an Aircraft Asset or
		Aircraft Asset purchaser, notify the Servicer by prompt oral or written notice
		and, if oral notice, confirmed in writing upon request) of any written
		communication received from any Person (including any Person under any Aircraft
		Assets Related Document) in relation to any Aircraft Asset or oral
		communication received from a Lessee in respect of an Aircraft Asset or
		Aircraft Asset purchaser in relation to any Aircraft Asset.

	  

	 Section
		6.06.  Ratification. GFL
		hereby ratifies and confirms and agrees to ratify and confirm (and shall cause
		each other Person within the GFL Group to do the same) (and shall furnish
		written evidence thereof upon request of the Servicer) whatever the Servicer
		does in accordance with this Agreement in the exercise of any of the powers or
		authorities conferred upon the Servicer under the terms of this
		Agreement.

	  

	 Section
		6.07.  Additional
		Aircraft Assets. If any
		Aircraft Asset shall become a Former Aircraft Asset pursuant to the provisions
		of Section 2.04 and thereafter the condition which caused such Former Aircraft
		Asset to cease to be an Aircraft Asset shall no longer exist or the transaction
		entered into as contemplated by Section 2.04(b) shall terminate, then GFL
		shall, and shall require each other Person within the GFL Group, as
		appropriate, to, cause, as and to the extent commercially feasible, such Former
		Aircraft Asset to become an Aircraft Asset and the Servicer shall accept such
		Aircraft Asset as an Aircraft Asset, such action to be confirmed by an exchange
		of correspondence to such effect.

	  

	 Section
		6.08.  Execution,
		Amendment, Modification or Termination of Aircraft Assets Related
		Documents. (a) In
		connection with the acquisition of any Aircraft (other than any Former Aircraft
		Asset) which becomes an Aircraft Asset other than pursuant to the Asset
		Purchase Agreement, no later than ten Business Days prior to such Aircraft
		becoming an Aircraft Asset, GFL shall deliver a written notice thereof to the
		Servicer setting forth the model type and manufacturer’s serial number of
		such Aircraft and 

	  

	 

	 
		19
	 

	 

	 
 
	  

	 the
		Person within the GFL Group which will become the owner of such Aircraft upon
		its acquisition, together with (x) a true and complete list all documents
		related to such Aircraft which will become Aircraft Assets Related Documents
		upon the acquisition of such Aircraft and (y) a true and complete copy of each
		document which will become an Aircraft Assets Related Document upon the
		acquisition of such Aircraft or, to the extent it has yet to be executed, the
		most current draft of such document (with a final executed copy to be delivered
		as promptly as practicable thereafter). GFL will be deemed to represent and
		warrant to, and agree with, the Servicer on the date such Aircraft becomes an
		Aircraft Asset that (i) the Person within the GFL Group listed as the owner of
		such Aircraft in the written notice provided by GFL will have such title to
		such Aircraft as was conveyed to such Person on its acquisition free and clear
		of all Liens created by or through such Person, (ii) each Aircraft Assets
		Related Document related to such Aircraft is a legal, valid and binding
		agreement of the Person within the GFL Group that is a party thereto (including
		by way of assignment or novation) and is enforceable against such Person within
		the GFL Group that is a party thereto in accordance with its terms and (iii) no
		Person within the GFL Group has modified, amended or waived any provision of or
		terminated any Aircraft Assets Related Document referred to in such written
		notice provided by GFL except as disclosed therein. The Servicer shall not be
		required to perform any services provided for in or in connection with any
		Aircraft Assets Related Documents not delivered to it, and, to the extent that
		the failure to provide such service results in any Losses to the Servicer, GFL
		shall indemnify the Servicer for such Losses on an After-Tax Basis, in
		accordance with the provisions of Article XI.

	  

	 (b)  No later
		than five Business Days after the date that (i) any agreement, instrument or
		other document becomes an Aircraft Assets Related Document (other than as
		contemplated in Section 6.08(a)) or (ii) any Aircraft Assets Related Document
		shall have been amended, modified or terminated, GFL shall deliver written
		notice thereof to the Servicer together with (x) in the case of any newly
		executed Aircraft Assets Related Document, a true and complete copy of such
		Aircraft Assets Related Document, a list of all Aircraft Assets to which it
		relates and a description, in reasonable detail, of the relevance of such
		Aircraft Assets Related Document to such assets or (y) in the case of any
		amendment, modification or termination, a true and complete copy of any related
		agreement, instrument or other document; provided,
		however, that
		such notice or such document shall not be required to be delivered, but shall
		be delivered if the Servicer does not have possession of such notice or
		document, delivery is so requested by the Servicer and GFL has possession of
		such notice or document, if the Servicer was substantially involved in the
		preparation and execution of such new, amended, modified or terminated
		agreement, instrument or other document.

	  

	 Section
		6.09.  Access
		to GFL Group Information. At all
		such times as the Servicer may reasonably request, GFL shall cause each other
		Person within the GFL Group and the Manager to grant, access to the Servicer
		and its agents to the books of account, documents and other records of such
		Person (including “read only” and reporting access to the management
		information systems used by such Persons), and to officers, directors (or
		trustees, as applicable) and employees of each Person within the GFL Group,
		Genesis or any such agent for the purposes of the Servicer’s performance
		of its obligations in respect of Aircraft Assets under this Agreement;
		provided,
		however, that
		Genesis and its Affiliates that are not Persons within the GFL Group shall have
		no obligation to provide information that does not relate to an Aircraft Asset
		and is confidential or proprietary. GFL will provide the Servicer with copies
		of the minutes of the board of directors of GFL and any written materials
		presented to the board by any Person, including the Manager.

	  

	 Section
		6.10.  GFL
		Group Accounts and Cash Arrangements.
		(a) GFL shall not, and shall not permit any other Person within the GFL
		Group or any agent thereof to, establish any new bank or similar account
		relating to the Aircraft Assets or close any bank or similar account relating
		to the Aircraft Assets other than in accordance with the terms of the
		Indenture, the Security Trust Agreement or the Cash Management
		Agreement.

	  

	 

	 
		20
	 

	 

	 
 
	  

	 (b)  No
		Person within the GFL Group shall modify any arrangement with respect to any
		bank or similar account or the flow of cash in connection with the Aircraft
		Assets other than in accordance with the terms of the Indenture, the Security
		Trust Agreement or the Cash Management Agreement.

	  

	 Section
		6.11.  [Intentionally
		Left Blank].
		

	  

	 Section
		6.12. Further
		Assurances. GFL
		agrees and shall cause each other Person within the GFL Group and their
		respective agents (including the Manager and the Cash Manager) to agree, that,
		at any time and from time to time, upon the written request of the Servicer, it
		will execute and deliver such further documents and do such further acts and
		things, after a reasonable period for review thereof, as the Servicer may
		reasonably request in order to effect the purposes of this
		Agreement.

	  

	 Section
		6.13. Guarantees. GFL
		represents, warrants and agrees that it has full power and authority to bind
		each of the Persons within the GFL Group to this Agreement and that each of
		such Persons is bound by this Agreement and will perform its obligations
		hereunder. In furtherance of the foregoing, but not in limitation thereof, GFL
		agrees that it shall cause each other Person within the GFL Group with respect
		to which the Servicer so request to execute and deliver an accession agreement,
		in form or substance reasonably acceptable to the parties hereto, pursuant to
		which such Person becomes a party hereto or to execute and deliver a GFL Group
		Guarantee in favor of the Servicer in the form attached hereto as Appendix
		B.

	  

	 Section
		6.14. Transfers
		of Funds. GFL
		agrees and shall cause each other Person within the GFL Group and their
		respective agents (including the Manager and the Cash Manager), to cooperate
		with the Servicer to the extent necessary to cause funds to be transferred into
		or out of the various Bank Accounts in order for the various payments from
		Lessees to be applied, or to Lessees to be made, on a basis consistent with the
		instructions of such Lessees, subject in each case to the terms of the Leases
		and the rights and obligations of the lessors thereunder.

	  

	 ARTICLE
		VII

	  

	 GFL
		Group Responsibility

	  

	 Section
		7.01.  GFL
		Group Responsibility.
		Notwithstanding the appointment of the Servicer to perform the Services and the
		related delegation of authority and responsibility to the Servicer pursuant to
		this Agreement, each of GFL and each other Person within the GFL Group shall
		continue to have and exercise through its board of directors or trustees, as
		the case may be, as applicable, real and effective central control and
		management of all matters related to its ongoing business, operations, assets
		and liabilities, subject to matters that are expressly the responsibility of
		the Servicer in accordance with the terms of this Agreement, and each of GFL
		and each other Person within the GFL Group shall at all times conduct its
		separate ongoing business in such a manner that the same shall at all times be
		readily identifiable from the separate business of the Servicer. Matters with
		respect to which responsibility is not being delegated to the Servicer shall
		include but are not limited to the matters set forth in Schedule 7.01. Without
		limiting the generality of the foregoing, each of GFL and each other Person
		within the GFL Group agrees as follows:

	  

	 (a)  it will
		observe all corporate formalities necessary to remain a legal entity separate
		and distinct from, and independent of, the Servicer, and any of its
		Affiliates;

	  

	 (b)  it will
		maintain its assets and liabilities separate and distinct from those of the
		Servicer;

	  

	 

	 
		21
	 

	 

	 
 
	  

	 (c)  it will
		maintain records, books, accounts, and minutes separate from those of the
		Servicer;

	  

	 (d)  it will
		pay its obligations in the ordinary course of business as a legal entity
		separate from the Servicer;

	  

	 (e)  it will
		keep its funds separate and distinct from any funds of the Servicer, and it
		will receive, deposit, withdraw and disburse such funds separately from any
		funds of the Servicer;

	  

	 (f)  it will
		conduct its business in its own name, and not in the name of the
		Servicer;

	  

	 (g)  it will
		not agree to pay or become liable for any debt of the Servicer, other than to
		make payments in the form of indemnity as required by the express terms of this
		Agreement;

	  

	 (h)  it will
		not hold out that it is a division of the Servicer, or that the Servicer is a
		division of it;

	  

	 (i)  it will
		not induce any third party to rely on the creditworthiness of the Servicer in
		order that such third party will be induced to contract with it;

	  

	 (j)  it will
		not enter into any transactions between it and the Servicer that are more
		favorable to either party than transactions that the parties would have been
		able to enter into at such time on an arm’s-length basis with a
		non-affiliated third party, other than any agreements in effect on the date
		hereof (it being understood that the parties hereto do not intend by this
		covenant to ratify any self-dealing transactions);

	  

	 (k)  it will
		observe all corporate or other procedures required under Applicable Law and
		under its constitutive documents; and

	  

	 (l)  it will
		observe all corporate formalities necessary to keep its business separate and
		readily identifiable from, and independent of, each other Person within the GFL
		Group, including keeping the funds, assets and liabilities of each such Person
		separate and distinct from those of each other Person within the GFL Group and
		by maintaining separate records, books, accounts and minutes for each Person
		within the GFL Group.

	  

	 Section
		7.02.  Performance
		with Respect to Aircraft Assets. GFL
		has directed the Servicer to, and the Servicer will, perform the Services in a
		manner that is intended to be consistent with maximizing the cash flows derived
		from the leases relating to the Aircraft Assets over time, subject to the
		constraints imposed by the Indenture and this Agreement and by seeking to
		achieve a balanced and diversified portfolio (including with respect to
		lessees, geography and lease term lengths), in all cases taking into account
		the then-existing and anticipated market conditions affecting the operating
		lease of used aircraft and the commercial aviation industry generally. GFL
		understands and acknowledges the inherent uncertainty in determining market
		conditions at any point in time as well as the inherent limitations in
		anticipating market conditions from time to time. It is expressly understood
		that this Section 7.02 does not impose any higher or different standard of care
		or liability than is set forth in Article III.

	  

	 Section
		7.03.  Lease
		Operating Budget; Aircraft Asset Expenses Budget.
		(a) GFL shall adopt with respect to each year during the term of this
		Agreement, in accordance with Sections 7.03(b), (c) and (d), (i) a single
		lease operating budget with respect to all Aircraft Assets (the
		“Lease
		Operating Budget”)
		and (ii) a single budget with respect to the Aircraft Asset expenses related to
		all Aircraft Assets (the “Aircraft
		Asset Expenses Budget”);
		provided,
		however, that,
		with respect to the Year commencing January 1, 2007, GFL shall have adopted the
		Lease Operating Budget and the Aircraft Asset Expenses 

	  

	 

	 
		22
	 

	 

	 
 
	  

	 Budget
		for such Year that are attached to a certificate delivered by GFL to the
		Servicer on the Closing Date.

	  

	 (b)  In
		respect of each Year during the term of this Agreement, it is understood that
		the Manager shall prepare on behalf of the GFL Group, and not later than the
		October 31 immediately preceding the commencement of such Year deliver to the
		Servicer (other than with respect to the fiscal year commencing January 1,
		2007), a proposed Lease Operating Budget and a proposed Aircraft Asset Expenses
		Budget for such Year together with reasonably detailed information regarding
		the assumptions underlying such proposed budgets.

	  

	 (c)  In
		connection with the preparation of such proposed Lease Operating Budget and
		Aircraft Asset Expenses Budget, the Servicer shall provide the Manager, not
		later than the September 30 immediately preceding the commencement of such Year
		(other than with respect to the fiscal year commencing January 1, 2007),
		information in a form to be agreed from time to time relating to
		(i) Aircraft Assets lease rates, Utilization Rent, Aircraft redelivery
		payments, and Deposits (including interest, if any, thereon), (ii) Aircraft
		Assets downtime, (iii) direct technical expenditures (including any costs
		to be capitalized) relating to the Aircraft Assets, (iv) indirect costs
		relating to insurance, legal, consulting and other similar expenses and
		(v) such other Aircraft Assets expense related information as may be
		reasonably required to prepare such budgets, in each case including the
		assumptions relating thereto. The Servicer shall only be obligated to provide
		expense-related information to the Manager pursuant to this Section 7.03(c) to
		the extent that such information relates to the Services performed by the
		Servicer hereunder. GFL shall ensure that the Manager is instructed to prepare
		each such proposed Lease Operating Budget and proposed Aircraft Asset Expenses
		Budget on a timely basis and that the Manager cooperates
		therewith.

	  

	 (d)  After
		the delivery of such proposed Lease Operating Budget and Aircraft Asset
		Expenses Budget as described in Sections 7.03(b) and (c), the Servicer and the
		Manager shall review and discuss such proposed Lease Operating Budget and
		Aircraft Asset Expenses Budget and shall make such adjustments thereto as they
		shall deem appropriate, and the revised proposed Lease Operating Budget and
		proposed Aircraft Asset Expenses Budget in respect of any Year shall then be
		submitted no later than the December 1 preceding such Year to GFL for its
		consideration and approval (other than with respect to the fiscal year
		commencing January 1, 2007). The approved Lease Operating Budget and Aircraft
		Asset Expenses Budget for any Year, as each may be amended or modified from
		time to time, shall hereinafter be referred to as the “Approved
		Budget”.
		Each Approved Budget shall be consistent with, and not in any manner reduce,
		limit or circumscribe, the delegation to the Servicer pursuant to this
		Agreement (including pursuant to Section 7.04) of a practical and workable
		level of autonomy, authority and responsibility with respect to the performance
		of the Services.

	  

	 (e)  If GFL
		does not adopt any Approved Budget for any Year as contemplated by Section
		7.03(d) or if, after an Approved Budget is adopted, GFL shall determine that
		any Changed Circumstances have occurred and are continuing, then GFL shall
		instruct the Servicer and the Manager, on behalf of the GFL Group, to review
		and, to the extent possible, revise the Lease Operating Budget and Aircraft
		Asset Expenses Budget in such a manner as to adequately address the concerns of
		GFL and/or such Changed Circumstances (it being understood that, subject to the
		last sentence of Section 7.03(d), GFL may instruct the Servicer not to proceed
		with a Lease Operating Budget and an Aircraft Asset Expenses Budget approved by
		GFL if GFL determines that any proposed revisions do not adequately address the
		concerns of GFL and/or such Changed Circumstances).

	  

	 (f)  Notwithstanding
		any other provision hereof, the Servicer shall have no liability for the
		failure of the Approved Budget for any Year to be achieved.

	  

	 

	 
		23
	 

	 

	 
 
	  

	 Section
		7.04.  Transaction
		Approval Requirements.
		(a) The Servicer shall not do any of the following without the express
		prior written approval of GFL:

	  

	 (i)  Except
		as otherwise required in accordance with the terms of any Lease or the Asset
		Purchase Agreement, sell (or enter into any agreement to sell) or otherwise
		dispose of any Aircraft (excluding any sale or exchange of any Engine, parts or
		components thereof or aircraft or engine spare parts or ancillary equipment or
		devices furnished therewith) forming part of the Aircraft Assets; provided,
		however, that
		the Servicer may transfer title or another interest in an Aircraft, or cause it
		to be subject to a lease, (x) to or in favor of a trust or an entity that is
		not a Person in the GFL Group for the purpose of registering the Aircraft under
		the laws of an applicable jurisdiction or for tax or other regulatory purposes
		so long as a Person in the GFL Group retains the beneficial or economic
		ownership of the Aircraft (provided that without the consent of GFL at any one
		time not more than five Aircraft may be subject to the arrangements described
		in this clause or to arrangements in which Persons that are within the GFL
		Group hold equity interests in a GFL Group member to the extent they cause
		title to more than such number of Aircraft to be held by Persons that are not
		Persons in the GFL Group), (y) from such trust or entity to a Person
		within the GFL Group or (z) within or among GFL and its Subsidiaries without
		limitation, or in any case as required in accordance with the terms of any
		Lease in effect on the date hereof.

	  

	 (ii)  Enter
		into any new Lease (or any renewal or extension of an existing Lease, unless
		any such Lease being renewed or extended had previously been approved pursuant
		to this Section 7.04(a) or if any such Lease contains an extension option and
		such option is being exercised in accordance with the terms of such Lease) of
		Aircraft Assets if the Lease shall not comply with all the applicable
		provisions of Sections 5.02 and 5.03 of the Indenture expressly applicable to
		the leasing of such Aircraft Assets as set forth in Section 2.1 of Schedule
		2.02(a) or if the Lease grants a purchase option in favor of the Lessee (it
		being agreed that a right of first refusal or right of first offer is not a
		purchase option for purposes hereof).

	  

	 (iii)  Terminate
		any Lease or Leases to any single Lessee with respect to any Aircraft Assets
		then having an aggregate depreciated net book value on the books of the
		applicable Person(s) within the GFL Group in excess of $100,000,000 unless such
		Lease or Leases is substituted or replaced by another substantially similar
		Lease or Leases with respect to such Aircraft Assets.

	  

	 (iv)  Unless
		provided for in the then current Approved Budget (including the provisions of
		Section 7.03(e)), enter into any contract to make any capital expenditure for
		the purpose of effecting any optional improvement or modification of any
		Aircraft Asset, including any optional conversion thereof from passenger to a
		freighter or mixed use aircraft, except for capital expenditures made in the
		ordinary course of business in connection with the sale or lease of an Aircraft
		Asset, or enter into any contract for maintenance of any Aircraft Asset if the
		costs to be incurred thereunder by the applicable Person within the GFL Group
		exceed the greater of (1) the estimated aggregate cost of the heaviest or most
		extensive maintenance check for the airframe and a total refurbishment and full
		restoration shop visit of the engines for Aircraft Assets of the type in
		question, in each case based on then prevailing industry rates in the United
		States or Europe, and (2) the amount of the available utilization rent or other
		payments or other collateral under the applicable Lease.

	  

	 (v)  Issue
		any Guarantee on behalf of, or otherwise pledge the credit of (other than with
		respect to trade payables in the ordinary course of the GFL Group’s
		business), any Person within the GFL Group, except for guarantees by GFL or any
		other Person within the GFL Group of the obligations of any other Person within
		the GFL Group (including in connection with 

	  

	 

	 
		24
	 

	 

	 
 
	  

	 a Lease
		or the sale of an Aircraft Asset), and, so long as the out-of-pocket cash
		payment or cash collateral deposit in respect thereof does not exceed
		$3,000,000 in any individual case (and not in the aggregate), any Lien or
		indebtedness created in favor of the issuer of a surety bond, letter of credit
		or similar instrument to be obtained by or for the benefit of any Person within
		the GFL Group in connection with the detention or repossession of an Aircraft
		or enforcement action under a Lease or removal of a Lien.

	  

	 (vi)  Except
		as specifically contemplated by Schedule 2.02(a), on behalf of any Person
		within the GFL Group, enter into, amend or grant a waiver with respect to, any
		transaction with GE Capital or any of its Affiliates (including GE and its
		Affiliates), including for the acquisition, sale or lease of any Aircraft
		Assets from or to, or the obtaining or provision of services by, any such
		Person (except for the acquisition, sale, exchange or lease of or services in
		respect of any Engine, parts or components thereof or aircraft or engine spare
		parts, components or ancillary equipment or devices furnished
		therewith).

	  

	 (vii)  Incur on
		behalf of any Person within the GFL Group any liability (actual or contingent)
		or cause any such liability to be incurred, except for a liability (A)
		contemplated in the then current Approved Budget, (B) arising out of, in
		connection with or related to a transaction of a type which is otherwise
		subject to approval under this Section 7.04 and is in fact so approved or, due
		to the existence of an exception, limitation or other carve out contained
		therein or in any definition therein, is not subject to approval under the
		relevant provision of this Section 7.04, (C) incurred in the ordinary course of
		the GFL Group’s business, including, but not limited to, liabilities
		related to such matters specified in Schedule 7.04 so long as no individual
		(and not aggregate) net out-of-pocket cash expenditure exceeds $3,000,000, or
		(D) incurred pursuant to a Lease or sale of an Aircraft Asset, in entering into
		the Lease or sale contract or performing any obligations as lessor or seller
		thereunder; provided,
		however, that
		the exception contained in clause (C) above is not intended to override any
		other restriction contained in this Agreement (other than this clause (vii))
		relating to the incurrence of any liability referred to in such clause
		(C).

	  

	 (viii)  Enter
		into on behalf of GFL or any Person within the GFL Group, any order or
		commitment to acquire, or acquire on behalf of the GFL Group, aircraft or,
		except as otherwise provided in Section 4(e) of Schedule 2.02(a), so long as no
		individual (and not aggregate) net (after credit for any exchanges,
		replacements or similar items) out-of-pocket cash purchase price exceeds
		$3,000,000, aircraft engines, except, in the case of aircraft engines (A) in
		accordance with any Lease or for the benefit of a Lessee pursuant to a Lease or
		(B) to acquire a replacement engine for an Aircraft so long as the same is
		provided for in the then current Approved Budget;

	  

	 provided,
		however, that,
		before the Servicer shall effect (or cause to be effected) any optional
		improvement or modification of any Aircraft Asset not permitted pursuant to any
		of the foregoing clauses (i) through (viii), or effect any optional conversion
		of any Aircraft Asset from a passenger aircraft to a freighter or mixed-use
		aircraft that is not expressly provided for in the Approval Budget or purchase
		or otherwise acquire any Engines or Parts not permitted pursuant to any of the
		foregoing clauses (i) through (viii), the Servicer shall request that GFL
		deliver to the Servicer a certificate certifying that such action will not
		violate Section 5.02(i) of the Indenture, such certificate to be delivered to
		the Servicer within seven Business Days after such request therefor, and the
		Servicer shall not undertake such action pending receipt of such
		certificate.

	  

	 (b)  Any
		transaction entered into by the Servicer on behalf of any Person within the GFL
		Group (other than with other Persons within the GFL Group), including with GE
		or any of its Affiliates, 

	  

	 

	 
		25
	 

	 

	 
 
	  

	 shall be
		on an arm’s-length basis and on fair market value terms, unless otherwise
		agreed by the Board of Directors of GFL on behalf of any such Person within the
		GFL Group.

	  

	 (c)  The
		transaction approval requirements (the “Transaction
		Approval Requirements”)
		set forth in this Section 7.04 may only be amended by mutual agreement of the
		parties, and shall not in any event be amended to reduce, or circumscribe the
		delegation to the Servicer of, the level of autonomy, authority and
		responsibility contemplated by the Transaction Approval Requirements with
		respect to the performance of the Services. Any rejection by GFL of any
		proposed transaction submitted to it by the Servicer pursuant to the
		Transaction Approval Requirements shall only be applicable to such portions of
		any such proposed transaction as are specifically required to be approved as
		set forth in Section 7.04(a).

	  

	 (d)  GFL
		shall provide the Servicer with a response confirming its approval or rejection
		of any proposed transaction submitted to it by the Servicer as promptly as
		practicable following its receipt of a proposal from the Servicer and in any
		event not more than three Business Days after receipt of such a proposal. If
		such response is not received by the Servicer within such three Business
		Days’ period after GFL’s receipt of such proposal, such proposal
		shall be deemed rejected. In the event that the board of directors of GFL, a
		duly authorized committee thereof or the Manager fails to approve of any
		transaction with respect to which an approval is required pursuant to the
		Transaction Approval Requirements and in respect of which the Servicer has
		submitted a reasonably detailed written proposal, GFL shall provide a
		reasonably detailed written explanation for any such rejection to the Servicer
		simultaneously with notifying the Servicer of such rejection. The Servicer is
		not required to take any action with respect to any transaction for which
		approval was sought pending receipt of such explanation.

	  

	 Section
		7.05.  Approved
		Budgets and Transaction Approval Requirements. Except
		as set forth in Section 7.04(a), no transaction entered into by the Servicer on
		behalf of any Person within the GFL Group in connection with the performance by
		the Servicer of the Services shall require the approval of any Person within
		the GFL Group or its board of directors or trustees, as applicable, or any
		committees thereof, or the Manager or the Cash Manager; provided,
		however, that
		nothing set forth in this Article VII shall prohibit the Servicer from seeking
		any approval or direction from GFL with respect to any matter related to the
		Services or the Aircraft Assets to the extent that the Servicer believes to be
		appropriate and, pending the Servicer’s receipt of any such approval or
		direction, the Servicer may refrain from taking any action with respect to the
		matter for which the Servicer has sought approval or direction.

	  

	 ARTICLE
		VIII 

	  

	 Effectiveness

	  

	 Section
		8.01.  Effectiveness. The
		effectiveness of this Agreement and all obligations of the parties hereunder
		shall be conditioned upon satisfaction (or waiver by the appropriate party) of
		the conditions set forth in Schedule 8.01.

	  

	 ARTICLE
		IX

	  

	 Servicing
		Fees; Expenses; Taxes;

	 Priority
		of Servicing Fees

	  

	 Section
		9.01.  Servicing
		Fees.
		(a) In consideration of the Servicer’s performance of the Services,
		GFL agrees to pay to the Servicer servicing fees consisting of (i) the monthly
		base fee set forth in Section 9.02 (“Monthly
		Base Fee”),
		(ii) the rent fees set forth in Section 9.03 (“Rent
		Fees”),
		and (iii) the sales fee set forth in Section 9.04 (“Sales
		Fee”).

	  

	 

	 
		26
	 

	 

	 
 
	  

	 (b)  GFL
		agrees to provide the Servicer (with a copy to the Manager) with any
		information in a timely manner that the Servicer may reasonably request to
		enable the Servicer to determine the timing and amount of any payment that the
		Servicer is entitled to receive pursuant to this Agreement.

	  

	 Section
		9.02.  Monthly
		Base Fee. A
		Monthly Base Fee equal to $150,000 shall be payable by GFL to the Servicer in
		arrears on each Payment Date during the Term of this Agreement; provided,
		however, that
		in the event that any Aircraft (other than any Former Aircraft Asset) shall
		become an Aircraft Asset after the Closing Date other than pursuant to the
		Asset Purchase Agreement, then the Monthly Base Fee will be increased by an
		additional amount equal to 0.01% of the Base Value of such additional Aircraft
		Asset on the date it becomes an Aircraft Asset to reflect the addition of such
		Aircraft.

	  

	 Section
		9.03.  Rent
		Fees.
		(a) Rent Fees shall consist of the Rent Payable Fee and the Rent Collected
		Fee. The Rent Fees shall be calculated by the Servicer and payable by GFL as
		follows:

	  

	 (i)  A Rent
		Payable Fee shall be payable by GFL to the Servicer in arrears for each period
		commencing on the Closing Date (or, thereafter, the fourth Business Day prior
		to the most recent Calculation Date) and ending on the fourth Business Day
		prior to the next succeeding Calculation Date during the term of this Agreement
		(each such period, a “Fee
		Period”),
		such payment to be made no later than the Payment Date immediately following
		the end of each such Fee Period.

	  

	 The
		“Rent
		Payable Fee”
		in respect of any Fee Period shall equal one percent (1.00%) of the aggregate
		amount of the Rents due from each Lessee attributable to such Fee Period, or
		portion of such Fee Period in which the relevant Aircraft constitutes an
		Aircraft Asset; provided,
		however, that,
		in the event of an early termination of a Lease relating to any Aircraft Asset
		for any reason (other than by reason of the occurrence of an event of loss or
		exercise of a purchase option), the Rents which would have been payable
		pursuant to such Lease but for such early termination will be included in this
		calculation of the Rent Payable Fee until the earlier of (a) the date on which
		Rents shall become payable in respect of such Aircraft Asset pursuant to
		another Lease (the Rents of which shall be included in this calculation of the
		Rent Payable Fee) and (b) the day that numerically corresponds to the first
		date by which such Aircraft Asset and related Aircraft Documents shall have
		been physically repossessed by the Servicer following such early termination in
		(or, if no such day exists, the last day of) the calendar month that is the
		third month after the month in which such date occurs.

	  

	 (ii)  A Rent
		Collected Fee shall be payable by GFL to the Servicer in arrears for each Fee
		Period, such payment to be made no later than the Payment Date immediately
		following the end of each such Fee Period.

	  

	 The
		“Rent
		Collected Fee”
		in respect of any Fee Period shall equal one percent (1.00%) of the aggregate
		amount of the Rents actually paid by each Lessee and, if any Lessee fails to
		pay any Rent when due, amounts applied towards such payment during such Fee
		Period or portion of such Fee Period in which the relevant Aircraft constitutes
		an Aircraft Asset; provided,
		however, that
		if any collateral security, including any security deposit, is applied to the
		payment of Rent, then, for purposes of calculating the Rent Collected Fee, the
		amounts so applied shall not be included as Rent at the time of such
		application but shall be so included at such time as any Person within the GFL
		Group shall receive substitute collateral security or a payment (whether in the
		form of Rent or otherwise) which restores, in whole or in part, such collateral
		security.

	  

	 (b)  Not less
		than four Business Days prior to each Payment Date immediately following the
		end of each Fee Period, the Servicer shall deliver a written notice to GFL
		specifying the amount of the Rent Payable Fee and the amount of the Rent
		Collected Fee payable in respect of such Fee Period.

	  

	 

	 
		27
	 

	 

	 
 
	  

	 Section
		9.04.  Sales
		Fee.
		(a) A Sales Fee shall be payable with respect to each Fee Period by GFL to
		the Servicer, such payment to be made not later than the Payment Date
		immediately following the end of each such Fee Period.

	  

	 (b)  The
		“Sales
		Fee”
		in respect of any Fee Period shall equal one and one-half percent (1.50%) of
		the Aggregate Gross Proceeds in respect of Dispositions of Aircraft Assets
		during such Fee Period. “Aggregate
		Gross Proceeds”
		for any Fee Period means the sum of the Gross Proceeds for each Disposition of
		an Aircraft Asset that is an Aircraft Asset during such Fee Period.
		“Disposition”
		means, with respect to any Aircraft Asset, the sale (including pursuant to the
		exercise of a purchase option), total loss or other event or circumstances
		under which such Aircraft Asset ceases to be an Aircraft Asset.
		“Gross
		Proceeds”
		shall be an amount equal to the gross proceeds (including the fair market value
		of any non-cash consideration, but excluding any cash added to the purchase
		price of the applicable Aircraft Asset in respect of any Utilization Rent or
		Deposit) received by any Person within the GFL Group in respect of any
		Disposition of an Aircraft Asset.

	  

	 (c)  Not less
		than four Business Days prior to each Payment Date immediately following the
		end of each Fee Period, the Servicer shall deliver a written notice to GFL
		specifying the amount of the Sales Fee payable in respect of such Fee
		Period.

	  

	 Section
		9.05.  Fees
		in Bankruptcy. In the
		event that this Agreement is not terminated due to an event described in
		Section 10.02(a)(i)(D) or (E), the fees payable to the Servicer after the
		occurrence and during the continuance of such an event shall be 120% of the
		fees otherwise payable under Sections 9.02, 9.03 and 9.04 above.

	  

	 Section
		9.06.  Expenses.
		(a) The Servicer shall be responsible for, and shall not be entitled to
		reimbursement for, the Servicer’s overhead expenses set forth in Schedule
		9.06(a) (“Overhead
		Expenses”).

	  

	 (b)  (i) GFL
		shall be responsible for all costs and expenses relating to or associated with
		the Aircraft Assets other than Overhead Expenses, including those costs and
		expenses set forth in Schedule 9.06(b) (“Aircraft
		Asset Expenses”).
		Nothing contained in this Section 9.06 shall be deemed to impose on the
		Servicer any obligation to advance any of its own funds for any Aircraft Asset
		Expenses.

	  

	 (ii) If,
		in connection with the performance of Services, and without limiting the GFL
		Group’s liability to pay for any goods and services as and when invoiced
		by the Servicer that are not required to be so paid in advance by the Servicer,
		the Servicer, on behalf of any Person within the GFL Group, proposes to provide
		goods and services, or arrange for the provision of goods or services, from any
		vendor, supplier, service provider or other Person (A) for a purchase price in
		excess of U.S. $1,000,000 (or the equivalent thereof in the currency in which
		such obligation is payable) or (B) at any time when a default in respect of the
		payment of any amount due under this Agreement shall have occurred and be
		continuing, the Servicer may require GFL to pay for such goods or services in
		advance or otherwise make the funds for payment of such goods or services
		available to the satisfaction of the Servicer. If such advance payment is not
		made or such funds are not otherwise made available, notwithstanding any other
		provision in this Agreement, the Servicer shall be relieved of its obligation
		to provide or arrange for the provision of such goods or services in respect of
		the Aircraft Assets for which such goods or services were to be provided but
		shall otherwise continue to manage such Aircraft Assets as provided in this
		Agreement and shall continue to be entitled to receive the fees specified in
		Sections 9.01, 9.02, 9.03 and 9.04 in respect of such Aircraft Assets. In such
		case, GFL may provide or arrange for the provision of such goods or services in
		respect of such Aircraft Assets.

	  

	 Section
		9.07.  Taxes.
		(a) GFL agrees to pay and to indemnify and hold harmless the Indemnified
		Parties on an After-Tax Basis from and against (i) all liability for Taxes
		of or imposed on

	  

	 

	 
		28
	 

	 

	 
 
	  

	 the
		Taxpayers that are imposed on, or asserted to be payable by, any Indemnified
		Party as a result of the structuring and implementation of any aspect of the
		various transactions contemplated by the Final Prospectus or otherwise,
		regardless of whether such Taxes are attributable to a taxable period ending
		before, on or after the Closing Date, other than any such Taxes imposed on or
		payable by a Taxpayer in its capacity as a withholding agent in respect of
		amounts payable pursuant to this Agreement to an Indemnified Party and any
		Taxes imposed on or payable by a Taxpayor that, prior to the Closing Date, was
		an Affiliate of the Servicer to the extent attributable to the period on or
		prior to the Closing Date, and (ii) any liability for out-of-pocket fees, costs
		and expenses (including reasonable attorneys’ fees) arising out of or
		incident to any Tax indemnified hereunder. If any Taxes for which GFL is to
		indemnify any Indemnified Party pursuant to the immediately preceding sentence
		are payable after the Closing Date, GFL shall pay or cause to be paid to such
		Indemnified Party an amount calculated on an After-Tax Basis equal to the
		amount of such Taxes no later than the later of (x) five Business Days after
		such Indemnified Party gives notice to GFL that such amount is due and
		specifying the date such Taxes are due and payable (the “Due
		Date”)
		and (y) one Business Day before the Due Date. Amounts described in clause (ii)
		shall be reimbursed on an After-Tax Basis not less frequently than quarterly.
		Any payment required to be made hereunder and not made at the time specified in
		the preceding two sentences shall bear interest at the Stipulated Interest Rate
		or such higher rate actually payable by such Indemnified Party on the delayed
		payment of the Taxes being indemnified, calculated from the date such payment
		was required to be made hereunder to the date such payment is actually received
		by the Indemnified Party.

	  

	 (b)  All
		amounts payable by or on behalf of GFL pursuant to this Agreement shall be
		payable exclusive of any applicable value added tax, which value added tax, if
		payable, shall also be payable, upon production of a valid value added tax
		invoice by the Servicer. All amounts payable to GFL by an Indemnified Party
		pursuant to this Agreement shall be inclusive of value added tax save to the
		extent such Indemnified Party is entitled to recover (by way of repayment,
		credit or set off) the whole or any part of such value added tax. Where it is
		so entitled, at the request of GFL, value added tax shall be payable in
		addition thereto on production of a valid value added tax invoice but payment
		of the value added tax element shall not fall due until the latest possible
		date before the date on which such Indemnified Party shall receive such
		repayment, credit or set off (and such Indemnified Party shall be obligated to
		use reasonable endeavors (taking into account its overall tax position) to
		obtain such repayment, credit or set off as soon as possible); provided,
		however, that,
		to the extent such payment of the value added tax element shall fall due prior
		to such date of receipt pursuant to Applicable Law, GFL shall compensate such
		Indemnified Party at the Prime Rate for any resulting loss of the time value of
		funds. The Servicer shall act on GFL’s behalf in processing any refund of
		value added tax and the Servicer and GFL shall cooperate in good faith to file
		an application for relief from value added taxes on VAT form 60A as soon as
		practicable after the date of this Agreement.

	  

	 (c)  GFL
		shall pay and indemnify and hold the Indemnified Parties harmless, on an
		After-Tax Basis, from all Taxes imposed, levied or assessed against or upon the
		Person in the GFL Group or any Indemnified Parties by any Governmental
		Authority upon or with respect to any of the Operative Agreements or any
		payment pursuant thereto or resulting from the matters or activities described
		therein, other than (except to the extent required to make any payment on an
		After-Tax Basis) (i) payroll, social security and employment Taxes of such
		Indemnified Party and any Taxes that are based on or measured by the net
		income, net receipts, net profits, net worth, franchise or conduct of business
		of such Indemnified Party, (ii) any Taxes payable by such Indemnified Party
		pursuant to the controlled foreign corporation provisions or the passive
		foreign investment company provisions of the U.S. Internal Revenue Code of
		1986, as amended (the “Code”),
		or any successor provision, (iii) any Taxes payable by an Indemnified Party
		(other than stamp, documentary or other similar taxes), which Taxes are imposed
		by Ireland or the United States of America or any political subdivision of
		either, or any other jurisdiction, to the extent such Taxes would not have been
		imposed but for any connection of the Indemnified Party or any Affiliate
		thereof with the jurisdiction imposing such Taxes (other than any such
		connection that results from activities of such Indemnified Party or any
		Affiliate which activities are located in such 

	  

	 

	 
		29
	 

	 

	 
 
	  

	 jurisdiction
		by reason of the location of (x) a specific lessee or sublessee of any Person
		within the GFL Group (or, if applicable, with respect to any Original Aircraft,
		the owner), (y) an Aircraft or any part thereof or (z) any other Person (other
		than any Indemnified Party) with whom any Person within the GFL Group (or, if
		applicable, with respect to any Original Aircraft, the owner) may be engaging,
		or contemplating engaging, in a commercial relationship), (iv) Taxes
		attributable to events or conditions arising after the termination or
		expiration of this Agreement and (v) Taxes imposed as a result of the gross
		negligence or willful misconduct of any Indemnified Party. All Taxes with
		respect to which GFL has an indemnification responsibility under this Section
		9.07 shall be paid not later than the date such Taxes shall be due unless and
		to the extent, in the case of Taxes that do not burden any of the assets or
		property of any Indemnified Party and are assessed solely upon a Person or
		Persons within the GFL Group, such Person or Persons within the GFL Group shall
		be contesting such Taxes in good faith by appropriate proceedings, in which
		case such Taxes, or so much thereof as are being contested and are unpaid,
		shall be paid promptly upon a final determination that such Taxes, are due and
		payable. In the event any Taxes with respect to which GFL has an
		indemnification responsibility under this Section 9.07 are levied on any
		Indemnified Party, or any Indemnified Party is required by law or otherwise to
		pay any such Taxes in the first instance or as a result of a Person or Persons
		within the GFL Group’s failure to comply with, or nonperformance in
		relation to, any Applicable Law or regulations governing the payment thereof by
		such Person or Persons within the GFL Group, GFL shall pay to such Indemnified
		Party the full amount thereof on an After-Tax Basis within five Business Days
		after receipt from such Indemnified Party of any written request for such
		payment but not later than the due date for such Taxes. Any payment required to
		be made hereunder and not made at the time specified under this Section 9.07
		shall bear interest at the Stipulated Interest Rate or such higher rate
		actually paid by such Indemnified Party on the delayed payment of the Taxes
		being indemnified, calculated from the date such payment was required to be
		made hereunder to the date such payment is actually received by such
		Indemnified Party.

	  

	 (d)  If any
		claim or demand is asserted in writing with respect to a Tax indemnified
		hereunder, such Indemnified Party shall in good faith notify GFL of such claim
		or demand within 10 days of receipt thereof; provided,
		however, that
		failure to give such notification shall not affect such Indemnified
		Party’s entitlement to indemnification hereunder unless such failure shall
		materially and adversely prejudice the ability of GFL to defend itself or any
		Indemnified Party against any such action, claim, demand, proceeding or suit.
		If GFL shall so request within 30 days after receipt of such notice, such
		Indemnified Party shall in good faith at GFL’s expense contest the
		imposition of such Tax; provided,
		however, that
		such Indemnified Party may in its sole discretion select any applicable forum
		for such contest and determine whether any such contest shall be by (i)
		resisting payment of such Tax, (ii) paying such Tax under protest or
		(iii) paying such Tax and seeking a refund thereof; provided further,
		however, that
		at such Indemnified Party’s option such contest shall be conducted by GFL
		in the name of such Indemnified Party (subject to the preceding proviso) (it
		being understood that GFL shall not be permitted to contest the imposition of
		such Tax in the name of such Indemnified Party without the prior written
		consent of such Indemnified Party). In no event shall such Indemnified Party be
		required or GFL be permitted by such Indemnified Party to contest the
		imposition of any Tax for which GFL is obligated to indemnify pursuant to this
		Section 9.07 unless (i) such Indemnified Party shall have received from GFL (A)
		an indemnity reasonably satisfactory to such Indemnified Party for any
		liability, expense or loss arising out of or relating to such contest and (B)
		an opinion of tax counsel to GFL furnished at the expense of GFL to the effect
		that a reasonable basis exists for contesting such claim; (ii) GFL shall have
		agreed to pay such Indemnified Party on demand all reasonable costs and
		expenses that such Indemnified Party may incur in connection with contesting
		such claim (including all costs, expenses, losses, reasonable legal and
		accounting fees, disbursements, penalties, interest and additions to tax);
		(iii) GFL shall be in compliance with all of its payment obligations under
		this Agreement and shall have acknowledged, in a manner reasonably satisfactory
		to the Servicer, its liability hereunder to indemnify the Indemnified Parties
		in respect of such Tax; (iv) such Indemnified Party shall have determined that
		the action to be taken will not result in a material risk of sale, forfeiture
		or loss of, or the creation of any Lien 

	  

	 

	 
		30
	 

	 

	 
 
	  

	 (except
		if GFL shall have adequately bonded such Lien or otherwise made provision to
		protect the interests of such Indemnified Party in a manner reasonably
		satisfactory to such Indemnified Party) on any property or rights of such
		Indemnified Party, or any portion thereof or any interest therein; and (v) if
		such contest shall be conducted in a manner requiring the payment of the claim,
		shall have paid the amount required. Notwithstanding anything contained in this
		Section 9.07, an Indemnified Party shall not be required nor shall GFL be
		permitted by such Indemnified Party to contest or continue to contest in the
		name of an Indemnified Party the imposition of any Tax for which GFL is
		obligated to indemnify pursuant to this Section 9.07 if such an Indemnified
		Party shall waive in writing its rights to indemnification under this Section
		9.07 with respect to such Tax. 

	  

	 (e)  If any
		Indemnified Party shall obtain a refund of all or any part of any Tax paid by
		GFL such Indemnified Party shall, provided no Event of Default, or default by
		GFL in the payment of any amount due hereunder, has occurred and is continuing,
		pay GFL an amount equal to the amount of such refund, including interest
		received or credited and attributable thereto, plus any net Tax benefit (or
		minus any net Tax detriment) realized by such Indemnified Party as a result of
		a payment made pursuant to this sentence or as a result of the receipt or
		accrual of such refund, including interest received or credited and
		attributable thereto. If any Indemnified Party shall have paid GFL any refund
		of all or part of any Tax paid by GFL and it is subsequently determined that
		such Indemnified Party was not entitled to the refund, such determination shall
		be treated as the imposition of a Tax for which GFL is obligated to indemnify
		such Indemnified Party pursuant to the provisions of Section 9.07
		hereof.

	  

	 Section
		9.08.  Priority
		of Payments to Servicer. Any
		and all amounts due and owing to the Servicer or any of its Affiliates
		(including any amounts due and owing to the Servicer or any of its Affiliates
		with respect to indemnification) pursuant to this Agreement shall be entitled
		to the priority established therefor in the Indenture, which priority GFL
		agrees not to amend without the consent of the Servicer.

	  

	 ARTICLE
		X

	  

	 Term;
		Right to Terminate; Resignation;

	 Consequences
		of Expiration, Termination,

	 Resignation
		or Removal; Certain Tax Matters; Survival

	  

	 Section
		10.01.  Term.
		(a) This Agreement shall have a non-cancelable term commencing on the
		Closing Date and expiring on the later of (i) the first date on which there
		shall have been paid in full all amounts outstanding to be paid under the Notes
		and any similar obligations of GFL issued pursuant to any other indenture or
		similar agreement, including all obligations then due and payable under the
		Indenture and under the Policy Provider Documents (as defined in the Indenture)
		(i.e., there
		shall be no Notes or similar obligations outstanding under the Indenture and
		under the Policy Provider Documents (as defined in the Indenture)) and (ii)
		[date of Notes maturity].

	  

	 During
		the term, this Agreement shall not be terminable by either party except as
		expressly provided in this Article X.

	  

	 Section
		10.02.  Right
		to Terminate. (a)
		(i) At any time during the term of this Agreement, the Servicer shall in
		accordance with Section 10.02(c) be entitled to terminate this Agreement
		if:

	  

	 (A)  GFL
		shall fail to pay in full when due (1) any Servicing Fees within five days
		after the receipt of written notice from the Servicer of such failure or (2)
		any other amount payable by GFL hereunder or under any other Operative
		Agreement within ten days after the effectiveness of written notice from the
		Servicer of such failure; or

	  

	 

	 
		31
	 

	 

	 
 
	  

	 (B)  any
		Person within the GFL Group shall fail to perform or observe or shall violate
		in any material respect any material term, covenant, condition or agreement to
		be performed or observed by it in respect of this Agreement or any other
		Operative Agreement (other than with respect to payment obligations of GFL
		referred to in clause (a)(i)(A) of this Section 10.02); or

	  

	 (C)  any
		material representation or warranty by any Person within the GFL Group made in
		this Agreement or any other Operative Agreement or in any report, certificate,
		financial statement or other agreement, instrument or document at any time
		furnished by or on behalf of any Person within the GFL Group in connection
		therewith shall prove to have been false or misleading in any material respect
		when made or furnished and such representation or warranty shall remain false
		and misleading in any material respect and such misrepresentation or breach of
		warranty is reasonably likely to have a Material Adverse Effect on the Servicer
		or a material adverse effect on the rights and obligations of the Servicer
		under this Agreement (including the Servicer’s compensation hereunder);
		or

	  

	 (D)  an
		involuntary proceeding shall be commenced or an involuntary petition shall be
		filed in a court of competent jurisdiction seeking relief in respect of GFL or
		any Significant Subsidiary of GFL or of a substantial part of the property or
		assets of any of such Persons, under Title 11 of the United States Code, as now
		constituted or hereafter amended, or any other U.S. Federal or state or
		non-U.S. bankruptcy, insolvency, receivership or similar law, and such
		proceeding or petition shall continue undismissed for 75 days or an order or
		decree approving or ordering any of the foregoing shall be entered or any such
		Persons within the GFL Group shall go into liquidation, suffer a receiver or
		mortgagee to take possession of all or substantially all of its assets or have
		an examiner appointed over it or if a petition or proceeding is presented for
		any of the foregoing and not discharged within 75 days; or

	  

	 (E)  GFL or
		any Significant Subsidiary of GFL shall (i) voluntarily commence any
		proceeding or file any petition seeking relief under Title 11 of the United
		States Code, as now constituted or hereafter amended, or any other U.S. Federal
		or state or non-U.S. bankruptcy, insolvency, receivership or similar law,
		(ii) consent to the institution of, or fail to contest the filing of, any
		petition described in clause (D) above, (iii) file an answer admitting the
		material allegations of a petition filed against it in any such proceeding, or
		(iv) make a general assignment for the benefit of its creditors;
		or

	  

	 (F)  there
		shall cease to be any Aircraft Assets owned by any member of the GFL Group;
		or

	  

	 (G)  the
		Indenture shall cease to be in full force and effect; or

	  

	 (H)  any
		Guarantee issued in favor of the Servicer shall cease to be a legal, valid and
		binding agreement of the relevant Person within the GFL Group, enforceable in
		accordance with its terms, and such cessation is not cured or remedied within
		thirty (30) days of the occurrence thereof;

	  

	 provided,
		however, that
		if an event described in Section 10.02(a)(i)(D), (E) or (H) above occurs
		and if the Servicer shall have been provided with what in its reasonable
		judgment is adequate assurance (including assumption or ratification of this
		Agreement approved by the applicable Governmental Authority with such a
		priority for performance and with such cash flow and other assets of the GFL
		Group being available with respect to such priority so as to assure the GFL
		Group’s performance hereunder, or the Policy Provider’s assumption or
		guarantee of the GFL Group’s financial obligation hereunder and, if such
		is the case, the Policy Provider’s acknowledgement that it is the
		Controlling Party under the Indenture and agreement that it will instruct the
		Security Trustee accordingly, each in form or substance reasonably satisfactory
		to the Servicer) of the GFL Group’s future performance of all of its
		obligations hereunder, including the payment of fees as provided in
		Section 9.05, performance of indemnities provided herein, payment of
		Aircraft Asset Expenses and other Expenses payable by a GFL Group member
		hereunder, 

	  

	 

	 
		32
	 

	 

	 
 
	  

	 making
		of determinations contemplated hereby and execution and delivery of documents
		contemplated hereby, the Servicer agrees solely for the benefit of the Policy
		Provider and for so long as it is a party hereto that the Servicer shall not
		exercise its rights to terminate due to the occurrence of any such event.
		

	  

	 (ii)
		Upon the occurrence of an event set forth in clause (i) of this
		Section 10.02(a), in addition to the right of the Servicer to terminate
		this Agreement in whole pursuant to Section 10.02(a)(i), the Servicer
		shall be entitled to terminate its obligations to provide the Services with
		respect to one or more specific Aircraft Assets (but less than all the Aircraft
		Assets) (any termination with respect to less than all the Aircraft Assets
		being a “Partial
		Termination”).
		If, upon any such Partial Termination, the Servicer shall elect to continue to
		provide Services with respect to any Aircraft Asset, the Servicer shall specify
		the Aircraft Assets in respect of which it intends to continue to provide
		Services in the Termination Notice with respect to the Partial Termination. All
		references to the expiration or termination of this Agreement shall mean the
		expiration or termination of this Agreement in whole and not to a Partial
		Termination unless expressly otherwise stated.

	  

	 (b)  At any
		time during the term of this Agreement, GFL (with the prior written consent of
		the Policy Provider) or the Policy Provider shall be entitled to terminate this
		Agreement if:

	  

	 (i)  neither
		GE nor GE Capital shall own directly or indirectly at least 50.01% of the
		voting equity of, and economic interest in, the Servicer or any Servicer
		Delegate; or

	  

	 (ii)  the
		Servicer shall (A) fail in any material respect to perform any material
		Services in accordance with the Standard of Care or the Conflicts Standard and
		such failure shall have a Material Adverse Effect on the GFL Group taken as a
		whole or a Material Adverse Effect on the rights and obligations of the GFL
		Group taken as a whole under this Agreement; or (B) fail in any material
		respect to perform any material Services which failure results in liability of
		the Servicer under its Standard of Liability and such failure shall have a
		Material Adverse Effect on the GFL Group taken as a whole or a Material Adverse
		Effect on the rights and obligations of the GFL Group taken as a whole under
		this Agreement; or

	  

	 (iii)  an
		involuntary proceeding shall be commenced or an involuntary petition shall be
		filed in a court of competent jurisdiction seeking relief in respect of GE, GE
		Capital or the Servicer or any Servicer Delegate, or of a substantial part of
		the property or assets of the Servicer, under Title 11 of the United States
		Code, as now constituted or hereafter amended, or any other U.S. Federal or
		state or non-U.S. bankruptcy, insolvency, receivership or similar law, and such
		proceeding or petition shall continue undismissed for 75 days or an order or
		decree approving or ordering any of the foregoing shall be entered or the
		Servicer shall go into liquidation, suffer a receiver or mortgagee to take
		possession of all or substantially all of its assets or have an examiner
		appointed over it or if a petition or proceeding is presented for any of the
		foregoing and not discharged within 75 days; or

	  

	 (iv)  GE, GE
		Capital or the Servicer shall (A) voluntarily commence any proceeding or file
		any petition seeking relief under Title 11 of the United States Code, as now
		constituted or hereafter amended, or any other U.S. Federal or state or
		non-U.S. bankruptcy, insolvency, receivership or similar law, (B) consent
		to the institution of, or fail to contest the filing of, any petition described
		in clause (iii) above, (C) file an answer admitting the material allegations of
		a petition filed against it in any such proceeding, or (D) make a general
		assignment for the benefit of its creditors; or

	  

	 

	 
		33
	 

	 

	 
 
	  

	 (v)  there
		shall have occurred and be continuing an Event of Default under Section 4.01(a)
		of the Indenture in respect of the payment of interest on any Note (as defined
		in the Indenture) due to an insufficiency of funds in the Collection Account on
		the relevant date, which Event of Default (x) shall have occurred on a date on
		which no amount is available for drawing under any Eligible Credit Facility (as
		defined in the Indenture) in respect thereof and (y) shall have continued
		unremedied for 60 days; or

	  

	 (vi)  an Event
		of Default (other than one referred to in clause (v) of this Section 10.02(b))
		under the Indenture shall have occurred and, other than in respect of an Event
		of Default under Sections 4.01(e) or 4.01(f) of the Indenture, a Default Notice
		(pursuant to which the Outstanding Principal Balance of the Notes and all
		accrued and unpaid interest thereon shall become due and payable) shall have
		been issued in accordance with the terms of the Indenture, and at the time of
		such Event of Default at least 15% of the number of Aircraft Assets shall not
		be subject to Leases and each such Aircraft Asset shall have been off-lease and
		reasonably available for re-lease (which, for purposes of clarification, shall
		mean that such Aircraft Asset shall be in the possession or under the
		unfettered control of the Servicer, together with the related Aircraft
		Documents, shall be free of any legal prohibition on the re-leasing thereof,
		shall be free of Liens (other than Liens, if any, created pursuant to the
		“Related Documents” as defined in the Indenture or created by or at
		the instruction of the Servicer) and shall be in a condition reasonably
		acceptable to a potential lessee) during the three-month period ending on the
		date of such Event of Default; or

	  

	 (vii)  the
		Servicer shall breach Section 5.04 hereof.

	  

	 (c)  (i) Either
		party to this Agreement (the “Terminating
		Party”)
		may, at any time during the term of this Agreement, by written notice (the
		“Termination
		Notice”)
		to the other (the “Nonterminating
		Party”),
		set forth its determination to terminate this Agreement pursuant to clause (a)
		of this Section 10.02 (in the case of the Servicer) or Section 10.01 or clause
		(b) of this Section 10.02 (in the case of GFL) or to provide for a Partial
		Termination of this Agreement pursuant to clause (a)(ii) of this Section 10.02
		(in the case of the Servicer); provided,
		however, that
		this Agreement shall not terminate until and unless a Replacement Servicer
		shall have been appointed and shall have accepted such appointment in
		accordance with and if required by Section 10.04(c); provided further that
		failure by the Terminating Party to provide such Termination Notice shall not
		affect such party’s rights under Section 10.02(a) or Section 10.01 or
		Section 10.02(b), as the case may be. Any Termination Notice shall set forth in
		reasonable detail the basis for such termination.

	  

	 (ii)  Unless
		the Termination Notice is provided by GFL pursuant to Section 10.02(b)(i),
		(b)(iii), (b)(iv), (b)(v), (b)(vi) or (b)(vii), or by the Servicer pursuant to
		Section 10.02 (a)(i)(D), (a)(i)(E), (a)(i)(F) or (a)(i)(G) (each a
		“Non-Curable
		Termination Event”),
		no later than the fifth day following the effectiveness of the Termination
		Notice (the “Effectiveness
		Date”),
		the Nonterminating Party shall advise the Terminating Party in writing whether
		the Nonterminating Party (A) intends to cure the basis for such termination
		and, if so, the action it intends to take to effectuate such cure or (B) does
		not intend to cure the basis for such termination; provided,
		however, that
		the failure of the Nonterminating Party to deliver such notice by such day
		shall be deemed to constitute notice that it does not intend to cure the basis
		for termination. In the event that the Termination Notice is provided for a
		Non-Curable Termination Event or the Nonterminating Party notifies (or is
		deemed to have notified) the Terminating Party that the Nonterminating Party
		does not intend to cure the basis for such termination, then this Agreement
		shall terminate or the Partial Termination shall take effect, as the case may
		be, immediately or on such later date as the Terminating Party shall have
		indicated in the Termination Notice to the Nonterminating Party. In the event
		that the Nonterminating Party notifies the Terminating Party by such fifth day
		that it intends to cure the basis for such termination, then the Nonterminating
		Party or, in the event that the Nonterminating Party is GFL, the Policy
		Provider, shall (A) have 15 days from the Effectiveness Date to effectuate
		such cure to the reasonable satisfaction of the Terminating Party or (B) if
		such cure cannot reasonably be expected to be effectuated within such 15-day
		period and it is not a payment default, (1) demonstrate to the reasonable
		satisfaction of the Terminating Party that substantial progress is being made
		toward the effectuation of such cure and (2) effectuate such cure to the
		reasonable satisfaction of the Terminating Party no later than the thirtieth
		day following the Effectiveness Date. Upon the failure of the Nonterminating
		Party to effectuate a cure in accordance with the immediately preceding
		sentence, this Agreement shall terminate or the Partial Termination shall take
		effect, as the case may be, on the latest of (A) the day immediately following
		the expiration of such 15- or 30-day period, (B) such later date as shall be
		indicated in the Termination Notice or (C) the date as of which a Replacement
		Servicer has been engaged to perform the Services with respect to the Aircraft
		Assets and has accepted such appointment in accordance with and to the extent
		required of the provision of Section 10.04(c).

	  

	 

	 
		34
	 

	 

	 
 
	  

	 Section
		10.03.  Resignation
		or Removal.
		(a) If the Servicer reasonably determines that directions given by any
		Person to the Servicer in accordance with this Agreement are or would be if
		carried out, or Services required to be performed under this Agreement are or
		would be if carried out, (i) unlawful under Applicable Law, (ii) in violation
		of any GE Policy, (iii) likely to lead to an investigation by any Governmental
		Authority, directly or indirectly, of or relating to the Servicer, any of its
		Affiliates or the Services, (iv) directions or Services that would expose the
		Servicer to any liabilities for which adequate bond or indemnity has not, in
		the Servicer’s good faith opinion, been provided or (v) directions or
		Services that would place the Servicer in a conflict of interest with respect
		to which, in the Servicer’s good faith opinion, the Servicer cannot
		continue to perform its obligations hereunder within the requirements set forth
		in Article III with respect to all Aircraft Assets or any affected Aircraft
		Assets, as the case may be, it may resign as the Servicer for all purposes
		under this Agreement in relation to all the Aircraft Assets or, at its
		election, any affected Aircraft Assets (but with respect to clause (v) above
		the Servicer may resign only with respect to the affected Aircraft) for the
		duration of this Agreement, such resignation to become effective upon the
		selection by GFL of a Replacement Servicer that has been engaged to perform the
		Services with respect to all the Aircraft Assets or any affected Aircraft
		Assets, as the case may be, and that has accepted such appointment in
		accordance with the provisions of Section 10.04(c) (it being understood
		that, notwithstanding any other provision herein to the contrary, the Servicer
		shall be under no obligation to follow such directions or perform such
		Services, or to provide any such Services, pending the selection of and
		acceptance by a Replacement Servicer).

	  

	 (b)  If GFL
		shall have received a notice from the Servicer pursuant to Section 3.02(d)
		hereof to the effect that the Servicer cannot continue to perform its
		obligations hereunder within the requirements set forth in Section 3.02 with
		respect to all Aircraft Assets or any affected Aircraft Assets, GFL may remove
		the Servicer for all purposes under this Agreement in relation to the affected
		Aircraft Assets or, in the event that the Servicer has notified GFL that the
		Servicer cannot continue to perform its obligations with respect to all
		Aircraft Assets, all the Aircraft Assets for the duration of this Agreement,
		such removal to become effective upon the selection by GFL (or, if an Event of
		Default has occurred and is continuing, the Policy Provider) of a Replacement
		Servicer that has been engaged to perform the Services with respect to any
		affected Aircraft Assets or all the Aircraft Assets, as the case may be, and
		that has accepted such appointment in accordance with the provisions of
		Section 10.04(c) (it being understood that, notwithstanding any other
		provision herein to the contrary, the Servicer shall be under no obligation to
		perform Services with respect to the affected Aircraft Assets pending the
		selection of and acceptance by a Replacement Servicer).

	  

	 (c)  If any
		Taxes that are based on or measured by all or a portion of the revenues, rental
		income or assets of any Person within the GFL Group (other than (i) any
		Taxes payable by any such Person pursuant to the controlled foreign corporation
		provisions or the passive foreign investment 

	  

	 

	 
		35
	 

	 

	 
 
	  

	 company
		provisions of the Code or (ii) Taxes imposed as a result of the gross
		negligence or willful misconduct of any such Person) shall be imposed on or
		with respect to the Servicer or any Affiliate thereof, and if such Taxes are
		not indemnified by GFL then, provided that
		the Servicer shall have undertaken reasonable efforts (that do not involve any
		material cost to the Servicer or any Affiliate thereof) to otherwise avoid the
		imposition of such Taxes, the Servicer may resign as the Servicer for all
		purposes under this Agreement in relation to all the Aircraft Assets or, at its
		election, any Aircraft Assets the resignation with respect to which would
		reduce or eliminate such Taxes for the duration of this Agreement, such
		resignation to become effective upon the selection by GFL of a Replacement
		Servicer to perform the Services with respect to all the Aircraft Assets or
		such Aircraft Assets as the case may be, that has accepted such appointment in
		accordance with the provisions of Section 10.04(c); provided,
		however, that
		pending the effectiveness of such resignation, GFL shall be required to post a
		bond, irrevocable letter of credit or other form of security reasonably
		acceptable to the Servicer to be drawn upon by the Servicer in the event that
		any such additional Taxes continue to be imposed on or with respect to the
		Servicer or any Affiliate thereof during such pendency.

	  

	 Section
		10.04.  Consequences
		of Expiration, Termination, Resignation or Removal.

	  

	 (a)  Notices. (i)
		Upon the expiration or termination of this Agreement in accordance with this
		Article X, or upon the resignation by or removal of the Servicer with respect
		to the performance of the Services for any or all of the Aircraft Assets, the
		Servicer will promptly forward to GFL any notices, reports and communications
		received by it from any relevant Lessee during the one year immediately after
		expiration, termination, resignation or removal.

	  

	 (ii) GFL will
		notify promptly each relevant Lessee and any relevant third party (with a copy
		to each Rating Agency and the Policy Provider) of the termination, resignation
		or removal of the Servicer under this Agreement in relation to any of the
		Aircraft Assets and will request that all such notices, reports and
		communications thereafter be made or given directly to the Replacement Servicer
		and GFL.

	  

	 (b)  Accrued
		Rights. A
		termination, resignation or removal in relation to any or all the Aircraft
		Assets shall not affect the respective rights (including as to fees) and
		liabilities of either party accrued prior to such termination in respect of any
		prior breaches hereof or otherwise.

	  

	 (c)  Replacement
		Servicer. (i)
		Upon the expiration or termination of this Agreement in accordance with this
		Article X, or upon the resignation by or removal of the Servicer with respect
		to the performance of the Services for any or all of the Aircraft Assets, the
		Servicer will cooperate with any Replacement Servicer, including providing such
		Replacement Servicer with all information and documents reasonably
		requested.

	  

	 (ii) Other
		than at the expiration of the term as set forth in Section 10.01 or pursuant to
		a termination of the Agreement by the Servicer in accordance with Section
		10.02(a)(i)(A), the Servicer may not resign or be removed from its obligations
		and duties as Servicer hereunder, nor may this Agreement be terminated with
		respect to the Servicer, in either case in whole or in part, unless a
		Replacement Servicer has been appointed by GFL or, if an Event of Default has
		occurred and is continuing, the Policy Provider, and has accepted such
		appointment, and GFL has received both a written confirmation from each of the
		Rating Agencies that no lowering or withdrawal of the then current Ratings of
		any class or subclass of Notes will result from such appointment and the prior
		written consent of the Policy Provider; provided,
		however, that,
		in the event that a Replacement Servicer shall not have been appointed within
		90 days after any termination of this Agreement with respect to the Servicer or
		any resignation by or removal of the Servicer, the Servicer may petition any
		court of competent jurisdiction for the appointment of a Replacement
		Servicer.

	  

	 

	 
		36
	 

	 

	 
 
	  

	 (d)  Payment
		of Fees and Expenses. (i)
		Upon the expiration or termination of this Agreement in accordance with this
		Article X, or upon the resignation or removal of the Servicer with respect to
		the performance of the Services for any Aircraft Asset, so long as the Servicer
		is continuing to perform any of the Services, GFL shall continue to pay
		Servicing Fees and reimbursable Aircraft Asset Expenses to the Servicer until a
		Replacement Servicer shall have been appointed and shall have accepted such
		appointment in accordance with the provisions of Section 10.04(c).

	  

	 (ii) If a
		Replacement Servicer is appointed with respect to any Aircraft Asset in
		accordance with Section 10.04(c) and such Aircraft Asset is sold by any Person
		within the GFL Group to a customer to whom the Servicer had been actively
		engaged in marketing such Aircraft Asset and with whom the Servicer had been
		engaged in substantive discussions at any time during the three month period
		prior to the appointment and acceptance of such Replacement Servicer, the
		Servicer shall be paid Sales Fees in respect of such Aircraft Asset as if the
		Servicer had arranged for the sale of such Aircraft Asset. Following any such
		appointment of a Replacement Servicer, the Servicer will, upon the request of
		GFL, provide GFL with a list of customers with respect to which the Servicer
		had been actively engaged in marketing such Aircraft Asset and with which the
		Servicer had been engaged in substantive discussions at any time during such
		three-month period. Such list shall be treated as confidential by GFL and shall
		not be disclosed to any Person other than GFL or the Manager (including
		officers, directors, employees and agents), or used for any purpose other than
		as a basis for determining any Sales Fees payable to the Servicer pursuant to
		the first sentence of this Section 10.04(d)(ii).

	  

	 (e)  Transition. Upon
		the expiration or termination of this Agreement in accordance with this Article
		X, or upon the resignation or removal of the Servicer with respect to the
		performance of the Services for any Aircraft Asset, the Servicer shall promptly
		return the originals (and all copies) within its possession of all Aircraft
		Assets Related Documents to GFL and shall provide GFL with such access to other
		nonconfidential, nonproprietary documentation and information (exclusive of
		internal correspondence, approval materials, internal evaluations or similar
		documentation or information) generated as part of the performance of the
		Services to any Person within the GFL Group (and, upon the request by GFL and
		to the extent practicable, copies thereof) within its possession as is
		reasonably necessary to the conduct of the business of any Person within the
		GFL Group and the services to be performed by a Replacement Servicer in
		connection therewith.

	  

	 Section
		10.05.  Survival.
		Notwithstanding any termination or the expiration of this Agreement, (a) the
		obligations of GFL, Policy Provider, Genesis and the Security Trustee under
		Sections 2.03(g), 2.03(i), 2.03(j), 2.04, 2.05(a), 2.05(c), 2.05(d), 2.05(f),
		2.05(g), 2.05(h), 3.03, 3.04, 6.06 and 7.03(f), Article IX, Sections 10.04 and
		10.05, Article XI and Sections 13.01 and 13.03 of this Agreement and Section
		2.2(b) of Schedule 2.02(a) to this Agreement and the Servicer’s
		obligations under Section 10.04 and Article XI shall survive such termination
		or expiration, as the case may be, and (b) the representations and warranties
		contained in Article IV and in Section 2.02(g) shall survive and remain in full
		force and effect until the third anniversary of the date on which this
		Agreement shall have expired or terminated.

	  

	 ARTICLE
		XI

	  

	 Indemnification

	  

	 Section
		11.01.  Indemnity.
		(a) Notwithstanding anything to the contrary set forth herein (other than
		Section 2.03(m)) or in any other Operative Agreement, GFL does hereby assume
		liability for, and does hereby agree to indemnify and hold harmless on an
		After-Tax Basis each of the Indemnified Parties from, any and all Losses that
		may be imposed on, incurred by or asserted against any Indemnified Party,
		directly or indirectly, arising out of, in connection with or related to (i)
		the Servicer’s performance under this Agreement or from errors in judgment
		or omissions by the Servicer under this Agreement; provided,
		however, that
		such indemnity shall not apply to the extent that such Losses are finally
		adjudicated to have 

	  

	 

	 
		37
	 

	 

	 
 
	  

	 been
		directly caused by (x) the willful misconduct (including willful misconduct
		that constitutes fraud) or gross negligence of the Servicer (or Servicer
		Delegate) in respect of its obligation to apply the Standard of Care or the
		Conflicts Standard in respect of its performance of the Services or (y) any
		representation or warranty by the Servicer set forth in Section 4.10 or 4.11
		having proven to be false on the date hereof; (ii) any Indemnified
		Parties’ involvement (or alleged involvement) in connection with the
		structuring or implementation of any aspect of the transactions contemplated by
		the Final Prospectus; (iii) without limiting the provisions of clause (y)
		above, any Aircraft Assets and (iv) except as expressly provided to be the
		obligation of the Servicer in Section 2.03(m), the offering or sale of the
		Notes, the securities of Genesis or any other debt or equity securities or the
		obtaining of any loans by GFL or any of its Affiliates, or any other Offerings,
		including any Losses to which any Indemnified Party may become subject, under
		the Securities Act of 1933, the Securities Exchange Act of 1934 or other
		Federal or state or non-U.S. statutory law or regulation, at common law or
		otherwise, including any Loss that arises out of or is based upon: (A) any
		untrue statement or alleged untrue statement of a material fact contained in
		any Prospectus or in any amendment thereof or supplement thereto or in any
		other document filed with the United States Securities and Exchange Commission,
		or (B) the omission or alleged omission to state therein a material fact
		required to be stated therein or necessary to make the statements therein not
		misleading.

	  

	 (b)  Each
		Indemnified Party agrees to give GFL prompt notice of any action, claim,
		demand, discovery of fact, proceeding or suit for which the applicable
		Indemnified Party intends to assert a right to indemnification under this
		Agreement; provided,
		however, that
		failure to give such notification shall not affect such Indemnified
		Party’s entitlement to indemnification under this Section 11.01 unless and
		only to the extent such failure results in actual irreparable prejudice to GFL
		or any other Person within the GFL Group.

	  

	 Section
		11.02.  Procedures
		for Defense of Claims.

	  

	 (a)  If a
		Third Party Claim is made against any Indemnified Party, the applicable
		Indemnified Party shall promptly notify GFL in writing of such claim (which
		notice shall include all relevant information reasonably necessary for GFL to
		understand such claim which is in the possession or under the control of, or
		which can with reasonable commercial efforts be obtained by, such Indemnified
		Party at the time of such notice, subject to Applicable Laws and
		confidentiality obligations), and the Servicer or GFL(if so directed by the
		applicable Indemnified Party and if so accepted by GFL) will undertake the
		defense thereof. The failure to notify GFL promptly shall not relieve GFL of
		its obligations under this Article XI unless and only to the extent that such
		failure results in actual irreparable prejudice to GFL or any other Person
		within the GFL Group.

	  

	 (b)  If so
		directed by the applicable Indemnified Party and if accepted by GFL, GFL shall
		within 30 days, undertake the conduct and control, through counsel of its own
		choosing (subject to the consent of the applicable Indemnified Party, such
		consent not to be unreasonably withheld or delayed) and at GFL’s risk and
		expense, the good faith settlement or defense of such claim, and the applicable
		Indemnified Party shall cooperate fully with GFL in connection therewith;
		provided,
		however, that
		(i) at all times the applicable Indemnified Party shall be entitled to
		participate in such settlement or defense through counsel chosen by it, and the
		fees and expenses of such counsel shall be borne by the applicable Indemnified
		Party, and (ii) GFL shall not be entitled to settle such claims unless it shall
		have confirmed in writing its obligation to indemnify the applicable
		Indemnified Party for the liability asserted in such claim. GFL shall obtain
		the written consent of the applicable Indemnified Party prior to ceasing to
		defend, settling or otherwise disposing of such claim if as a result thereof
		such Indemnified Party would become subject to injunctive, declaratory or other
		equitable relief or the business of such Indemnified Party would be materially
		adversely affected in any manner.

	  

	 (c)  So long
		as GFL is reasonably contesting any such claim in good faith, the applicable
		Indemnified Party shall fully cooperate with GFL in the defense of such claim
		as is reasonably required 

	  

	 

	 
		38
	 

	 

	 
 
	  

	 by GFL.
		Such cooperation shall include the retention and the provision of records and
		information, which are reasonably relevant to such Third Party Claim and making
		directors, officers and employees available on a mutually convenient basis to
		provide additional information. Neither the Servicer nor any Indemnified Party
		shall settle or compromise any claim without the written consent of GFL unless
		the Servicer or the applicable Indemnified Party agrees in writing to forego
		any and all claims for indemnification from GFL with respect to such
		claims.

	  

	 (d)  If GFL,
		within 10 days after notice of any such claim, does not agree to defend such
		Third Party Claim as directed by the applicable Indemnified Party, such
		Indemnified Party will have the right to undertake the defense, compromise or
		settlement of such Third Party Claim.

	  

	 Section
		11.03.  Reimbursement
		of Costs. The
		costs and expenses, including fees and disbursements of counsel (except as
		provided in clause (i) of the proviso to the first sentence of Section
		11.02(b)) and expenses of investigation, incurred by any Indemnified Party in
		connection with any Third Party Claim, shall be reimbursed on a quarterly basis
		by GFL upon the submission of evidence reasonably satisfactory to GFL that such
		expenses have been incurred, without prejudice to GFL’s right to contest
		the Indemnified Party’s right to indemnification and subject to refund in
		the event that GFL is ultimately held not to be obligated to indemnify the
		Indemnified Party.

	  

	 Section
		11.04.  Waiver
		of Certain Claims; Special Indemnity. GFL
		does hereby (a) assume liability for and agree to indemnify and hold harmless
		on an After-Tax-Basis, in accordance with the provisions of this Article XI,
		each of the Indemnified Parties from any and all Losses that may be imposed on,
		incurred by or asserted against any Indemnified Party directly or indirectly
		arising out of, in connection with or related to any claims of shareholders or
		creditors of any Person within the GFL Group or of Genesis and any claims
		(“Shadow
		Director/Related Company Claims”)
		that may be made by or on behalf of any Person against any Indemnified Party
		which are based on any Indemnified Party being a shadow director of, or a
		related company to, any Person within the GFL Group under applicable Irish law
		or which are based on any similar concept under any other Applicable Law;
		(b) waive, and shall cause each other Person within the GFL Group and
		Genesis to waive, any and all Shadow Director/Related Company Claims that may
		be made by or on behalf of any Person within the GFL Group against any
		Indemnified Party, (c) agree not to sue, and to cause each other Person within
		the GFL Group and Genesis not to sue, upon any such Shadow Director/Related
		Company Claims, and (d) agree that any amounts awarded to or received by any
		Person within the GFL Group or of Genesis arising out of or related to any such
		Shadow Director/Related Company Claims (whether such claims were made by or on
		behalf of any Person within the GFL Group or of Genesis or by a third party
		(including any liquidator)) shall be paid over to the applicable Indemnified
		Party.

	  

	 Section
		11.05.  Waiver
		of Certain Accounting Claims; Special Indemnity. GFL
		does hereby (a) assume liability for and agree to indemnify and hold harmless
		on an After-Tax-Basis, in accordance with this Article XI, each of the
		Indemnified Parties from any and all Losses that may be imposed on, incurred by
		or asserted against any Indemnified Party directly or indirectly arising out
		of, in connection with or related to any claims of shareholders or creditors of
		any Person within the GFL Group or of Genesis or of any other Person arising
		out of, in connection with or related to, the compliance by GFL or any other
		Person within the GFL Group or Genesis of their respective obligations,
		including any of their respective reporting obligations (“Compliance
		Obligations”)
		to any holders of outstanding Notes, any holders of any other securities issued
		by any Person within the GFL Group or of Genesis or any Governmental
		Authorities and for all instructions, discretion, judgments and assumptions
		related to such Compliance Obligations (collectively “Accounting
		Claims”);
		provided,
		however, that
		such indemnity shall not apply to the extent that such Losses are finally
		adjudicated to have been directly caused by the willful misconduct (including
		willful misconduct that constitutes fraud) or gross negligence of the Servicer
		(or Servicer Delegate) in respect of its obligation to apply the Standard of
		Care in respect of its performance of such Services, waive, and shall cause
		each other Person within the GFL Group and Genesis to waive, 

	  

	 

	 
		39
	 

	 

	 
 
	  

	 any and
		all Accounting Claims that may be made by or on behalf of GFL or Genesis or any
		other Person within the GFL Group or of any holder of a Beneficial Interest
		against any Indemnified Party and (b) agree not to sue, and to cause each other
		Person within the GFL Group and Genesis not to sue, upon any such Accounting
		Claim.

	  

	 Section
		11.06.  Continuing
		Liability under Other Agreements. The
		Servicer understands, acknowledges and agrees that the intent of the parties
		hereunder is that any limitation on the liability of the Servicer under this
		Agreement, whether under this Article XI, Article III or otherwise, is not
		intended to and shall not be construed to limit the liability of any Person
		selling any Aircraft Assets under the Asset Purchase Agreement or the
		liability, if any, of GE Capital to the initial purchasers under a separate
		indemnification agreement, and that any such liability under such agreement
		shall not give rise to any claim for indemnification in favor of the Servicer
		or any of its Affiliates under this Agreement.

	  

	 ARTICLE
		XII

	  

	 Assignment
		and Delegation

	  

	 Section
		12.01.  Assignment
		and Delegation.
		(a) No party to this Agreement shall assign or delegate this Agreement or
		all or any part of its rights or obligations hereunder to any Person without
		the prior written consent of all other parties; provided,
		however, that
		(i) the Servicer may delegate, subject to the terms hereof, any portion of but
		not all its obligations to any Affiliate of the Servicer (a “Servicer
		Delegate”);
		(ii) the foregoing provisions on assignment and delegation shall not limit the
		ability of the Servicer to contract with any Person, including any of its
		Affiliates, for services in respect of Aircraft Assets subject to the terms
		hereof; and (iii) GFL may assign its rights hereunder to the Security
		Trustee under the Security Trust Agreement and, without in any way releasing
		GFL from any of its duties or obligations hereunder, the Servicer consents to
		such assignment, it being understood that neither GFL’s assignment nor the
		Servicer’s consent to such assignment will affect the Servicer’s
		rights and obligations hereunder, subject the Servicer to any liability to
		which it would not otherwise be subject to hereunder nor modify in any respect
		the contract rights of the Servicer hereunder. In addition, as a result of such
		assignment the Security Trustee and each Person entitled to any direct or
		indirect benefit under the Security Trust Agreement shall be bound by the
		provisions of this Agreement, including Article 3 hereof. Subject to the
		Security Trustee’s compliance with the provisions of this Agreement in
		exercising any such rights, the Servicer and each member of the GFL Group
		agrees that all of the GFL Group’s rights, including the right of GFL or
		any agent on its behalf to give notices or instructions to the Servicer under
		this Agreement, hereunder may be exercised by the Security Trustee to the
		exclusion of any member of the GFL Group following notice to the Servicer by
		the Trustee or the Policy Provider of the occurrence and continuance of an
		Event of Default (whether or not other remedial action, such as the giving of a
		Default Notice, has been taken). Any assignment or delegation pursuant to this
		Section 12.01(a) shall not require any approval pursuant to Section 7.04 and no
		delegation or contract pursuant to clause (i) or (ii) above shall release the
		Servicer from any of its obligations hereunder.

	  

	 (b)  Without
		limiting the foregoing, any Person who shall become a successor by assignment
		or otherwise of GFL or the Servicer (or any of their respective successors) in
		accordance with this Section 12.01 shall be required as a condition to the
		effectiveness of any such assignment or other arrangement to become a party to
		this Agreement; provided,
		however, that
		the Security Trustee shall not be required to become a party to this Agreement
		solely by reason of the execution and delivery of the Security Trust
		Agreement.

	  

	 

	 
		40
	 

	 

	 
 
	  

	 ARTICLE
		XIII

	  

	 Miscellaneous

	  

	 Section
		13.01. Documentary
		Conventions. The
		Documentary Conventions shall govern this Agreement.

	  

	 Section
		13.02. Power
		of Attorney. GFL
		shall and shall cause each other Person within the GFL Group, to appoint the
		Servicer and its successors, and its permitted designees and assigns, as their
		true and lawful attorney-in-fact pursuant to the form of Power of Attorney
		attached as Schedule 13.02 to this Agreement (with such modifications as are
		necessary under the laws of the jurisdictions in which such Persons are
		organized). All services to be performed and actions to be taken by the
		Servicer pursuant to this Agreement shall be performed for and on behalf of
		GFL. The Servicer shall be entitled to seek and obtain from GFL (and/or any
		other Person within the GFL Group as appropriate) a power of attorney in
		respect of the execution of any specific action as the Servicer deems
		appropriate.

	  

	 Section
		13.03. Reliance. The
		Servicer shall be entitled to rely on the provisions of this Agreement,
		including Schedule 2.02(a), any Approved Budget, any direction of, or
		certification by, GFL or its board of directors (or any duly appointed
		committee thereof) or the Manager, to the extent set forth in Section 2.02(c),
		and the Transaction Approval Requirements, in carrying out its obligations
		hereunder, and GFL hereby waives any rights to challenge any action taken by
		the Servicer that is consistent with the provisions of this Agreement
		(including the Standard of Care and the Conflicts Standard), including Schedule
		2.02(a), any Approved Budget, any such direction or certification or the
		Transaction Approval Requirements, or any direction of the Manager, or which
		has been approved by the board of directors of GFL or a duly appointed
		committee thereof, or the Manager.

	  

	 Section
		13.04. Certain
		Information. The
		parties hereto agree (a) not to provide to each other competitively sensitive
		information, other than information required to be provided by GECAS or GFL, as
		the case may be, under contractual arrangements existing on the date hereof (or
		successor arrangements thereto), (b) that any party receiving such information
		shall take such action as shall be necessary to maintain the confidentiality
		thereof and (c) to establish appropriate procedures and protocols to ensure
		compliance with the agreements in clauses (a) and (b). Similarly, GFL’s
		board of directors and Genesis’ board of directors and Genesis itself on
		behalf of itself and its employees shall agree (x) not to provide competitively
		sensitive information which it may receive from GECAS pursuant to this
		Agreement to any third party and (y) not to use any such competitively
		sensitive information for any purpose other than its duties and
		responsibilities as a director or shareholder of GFL or director or employee of
		Genesis. In addition, to the extent that any director of GFL or Genesis or
		employee of Genesis is involved in any other business activities that are
		competitive with GECAS or any Affiliate, GFL must screen such Person from
		receipt of competitively sensitive information. GFL shall require any such
		director of it or employee or director of Genesis to undertake in writing not
		to provide competitively sensitive information which it may receive pursuant to
		this Agreement to any third party and not to use any such competitively
		sensitive information for any purpose other than its duties and
		responsibilities as a director of GFL or Genesis or as an employee of Genesis.
		GFL agrees that it will cause the terms of this Section 13.04 to be included in
		any other servicing agreement entered into by any Person within the GFL Group
		or by Genesis or any of their Affiliates with any other entity pursuant to
		which such entity will provide services with respect to any aircraft on behalf
		of any Person within the GFL Group or on behalf of Genesis or any of their
		Affiliates, and, in connection therewith, the relevant directors shall provide
		to the servicer under such other servicing agreement written undertakings
		substantially similar to those provided to the Servicer as contemplated by the
		immediately preceding sentence. Without limiting the foregoing, GFL shall, and
		shall cause each Person in the GFL Group, and Genesis and each of its
		Affiliates, and each of its and their Representatives, including the Manager
		and the Policy Provider to, ensure that no 

	  

	 

	 
		41
	 

	 

	 
 
	  

	 competitively
		sensitive information is provided to a Competitor, even a Competitor that is a
		shareholder of Genesis or of GFL or any Person within the GFL
		Group.

	  

	 Section
		13.05. Original
		Aircraft. In the
		event that in the Servicer’s reasonable judgment the application of the
		terms of any provision hereunder in respect of any Aircraft Asset would not be
		appropriate prior to the title to such Aircraft Asset being transferred to a
		Person within the GFL Group, then the Servicer shall take such action in
		respect of such Aircraft Asset as is commercially reasonable or appropriate in
		such context or circumstances. The Servicer shall make a good faith effort to
		consult with GFL prior to taking any action in reliance upon this Section
		13.05, taking into account timing and other relevant considerations;
		provided,
		however, that
		any failure to so consult with GFL will not constitute a default under or
		violation of this Agreement.

	  

	 Section
		13.06. Relationship
		to Master Servicing Agreement. For
		the avoidance of doubt, notwithstanding the existence of the Master Servicing
		Agreement between Genesis and GECAS, this Servicing Agreement shall govern
		exclusively the rights and obligations of the parties hereto with respect to
		Aircraft Assets and any Additional Aircraft once an Additional Aircraft has
		been acquired by any Person in the GFL Group. Upon the termination of this
		Agreement by the Servicer pursuant to Section 10.02(a) or by GFL or the
		Policy Provider pursuant to Section 10.02(b) (but not the expiration of
		the term of this Agreement pursuant to Section 10.01(a)), the Master
		Servicing Agreement shall not apply to the Aircraft Assets and
		Section 10.04 shall govern the rights and obligations of the parties with
		respect to the appointment of a Replacement Servicer for the Aircraft Assets;
		provided that
		upon the expiration of the term of this Agreement pursuant to
		Section 10.01(a), the Master Servicing Agreement shall, if and to the
		extent it is then in full force and effect, govern the rights and obligations
		of the parties hereto with respect to the Aircraft Assets; provided further,
		however, that,
		notwithstanding the foregoing, the provisions hereof which are provided herein
		to survive the expiration or termination of this Agreement shall continue to
		survive and be in full force and effect.

	  

	 Section
		13.07. Limited
		Recourse.
		(a) In the
		event that the assets of the Persons in the GFL Group are insufficient, after
		payment of all other claims, if any, ranking in priority to the claims of the
		Servicer hereunder (it being agreed that there are no claims ranking in
		priority to those of the Servicer), to pay in full such claims of the Servicer
		in accordance with the Indenture and the Security Trust Agreement, then the
		Servicer shall have no further claim against the Persons in the GFL Group 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, 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, officers, agents 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,
		officer, agent or
		director is hereby expressly waived by the other parties as a condition of and
		consideration for the execution of this Agreement. For purposes of
		clarification, the foregoing applies only to Persons acting in their capacity
		as such shareholder, officer, agent or director and not in any other capacity
		and does not extend to the benefit of the Person for which such Person serves
		as shareholder, officer, agent or officer.

	  

	 Section
		13.08. GFL
		Group Members. Each
		Person in the GFL Group that joins as a party to this Agreement hereby agrees
		to be bound by and perform the obligations hereunder of a Person in the GFL
		Group, and if any such Person is a trust of which GFL or another Person in the
		GFL Group is the 

	  

	 

	 
		42
	 

	 

	 
 
	  

	 beneficiary,
		GFL hereby instructs and authorizes such trust to execute this Agreement, and
		perform such obligations (and the Policy Provider, and the Security Trustee by
		its acceptance of the assignment provided above, consent thereto to the extent
		applicable).

	  

	 [Remainder
		of page intentionally left blank.]

	  

	 

	 
		43
	 

	 

	 
 

	 IN
		WITNESS WHEREOF, this Agreement has been duly executed on the date first
		written above.

	  

	 
			 	 	 
	 	
				GE
				  COMMERCIAL AVIATION SERVICES
				  LIMITED

				
	 
 	 
 	 
 
	 	By:  	 
	 	
				

				Name:

				
	 	
				Title:

				

 

	 
		 

		
		  	 	 	 
	 	
				  
					 GENESIS
						FUNDING LIMITED
 
 
	 
 	 
 	 
 
	 	By:  	 
	 	
				  

				  Name:

				  
	 	
				  Title:

				  

 
 

	 
		 

		
		  	 	 	 
	 	
				  
					 FINANCIAL
						GUARANTY INSURANCE COMPANY
 
 
	 
 	 
 	 
 
	 	By:  	 
	 	
				  

				  Name:

				  
	 	
				  Title:

				  

 
 

	  

	 
		
		  
		

		

		
 
		 

		SCHEDULE
		  2.02(a) TO

		SERVICING
		  AGREEMENT

		 

		Aircraft
		  Assets Services

		 

		The
		  provision of the Services set forth in this Schedule 2.02(a) will be subject in
		  all cases to such approval as may be required or such limitations as may be
		  imposed pursuant to Section 7.04(a) of the Servicing Agreement and the
		  provisions of this Schedule 2.02(a) shall be deemed to be so
		  qualified.

		 

		Unless
		  otherwise defined herein, all capitalized terms used in this Schedule 2.02(a)
		  have the meanings assigned to such terms in Appendix A to the Servicing
		  Agreement or, in the case of certain defined terms used in Annex 1 or 2 to the
		  Servicing Agreement or Schedule 2.02(a)(i) to the Servicing Agreement, in the
		  copy of the Indenture delivered to the Servicer pursuant to Section 2.1. GFL
		  shall provide to the Servicer any instructions the Servicer may require in the
		  interpretation of Annexes 1 and 2 to the Servicing Agreement on which
		  instructions the Servicer shall be entitled to rely in all
		  respects.

		 

		SECTION 1. Lease
		  Services.

		 

		SECTION 1.1. Collections
		  and Disbursements. In
		  connection with each Lease of an Aircraft Asset under which any Person within
		  the GFL Group is the lessor, the Servicer will:

		 

		(a) invoice
		  the Lessee or otherwise arrange, as the Servicer deems reasonably appropriate,
		  on behalf of such Person within the GFL Group, for all payments due from the
		  Lessee, including Rents, Deposits, Utilization Rent, Aircraft redelivery
		  payments, late payment charges and any payments in respect of Taxes and other
		  payments (including technical, engineering, insurance and other recharges) due
		  under the relevant Lease, use reasonable commercial efforts to direct the
		  Lessee, subject to the terms of the Lease, to make such payments to such
		  account designated as the “Rental Account” in Schedule 4.03 to the
		  Servicing Agreement (the relevant details of such Rental Account being set
		  forth in such Schedule) or to such other accounts as specified in writing by
		  the Cash Manager and use reasonable commercial efforts to enforce the payment
		  thereof in the event of a nonpayment by the relevant due date;

		 

		(b) review
		  from time to time, as deemed necessary by the Servicer, the level of Rents,
		  Deposits, Utilization Rent and other amounts that may be adjusted under a Lease
		  (and to the extent they are provided to be adjusted pursuant to the provisions
		  of such Lease) and shall propose to the relevant Lessee and/or make such
		  adjustments to the Rents, Deposits, Utilization Rent and other amounts as are
		  required or that the Servicer otherwise deems reasonably appropriate
		  considering, among other things, the terms of the relevant Lease and practices
		  that the Servicer believes are prevalent in the operating lease
		  market;

		 

		(c) subject
		  to the timely receipt by the Servicer of the information related to the receipt
		  of all payments made pursuant to any Lease into any Bank Account, maintain
		  appropriate records regarding payments under the Leases;

		 

		(d) subject
		  to the terms of any applicable Aircraft Assets Related Document, take such
		  commercially reasonable actions as are necessary to apply any payments of any
		  type received from any Lessee, or to make any payments payable to a Lessee, on
		  a basis consistent with the directions of such Lessee and, to the extent that
		  any such payments are made to an account other than the account to which such
		  payment should have been directed pursuant to such Lessee’s direction, to
		  take such further commercially reasonable actions as are necessary to give
		  effect to such directions; provided,
		  however, that,
		  in the event a Lessee is in default under a Lease or a Lessee is subject to a
		  voluntary or involuntary bankruptcy, liquidation, receivership or other similar
		  proceeding, the Servicer will advise GFL of how funds received from such Lessee
		  were 

		 

		

		
		  SCHED 2.02(a)-1
		

		

		
 
		 
 

	 
		 

		SCHEDULE
		  2.02(a) TO

		SERVICING
		  AGREEMENT
 

	  

	 applied
		to the extent that such funds were applied to leases relating to both Aircraft
		Assets and Other Assets; and

	  

	 (e) provide
		for the safekeeping and recording of any letters of credit, guarantees or other
		credit support (other than cash and cash equivalents) held as part of Deposits
		or Utilization Rent and the timely renewal or drawing on or disbursement
		thereof as provided under the applicable Lease or other Aircraft Assets Related
		Document or otherwise in accordance with Section 1.5 of this Schedule
		2.02(a).

	  

	 SECTION 1.2. Maintenance.
		Subject to the availability of adequate funding to comply with the obligations
		under this Schedule 2.02(a) and the Servicing Agreement, the Servicer will
		perform the following technical services relating to the maintenance of the
		Aircraft Assets:

	  

	 (a) monitor
		the performance of maintenance obligations by Lessees under all Leases relating
		to the Aircraft Assets by including the Aircraft Assets in the Servicer’s
		technical audit program, which program entails, to the extent feasible in a
		reasonable commercial manner in the ordinary course under the terms of the
		applicable Lease, the review of a Lessee’s technical recordkeeping
		procedures, the collection of summary maintenance data on each Aircraft Asset
		and, to the extent the Servicer deems reasonably necessary or appropriate,
		physical inspection of the Aircraft Assets on a sampling basis consistent with
		procedures employed from time to time by GECAS and its Affiliates with respect
		to their own or other serviced Aircraft;

	  

	 (b) confirm
		the air authority approval status of a Lessee’s proposed maintenance
		program and proposed maintenance performer under any new Lease of any Aircraft
		Assets under which any Person within the GFL Group is, or following the
		Delivery of the related Aircraft Asset will be, the lessor;

	  

	 (c) in
		connection with a termination or expiration of a Lease under which any Person
		within the GFL Group is, or following the Delivery of the related Aircraft
		Asset will be, the lessor:

	  

	 (i) arrange
		for the appropriate technical inspection of the Aircraft Asset for the purpose
		of determining if the re-delivery conditions under the Lease have been
		satisfied;

	  

	 (ii) maintain
		a record of all material reports and other written materials (including any
		relevant reconciliation statements) received or generated by the Servicer in
		connection with such inspection and provide reasonable access to such reports
		and written materials to the relevant Persons within the GFL
		Group;

	  

	 (iii) on the
		basis of the final inspection and available records, determine whether the
		Lessee has complied with all required airworthiness directives and mandatory
		modifications, and establish the status of compliance with Airframe and Engine
		manufacturer service bulletins and Lessee-originated modifications undertaken,
		in each case with respect to the Aircraft Asset and as required by the
		Lease;

	  

	 (iv) (A)
		determine whether the Lessee has satisfied the re-delivery conditions
		applicable to the Aircraft Asset specified in the Lease and negotiate any
		modifications, repairs, refurbishments, inspections or overhauls to or
		compromises of such conditions that the Servicer deems reasonably necessary or
		appropriate, (B) determine the application of any available Deposits,
		Utilization Rent or other payments under the Lease 

	  

	 

	 
		SCHED 2.02(a)-2
	 

	 

	 
 
	  

	 
		 

		SCHEDULE
		  2.02(a) TO

		SERVICING
		  AGREEMENT

		 
 

	 and
		(C) maintain a record of the satisfaction of such conditions and accept
		re-delivery of the Aircraft Asset; and

	  

	 (v) determine
		the need for, procure and monitor (as provided in clause (a) above) the
		performance of any maintenance and refurbishment of the Aircraft Asset upon
		re-delivery, including compliance with applicable airworthiness directives,
		service bulletins and other modifications which the Servicer may deem
		reasonably necessary or appropriate for the marketing of the Aircraft
		Asset;

	  

	 (d) consider
		and, to the extent the Servicer deems reasonably necessary or appropriate,
		approve any Lessee-originated modifications to any Aircraft Asset submitted by
		any Lessee for approval:

	  

	 (i) to the
		extent authorized by the terms of the relevant Lease; or

	  

	 (ii) which
		the Servicer reasonably determines would not result in a material diminution in
		value of the Aircraft Asset or the interests of any Person within the GFL
		Group; or

	  

	 (iii) which
		are approved by GFL;

	  

	 (e) determine
		the amount (if any) that the relevant Person within the GFL Group is obliged to
		contribute pursuant to the provisions of a Lease (taking into account where
		applicable the amount of Utilization Rent paid with respect to such Lease and
		the receivables position of the related Lessee) to the cost of complying with
		any modification requirements, maintenance contribution requirements,
		redelivery condition payment requirements, airworthiness directives and similar
		requirements; and

	  

	 (f) arrange
		and supervise appropriate storage and any required on-going maintenance of any
		Aircraft Asset, at the expense of the relevant Person within the GFL Group,
		following termination of a Lease for any reason and re-delivery of the Aircraft
		Asset thereunder and prior to delivery of such Aircraft Asset to a new lessee
		or purchaser, on the most economic basis reasonably available and appropriate
		under the circumstances.

	  

	 The
		Servicer shall generally provide the technical/maintenance services set forth
		in this Section 1.2 through the use of its own staff where it shall deem
		appropriate and shall utilize third parties to provide such
		technical/maintenance services where it shall deem appropriate.

	  

	 SECTION 1.3. Insurance.

	  

	 (a) The
		Servicer will provide the following insurance services:

	  

	 (i) negotiate
		the insurance provisions of any proposed lease or other agreement affecting any
		of the Aircraft Assets, with such provisions to include such minimum coverage
		amounts with respect to hull and liability insurance as are set forth on Annex
		1 to the Servicing Agreement, as the same may be amended from time to time at
		the direction of GFL (but in no event shall any amendment adversely affect the
		right of the Servicer to be insured under general and war risk liability
		policies acceptable to it with the minimum amounts specified herein);
		provided,
		however, that,
		if an agreement with respect to hull or liability insurance, if any, cannot be
		reached with any particular Lessee pursuant to which such Lessee will procure
		and pay the premiums for such 

	  

	 

	 
		SCHED 2.02(a)-3
	 

	 

	 
 
	  

	 
		 

		SCHEDULE
		  2.02(a) TO

		SERVICING
		  AGREEMENT

		 
 

	 insurance
		in amounts consistent with the foregoing, the Servicer may still cause the
		applicable Person in the GFL Group to enter into such proposed lease or other
		agreement, but in which case the Servicer shall arrange for any shortfall in
		the required amount of insurance to be covered, at the expense of GFL, pursuant
		to arrangements entered into pursuant to clauses (iii) and (v) of this Section
		1.3(a);

	  

	 (ii) monitor
		the performance of the obligations of Lessees relating to insurance under
		Leases of any Aircraft Assets and, where practicable, ensuring that appropriate
		evidence of insurance exists with respect to any Aircraft Assets maintenance
		providers;

	  

	 (iii) source
		and arrange an aviation insurance program covering the Aircraft Assets (it
		being understood that such program may be arranged pursuant to a group policy
		covering both Aircraft Assets and Other Assets the premiums in respect of which
		are shared equitably based on the amount of insurance obtained and premium paid
		thereunder with respect to the covered Aircraft Assets, on the one hand, and
		the Other Assets, on the other hand; provided that the Servicer is not
		obligated to arrange such a group policy and that GFL acknowledges that
		(A) such a group policy may not result in any savings; and (B)
		Servicer’s current practice is to include the Other Assets serviced for
		other third parties under a different group policy than that for Other Assets
		serviced for GE Capital and its Affiliates), with such minimum coverage amounts
		with respect to hull and liability insurance as are set forth on Annex 1 to the
		Servicing Agreement, as the same may be amended from time to time at the
		direction of GFL;

	  

	 (iv) procure
		such repossession insurance for Aircraft Assets registered in those countries
		listed on Annex 1 to the Servicing Agreement (which list has been established
		by GFL and may be modified from time to time by GFL) and with such minimum
		coverage amounts with respect to hull insurance as are set forth on Annex 1 to
		the Servicing Agreement, as the same may be amended from time to time at the
		direction of GFL; provided,
		however, that,
		if an agreement with respect to repossession insurance, if any, cannot be
		reached with any particular Lessee pursuant to which such Lessee will pay the
		premiums for such insurance in amounts consistent with the foregoing, the
		Servicer may still cause the applicable Person in the GFL Group to enter into
		such proposed lease or other agreement, but in which case the Servicer shall
		pay any premiums to the extent unpaid by the Lessee, at the expense of GFL;
		and

	  

	 (v) if at
		any time any Aircraft Asset ceases to be insured or any Person within the GFL
		Group requires insurance coverage relating to an Aircraft Asset for any reason,
		including default by the Lessee or an Aircraft Asset not being leased upon
		termination of a Lease, the Servicer will procure, at the expense of the
		relevant Person within the GFL Group, alternative insurance coverage, with such
		minimum coverage amounts with respect to hull and liability insurance as are
		set forth on Annex 1 to the Servicing Agreement, as the same may be amended
		from time to time at the direction of GFL;

	  

	 provided,
		however, that,
		in each case where insurance is to be obtained by the Servicer, such insurance
		is reasonably available in the relevant insurance market and the Servicer shall
		have used reasonable sourcing techniques prior to obtaining such insurance;
		and, provided,
		further,
		however, that
		the Servicer shall not obtain or shall terminate, as the case may be, any such
		insurance (except liability insurance and war risk liability insurance in favor
		of the Servicer and its Affiliates) with respect to which the Servicer has been
		so instructed by GFL because GFL has determined that the rates for such
		insurance are not

	  

	 

	 
		SCHED 2.02(a)-4
	 

	 

	 
 
	 
		 

		
		  SCHEDULE
			 2.02(a) TO

		  SERVICING
			 AGREEMENT
 
 

	  

	 commercially
		reasonable. The foregoing provisions shall apply, mutatis mutandis, to any
		arrangements in which Persons other than Lessees have possession of, or
		insurance responsibility for, an Aircraft Asset (including in the event that an
		Aircraft Asset has been sold pursuant to a mortgage, deferred payment agreement
		or any similar arrangement).

	  

	 (b) The
		Servicer may engage, on behalf of, and for the benefit and at the expense of,
		any Person within the GFL Group, one or more Advisers and Brokers with respect
		to insurance matters, each of whom:

	  

	 (i) may also
		act in the same or similar capacities for the Servicer and its
		Affiliates;

	  

	 (ii) shall
		take directions from the Servicer (as authorized by the Servicing Agreement) in
		respect of the Aircraft Assets; and

	  

	 (iii) may act
		on behalf of any Person within the GFL Group in respect of any of their other
		insurance requirements, if requested to do so by any such Person within the GFL
		Group.

	  

	 The
		Servicer shall be entitled to rely reasonably on the actions taken by or
		recommendations of any such Adviser and Broker, subject to the terms of the
		relevant Lease. The Servicer will obtain such advice from the relevant Adviser
		or Broker or both, as it deems appropriate, as to the reasonableness of any
		insurance arrangements proposed by a Lessee, and as to the levels and types of
		insurance to be provided by a Lessee or to be arranged by the Servicer, for any
		of the Aircraft Assets. Except to the extent the Servicer can effect more cost
		efficient coverage under fleet or group policies, the Servicer will use
		reasonable commercial efforts to maintain separate and distinct customer
		relationships with such Advisers or Brokers when acting on behalf of any Person
		within the GFL Group, on the one hand, and when acting on its own behalf or on
		behalf of other Persons not within the GFL Group whose Aircraft Assets it
		manages, on the other hand. Any such insurance obtained by the Servicer shall
		include as the named insured thereunder, such Persons as are required to be
		designated as named insureds pursuant to paragraph 6 of Annex 1 to the
		Servicing Agreement.

	  

	 (c) The
		Servicer shall provide to GFL such periodic reports regarding insurance matters
		relating to the Aircraft Assets as GFL may reasonably request.

	  

	 SECTION 1.4. Administration. The
		Servicer shall administer each Lease in accordance with its terms and as
		otherwise specifically addressed herein.

	  

	 SECTION 1.5. Enforcement. The
		Servicer shall take commercially reasonable steps to enforce the obligations to
		the relevant Person within the GFL Group of the Lessee and any other parties
		under each Lease and under any ancillary agreements thereto delivered by GFL to
		the Servicer (including any guarantees of the obligations of the Lessee).
		Following any default by a Lessee under the applicable Lease, the Servicer will
		take all such commercially reasonable steps as it deems reasonably necessary or
		appropriate to preserve and enforce the rights of the relevant Person within
		the GFL Group (or, if applicable, with respect to any Original Aircraft, the
		owner) under the applicable Lease, including entering into negotiations with
		such Lessee with respect to the restructuring of such Lease or declaration of
		an event of default under the applicable Lease, drawing on or making
		disbursement of any Deposits, Utilization Rent or any letters of credit,
		guarantees or other credit support thereunder, voluntary or involuntary
		termination of the Lease and repossession of the Aircraft Asset that is the
		subject of the Lease, and pursuing such legal action with respect thereto as
		the Servicer deems reasonably necessary or appropriate.

	  

	 

	 
		SCHED 2.02(a)-5
	 

	 

	 
 
	  

	 
		SCHEDULE
		  2.02(a) TO

		SERVICING
		  AGREEMENT

		 
 

	 SECTION 1.6. Lease
		Modifications.
		(a) The
		Servicer shall be authorized to make such amendments and modifications to any
		Lease as it shall deem reasonably necessary or appropriate; provided,
		however, that
		such amendment or modification shall require the approval of GFL pursuant to
		Section 7.04(a) of the Servicing Agreement if the provisions of such amendment
		or modification, were they to be included in a new Lease to be entered into
		after the date hereof, would, on their own, cause the entering into of such new
		Lease to require the approval of GFL pursuant to Section 7.04(a)(ii) of the
		Servicing Agreement. Such amendments or modifications may be made without
		regard to whether there is a default by the Lessee or other party under or with
		respect to any such Lease.

	  

	 (b) The
		Servicer may waive, in good faith but sole discretion, overdue interest due
		from any Lessee under any Lease on any default in payment of rent, Utilization
		Rent or other amount thereunder.

	  

	 SECTION 1.7. Options
		and Other Rights. The
		Servicer shall be authorized to take such action as it shall deem reasonably
		necessary or appropriate with respect to:

	  

	 (a) the
		exercise by any Lessee or other party of any option or right affecting the
		applicable Aircraft Asset or the applicable Lease, consistent with the terms of
		any such option or right; and

	  

	 (b) the
		exercise on behalf of any Person within the GFL Group of any right or option
		that such Person may have with respect to any of the Aircraft Assets or the
		Leases.

	  

	 SECTION 2. Compliance
		with Covenants; Security Interests.

	  

	 SECTION 2.1. Compliance
		Generally.
		Subject to the availability to the Servicer of adequate funding to comply with
		its obligations under this Schedule 2.02(a) and the Servicing Agreement, the
		Servicer shall take such commercially reasonable actions as it shall deem
		reasonably necessary or appropriate to keep GFL in compliance with its
		obligations and covenants under Sections 5.02 and 5.03 of the Indenture, as and
		to the extent set forth on Schedule 2.02(a)(i) and solely to the extent that
		such obligations and covenants specifically and directly relate to the
		Services, excluding, in any case, (i) any reporting obligations in respect of
		any of the foregoing and (ii) any rental, any Note obligations or any payment
		or monetary obligations under the Indenture; provided,
		however, that
		the foregoing shall only apply to (A) any Indenture covenants that are set
		forth (or, in certain cases, appear as extracts) on Schedule 2.02(a)(i) to the
		Servicing Agreement, to the extent that each provision set forth (or extracted)
		on such Schedule includes the relevant section references for each such
		provision from the Indenture, and which (together with the definitions for any
		capitalized terms used therein) are set forth in full in a copy of the
		Indenture delivered by GFL to the Servicer, certified by GFL as a true and
		complete copy thereof (and GFL shall promptly provide the Servicer with all
		amendments, supplements and waivers thereto, so certified), and GFL shall
		provide to the Servicer any instructions the Servicer may require in the
		interpretation of the Indenture, on which instructions the Servicer shall be
		entitled to rely in all respects, and (B) such Indenture covenants (excluding,
		in any case, any such covenants relating to the limitations on Lessee
		concentrations, which are treated in Section 2.2 of this Schedule 2.02(a))
		first coming into effect (including through amendments or modifications) after
		the date of the Servicing Agreement that are reasonably acceptable to the
		Servicer, or which GFL shall from time to time notify the Servicer in writing,
		in reasonably specific detail by amendment to such Schedule 2.02(a)(i) and that
		are reasonably acceptable to the Servicer.

	  

	 (a) Nothing
		in this Schedule 2.02(a) or elsewhere in the Servicing Agreement shall be
		deemed to constitute or be construed as (i) a delegation or other transfer to,
		or an assumption by, the Servicer or any of its Affiliates of any obligations
		of any Person within the GFL Group 

	  

	 

	 
		SCHED 2.02(a)-6
	 

	 

	 
 
	  

	 
		 

		
		  SCHEDULE
			 2.02(a) TO

		  SERVICING
			 AGREEMENT
 

		 
 

	 (or, if
		applicable, with respect to any Original Aircraft, the owner) to make any
		payment to any Lessee or other Person, or to comply with any other monetary
		obligation, under any Lease or (ii) a transfer to the Servicer or any of its
		Affiliates of any right, title or interest in any Lease or related agreement or
		any Aircraft Asset covered thereby.

	  

	 SECTION 2.2. Certain
		Matters Relating to Concentration Thresholds.

	  

	 (a) Concentration
		Thresholds Generally. The
		Servicer shall use reasonable commercial efforts to comply with any covenants
		specifically relating to limitations on Lessee concentration set forth in the
		Indenture (“Concentration
		Limits”)
		and shall promptly inform GFL of any proposed transaction that it reasonably
		determines may result in such Concentration Limits being exceeded, and GFL
		shall promptly provide to the Servicer any information that the Servicer may
		reasonably require in connection with such Concentration Limits in order to
		comply with the provisions of this Section 2.2. The Servicer shall not enter
		into any such transaction other than pursuant to the terms of Section 2.2(c)
		below.

	  

	 (b) Present
		Concentration Limits. GFL
		hereby represents and warrants to the Servicer that set forth in Annex 2 to the
		Servicing Agreement are the Concentration Limits (including, following each
		provision set forth in such Annex, the relevant section references for each
		such provision from the Indenture) presently imposed under the Indenture, which
		Concentration Limits (together with the definitions for any capitalized terms
		used therein) are set forth in a full copy of the Indenture delivered by GFL to
		the Servicer, certified by GFL as a true and complete copy thereof (and GFL
		shall promptly provide the Servicer with all amendments, supplements and
		waivers thereto, so certified) and GFL shall provide to the Servicer any
		instructions the Servicer may require in the interpretation of such
		Concentration Limits, on which instructions the Servicer shall be entitled to
		rely in all respects.

	  

	 (c) Directions
		to Servicer. The
		Servicer shall not enter into any transaction with respect to which it has
		provided notice pursuant to Section 2.2(a) until GFL has provided a written
		certification to the Servicer to the effect that such transaction will not
		result in any violation of the Concentration Limits and the Servicer shall be
		entitled to rely upon such certification for all purposes of the Servicing
		Agreement and this Schedule 2.02(a).

	  

	 SECTION 2.3. Security
		Interests and International Interests. (a)
		Security
		Interests. In
		connection with the obligation of any Person within the GFL Group under the
		Security Trust Agreement to perfect any security interest granted by it in its
		right, title and interest in and to any Assigned Lease, the Servicer’s
		sole responsibility in respect thereof shall be to take the following actions
		with respect to each Assigned Lease: (1) seek advice from local counsel in the
		jurisdiction where the related Aircraft Asset is registered as to what actions
		would be customarily taken in such jurisdiction to perfect the security
		interest created in such Assigned Lease pursuant to the Security Trust
		Agreement and to use commercially reasonable efforts to implement such advice,
		(2) create an original chattel paper copy of such Assigned Lease by adding the
		following language to the cover of such Assigned Lease: “To the extent, if
		any, that this [Lease Agreement] or any [Lease Supplement] hereunder
		constitutes 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 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 [_________ ] between GFL, Deutsche Bank
		Trust Company Americas, as Security Trustee, and the various other parties
		identified on the signature pages thereof”, and (3) no later than ten
		days after the execution of such Assigned Lease by all the parties thereto,
		deliver such original chattel paper copy (which, by way of clarification, shall
		not include the 

	  

	 

	 
		SCHED 2.02(a)-7
	 

	 

	 
 
	  

	 
		 

		
		  SCHEDULE
			 2.02(a) TO

		  SERVICING
			 AGREEMENT
 
 

	  

	 signature
		or the receipt therefor of the Security Trustee) to a courier service for
		delivery to the Security Trustee at _____________________________, Attention:
		Corporate Trust and Agency Services, Structure Finance Team, (4) notify
		the Lessee in writing of the security assignment of such Assigned Lease to the
		Security Trustee pursuant to the Security Trust Agreement (which notice may be
		contained in such Assigned Lease), (5) obtain from the Lessee a written
		acknowledgment addressed to, or for the benefit of, the Security Trustee
		(A) acknowledging receipt of notification of such security assignment and
		(B) containing the agreement of the Lessee to continue to make all
		payments required to be made to the lessor under such Assigned Lease to the
		account specified in such Assigned Lease unless and until the Security Trustee
		otherwise directs (it being understood that the account specified in such
		Assigned Lease will be the account specified by the Manager to the Servicer as
		contemplated by Section 1.1(a) of this Schedule 2.02(a)) and (6) take such
		other action as GFL shall have reasonably requested and described in reasonable
		detail in a written notice to the Servicer. Notwithstanding the foregoing, the
		Servicer shall have no obligation to take any action specified in the prior
		sentence of this Section 2.3(a) with respect to any Assigned Lease or any
		supplement or amendment thereto that was executed before the related Aircraft
		became an Aircraft Asset (it being the expectation of the parties hereto that
		such action will be taken by the seller of any Aircraft Asset related to such
		Assigned Lease to any Person within the GFL Group). In connection with any
		Assigned Lease, GFL will cooperate with the Servicer in obtaining a letter of
		quiet enjoyment with respect to such Assigned Lease referred to in the final
		sentence of Section 2.08(a) of the Security Trust Agreement.

	  

	 (b) International
		Interests. In
		connection with the obligation of any Person within the GFL Group under the
		Security Trust Agreement to register at the International Registry any
		International Interest provided for under any Assigned Lease, the
		Servicer’s sole responsibility in respect thereof shall be to direct the
		International Registry administrator of the Person within the GFL Group that is
		lessor under such Assigned Lease to register such International Interest with
		the International Registry and seek the consent of the Lessee to such
		registration. In connection with the obligation of any Person within the GFL
		Group under the Security Trust Agreement to register the assignment to the
		Security Trustee of any International Interest provided for under any Assigned
		Lease of an Aircraft, the Servicer’s sole responsibility in respect
		thereof shall be to, upon request by the Security Trustee, direct the
		International Registry administrator of the Person within the GFL Group that is
		lessor under such Lease to consent to the registration of the assignment in
		favor of the Security Trustee of any International Interest that has been
		registered with the International Registry in respect of such Assigned Lease
		and is then held by a Person with the GFL Group, and request the consent of the
		lessee under such Assigned Lease to such assignment (which consent may be forth
		in the Assigned Lease). In connection with the obligation of any Person within
		the GFL Group under the Security Trust Agreement to register any International
		Interest created under any contract of sale with respect to an Aircraft Asset,
		the Servicer’s sole responsibility in respect thereof shall be to direct
		the International Registry administrator of the Person within the GFL Group
		that is a party to such contract of sale to register such International
		Interest with the International Registry and seek the consent of the other
		party to such contract of sale to such registration. In connection with the
		obligation of any Person within the GFL Group under the Security Trust
		Agreement to register any contract of sale with respect to an Aircraft Asset,
		the Servicer’s sole responsibility in respect thereof shall be to, upon
		request by the Security Trustee, direct the International Registry
		administrator of the Person within the GFL Group that is owner of such Aircraft
		Asset to consent to the registration in favor of the Security Trustee of such
		International Interest with the International Registry.

	  

	 SECTION 3. Lease
		Marketing.

	  

	 (a) The
		Servicer shall provide and perform lease marketing services with respect to the
		Aircraft Assets and in connection therewith is authorized:

	  

	 

	 
		SCHED 2.02(a)-8
	 

	 

	 
 
	  

	 
		 

		
		  SCHEDULE
			 2.02(a) TO

		  SERVICING
			 AGREEMENT
 

		 
 

	 (i) to
		negotiate and enter into any commitment for a lease of an Aircraft Asset in the
		name of the relevant Person within the GFL Group (or, if applicable, with
		respect to any Original Aircraft, the owner); and

	  

	 (ii) to
		include within any commitment for a Lease of an Aircraft Asset and/or effect
		any intermediate Lease or Leases through any Person within the GFL Group that
		the Servicer deems reasonably necessary or appropriate.

	  

	 (b) The
		Servicer shall commence the negotiation of any commitment for a Lease or Leases
		of Aircraft Assets in a manner consistent with the practices employed by the
		Servicer with respect to its aircraft operating leasing services business
		generally and shall commence the drafting of, and negotiation with respect to,
		any Leases for Aircraft Assets on the following basis:

	  

	 (i) in the
		case of any proposed Lessee that is not and has not been a lessee of an
		aircraft managed or serviced by the Servicer, the Servicer shall commence the
		drafting of, and negotiation with respect to, a Lease for Aircraft Assets based
		on the form of lease agreement or agreements then used by the Servicer in
		connection with its aircraft operating leasing services business generally but
		reflecting any changes thereto required under clause (c)(ii) below (as such
		form of lease shall be amended from time to time by the Servicer, the
		“GFL
		Pro Forma Lease”);
		and

	  

	 (ii) in the
		case of any proposed Lessee that is or was a lessee of an aircraft managed or
		serviced by the Servicer, the Servicer may commence the drafting of, and
		negotiation with respect to, a Lease for Aircraft Assets based on a form of
		lease substantially similar to the lease previously used with respect to such
		Lessee (the “Precedent
		Lease”).

	  

	 Provided that
		the Servicer commences the negotiation of a Lease of any Aircraft Asset in
		accordance with clauses (b)(i) and (b)(ii) above, the terms of any executed
		Lease may vary from the terms of the GFL Pro Forma Lease or the Precedent Lease
		employed by the Servicer in accordance with such clauses. Section 3(b) shall
		not be applicable to the negotiation with respect to, or execution of, any
		Lease for Aircraft Assets in which negotiations commenced on or prior to the
		Closing Date. The Servicer is authorized to execute and deliver binding leases
		and related agreements on behalf of the relevant Person within the GFL Group
		based on the foregoing procedures.

	  

	 (c) (i) Upon
		ten Business Days’ prior written notice from GFL (x) requesting a
		copy of the then current GFL Pro Forma Lease and (y) specifying that such GFL
		Pro Forma Lease is to be used for purposes of the annual review required
		pursuant to the terms of Section 5.03(f) of the Indenture (the
		“Annual
		Review”),
		the Servicer shall provide GFL with a copy of its then current GFL Pro Forma
		Lease, together with a copy thereof marked (with such marking to be
		accomplished only if, and to the extent, possible with the then current word
		processing software employed by the Servicer and, for the avoidance of doubt,
		not manually) to reflect changes from the version of the GFL Pro Forma Lease
		that was produced by the Servicer following the immediately preceding Annual
		Review to give effect to the terms of Section 3(c)(ii) below (or from the GFL
		Pro Forma Lease utilized as of the Closing Date (a copy of which shall have
		been delivered to GFL on or before the Closing Date) in the case of the first
		such Annual Review).

	  

	 (ii) On or
		prior to each anniversary of the Closing Date and following the Annual Review,
		GFL shall advise the Servicer in writing whether any provisions in the then
		current GFL Pro Forma Lease that correspond to the Core Lease Provisions are
		required in accordance with the terms of Section 5.03(f) of the Indenture to be
		deleted 

	  

	 

	 
		SCHED 2.02(a)-9
	 

	 

	 
 
	  

	 
		 

		
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	 from
		such GFL Pro Forma Lease and replaced with the provision corresponding thereto
		in the most recent GFL Pro Forma Lease in which such provision was determined
		to be acceptable in accordance with the terms of Section 5.03(f) of the
		Indenture. Following any such written advice from GFL, the Servicer shall amend
		the GFL Pro Forma Lease accordingly and shall commence the negotiation of any
		Lease thereafter with the GFL Pro Forma Lease as so amended in respect of any
		such provision.

	  

	 (d) The
		Servicer shall take such reasonable commercial actions as shall be reasonably
		necessary or appropriate to deliver any Aircraft Asset pursuant to the terms of
		the documentation of the Lease or Leases of such Aircraft Asset, including upon
		an extension of such Leases.

	  

	 (e) The
		Servicer shall generally provide the marketing services set forth in this
		Section 3 through the use of its own marketing staff where it shall deem
		appropriate and shall utilize third parties to provide such marketing services
		where it shall deem appropriate, provided, that no such utilization shall
		release the Servicer from any of its obligations under the Servicing
		Agreement.

	  

	 SECTION 4. Sales of
		Aircraft and Engines.

	  

	 (a) The
		Servicer shall provide and perform sales services with respect to the Aircraft
		Assets at, and on a basis consistent with, the direction from time to time of
		GFL, and, in connection therewith, is authorized:

	  

	 (i) to enter
		into any commitment for a sale of an Aircraft Asset on behalf and (through a
		power of attorney) in the name of the relevant Person within the GFL Group;
		and

	  

	 (ii) to
		include within any sale and effect any intermediate Lease or Leases through any
		Person within the GFL Group that the Servicer deems reasonably necessary or
		appropriate;

	  

	 provided,
		however, that,
		except as otherwise required in accordance with the terms of a Lease, the
		Servicer shall not enter into any sale of any Aircraft Asset or agreement to
		sell any Aircraft Assets without obtaining the approval of GFL pursuant to
		Section 7.04(a) of the Servicing Agreement.

	  

	 (b) The
		Servicer shall negotiate documentation of any sale and, subject to
		Section 4(a) of this Schedule 2.02(a), is authorized to execute and
		deliver binding agreements on behalf and (through a power of attorney) in the
		name of the relevant Person within the GFL Group.

	  

	 (c) The
		Servicer shall take such reasonable commercial actions as shall be reasonably
		necessary or appropriate to deliver any Aircraft Asset pursuant to the terms of
		the documentation of the sale.

	  

	 (d) In the
		event that GFL directs the Servicer to sell or arrange for the sale of any
		Aircraft Asset, the Servicer will not be required to take any such action until
		GFL shall provide the Servicer with an Officer’s Certificate,
		substantially in the form attached as Schedule 2.02(a)(ii) to the Servicing
		Agreement, certifying that such sale complies with the terms of the Indenture
		and that the Servicer is entitled to rely upon such certification for all
		purposes of the Servicing Agreement and this Schedule 2.02(a).

	  

	 

	 
		SCHED 2.02(a)-10
	 

	 

	 
 
	  

	  

	 
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	 (e) Notwithstanding
		any other provision in Section 7.04 of the Servicing Agreement to the contrary,
		the Servicer shall be permitted to purchase, sell or exchange any Engine
		relating to an Aircraft or any part or components thereof or spare parts or
		ancillary equipment or devices furnished with an Aircraft at such times and on
		such terms and conditions as the Servicer deems reasonably necessary or
		appropriate in connection with its performance of the Services; provided,
		however, the
		Servicer shall not be permitted to purchase, or enter any order to purchase,
		Engines or spare parts (y) in a quantity in excess of that quantity deemed by
		the Servicer as appropriate in connection with the operation, leasing or sale
		of such the Aircraft Assets without obtaining the prior written consent of GFL,
		or (z) if the net (after credit for any exchanges, replacements or similar
		items) cash out-of-pocket purchase price of such Engine exceeds
		$3,000,000.

	  

	 SECTION 5. Aircraft
		Acquisitions.

	  

	 SECTION 5.1. Limitation
		on Acquisitions. GFL
		shall not, and shall not permit any other Person within the GFL Group to,
		purchase or otherwise acquire, directly or indirectly, (x) Aircraft Assets from
		any Person other than the Servicer or any of its Affiliates, or (y) without the
		consent of the Servicer, any Aircraft as to which Servicer has no obligation to
		provide “Services” under the Master Servicing Agreement , and other
		than as provided herein (including, without limitation, with respect to any
		Engine, in Section 4(e) of Schedule 2.02(a) and, in respect of any Aircraft
		Assets, pursuant to the terms of the Asset Purchase Agreement). For purposes of
		clarification, the Servicer shall have no obligations under this Agreement with
		respect to the acquisition of any Aircraft except to the extent expressly set
		forth in this Section 5.1 and subject to the conditions in Section 2.03(g) of
		the Servicing Agreement.

	  

	 SECTION 5.2. Other
		Acquisitions. Except
		as otherwise provided in Section 2.03(g) of the Servicing Agreement, the
		Servicer shall not be required to assist in the solicitation of, or otherwise
		take any action to obtain, any acquisition of any aircraft, engine or other
		property or any lessee consents and/or novations in connection with the
		acquisition of any Aircraft Assets or the issuance of Additional Notes or any
		other additional equity or debt capital (it being the expectation of the
		parties hereto that the obtaining of any lessee consents and/or novations with
		respect to any Aircraft Asset shall be the responsibility of the seller of such
		Aircraft Asset to any Person within the GFL Group). The parties hereto
		acknowledge that Section 2.03 of the Servicing Agreement deals with, among
		other things, the Servicer’s involvement in the issuance of Additional
		Notes.

	  

	 SECTION 6. Market
		Research.

	  

	 SECTION 6.1. Market
		Research. The
		Servicer shall maintain research capability and, subject to the requirements of
		Section 13.04 of the Servicing Agreement, shall provide non-proprietary
		commercial aviation general market industry research reports to GFL on an
		annual basis, which reports shall include general market information with
		respect to commercial aviation demand in terms of traffic growth, new Aircraft
		requirements and other similar information; provided,
		however, that
		the Servicer shall not be obligated to provide competitively sensitive
		information to the GFL Group or to provide any valuations, interpretations,
		comparisons, evaluations, opinions, forecasts, predictions or analytical
		analysis.

	  

	 SECTION 7. Aircraft
		Asset Cash Services.

	  

	 SECTION 7.1. Accounts
		and Account Information.

	  

	 (a) Existing
		Accounts. In the
		event that the Cash Manager desires to modify any of the arrangements relating
		to any of the bank accounts set forth on Schedule 4.03 to the Servicing
		Agreement (the “Existing
		Accounts”)
		in accordance with Section 2.04 of the Cash Management Agreement, GFL shall
		cause the Cash Manager to (i) deliver a certificate to the Servicer
		

	  

	 

	 
		SCHED 2.02(a)-11
	 

	 

	 
 
	  

	  

	 
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	 specifying
		in reasonable detail the modifications to be made with respect to any such
		Existing Accounts and certifying that any such modifications are in accordance
		with the applicable provisions of the Indenture and the Cash Management
		Agreement and (ii) transmit instructions to the relevant banking institution to
		effect such modifications and shall take such other actions as are incidental
		thereto in order to give effect to the foregoing.

	  

	 (b) New
		Accounts. The
		Servicer shall notify the Cash Manager in the event that any new bank accounts
		need to be established on behalf of any Person within the GFL Group in
		connection with a Lease and shall set forth in reasonable detail the
		(i) identity of the Lessee, (ii) Aircraft Assets subject to such Lease and
		(iii) jurisdiction of the Lessee and in which such Aircraft Assets are to be
		registered. Following receipt of such notice from the Servicer, GFL shall cause
		the Cash Manager promptly to (i) deliver a certificate to the Servicer
		specifying (v) the name and location of the bank at which such account
		will be established, (w) the name(s) in which such account will be established,
		(x) the names of the beneficiaries of such account, (y) the names of the
		Persons authorized to make withdrawals from such account and (z) such other
		information (including with respect to any security arrangements) as the Cash
		Manager deems appropriate and certifying that the establishment of such account
		is in accordance with the applicable provisions of the Indenture and the Cash
		Management Agreement and (ii) transmit instructions to the relevant banking
		institution to effect the establishment of such account and shall take such
		other actions as are incidental thereto in order to give effect to the
		foregoing (the “New
		Accounts”;
		and, together with the Existing Accounts, the “Bank
		Accounts”).
		

	  

	 SECTION
		7.2. Cash
		Transfers. (a) In
		the event that funds are required to be transferred from any Bank Account to
		the account of another Person (other than any Person within the GFL Group) in
		order to give effect to the directions of any Lessee in accordance with Section
		1.1(d) of this Schedule 2.02(a), the Servicer shall provide the Cash
		Manager and the Manager with written notice setting forth the (i) name of the
		transferor, (ii) name of the transferee, (iii) accounts from and to
		which funds are to be transferred, (iv) amounts to be transferred,
		(v) amount of the initial payment from or to the Lessee and
		(vi) anticipated date of transfer. No later than the next following
		Business Day, GFL shall cause the Cash Manager to notify the Servicer in
		writing whether the proposed transfer will be made on such anticipated date of
		transfer or on another stated date. GFL shall instruct the Cash Manager to
		cause such transfer to be made on such date in accordance with the terms of the
		written notice provided by the Servicer.

	  

	 (b) It is
		understood and agreed that (i) all decisions as to any transfers contemplated
		by Section 7.2(a) shall be the decisions and responsibility of the Cash Manager
		or the Manager, as the case may be, and not the decisions and responsibility of
		the Servicer (and the Servicer shall not be subject to any other
		responsibilities not specified in this Section 7 or any liability whatsoever
		for any such transfers or any decisions of the Cash Manager or the Manager, as
		the case may be, related thereto) and (ii) the Servicer shall have no
		responsibility as to the actions taken (or omitted) by any banking institution
		upon receipt of any payment instruction from the Cash Manager or the Manager,
		as the case may be, in accordance with the procedures set forth in this
		Section 7.

	  

	 SECTION
		7.3 Payments.
		

	  

	 (a) Anticipated
		Payments. For
		purposes of the calculation of the Required Expense Amount by the Cash Manager
		pursuant to Section 2.03 of the Cash Management Agreement, not less than one
		Business Day prior to each Calculation Date, the Servicer shall deliver to the
		Cash Manager and the Manager a written projection of payment obligations
		(including projected expenditures (including maintenance contribution payments,
		airworthiness directive payments 

	  

	 

	 
		SCHED 2.02(a)-12
	 

	 

	 
 
	  

	 
		 

		
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	 and
		redelivery condition payments), or return to Lessees of security deposits in
		accordance with the terms of any Lease) reasonably anticipated by the Servicer
		to be necessary to be paid in connection with the Servicer’s performance
		of the Services under the Servicing Agreement during the period extending from
		the Payment Date immediately following such Calculation Date through to the
		next succeeding Payment Date (the “Monthly
		Payment Period”).
		Not later than two Business Days prior to the date of each cash payment, the
		Servicer shall deliver to the Cash Manager and the Manager a written notice of
		such payment (whether or not such cash payment was reflected in the projection
		referred to in this Section 7.3(a)), and shall state (i) the anticipated date
		of such payment, (ii) the payee, (iii) the amount of such payment and (iv) the
		obligation in respect of which such payment is to be made (the
		“Stated
		Services Obligation”),
		with an appropriate notation if, and to what extent, such payment should be
		made from the Lessee Funded Account. No later than the Business Day prior to
		such anticipated date of payment, GFL shall instruct the Cash Manager to notify
		the Servicer in writing whether the proposed payment will be made on such
		anticipated date or on another stated date. GFL shall instruct the Cash Manager
		to pay or cause such payment to be made on such date to the payee for the
		Stated Services Obligation from the funds then available in the Expense Account
		and/or the Lessee Funded Account, as the case may be.

	  

	 (b) Unanticipated
		Payments. During
		any Monthly Payment Period the Servicer may request in writing the Cash
		Manager’s approval for the Cash Manager to pay or cause to be paid
		expenses that had not been reasonably anticipated by the Servicer at the time
		the projection required to be provided to the Cash Manager pursuant to Section
		7.3(a) with respect to such Monthly Payment Period was delivered to the Cash
		Manager. Any such request shall specify for each such payment obligation (i)
		the anticipated date of such payment, (ii) the payee, (iii) the amount of
		such payment and (iv) the Stated Services Obligation, with an appropriate
		notation if, and to what extent, such payment should be made from the Lessee
		Funded Account. No later than the Business Day next following such request by
		the Servicer, GFL shall instruct the Manager to notify the Servicer in writing
		whether such payment will be made on such anticipated date of payment or on
		another stated date. GFL shall instruct the Cash Manager to pay or cause such
		payment to be made on such date to the payee for the Stated Services Obligation
		from the funds then available in the Expense Account or the Lessee Funded
		Account, as the case may be. In the event that the funds then available in the
		Expense Account or the Lessee Funded Account are insufficient to make any such
		payment, pursuant to Section 2.03 of the Cash Management Agreement, GFL shall
		cause the Cash Manager to take such actions as are necessary to cause funds
		sufficient to make any such payments to be transferred as soon as practicable
		from the Collection Account to the Expense Account and/or the Lessee Funded
		Account, as the case may be. Following the transfer of such funds from the
		Collection Account, GFL shall cause the Cash Manager to pay or cause such
		payments to made in accordance with the foregoing provisions.

	  

	 (c) Limitation
		on Payments. It is
		understood and agreed that (i) all decisions as to the payment of funds from
		any Bank Account (including the timing, amount and payee thereof) shall be the
		decisions and responsibility of the Cash Manager and not the decisions or
		responsibility of the Servicer (and the Servicer shall not be subject to any
		other responsibilities not specified in this Section 7 or any liability
		whatsoever for any such payments or any decisions of the Cash Manager related
		thereto) and (ii) the Servicer shall have no responsibility as to the action
		taken (or omitted) by any banking institution upon receipt of any payment
		instructions from the Cash Manager in accordance with the procedures set forth
		in this Section 7 or as to the application by any payee of any amounts paid to
		it from any Bank Account in accordance with the procedures set forth in this
		Section 7, including no responsibility as to whether such payee applies such
		payment toward the Stated Services Obligation for which such payment was
		made.

	  

	 

	 
		SCHED 2.02(a)-13
	 

	 

	 
 
	  

	 
		
		   

		  
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	 SECTION 8. Professional
		and Other Services.

	  

	 SECTION 8.1. Legal
		Services. The
		Servicer shall provide or procure legal services, in all relevant
		jurisdictions, on behalf of the relevant Persons within the GFL Group with
		respect to the lease, sale or financing of the Aircraft Assets, any amendment
		or modification of any Lease, the enforcement of the rights of any Person
		within the GFL Group under any Lease, any disputes that arise with respect to
		the Aircraft Assets or for any other purpose that the Servicer reasonably
		determines is necessary in connection with the performance of the Services. The
		Servicer shall provide such legal services (which services shall not, in any
		case, be deemed to include (i) services or transactions relating to
		taxation matters, the laws of foreign jurisdictions, capital markets
		transactions or novel or unique transactions or (ii) a high level of services
		at fiscal year end or other times of peak activity relative to the level of
		services at other times) by using its in-house legal staff where it shall deem
		appropriate and shall authorize outside counsel to provide such legal services
		where it shall deem appropriate. The Servicer anticipates that it will use
		outside counsel to perform some or all the Services set forth in Section 2.3 of
		this Schedule 2.02(a). GFL recognizes, and shall cause each other Person within
		the GFL Group to recognize, that from time to time the Servicer will retain
		legal counsel to provide legal services on behalf of Persons within the GFL
		Group and, in the event that a dispute arises between any Person within the GFL
		Group and the Servicer, GFL agrees, and shall cause each other Person within
		the GFL Group, to waive any conflict of interest any such counsel may have with
		respect to any such dispute or otherwise to enable the Servicer to retain such
		counsel on its own behalf (it being understood that notwithstanding any such
		waiver of a conflict of interest, any such Persons within the GFL Group do not
		waive any rights to retain any such counsel on its own behalf if such counsel
		is so agreeable).

	  

	 SECTION 8.2. Tax
		Services. The
		Servicer shall arrange for such tax services and advice (which may be provided
		by the Servicer’s internal staff, to the extent available) as shall be
		reasonably necessary or appropriate in connection with the structuring of lease
		or sale with respect to the Aircraft Assets or for any other purpose that the
		Servicer reasonably determines is necessary in connection with the performance
		of the Services; provided,
		however, that
		the Servicer shall not be responsible for arranging for any tax services with
		respect to the preparation of tax returns or the acquisition of any Additional
		Aircraft or in connection with any Offering or other financing.

	  

	 SECTION 9. Reports;
		Custody.

	  

	 SECTION 9.1. Monthly
		Reports. On the
		Business Day immediately preceding each Calculation Date (or, to the extent
		impracticable, promptly thereafter), the Servicer shall provide to GFL and the
		Cash Manager a written report substantially in the form attached as
		Exhibit A covering the period from the end of the last such report, if
		any, through and including the fourth Business Day prior to such Calculation
		Date.

	  

	 SECTION 9.2. Quarterly
		Reports. The
		Servicer shall provide written reports: (a) to GFL within thirty days after the
		end of each calendar quarter substantially in the form of Exhibit B-1 with
		respect to such calendar quarter, and (b) to the Policy Provider within thirty
		days after the end of each calendar quarter substantially in the form of
		Exhibit B-2 with respect to such calendar quarter plus if the DSCR under the
		Indenture is less than 2.0 such individual Aircraft Asset rent information as
		the Policy Provider may request.

	  

	 SECTION 9.3. Other
		Information.

	  

	 (a) To the
		extent the Servicer is in possession of the relevant information, the Servicer
		shall prepare and submit to GFL the following information with respect to each
		Person within the GFL Group:

	  

	 

	 
		SCHED 2.02(a)-14
	 

	 

	 
 
	  

	 
		
		   

		  
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	 (i) upon
		request by GFL, information with respect to transactions relating to Aircraft
		Assets necessary for each Person within the GFL Group or Genesis or any other
		holder of a Beneficial Interest to prepare value added tax and other tax
		returns; 

	  

	 (ii) promptly
		after the occurrence thereof, notification to GFL of any accident or incident
		of which the Servicer has notice involving any Aircraft Asset where (A) the
		potential loss in connection therewith exceeds the higher of the damage
		notification threshold under the relevant Lease, if any, and $2,000,000 or (B)
		the potential liability in connection therewith exceeds $2,000,000;
		and

	  

	 (iii) advise
		GFL of any settlement offers received by the Servicer with respect to any claim
		of damage or loss in excess of $10,000,000 with respect to an Aircraft Asset,
		and, upon request by GFL, provide GFL with copies of all relevant documentation
		related thereto and such other additional information and advice as GFL may
		reasonably request and, upon direction from GFL that any such settlement offer
		related thereto is acceptable, prepare the appropriate documentation, including
		releases and any indemnities required in connection with such releases, to give
		effect to such settlement offer and procure the execution of such documentation
		by GFL (it being understood that settlement offers with respect to any such
		claims up to and including $10,000,000 may be settled by the Servicer
		independently).

	  

	 (b) Upon
		request by GFL, the Servicer shall provide to GFL copies of any financial
		statements received by the Servicer from any Lessee under and in accordance
		with the provisions of its Lease of an Aircraft Asset.

	  

	 (c) Upon
		request by GFL, the Servicer shall provide to GFL such factual non-proprietary
		and non-confidential information and data about the Aircraft Assets that the
		Servicer has created to provide the Services (exclusive of internal
		correspondence, approval materials, internal evaluations and similar
		information and data) or obtained from Lessees which may reasonably be
		requested by GFL; provided,
		however, that
		the Servicer shall not be required to provide any valuations, interpretations,
		comparisons, evaluations, opinions, forecasts, predictions or analytical
		analysis.

	  

	 SECTION 9.4. Ratings
		Information. Upon
		request by GFL, and subject to the rating agency’s handling of such
		information and data pursuant to its confidentiality policies, the Servicer
		shall provide to GFL such information and data about the Aircraft Assets that
		the Servicer has created to provide the Services or obtained from Lessees and
		other commercially reasonable assistance relating to the Aircraft Assets as GFL
		shall deem reasonably necessary or appropriate in connection with providing
		information to the ratings agencies for GFL’s debt ratings.

	  

	 SECTION 9.5. Custody
		of Documents. The
		Servicer agrees to hold all original documents of any Person within the GFL
		Group that relate to the Aircraft Assets in the possession of the Servicer in
		safe custody and according to the commercially reasonable instructions of
		GFL.

	  

	 SECTION 9.6. Reporting
		Obligations Generally.
		Notwithstanding anything herein to the contrary, GFL acknowledges and agrees
		that it shall be responsible for, and the Servicer shall not have any
		responsibility for, (a) any Compliance Obligations to any holders of
		outstanding Notes, any holders of any other securities issued by any Person
		within the GFL Group or by Genesis or any of its Affiliates or any Governmental
		Authorities, (b) any instructions, discretion, judgments and assumptions
		related to such Compliance Obligations, and GFL agrees to indemnify the
		Servicer and its Affiliates in respect of the foregoing as further provided in
		Section 11.05 of the Servicing Agreement, and (c) the completeness
		

	  

	 

	 
		SCHED 2.02(a)-15
	 

	 

	 
 
	  

	 
		
		   

		  
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				AGREEMENT
 

		   
 
 

	 or
		accuracy of any information or data provided hereunder (except to the extent
		the Servicer is liable therefor pursuant to the proviso in Section
		11.05).

	  

	 SECTION 9.7. Aircraft
		Assets Related Documents. The
		Servicer shall provide to the Security Trustee a copy of each fully executed
		Aircraft Assets Related Document received by the Servicer no later than ten
		Business Days after the receipt thereof by the Servicer. For purposes of this
		Section 9.7, the term “Aircraft Assets Related Documents” does not
		include letters of intent, memoranda of understanding or similar
		documents.

	  

	 SECTION 9.8. Quarterly
		Meeting Directions. At
		each quarterly meeting contemplated by Section 5.01 of the Servicing
		Agreement, the Servicer will be advised by GFL if there are Aircraft Assets
		which GFL instructs the Servicer to sell pursuant to Section 4 of this Schedule
		2.02(a) of the Servicing Agreement, and, with respect to any Aircraft Asset
		subject to a Lease expiring within the next twelve (12) months of the end of
		the preceding calendar quarter, if such Aircraft Asset is not to be remarketed
		for lease or an extension of a Lease because such Aircraft Asset is to be
		converted to a freighter aircraft (and is to be remarketed for lease after
		giving effect to such conversion) or is to be sold free and clear of a Lease
		(it being agreed that in the absence of an instruction not to remarket an
		Aircraft Asset for lease, such Aircraft Asset shall be remarketed for lease and
		in any event an Aircraft Asset shall continue to be remarketed for lease (or an
		extension of an existing Lease), and notwithstanding any contrary instruction,
		may be leased if the Servicer has entered into any preliminary agreement (such
		as a letter of intent) with respect thereto or has entered into a lease or
		lease extension with respect thereto).

	  

	 SECTION 9.9. Public
		Filing Information. The
		Servicer shall provide to GFL such information and data about the Aircraft
		Assets that the Servicer has created to provide the Services or obtained from
		Lessees, as GFL may reasonably request to comply with its public statutory and
		filing obligations.

	  

	 

	 
		SCHED 2.02(a)-16
	 

	 

	 
 
	  

	 

		SCHEDULE
		  2.02(a)(ii)

		TO THE
		  SERVICING AGREEMENT

		
Applicable
		  Indenture Covenants
 

	  

	 Attached
		are applicable extracts of the following sections of the
		Indenture:

	  

	 
			 	
				1.

					
				5.02(b)
				  Limitation on Encumbrances;
 

 

	  

	 
			 	
				2.

					
				5.03(a)
				  Concentration Limits;
 

 

	  

	 
			 	
				3.

					
				5.03(b)
				  Compliance with Law, Maintenance of Permits;
 

 

	  

	 
			 	
				4.

					
				5.03(c)
				  Maintenance of Assets;
 

 

	  

	 
			 	
				5.

					
				5.03(e)
				  Leases;
 

 

	  

	 
			 	
				6.

					
				5.03(f)
				  Opinions;
 

 

	  

	 
			 	
				7.

					
				5.03(g)
				  Insurance; and
 

 

	  

	 
			 	
				8.

					
				5.03(i)
				  Indemnity.
 

 

	  

	 

	 
		SCHED 2.02(a)(i)-1
	 

	 

	 
 
	  

	 

		SCHEDULE
		  2.02(a)(ii)

		TO THE
		  SERVICING AGREEMENT

		 
 

	 [Form of
		Officer’s Certificate for GFL]

	  

	 The
		undersigned, representing GFL, a Bermuda limited liability company, in
		accordance with Section 4(d) of Schedule 2.02(a) to the Servicing Agreement
		dated as of _______ (the “Servicing Agreement”) between GFL and GE
		Commercial Aviation Services Limited (the “Servicer”), hereby
		certifies as follows:

	  

	 (a) the sale
		of the [insert description of asset(s) to be sold], which GFL has directed the
		Servicer to arrange pursuant to Section 4 of Schedule 2.02(a) to the Servicing
		Agreement (the “Sale”), complies in all respects with the terms of
		the Trust Indenture dated as of ________, between GFL, Genesis Lease Limited,
		_______, and Deutsche Bank Trust Company Americas (including, if required, has
		been consented to by the Policy Provider);

	  

	 (b) the Sale
		has been approved by the board of directors of GFL in accordance with Section
		7.04(a) of the Servicing Agreement;

	  

	 (b) in
		connection with such Sale, the Servicer is entitled to rely upon this
		certification for all purposes of the Servicing Agreement and Schedule 2.02(a)
		thereto; and

	  

	 (c) the
		undersigned is a duly appointed, qualified and acting officer of GFL and the
		signature appearing below after his/her name is a genuine
		signature.

	  

	 IN
		WITNESS WHEREOF, I have hereunto set my hand on and as of this [____] day of
		[____ ], [_____].

	  

	 
			 	 	 
	 	 
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
				

				Name:

				
	 	Title:

 

	  

	 
		
		  SCHED 2.02(a)(i)-2
		

		

		
 
		 
 

	 
		 

		SCHEDULE
		  4.01 TO

		THE
		  SERVICING AGREEMENT

		 
 

	 Aircraft
		Assets

	  

	 
			
				SERIAL
				  #
 	 	
				MODEL

					 	
				OWNER

				
	
				[TO
				  COME]
 	 	
				[TO
				  COME]
 	 	
				[TO
				  COME]
 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

	  

	 
		
		  SCHED 4.01-1
		

		

		
 
		 
 

	  

	 
		SCHEDULE
		  4.02

		TO THE
		  SERVICING AGREEMENT

		 
 

	 Aircraft
		Assets Related Documents

	  

	 

	 
		SCHED 4.02-1
	 

	 

	 
 
	  

	  

	 
		SCHEDULE
		  4.03

		TO THE
		  SERVICING AGREEMENT

		 
 

	 Bank
		Accounts

	  

	 
			
				ACCOUNT
				  NAME
 	 	
				ACCOUNT
				  NUMBER
 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  LESSEE FUND
 	 	 
	
				GFL
				  RENTAL ACCT (DDA Account)
 	 	
				*

				
	
				GFL
				  RENTAL ACCT - SUSPENSE
 	 	 
	
				GFL
				  COLLECTIONS ACCT
 	 	 
	
				GFL
				  EXPENSE ACCT
 	 	 
	
				[GFL
				  NOTE ACCT CLASS G-_]
 	 	 
	
				GFL
				  [OWNER TRUSTEE] ACCT
 	 	 

 

	  

	 *
		Deutsche Bank Trust Company Americas - NY

	 

	 ABA #:
		021-001-033

	 Account
		#: ____________

	 Account
		Name: Deutsche Bank Trust Company Americas as Security Trustee for GFL-GFL
		Rental Account

	 Reference:
		GFL-[lessee][serial #]

	  

	 

	 
		SCHED 4.03-1
	 

	 

	 
 
	  

	 

		SCHEDULE
		  4.04(a) TO

		THE
		  SERVICING AGREEMENT

		 
 

	 List
		of Persons within the GFL

	 Group
		and Jurisdictions

	 

	 * These
		Persons will not be within the GFL Group as of the Closing Date. These Persons
		will be within the GFL Group as of date of each such Persons’ applicable
		Delivery Date (as defined in the Asset Purchase Agreement).

	  

	 

	 
		SCHED 4.04(a)-1
	 

	 

	 
 
	  

	 

		
		  SCHEDULE
			 7.01 TO

		  SERVICING
			 AGREEMENT
 

		 
 

	 Responsibilities
		of GFL Group

	  

	 
			
				A.

					
				With
				  respect to Aircraft Assets, each Person within the GFL Group shall retain such
				  responsibilities as are expressly set forth in Article VII of the Servicing
				  Agreement.
 

 

	  

	 
			
				B.

					
				Each of
				  GFL and each other Person within the GFL Group shall be responsible for, and
				  the Servicer shall have no responsibilities in respect of, assets which do not
				  constitute Aircraft Assets and for any or all GFL Group
				  Liabilities.
 

 

	  

	 
			
				C.

					
				Each of
				  GFL and each other Person within the GFL Group shall be responsible for, and
				  the Servicer shall have no responsibilities in respect of, all finance
				  functions which are not expressly the responsibility of the Servicer under the
				  Servicing Agreement. Such responsibilities of the GFL Group shall
				  include:
 

 

	  

	 
			 	(i)	
				all
				  matters relating to the arrangement and procurement of any financings of any
				  type or nature for the GFL Group;
 

 

	  

	 
			 	(ii)	
				all
				  matters relating to the management of borrowings and payments under such
				  financings and the management of the respective borrowers’ or
				  issuers’, as the case may be, compliance with the terms of such
				  financings, including compliance with the reporting requirements thereunder and
				  any computations required in connection with such reporting;
 

 

	  

	 
			 	(iii)	
				all
				  matters relating to the arrangement and procurement of refinancings of any type
				  or nature of any outstanding indebtedness of the GFL Group;
 

 

	  

	 
			 	(iv)	
				all
				  matters relating to the restructuring of any type or nature of any indebtedness
				  of the GFL Group; and
 

 

	  

	 
			 	(v)	
				all
				  communications with creditors (other than trade creditors and Lessees) of any
				  type or nature of the GFL Group.
 

 

	  

	 It is
		expressly understood by the parties that while the Servicer will, to the extent
		expressly provided in Schedule 2.02(a) to the Servicing Agreement, provide GFL
		with assistance and information required to assist in its compliance with its
		obligations and covenants under the Indenture to the extent such compliance
		specifically relates to the Services, the Servicer shall not deal directly with
		any creditors of any Person within the GFL Group, except to the extent such
		dealings with trade creditors are incidental to the Servicer’s provision
		of the Services under the Servicing Agreement.

	  

	 
			
				D.

					
				Each of
				  GFL and each other Person within the GFL Group shall be responsible for, and
				  the Servicer shall have no responsibilities in respect of, all treasury
				  functions of the GFL Group that are not expressly the responsibility of the
				  Servicer under the Servicing Agreement, including:
 

 

	  

	 
			 	(i)	
				cash
				  management;
 

 

	  

	 
			 	(ii)	
				currency
				  and interest rate risk management (including the establishment of related
				  policies and the arrangement and procurement of appropriate swap programs);
				  and
 

 

	  

	 
			 	(iii)	
				reconciliation
				  of all Bank Account-related information.
 

 

	  

	 

	 
		SCHED 7.01-1
	 

	 

	 
 
	  

	 
		

		  
			 SCHEDULE
				7.01 TO

			 SERVICING
				AGREEMENT
 

		   
 
 

	 
			
				E.

					
				Each of
				  GFL and each other Person within the GFL Group shall be responsible for, and
				  the Servicer shall have no responsibilities in respect of, all accounting
				  functions not expressly the responsibility of the Servicer under the Servicing
				  Agreement, including:
 

 

	  

	 
			 	(i)	
				the
				  monitoring of cash receipts and disbursements and accounts payable and accounts
				  receivable of the GFL Group;
 

 

	  

	 
			 	(ii)	
				the
				  promulgation, maintenance, interpretation, amending and supplementing of
				  accounting policies for the GFL Group, and the review and approval of any
				  potential exceptions to the accounting policies established by the GFL
				  Group;
 

 

	  

	 
			 	(iii)	
				maintaining
				  the accounting ledgers, preparing balance sheets, statements of changes in
				  shareholders’ equity and statements of income and cash flows and arranging
				  for financial audits, as required, and for the preparation of audited financial
				  reports for the GFL Group;
 

 

	  

	 
			 	(iv)	
				the
				  provision of overhead services to the GFL Group; and
 

 

	  

	 
			 	(v)	
				preparing
				  annual Lease Operating Budgets and Aircraft Asset Expenses Budgets, preparing
				  and analyzing actual results to budget and performing profitability
				  analysis.
 

 

	  

	 
			
				F.

					
				Each of
				  GFL and each other Person within the GFL Group shall be responsible for, and
				  the Servicer shall have no responsibilities in respect of, all corporate
				  secretarial activities and other matters related to the existence of any Person
				  within the GFL Group.
 

 

	  

	 
			
				G.

					
				Each of
				  GFL and each other Person within the GFL Group shall be responsible for, and
				  the Servicer shall have no responsibilities in respect of, all matters relating
				  to the holders of the share capital, beneficial interests or membership
				  interests of any Person within the GFL Group.
 

 

	  

	 
			
				H.

					
				Each of
				  GFL and each other Person within the GFL Group shall be responsible for, and
				  the Servicer shall have no responsibilities in respect of, all legal and
				  regulatory matters which are not expressly the responsibility of the Servicer
				  under the Servicing Agreement, including:
 

 

	  

	 
			 	(i)	
				the
				  preparation and filing of reports required to be filed with the U.S. Securities
				  and Exchange Commission, any securities exchange or any other Governmental
				  Authority;
 

 

	  

	 
			 	(ii)	
				all
				  legal services (including the negotiation of documents) not constituting the
				  provision of Services relating to all matters described herein for which any
				  Person within the GFL Group has responsibility;
 

 

	  

	 
			 	(iii)	
				the
				  preparation and filing of corporate and tax returns of each Person within the
				  GFL Group with any Governmental Authority; and
 

 

	  

	 
			 	(iv)	
				the
				  preparation of business plans, forecasts or other similar
				  activities.
 

 

	  

	 
			
				I.

					
				Each of
				  GFL and each other Person within the GFL Group shall be responsible for, and
				  the Servicer shall have no responsibilities in respect of, any and all
				  litigation or other legal proceedings against or brought by any Person within
				  the GFL Group, other than enforcement actions relating to any Aircraft Assets
				  (including any counterclaim arising from any such action to the extent any such
				  counterclaim relates to the Aircraft Assets) brought by GFL or any other Person
				  within the GFL Group commencing after the date of the Servicing
				  Agreement.
 

 

	  

	 

	 
		SCHED 7.01-2
	 

	 

	 
 
	  

	 
		
		  

			 
				SCHEDULE
				  7.01 TO

				SERVICING
				  AGREEMENT
 

			  
 
 
 

	 
			
				J.

					
				Each of
				  GFL and each other Person within the GFL Group shall be responsible for, and
				  the Servicer shall have no responsibilities in respect of, the arrangement and
				  procurement of all insurance other than insurance related to the Aircraft
				  Assets which the Servicer is to arrange and procure (at the expense of the GFL
				  Group) under the Servicing Agreement.
 

 

	  

	 
			
				K.

					
				Each of
				  GFL and each other Person within the GFL Group shall be responsible for, and
				  the Servicer shall have no responsibilities in respect of, employees of any
				  Person within the GFL Group.
 

 

	  

	 
			
				L.

					
				Each of
				  GFL and each other Person within the GFL Group, shall be responsible for, and
				  the Servicer shall have no responsibilities in respect of purchases, purchase
				  orders and options to purchase Aircraft, except to the extent the same
				  constitute the provision of Services, or in respect of the decision to sell an
				  Aircraft Asset.
 

 

	  

	 
			
				M.

					
				Except
				  to the extent expressly provided for in Section 2.3 of Schedule 2.02(a) to the
				  Servicing Agreement, each of GFL and each other Person within the GFL Group
				  shall be responsible for, and the Servicer shall have no responsibilities in
				  respect of, keeping GFL in compliance with their obligations and covenants
				  under the Security Trust Agreement.
 

 

	  

	 Notwithstanding
		anything contained herein to the contrary, GFL acknowledges and agrees that it
		shall be responsible for, and the Servicer shall not have any responsibility
		for, (a) any Compliance Obligations to any holders of outstanding Notes or to
		Genesis, any holders of any other securities issued by any Person within the
		GFL Group or any Governmental Authorities and (b) all instructions, discretion,
		judgments and assumptions related to such Compliance Obligations, and GFL
		agrees to indemnify the Servicer and its Affiliates in respect of the foregoing
		as further provided in Section 11.05 of the Servicing Agreement.

	  

	 

	 
		SCHED 7.01-3
	 

	 

	 
 
	  

	 
		

		  SCHEDULE
			 7.04 TO

		  THE
			 SERVICING AGREEMENT
 

		 
 

	 Liabilities
		Incurred in Ordinary Course of Business

	  

	 
			
				1.

					
				Acquisitions,
				  dispositions or replacements of Aircraft, Engines or Parts (including BFE and
				  IFE) including, without limitation, by leasing in.
 

 

	  

	 
			
				2.

					
				Modifications,
				  maintenance, overhauls, repairs, upgrades or other technical
				  expenditures.
 

 

	  

	 
			
				3.

					
				Dry
				  Leases and wet Leases (including extensions, renewals, amendments and
				  terminations thereof).
 

 

	  

	 
			
				4.

					
				Repossessions.

				

 

	  

	 
			
				5.

					
				Registrations
				  and Deregistrations.
 

 

	  

	 
			
				6.

					
				Governmental
				  approvals, certifications, permits, licenses, consents, filings and
				  authorizations.
 

 

	  

	 
			
				7.

					
				Third
				  party professional services including, without limitation, legal, tax advisory
				  and insurance.
 

 

	  

	 
			
				8.

					
				Taxes.

				

 

	  

	 
			
				9.

					
				Aircraft
				  operator transition costs (including, without limitation, flight operations,
				  storage and maintenance, technical consultants costs, and purchase, storage and
				  scrapping of spare Parts).
 

 

	  

	 
			
				10.

					
				Lessee
				  Liens.
 

 

	  

	 
			
				11.

					
				Insurance.

				

 

	  

	 

	 
		SCHED 7.04-1
	 

	 

	 
 

	 SCHEDULE
		8.01 TO

	 THE
		SERVICING AGREEMENT

	  

	 Conditions
		to Execution

	  

	 1. Each
		Person within the GFL Group (other than GFL) as to which a request therefor has
		been made shall have executed and delivered an GFL Group Guarantee in favor of
		the Servicer substantially in the form attached to the Servicing Agreement as
		Appendix B.

	  

	 2. Each
		appendix, annex, exhibit or schedule to the Servicing Agreement and each GFL
		Group Guarantee shall have been completed to the reasonable satisfaction of the
		Servicer and delivered with the Servicing Agreement and the GFL Group
		Guarantees on the Closing Date.

	  

	 3. The
		Aircraft Assets Related Documents shall have been delivered to the Servicer,
		pursuant to Sections 2.02(f) and 4.02 of the Servicing Agreement, at the
		Servicer’s offices in Shannon, Ireland, on or prior to the Closing
		Date.

	  

	 4. Each
		person within the GFL Group shall have executed and delivered to the Servicer
		the acknowledged power of attorney contemplated by Section 13.02 of the
		Servicing Agreement.

	  

	 5. GFL
		shall have delivered to the Servicer a copy of the Indenture, certified by GFL
		as a true and complete copy thereof.

	  

	 6. GFL and
		each other Person within the GFL Group shall have delivered to the Servicer
		satisfactory evidence, in the reasonable judgment of the Servicer, as to the
		appointment of agents for service of process as required by the Documentary
		Conventions set forth in Appendix A to the Servicing Agreement.

	  

	 7. GFL and
		each other Person within the GFL Group shall have delivered to the Servicer, in
		form and substance reasonably satisfactory to the Servicer:

	  

	 (A) a
		certificate dated the Closing Date of the secretary, any assistant secretary or
		other appropriate officer of each such Person certifying as to:

	  

	 (1) the
		attached corporate charter, by-laws and other constituent documents of such
		Person, recently certified, in the case of any such document filed with the
		secretary of state or similar Governmental Authority of the jurisdiction in
		which such Person is organized by such Governmental Authority;

	  

	 (2) the
		absence of amendments to any constituent document since the date of the last
		amendment (a) shown on the official evidence as to filed constituent documents
		furnished pursuant to (B) below if such official evidence is available and in
		any event (b) reflected in the constituent documents furnished pursuant to
		(1) above;

	  

	 (3) resolutions
		or other written evidence of corporate action of the board of directors (or
		appropriate committee thereof) and, if applicable, the shareholders of such
		Person duly authorizing or ratifying the execution, delivery and performance by
		such Person of the Servicing Agreement and the GFL Group Guarantee, as
		applicable, to which it is or is to be party and the absence of any
		modification, amendment or revocation thereof or any other resolutions relating
		thereto;

	  

	 (4) the
		absence of proceedings for the dissolution, liquidation, receivership or
		similar proceedings with respect to such Person;

	  

	 

	 
		SCHED 8.01-1
	 

	 

	 
 
	  

	 

		SCHEDULE
		  8.01 TO

		THE
		  SERVICING AGREEMENT

		 
 

	 (5) if
		applicable, its corporate seal; and

	  

	 (6) the
		incumbency and signatures of the individuals authorized to execute and deliver
		documents on such Person’s behalf; and

	  

	 (B) to the
		extent available from appropriate Governmental Authorities, recent official
		evidence from appropriate Governmental Authorities of appropriate jurisdictions
		as to constituent documents on file, good standing, payment of franchise taxes
		and qualification to do business in the jurisdiction in which such Person is
		organized.

	  

	 8. GFL and
		each other Person within the GFL Group shall have delivered to the Servicer an
		Officer’s Certificate dated the Closing Date, in form and substance
		reasonably satisfactory to the Servicer, stating that:

	  

	 (A) each
		representation and warranty of such Person contained in the Servicing Agreement
		and GFL Group Guarantee, as applicable, is true and correct as of the Closing
		Date;

	  

	 (B) such
		Person has duly performed and complied in all material respects with all
		covenants, agreements and conditions contained in the Servicing Agreement and
		GFL Group Guarantee, as applicable, required to be performed or complied with
		by it on or before the Closing Date;

	  

	 (C) no event
		has occurred and is continuing or condition exists or would result from the
		consummation of any transaction contemplated by the Servicing Agreement or GFL
		Group Guarantee, as applicable, to which such Person is a party that
		constitutes, or with the giving of notice or lapse of time or both would
		constitute, a default in any material respect under such Servicing Agreement or
		GFL Group Guarantee, as applicable, or a breach thereof or would give any party
		thereto the right to terminate, or not to perform any material obligation
		under, any thereof; and

	  

	 (D) the
		Servicing Agreement and GFL Group Guarantee, as applicable, to which it is a
		party is in full force and effect with respect to it, has not been amended,
		modified or terminated and constitutes its legal, valid and binding obligation
		enforceable against it in accordance with its terms (subject to bankruptcy and
		similar laws applicable to creditors’ rights generally and to general
		equitable principles).

	  

	 9. The
		Servicer (and such Affiliates of the Servicer that the Servicer designates as
		addressees) shall have received legal opinions dated as of the Closing Date,
		which shall cover the following matters and shall also cover such other matters
		as the Servicer and its counsel may reasonably request:

	  

	 (A) Each of
		GFL and each other Person within the GFL Group has been duly organized and is
		validly existing as a trust, a corporation or a limited liability company in
		good standing under the laws of its jurisdiction or organization, incorporation
		or formation, respectively.

	  

	 (B) Neither
		the execution and delivery of the Servicing Agreement and GFL Group Guarantee,
		as applicable, nor the consummation of the transactions contemplated thereby
		nor the performance by GFL or any other Person within the GFL Group of any of
		their obligations thereunder in accordance with the terms thereof will (i)
		violate any order, writ, injunction, judgment or decree in effect as of the
		date hereof of any [insert appropriate courts] to which GFL or any other Person
		within the GFL Group, or any of their respective Affiliates, is a party or by
		

	  

	 

	 
		SCHED 8.01-2
	 

	 

	 
 
	  

	 

		SCHEDULE
		  8.01 TO

		THE
		  SERVICING AGREEMENT

		 
 

	 which
		any of their respective properties or assets are bound, (ii) violate in any
		material respect any applicable law of [insert applicable law] in effect as of
		the date hereof or (iii) result in any conflict with, breach of or default (or
		give rise to any right of termination, cancellation or acceleration) under, any
		of the terms, conditions or provisions of any note, bond, mortgage, indenture,
		warrant or other similar instrument or any license, permit material agreement
		or other material obligation to which any such Person is a party or by which
		any such Person’s properties or assets may be bound.

	  

	 (C) Upon
		execution and delivery thereof, the Servicing Agreement and the GFL Group
		Guarantee, as applicable, to which GFL and each other Person within the GFL
		Group is a party shall be valid and legally binding on and enforceable against
		such party in accordance with its terms, subject to applicable bankruptcy,
		reorganization, insolvency, fraudulent transfer, moratorium or other laws
		affecting creditors’ rights generally from time to time in effect and to
		general equity principles regardless of whether such enforceability is
		considered in a proceeding in equity or at law.

	  

	 (D) No
		action, consent or approval by, or filing with, any [insert appropriate
		Governmental Authorities] or other third party is required in connection with
		the execution, delivery or performance by GFL or any other Person within the
		GFL Group of the Servicing Agreement and the GFL Group Guarantee, as
		applicable, to which it is a party or the consummation by GFL or any other
		Person within the GFL Group of the transactions contemplated
		thereby.

	  

	 10. The
		Servicer shall have delivered to GFL, in form and substance reasonably
		satisfactory to GFL:

	  

	 (A) a
		certificate dated the Closing Date of the secretary, any assistant secretary or
		another appropriate officer of the Servicer certifying as to:

	  

	 (1) the
		attached corporate charter, by-laws and other constituent documents of the
		Servicer, recently certified, in the case of any such document filed with the
		secretary of state or similar Governmental Authority of the jurisdiction in
		which the Servicer is organized by such Governmental Authority;

	  

	 (2) the
		absence of amendments to any constituent document since the date of the last
		amendment (a) shown on the official evidence as to filed constituent documents
		furnished pursuant to (B) below if such official evidence is available and (b)
		in any event reflected in the constituent documents furnished pursuant to (1)
		above;

	  

	 (3) resolutions
		or other written evidence of corporate action of the board of directors (or
		appropriate committee thereof) and, if applicable, the shareholders of the
		Servicer duly authorizing or ratifying the execution, delivery and performance
		by the Servicer of the Servicing Agreement and the absence of any modification,
		amendment or revocation thereof or any other resolutions relating
		thereto;

	  

	 (4) the
		absence of proceedings for the dissolution, liquidation, receivership or
		similar proceedings with respect to the Servicer;

	  

	 (5) if
		applicable, its corporate seal; and

	  

	 (6) the
		incumbency and signatures of the individuals authorized to execute and deliver
		documents on the Servicer’s behalf; and

	  

	 

	 
		SCHED 8.01-3
	 

	 

	 
 
	  

	 

		SCHEDULE
		  8.01 TO

		THE
		  SERVICING AGREEMENT

		 
 

	 (B) to the
		extent available from appropriate Governmental Authorities, recent official
		evidence from appropriate Governmental Authorities of appropriate jurisdictions
		as to constituent documents on file, payment of franchise taxes and
		qualification to do business in the jurisdiction in which the Servicer is
		organized.

	  

	 11. The
		Servicer shall have delivered to GFL an Officer’s Certificate dated the
		Closing Date, in form and substance reasonably satisfactory to GFL, stating
		that:

	  

	 (A) each
		representation and warranty of the Servicer contained in the Servicing
		Agreement is true and correct as of the Closing Date;

	  

	 (B) the
		Servicer has duly performed and complied in all material respects with all
		covenants, agreements and conditions contained in the Servicing Agreement
		required to be performed or complied with by it on or before the Closing
		Date;

	  

	 (C) no event
		has occurred and is continuing or condition exists or would result from the
		consummation of any transaction contemplated by the Servicing Agreement that
		constitutes, or with the giving of notice or lapse of time or both would
		constitute, a default in any material respect under the Servicing Agreement or
		a breach thereof or would give any party thereto the right to terminate, or not
		to perform any material obligation under, the Servicing Agreement;
		and

	  

	 (D) the
		Servicing Agreement is in full force and effect with respect to it, has not
		been amended, modified or terminated and constitutes its legal, valid and
		binding obligation enforceable against it in accordance with its terms (subject
		to bankruptcy and similar laws applicable to creditors’ rights generally
		and to general equitable principles).

	  

	 12. GFL
		shall have received legal opinions dated as of the Closing Date, covering
		matters comparable to those set forth in Section 9 above, with respect to the
		Servicer.

	  

	 

	 
		SCHED 8.01-4
	 

	 

	 
 
	  
 

	 SCHEDULE
		9.06(a) TO

	 THE
		SERVICING AGREEMENT

	  

	 Overhead
		Expenses

	  

	 
			
				1.

					
				Salary,
				  bonuses, company cars and benefits of Servicer’s employees.

				

 

	  

	 
			
				2.

					
				Travel
				  and entertainment expenses of Servicer’s employees.
 

 

	  

	 
			
				3.

					
				Office,
				  office equipment and rental expenses of the Servicer.
 

 

	  

	 
			
				4.

					
				Telecommunications
				  expenses of the Servicer.
 

 

	  

	 
			
				5.

					
				Advertising
				  and promotional expenses of the Servicer.
 

 

	  

	 
			
				6.

					
				Taxes on
				  the income, receipts, profits, gains, net worth or franchise of the Servicer
				  and payroll, employment and social security Taxes for employees of the
				  Servicer.
 

 

	  

	 

	 
		SCHED 9.06(a)-1
	 

	 

	 
 
	  

	 

		SCHEDULE
		  9.06(b) TO

		THE
		  SERVICING AGREEMENT

		 
 

	 Categories
		of Aircraft Asset Expenses

	  

	 
			
				1.

					
				Storage,
				  maintenance, repossession (whether or not successful), reconfiguration,
				  refurbishment, delivery, redelivery, and repair expenses relating to Aircraft
				  Assets, including all expenses incurred by the Servicer relating to compliance
				  with airworthiness directives and service bulletins, which include the fees and
				  expenses of independent technicians and other experts retained for any of the
				  foregoing purposes.
 

 

	  

	 
			
				2.

					
				Insurance
				  expense related to Aircraft Assets, including all fees and expenses of
				  insurance advisors and brokers.
 

 

	  

	 
			
				3.

					
				Expenses
				  incurred in connection with the effectuation or acceptance of delivery of any
				  Aircraft Asset, whether being sold or leased by any Person within the GFL
				  Group.
 

 

	  

	 
			
				4.

					
				Special
				  studies expenses related to Aircraft Assets authorized by any Person within the
				  GFL Group and fees and expenses of independent advisors retained for providing
				  valuation and appraisal services and general financial advice such as
				  structuring leases and sales and financing transactions.
 

 

	  

	 
			
				5.

					
				Outside
				  legal counsel, advisory fees and expenses and other professional fees and
				  expenses related to Aircraft Assets (including in connection with the purchase,
				  sale, delivery, redelivery, lease, re-lease, lease extension or repossession of
				  Aircraft Assets or any enforcement actions relating to any lease).

				

 

	  

	 
			
				6.

					
				Subject
				  to Section 7.04 of the Servicing Agreement, extraordinary fees and expenses not
				  incurred in the ordinary course of business, which the Servicer reasonably
				  determines appropriate in rendering the Services.
 

 

	  

	 
			
				7.

					
				Taxes
				  reimbursable to Servicer pursuant to Section 9.07.
 

 

	  

	 
			
				8.

					
				Any
				  other expenses relating to or associated with Aircraft Assets other than
				  Overhead Expenses of the Servicer and such Overhead Expenses of the GFL Group
				  as are expressly the responsibility of the Servicer under Section 9.06(a) of
				  the Servicing Agreement.
 

 

	  

	 

	 
		SCHED 9.06(b)-1
	 

	 

	 
 
	  

	 

		SCHEDULE
		  13.02 TO THE

		SERVICING
		  AGREEMENT

		 
 

	 MANAGEMENT
		SERVICES

	  

	 POWER OF
		ATTORNEY

	 OF

	  

	 [GRANTOR]

	  

	 WHEREAS
		[GRANTOR], having its [registered] office at [insert address] desires to
		appoint GE COMMERCIAL AVIATION SERVICES LIMITED having its registered
		office at 1 Earlsfort Centre, Hatch Street, Dublin 2, Ireland (“the
		Attorney”) as the true and lawful attorney of the Grantor for and in the
		name of and on behalf of the Grantor in such Attorney’s absolute
		discretion to execute each and every Requisite Document and Requisite Act as
		defined below and do all or any of the acts or things hereinafter
		mentioned.

	  

	 KNOW ALL
		MEN BY THESE PRESENTS that in consideration for the mutual promises and
		benefits set forth in the Servicing Agreement (defined below) the Grantor does
		hereby make, constitute and irrevocably and unconditionally appoint for the
		period (the “Term”) as and from the date hereof until termination or
		expiry of the Servicing Agreement between ________________ and GE Commercial
		Aviation Services Limited dated as of ________ (“the Servicing
		Agreement”), in accordance with its terms, the Attorney as a true and
		lawful attorney of the Grantor for and in the name of and on behalf of the
		Grantor with absolute discretion to exercise, do, execute and/or deliver all or
		any of the acts, documents and things hereinafter mentioned, that is to
		say:

	  

	 
			
				1.

					
				To
				  negotiate, approve, settle the terms of, agree, make, sign, execute (whether
				  under hand or seal) and deliver all deeds, agreements, documents, commitments,
				  arrangements, instruments, applications, oaths, affidavits, declarations,
				  notices, confirmations, certificates, approvals, acceptances, deliveries and to
				  do all other acts, matters and things whatsoever which are in each case
				  necessary or desirable for the Attorney to do for and on behalf of the Grantor
				  in respect of the provision of the Services (as defined in and contemplated by
				  the Servicing Agreement) (each such document a “Requisite Document”
				  and each such act a “Requisite Act”).
 

 

	  

	 
			
				2.

					
				To make
				  such amendments, modifications and variations to the Requisite Documents and to
				  enter into ancillary documentation in respect thereof, all on such terms as any
				  such Attorney may, in its sole discretion, determine from time to time for and
				  on behalf of the Grantor; and to make, give, sign, execute and do all things
				  including, without limitation, any material acts which may be necessary in
				  order to effect the terms of such Requisite Documents or in connection with the
				  making, signature, executions and delivery of the Requisite Documents or any
				  other documents required to be executed by the Grantor in connection therewith
				  or the performance of any acts, matters and things contemplated thereby or by
				  the Requisite Acts as may be necessary in accordance with the provision of the
				  Services.
 

 

	  

	 
			
				3.

					
				To
				  nominate and appoint one or more substitutes as attorney or attorneys under it
				  for all and any of the purposes aforesaid and the appointment of same with
				  liberty to revoke.
 

 

	  

	 
			
				4.

					
				To
				  acknowledge this Power of Attorney as the act and deed of the Grantor and
				  generally to do all other acts which may be necessary and desirable for
				  carrying the purpose of this Power of Attorney into effect.
 

 

	  

	 

	 
		SCHED 13.02-1
	 

	 

	 
 
	  

	 

		SCHEDULE
		  13.02 TO THE

		SERVICING
		  AGREEMENT

		 
 

	 IT IS
		HEREBY DECLARED THAT:-

	  

	 
			 	
				(A)

					
				The
				  Grantor hereby ratifies and confirms and agrees to ratify and confirm
				  whatsoever any Attorney shall do or cause to be done in, or by virtue of this
				  Power of Attorney as long as such act is not inconsistent with the terms of the
				  Servicing Agreement or this Power of Attorney or in violation of Applicable
				  Law.
 

 

	  

	 
			 	
				(B)

					
				This
				  Power of Attorney shall be irrevocable for the Term and at all times both
				  before and after the Term shall be conclusive and binding upon the Grantor and
				  no person or corporation having dealings with any Attorney under this Power of
				  Attorney shall be under any obligation to make any inquiries as to whether or
				  not this Power of Attorney has been revoked and all acts hereunder shall be
				  valid and binding on the Grantor unless express notice of its revocation shall
				  have been received by such person or corporation.
 

 

	  

	 
			 	
				(C)

					
				Subject
				  to the provisions of the Servicing Agreement the Grantor unconditionally
				  undertakes to indemnify and keep indemnified each Attorney and his agents, and
				  their respective successors and estates, against all actions, proceedings,
				  claims, costs, expenses and liabilities of whatsoever nature arising from the
				  exercise or purported exercise in good faith of any of the powers conferred on
				  each Attorney by this Power of Attorney.
 

 

	  

	 
			 	
				(D)

					
				Subject
				  to the provisions of the Servicing Agreement any Attorney or other person,
				  making or doing any payment or act, in good faith, in pursuance of this Power
				  of Attorney shall not be liable in respect of the payment or act by reason that
				  before the payment or act the Grantor was insolvent or had revoked this power
				  if the fact of such insolvency or revocation was not at the time of payment or
				  act known to the Attorney or other person making or doing same.

				

 

	  

	 
			 	
				(E)

					
				The
				  particular powers enumerated above shall be given the widest
				  interpretation.
 

 

	  

	 
			 	
				(F)

					
				THIS
				  POWER OF ATTORNEY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
				  LAWS OF [THE STATE OF NEW YORK] [IRELAND].
 

 

	  

	 IN
		WITNESS WHEREOF the Grantor has caused this Power of Attorney duly executed by
		the Grantor this day of [   ],
		[    ].

	  

	 SIGNED
		BY: ______________________________

	 For and
		on behalf of

	 [GRANTOR]

	 in the
		presence of:

	  

	 

	 
		SCHED 13.02-2
	 

	 

	 
 
	  
 

	 ANNEX 1
		TO THE 

	 SERVICING
		AGREEMENT

	  

	 INSURANCE
		GUIDELINES

	  

	 
			
				1.

					
				Hull
				  and Repossession Insurance: With
				  respect to any Aircraft Asset, hull and repossession insurance, when
				  applicable, shall be maintained in an amount equal to the greatest of (a) the
				  Note Target Price for such Aircraft (as such Note Target Price is set forth on
				  Schedule 1(a) attached hereto, as the same shall be amended in writing from
				  time to time by GFL, which amendment GFL shall provide to Servicer promptly
				  after any change in any such Note Target Price), (b) the appraised value
				  for such Aircraft (as such appraised value is set forth on Schedule 1(b)
				  attached hereto, as the same shall be amended in writing from time to time by
				  GFL, which amendment GFL shall provide to Servicer promptly after any change in
				  any such appraised value), (c) 110% of the net book value of such Aircraft (as
				  such net book value is set forth on Schedule 1(c) attached hereto, as the same
				  shall be amended in writing from time to time by GFL, which amendment GFL shall
				  provide to Servicer promptly after any change in such net book value), and (d)
				  such other amounts as may be directed in writing by GFL from time to time.
				  Spare engines and parts, if any, shall be insured on the basis of their
				  “replacement cost”.
 

 

	  

	 
			
				2.

					
				Liability
				  Insurance:
				  Liability insurance shall be maintained for each Aircraft Asset and occurrence
				  in an amount not less than the amount set forth on Schedule 2 attached hereto,
				  as the same shall be amended in writing from time to time by GFL. Liability
				  insurance shall be maintained for each non-passenger Aircraft Asset and
				  occurrence in an amount not less than 75% of the amounts set forth on Schedule
				  2. With respect to each Aircraft Asset acquired pursuant to the Asset Purchase
				  Agreement, liability insurance shall include, without limitation, cover, to the
				  extent generally available in the leading insurance markets, for the indemnity
				  of each Purchaser (as defined in the Asset Purchase Agreement) contained in
				  Section 10.1 of the Asset Purchase Agreement, with the relevant Seller
				  Indemnitees (as defined in the Asset Purchase Agreement) as additional
				  insureds, during the period commencing on the date of Delivery of the relevant
				  Aircraft Asset and ending on the earlier of (i) the second anniversary of the
				  date of such Delivery and (ii) the date of completion of the next major check
				  in respect of the relevant Aircraft Asset. The amounts of liability insurance
				  applicable to an Aircraft Asset that is in storage or otherwise grounded may be
				  reduced in a manner consistent with paragraph 5 below.
 

 

	  

	 
			
				3.

					
				Insurance
				  Deductibles:

				

 

	  

	 
			 	
				(a)

					
				Deductibles
				  and self-insurance for Aircraft Assets subject to a Lease may be maintained in
				  an amount which is substantially consistent with the customary practices of the
				  Servicer.
 

 

	  

	 
			 	
				(b)

					
				Deductibles
				  for Aircraft Assets off-lease shall be maintained in respect of any one
				  occurrence in respect of such Aircraft Assets in an amount equal to $200,000 or
				  such other higher amount as GFL may direct in writing from time to
				  time.
 

 

	  

	 
			
				4.

					
				Repossession
				  Insurance:
				  Subject to prior confirmation from GFL on a case by case basis, repossession
				  insurance shall be maintained for Aircraft Assets subject to a Lease that are
				  or will be registered in any jurisdiction listed on Schedule 4 attached hereto,
				  as the same may be amended in writing from time to time by GFL.

				

 

	  

	 
			
				5.

					
				Other
				  Insurance Matters: Apart
				  from the matters set forth above, the coverage and terms of any insurance with
				  respect to any Aircraft Assets (a) subject to a Lease, shall be negotiated on a
				  basis consistent with Sections 3(b) and (c) of Schedule 2.02(a) to the
				  Servicing Agreement and (b) not subject to a Lease, shall be substantially
				  consistent with the customary practices of the Servicer regarding similar
				  equipment.
 

 

	  

	 

	 
		ANNEX 1-1
	 

	 

	 
 
	  

	 

		ANNEX 1
		  TO THE 

		SERVICING
		  AGREEMENT

		 
 

	 
			
				6.

					
				Named
				  Insureds: Any
				  insurance arrangements entered into with respect to any Aircraft Assets shall
				  include as named insureds such Persons as are set forth on Schedule 6 attached
				  hereto, as the same shall be amended in writing from time to time by GFL. The
				  Servicer shall use commercially reasonable efforts to cause Lessees to include
				  the Persons set forth in such clauses as named insureds in connection with
				  liability insurance; provided,
				  however, that
				  to the extent that a Lessee is not willing to include such Persons, the
				  Servicer will, subject to the provisions of the Servicing Agreement and at the
				  expense of GFL, arrange for alternative liability insurance coverage with
				  respect to such Persons. GECAS shall, and such of its Affiliates as it
				  determines appropriate may, in GECAS’ sole discretion, be named as
				  additional insureds in connection with any such liability insurance
				  arrangements.
 

 

	  

	 
			
				7.

					
				Currencies: Any
				  insurance requirement stated in U.S. dollar terms shall be interpreted to
				  include the foreign currency equivalent thereto from time to time if any such
				  insurance related thereto is denominated in a currency other than U.S.
				  dollars.
 

 

	  

	 
			
				8.

					
				Availability: The
				  insurance guidelines set forth herein are subject in all cases to such
				  insurance being generally available in the relevant insurance market, or under
				  applicable governmental programs, from time to time.
 

 

	  

	 
			
				9.

					
				Revisions
				  to Required Amounts of Insurance: GFL
				  shall use commercially reasonable efforts to provide to the Servicer amendments
				  to Schedules 1(a) and 1(c) attached hereto, on a quarterly basis, and Schedule
				  1(b) attached hereto, on an annual basis, promptly (and in any event within
				  seven Business Days) following receipt or calculation by GFL of the relevant
				  information that would form the basis of any such amendment. With respect to
				  each proposed amendment to any schedule to this Annex 1, GFL shall provide the
				  Servicer with (x) a signed hard copy thereof and (y) an e-mailed Excel version
				  thereof. The Servicer shall not be required to implement any change in the
				  amount of insurance required to be maintained with respect to any Aircraft
				  Asset pursuant to Section 1.3 of Schedule 2.02(a) to the Servicing Agreement
				  and this Annex 1 as a result of the receipt by the Servicer from GFL of any
				  written notice, direction, amendment or similar communication pursuant to this
				  Annex 1 until the seventh Business Day following receipt thereof (including,
				  with respect to the immediately preceding sentence, receipt of the items listed
				  in both clauses (x) and (y) thereof).
 

 

	  

	 
			
				10.

					
				War
				  Risk Insurance. Unless
				  otherwise agreed between GFL and the Servicer, war risk hull and liability
				  insurance in respect of the Aircraft Assets shall be maintained in a manner
				  which is substantially consistent with the customary practices of the
				  Servicer.
 

 

	  

	 

	 
		ANNEX 1-2
	 

	 

	 
 
	  

	 

		SCHEDULE
		  1(b) TO ANNEX 1

		TO THE
		  SERVICING AGREEMENT

		 
 

	 Note
		Target Price

	  

	 
			 	 	
				Serial
				  Number
 	 	
				Type

					 	
				Outstanding

				Principal
				  Balance

				Allocable
				  to Aircraft
 	 	
				Note
				  

				Target
				  Price
 
	 	 	 	 	 	 	 	 	 
	
				1

					 	 	 	 	 	 	 	 
	
				2

					 	 	 	 	 	 	 	 
	
				3

					 	 	 	 	 	 	 	 
	
				4

					 	 	 	 	 	 	 	 
	
				5

					 	 	 	 	 	 	 	 
	
				6

					 	 	 	 	 	 	 	 
	
				7

					 	 	 	 	 	 	 	 
	
				8

					 	 	 	 	 	 	 	 
	
				9

					 	 	 	 	 	 	 	 
	
				10

					 	 	 	 	 	 	 	 
	
				11

					 	 	 	 	 	 	 	 
	
				12

					 	 	 	 	 	 	 	 
	
				13

					 	 	 	 	 	 	 	 
	
				14

					 	 	 	 	 	 	 	 
	
				15

					 	 	 	 	 	 	 	 
	
				16

					 	 	 	 	 	 	 	 
	
				17

					 	 	 	 	 	 	 	 
	
				18

					 	 	 	 	 	 	 	 
	
				19

					 	 	 	 	 	 	 	 
	
				20

					 	 	 	 	 	 	 	 
	
				21

					 	 	 	 	 	 	 	 
	
				22

					 	 	 	 	 	 	 	 
	
				23

					 	 	 	 	 	 	 	 
	
				24

					 	 	 	 	 	 	 	 
	
				25

					 	 	 	 	 	 	 	 
	
				26

					 	 	 	 	 	 	 	 
	
				27

					 	 	 	 	 	 	 	 
	
				28

					 	 	 	 	 	 	 	 
	
				29

					 	 	 	 	 	 	 	 
	
				30

					 	 	 	 	 	 	 	 
	
				31

					 	 	 	 	 	 	 	 
	
				32

					 	 	 	 	 	 	 	 
	
				33

					 	 	 	 	 	 	 	 
	
				34

					 	 	 	 	 	 	 	 
	
				35

					 	 	 	 	 	 	 	 
	
				36

					 	 	 	 	 	 	 	 
	
				37

					 	 	 	 	 	 	 	 
	
				38

					 	 	 	 	 	 	 	 
	
				39

					 	 	 	 	 	 	 	 
	
				40

					 	 	 	 	 	 	 	 
	
				41

					 	 	 	 	 	 	 	 
	
				42

					 	 	 	 	 	 	 	 
	
				43

					 	 	 	 	 	 	 	      
	
				Total

					 	 	 	 	 	 	 	     

 

	  

	 

	 
		SCHEDULE 1(b)-1
	 

	 

	 
 
	  

	 

		SCHEDULE
		  1(b) TO ANNEX 1

		TO THE
		  SERVICING AGREEMENT
 

	  

	 Appraised
		Values

	  

	 
			 	 	
				Type

					 	
				Serial

				Number

					 	
				Appraised

				Value

				
	 	 	 	 	 	 	 
	
				1

					 	 	 	 	 	 
	
				2

					 	 	 	 	 	 
	
				3

					 	 	 	 	 	 
	
				4

					 	 	 	 	 	 
	
				5

					 	 	 	 	 	 
	
				6

					 	 	 	 	 	 
	
				7

					 	 	 	 	 	 
	
				8

					 	 	 	 	 	 
	
				9

					 	 	 	 	 	 
	
				10

					 	 	 	 	 	 
	
				11

					 	 	 	 	 	 
	
				12

					 	 	 	 	 	 
	
				13

					 	 	 	 	 	 
	
				14

					 	 	 	 	 	 
	
				15

					 	 	 	 	 	 
	
				16

					 	 	 	 	 	 
	
				17

					 	 	 	 	 	 
	
				18

					 	 	 	 	 	 
	
				19

					 	 	 	 	 	 
	
				20

					 	 	 	 	 	 
	
				21

					 	 	 	 	 	 
	
				22

					 	 	 	 	 	 
	
				23

					 	 	 	 	 	 
	
				24

					 	 	 	 	 	 
	
				25

					 	 	 	 	 	 
	
				26

					 	 	 	 	 	 
	
				27

					 	 	 	 	 	 
	
				28

					 	 	 	 	 	 
	
				29

					 	 	 	 	 	 
	
				30

					 	 	 	 	 	 
	
				31

					 	 	 	 	 	 
	
				32

					 	 	 	 	 	 
	
				33

					 	 	 	 	 	 
	
				34

					 	 	 	 	 	 
	
				35

					 	 	 	 	 	 
	
				36

					 	 	 	 	 	 
	
				37

					 	 	 	 	 	 
	
				38

					 	 	 	 	 	 
	
				39

					 	 	 	 	 	 
	
				40

					 	 	 	 	 	 
	
				41

					 	 	 	 	 	 
	
				42

					 	 	 	 	 	 
	
				43

					 	 	 	 	 	     
	 	 	Total	 	 	 	     

 

	  

	 
		SCHEDULE 1(b)-2
	 

	 

	 
 
	  

	 
		 

		SCHEDULE
		  1(c) TO ANNEX 1

		TO THE
		  SERVICING AGREEMENT

 

	 Net
		Book Value

	  

	 
			 	 	
				Type

					 	
				Serial

				Number

					 	
				Net
				  Book

				Value

					 	
				110%
				  of Net

				Book
				  Value
 
	 	 	 	 	 	 	 	 	 
	
				1

					 	 	 	 	 	 	 	 
	
				2

					 	 	 	 	 	 	 	 
	
				3

					 	 	 	 	 	 	 	 
	
				4

					 	 	 	 	 	 	 	 
	
				5

					 	 	 	 	 	 	 	 
	
				6

					 	 	 	 	 	 	 	 
	
				7

					 	 	 	 	 	 	 	 
	
				8

					 	 	 	 	 	 	 	 
	
				9

					 	 	 	 	 	 	 	 
	
				10

					 	 	 	 	 	 	 	 
	
				11

					 	 	 	 	 	 	 	 
	
				12

					 	 	 	 	 	 	 	 
	
				13

					 	 	 	 	 	 	 	 
	
				14

					 	 	 	 	 	 	 	 
	
				15

					 	 	 	 	 	 	 	 
	
				16

					 	 	 	 	 	 	 	 
	
				17

					 	 	 	 	 	 	 	 
	
				18

					 	 	 	 	 	 	 	 
	
				19

					 	 	 	 	 	 	 	 
	
				20

					 	 	 	 	 	 	 	 
	
				21

					 	 	 	 	 	 	 	 
	
				22

					 	 	 	 	 	 	 	 
	
				23

					 	 	 	 	 	 	 	 
	
				24

					 	 	 	 	 	 	 	 
	
				25

					 	 	 	 	 	 	 	 
	
				26

					 	 	 	 	 	 	 	 
	
				27

					 	 	 	 	 	 	 	 
	
				28

					 	 	 	 	 	 	 	 
	
				29

					 	 	 	 	 	 	 	 
	
				30

					 	 	 	 	 	 	 	 
	
				31

					 	 	 	 	 	 	 	 
	
				32

					 	 	 	 	 	 	 	 
	
				33

					 	 	 	 	 	 	 	 
	
				34

					 	 	 	 	 	 	 	 
	
				35

					 	 	 	 	 	 	 	 
	
				36

					 	 	 	 	 	 	 	 
	
				37

					 	 	 	 	 	 	 	 
	
				38

					 	 	 	 	 	 	 	 
	
				39

					 	 	 	 	 	 	 	 
	
				40

					 	 	 	 	 	 	 	 
	
				41

					 	 	 	 	 	 	 	 
	
				42

					 	 	 	 	 	 	 	 
	
				43

					 	 	 	 	 	    	 	    
	 	 	
				Total

					 	 	 	    	 	    

 

	  

	 
		SCHEDULE 1(c)-1
	 

	 

	 
 
	  

	 
		SCHEDULE
		  2 TO

		ANNEX 1
		  TO THE

		SERVICING
		  AGREEMENT
 

	 Liability
		Insurance

	  

	 
			
				Model

					
				Minimum
				  Limit
 
	
				RJs

					
				US $250
				  million
 
	 	 
	
				B737/A320/A319/B757

					
				US $500
				  million ($300 million for North American carriers)
 
	 	 
	
				A330/A340/MD11/B767/B777/B787

					
				US $600
				  million
 
	 	 
	
				B747/A380

					
				US $750
				  million
 

 

	  

	 Notwithstanding
		the foregoing, with respect to any liability insurance maintained by any Person
		within the GFL Group for the benefit of the Persons listed in clause 2(h) of
		Schedule 6 to Annex 1, such amount of insurance shall be not less than US$750
		million for wide-body Aircraft, US$500 million for narrow-body Aircraft and
		US$350 million for regional jet Aircraft.

	  

	 

	 
		SCHED 2-1
	 

	 

	 
 
	  

	 

		SCHEDULE
		  4 TO ANNEX 1

		TO THE
		  SERVICING AGREEMENT

 

	 Repossession
		Insurance

	  

	 
			
				Country

					 
	 	 
	
				Belarus

					 
	
				Bhutan

					 
	
				Kazakhstan

					 
	
				Mongolia

					 

 

	  

	 

	 
		SCHED 4-1
	 

	 

	 
 
	  

	 
		 

		SCHEDULE 6
		  TO ANNEX 1

		TO THE
		  SERVICING AGREEMENT
 

	  

	 Named
		Insureds

	  

	 1. Hull and
		Repossession Insurance

	  

	 with
		respect to each Aircraft Asset, owner (and head lessor, if applicable) and/or
		lessor and intermediate lessor(s), if any, of Aircraft and Security
		Trustee

	  

	 2. Liability
		Insurance

	  

	 (a) owner
		(and head lessor, if applicable) of Aircraft (Person within GFL
		Group)

	  

	 (b) intermediate
		lessor(s), if any, of Aircraft (Person(s) within GFL Group)

	  

	 (c) GECAS,
		the Servicer

	  

	 (d) the
		Manager

	  

	 (e) the
		Trustee and Security Trustee

	  

	 (f) GFL

	  

	 (g) following
		the Delivery of an Aircraft Asset, any holder of a Beneficial Interest in GFL
		from time to time1

	  

	 (h) with
		respect to each Aircraft Asset acquired pursuant to the Asset Purchase
		Agreement, the relevant Seller Indemnitees (as defined in the Asset Purchase
		Agreement) during the period commencing on the date of Delivery of such
		Aircraft Asset and ending on the earlier of (i) the second anniversary of such
		date of Delivery and (ii) the date of completion of the next major check in
		respect of such Aircraft Asset

	  

	 (i) the
		Policy Provider.

	  
		
		  

		  
 

	 1 This
		requirement shall be deemed to be satisfied in the event that “Named
		Insured” for liability insurance includes Genesis (in each case, as
		substantially defined in Annex A, in pertinent part) or a reference to
		shareholders or affiliates of GFL.

	  

	 

	 
		SCHED 6-1
	 

	 

	 
 
	  

	 
		

		  ANNEX 2
			 TO THE

		  SERVICING
			 AGREEMENT

		   

		  Concentration
			 Limits
 
 

	  

	 The
		following chart sets forth the Concentration Limits that are applicable during
		periods when the weighted Portfolio age (weighted by Assumed Base Value of each
		Aircraft in the Portfolio) is (1) below ten years, (2) between ten and 12.5
		years and (3) above 12.5 years. The percentages in the following chart are
		obtained by dividing the Assumed Base Value of all Aircraft leased to lessees
		habitually based or domiciled in the applicable country or category by the
		Assumed Portfolio Value.

	  

	 
			
				 
 	 	
				Limits
				  Below 10 Years
 	 	
				Limits

				Between

				10
				  and 12.5 Years
 	 	
				Limits

				Above
				  12.5 Years
 	 
	 	 	 	 	 	 	 	 
	
				Lessee
				  Concentration Limits
 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	
				Single
				  lessee 
 	 	 	
				15.0

					
				%

					 	
				15.0

					
				%

					 	
				15.0

					
				%

				
	 	 	 	 	 	 	 	 	 	 	 
	
				Any
				  other single lessee habitually based or domiciled in an undesignated
				  country
 	 	 	
				10.0

					
				%

					 	
				10.0

					
				%

					 	
				10.0

					
				%

				
	 	 	 	 	 	 	 	 	 	 	 
	
				Three
				  largest lessees 
 	 	 	
				30.0

					
				%

					 	
				30.0

					
				%

					 	
				30.0

					
				%

				

 

	  

	  

	 
			
				 
 	 	
				Limits
				  Below 10 Years
 	 	
				 Limits
				  Between
				  10
				  and 12.5 Years
 	 	
				 Limits
				  Above
				  12.5 Years
 	 
	
				Country
				  Concentration Limits
 	 	
				  

					 	
				  

					 	
				  

					 
	 	 	 	 	 	 	 	 	 	 	 
	
				U.S.

					 	 	
				25.0

					
				%

					 	
				25.0

					
				%

					 	
				25.0

					
				%

				
	 	 	 	 	 	 	 	 	 	 	 
	
				Single
				  country rated the equivalent of BBB/Baa2 or better1 
 	 	 	
				22.5

					
				%

					 	
				25.0

					
				%

					 	
				27.5

					
				%

				
	 	 	 	 	 	 	 	 	 	 	 
	
				Other
				  single countries
 	 	 	
				15.0

					
				%

					 	
				15.0

					
				%

					 	
				15.0

					
				%

				

 

	  

	 
		
		  

		  

		1 The
		  applicable rating is the sovereign foreign currency debt rating assigned by the
		  Rating Agencies to the country in which a Lessee is habitually based or
		  domiciled at the time the relevant Lease is executed.

		 

		
		  
			 ANNEX 2-1
		  

		  

		  
 
		   
 
 

	 ANNEX 2
		TO THE

	 SERVICING
		AGREEMENT

	  

	 
			
				Region
				  Concentration Limits2

					 	
				 
 	 	
				 
 	 	
				 
 	 
	
				Developed
				  Europe
 	 	 	
				40.0

					
				%

					 	
				40.0

					
				%

					 	
				40.0

					
				%

				
	
				Developed
				  Asia
 	 	 	
				35.0

					
				%

					 	
				35.0

					
				%

					 	
				35.0

					
				%

				
	
				North
				  America
 	 	 	
				25.0

					
				%

					 	
				25.0

					
				%

					 	
				25.0

					
				%

				
	
				Emerging
				  Europe and Africa/Middle East
 	 	 	
				35.0

					
				%

					 	
				40.0

					
				%

					 	
				42.5

					
				%

				
	
				Latin
				  America/Caribbean
 	 	 	
				25.0

					
				%

					 	
				30.0

					
				%

					 	
				32.5

					
				%

				
	
				Emerging
				  Asia/Pacific
 	 	 	
				40.0

					
				%

					 	
				45.0

					
				%

					 	
				47.5

					
				%

				
	
				Undesignated

					 	 	
				10.0

					
				%

					 	
				10.0

					
				%

					 	
				10.0

					
				%

				

 

	  

	 The
		Concentration Limits for the Initial Aircraft will be determined based on the
		Leases to which such Initial Aircraft are subject to, regardless of the time or
		order of acquisition. Without limiting Section 5.03 of the Indenture, any
		failure to meet the Concentration Limits arising solely by reason of the
		non-acquisition of an Initial Aircraft will be deemed not to result in a
		Concentration Default. 

	  

	 
			
				Region

					 	
				Countries

				
	
				Developed
				  Markets:
 	 	 
	
				Europe

					 	
				European
				  Union (excluding Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania,
				  Luxembourg, Malta, Poland, Portugal and Slovakia), Iceland, Norway and
				  Switzerland
 
	 	 	 
	
				North
				  America
 	 	
				Canada
				  and United States
 
	 	 	 
	
				Asia

					 	
				Australia,
				  Hong Kong, Japan, New Zealand and Singapore
 
	 	 	 
	
				Emerging
				  Markets:
 	 	 
	 	 	 
	
				Europe

					 	
				Bulgaria,
				  Channel Islands, Croatia, Cyprus, Czech Republic, Estonia, Hungary, Latvia,
				  Lithuania, Malta, Northern Cyprus, Poland, Portugal, Russia, Slovakia and
				  Turkey
 
	 	 	 
	
				Asia/Pacific

					 	
				China,
				  Guam, Indonesia, Macau, Malaysia, Philippines, South Korea, Taiwan, Thailand
				  and Vietnam
 
	 	 	 
	
				Indian
				  Subcontinent
 	 	
				India

				
	 	 	 
	
				Latin
				  America/Caribbean
 	 	
				Argentina,
				  Bermuda, Brazil, Cayman Islands, Chile, Colombia, Costa Rica, El Salvador,
				  Guatemala, Mexico, Panama and Peru
 

 

	  

	 
		

		

	 
		2 The
		  designation of regions is set out below.
 

	 
		 

		
		  ANNEX 2-2
		

		

		
 
		 

		
		  ANNEX 2
			 TO THE

		  SERVICING
			 AGREEMENT
 

		 

		
		  	
				  Region

				  	 	
				  Countries

				  

 

		
		  	
				  Africa/Middle
					 East
 	 	
				  Bahrain,
					 Egypt, Jordan, Kuwait, Morocco, Oman, Qatar, South Africa and United Arab
					 Emirates
 
	 	 	 
	
				  Undesignated

				  	 	
				  Algeria,
					 Aruba, Bahamas, Barbados, Bangladesh, Belarus, Bhutan, Botswana, Brunei
					 Darussalam, Dominican Republic, Falkland Islands, Faroe Islands, Fiji, French
					 Guiana, French Polynesia, Greenland, Guadeloupe, Guinea, Honduras, Isle of Man,
					 Israel, Jamaica, Kazakhstan, Kenya, Lebanon, Luxembourg, Macedonia, Mauritius,
					 Mongolia, Mozambique, Nepal, Netherlands Antilles, Nicaragua, Pakistan, Papua
					 New Guinea, Paraguay, Puerto Rico, Romania, Samoa, Saudi Arabia, Seychelles,
					 Sri Lanka, Suriname, Tanzania, Tonga, Trinidad & Tobago, Tunisia, Ukraine,
					 Uruguay, Vanuatu and Venezuela
 

 

		 

		Prohibited
		  

		 

		Albania,
		  Afghanistan, Armenia, Azerbaijan, Belize, Bolivia, Bosnia and Herzegovina,
		  Cambodia, Cameroon, Cape Verde Islands, Cuba, Ecuador, Equatorial Guinea,
		  Eritrea, Ethiopia, Gambia, Georgia, Ghana, Grenada, Guyana, Haiti, Iran, Iraq,
		  Kyrgyz Republic, Laos, Libya, Madagascar, Malawi, Moldova, Myanmar, Namibia,
		  New Caledonia, Nigeria, North Korea, Sao Tome and Principe, Senegal, Serbia and
		  Montenegro, Solomon Islands, Sudan, Syria, Turkmenistan, Uganda, Uzbekistan,
		  Yemen, Zambia, Zimbabwe and all other countries not listed.

		 

		
		  ANNEX 2-3
		

		

		
 
		 

		 

		
		  APPENDIX
			 A TO THE

		  SERVICING
			 AGREEMENT
 

		

		CONSTRUCTION
		  AND USAGE; DEFINITIONS

		 

		Construction
		  and Usage

		 

		The
		  terms defined below have the meanings set forth below for all purposes.
		  “Include”, “includes” and “including” shall be
		  deemed to be followed by “without limitation” whether or not they are
		  in fact followed by such words or words of like import. “Writing”,
		  “written” and comparable terms refer to printing, typing, lithography
		  or other means of reproducing words in a visible form (including electronic
		  mail). Any agreement or instrument or any law, rule or regulation of any
		  Governmental Authority defined or referred to below means such agreement or
		  instrument or such law, rule or regulation as from time to time amended,
		  modified or supplemented, including (in the case of agreements or instruments)
		  by waiver or consent and (in the case of such law, rule or regulation) by
		  succession of any comparable successor law, rule or regulation and includes (in
		  the case of agreements or instruments) references to all attachments thereto
		  and instruments incorporated therein. References to a Person are also to its
		  permitted successors and assigns. Any term defined below by reference to any
		  agreement or instrument or any law, rule or regulation of any Governmental
		  Authority has such meaning whether or not such agreement, instrument or law,
		  rule or regulation is in effect. “Agreement”, “hereof”,
		  “herein”, “hereunder” and comparable terms refer to the
		  agreement in which such term appears (including all exhibits and schedules
		  hereto) and not to any particular article, section, clause or other subdivision
		  thereof or attachment thereto. References to any gender include, unless the
		  context otherwise requires, references to all genders, and references to the
		  singular include, unless the context otherwise requires, references to the
		  plural and vice versa. “Shall” and “will” have equal force
		  and effect. References to “Article”, “Section”,
		  “Clause” or another subdivision or to an attachment are, unless the
		  context otherwise requires, to an article, section, clause or subdivision of or
		  attachment to such agreement.

		 

		Definitions

		 

		“Accounting
		  Claims”
		  has the meaning assigned to such term in Section 11.05 of the Servicing
		  Agreement.

		 

		“Additional
		  Aircraft”
		  means any Aircraft that is not then an Aircraft Asset proposed to be acquired
		  by a Person in the GFL Group in accordance with the provisions of Section 5 of
		  Schedule 2.02(a).

		 

		“Additional
		  Notes”
		  means any class or subclass of Notes issued pursuant to the Indenture (or
		  pursuant to supplements thereto) at any time after the Closing Date, the
		  proceeds of which are used, in substantial part, to acquire
		  Aircraft.

		 

		“Adviser”
		  means an insurance adviser engaged by the Servicer in accordance with Section
		  1.3(b) of Schedule 2.02(a) to the Servicing Agreement.

		 

		“Affiliate”
		  means a Person that directly, or indirectly through one or more intermediaries,
		  controls or is controlled by, or is under common control with, the Person
		  specified; provided,
		  however, that
		  GFL and its respective Subsidiaries, on the one part, and GE and its
		  Subsidiaries, on the other part, shall not be considered to be Affiliates of
		  each other .

		 

		“After-Tax
		  Basis”
		  means on a basis such that any payment received, deemed to have been received
		  or receivable by any Person shall, if necessary, be supplemented by a further
		  payment to that Person so that the sum of the two payments shall, after
		  deduction of Taxes resulting from the receipt (actual or constructive) or
		  accrual of such payments (after taking into account any current deduction to
		  

		 

		

		
		  APPENDIX A-1 
		

		

		
 
		 
 

	 
		 

		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT

		 
 

	 which
		such Person shall be entitled with respect to the amount that gave rise to the
		underlying payment), be equal to the payment received, deemed to have been
		received or receivable.

	  

	 “Aggregate
		Gross Proceeds”
		has the meaning assigned to such term in Section 9.04(b) of the Servicing
		Agreement.

	  

	 “Aircraft”
		means any airframe together with (i) any Engine installed on such airframe (or
		any Engine substituted therefor), (ii) parts or components thereof,
		(iii) spare parts or ancillary equipment or devices furnished therewith
		and (iv) the Aircraft Documents with respect thereto.

	  

	 “Aircraft
		Asset Expenses”
		has the meaning assigned to such term in Section 9.06(b)(i) of the Servicing
		Agreement.

	  

	 “Aircraft
		Asset Expenses Budget”
		has the meaning assigned to such term in Section 7.03(a) of the Servicing
		Agreement.

	  

	 “Aircraft
		Assets”
		means (a) all Aircraft owned or leased-in by any Person within the GFL Group as
		of the Closing Date or at any time or from time to time thereafter (taking into
		account any acquisitions or dispositions made in accordance with this
		Agreement) and (b) all Original Aircraft; provided,
		however, that
		Aircraft Assets shall not include (x) any Aircraft Asset that shall have ceased
		to be an Aircraft Asset in accordance with the provisions of Sections 2.04(b)
		or 3.02(d) of the Servicing Agreement, but shall include any Former Aircraft
		Asset that shall have become an Aircraft Asset pursuant to Section 6.07 of
		the Servicing Agreement or (y) any Aircraft Asset in respect of which the
		obligation of the Servicer to provide Services shall have been terminated in
		accordance with Article X of the Servicing Agreement.

	  

	 “Aircraft
		Assets Related Documents”
		means all Leases and other contracts and agreements of Persons within the GFL
		Group the terms of which relate to or affect any of the Aircraft
		Assets.

	  

	 “Aircraft
		Documents”
		means, in relation to an Aircraft, all records, logs, technical data, manuals
		and other documents relating to the maintenance and operation of such
		Aircraft.

	  

	 “Annex
		1”
		means Annex 1 to the Servicing Agreement, which annex sets forth the Insurance
		Guidelines.

	  

	 “Annex
		2”
		means Annex 2 to the Servicing Agreement, which annex sets forth the
		Concentration Limits contained in Section 5.03(a) of the
		Indenture.

	  

	 “Annual
		Review”
		has the meaning assigned to such term in Section 3(c)(i) of Schedule 2.02(a) to
		the Servicing Agreement.

	  

	 “Anti-Terrorism
		Laws”
		means the USA Patriot Act and the Executive Order.

	  

	 “Applicable
		Law”
		with respect to any Person means any law, statute, ordinance, rule or
		regulation or code of conduct or practice of any U.S. Federal, state or local
		Governmental Authority, the EU or any Irish or other foreign or international
		Governmental Authority that applies to such Person or any of its properties or
		assets.

	  

	 “Appraised
		Value”
		means with respect to any Aircraft, the average of the most recent appraisals
		by each of the Appraisers of the Base Value of such Aircraft.

	  

	 

	 
		APPENDIX A-2
	 

	 

	 
 
	  

	 
		 

		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT

		 
 

	 “Appraiser”
		means at least three independent appraisers that are members of the
		International Society of Transport Aircraft Trading or any similar
		organization.

	  

	 “Approved
		Budget”
		has the meaning assigned to such term in Section 7.03(d) of the Servicing
		Agreement.

	  

	 “Asset
		Purchase Agreement”
		means the Asset Purchase Agreement dated as of _________ 2006, among GE
		Capital, GFL and the other parties thereto.

	  

	 “Assigned
		Leases”
		has the meaning assigned to such term in Section 1.01 of the Security Trust
		Agreement.

	  

	 “Bank
		Accounts”
		has the meaning assigned to such term in Section 7.1(b) of Schedule 2.02(a) to
		the Servicing Agreement.

	  

	 “Base
		Value”
		has the meaning assigned to such term in Section 1.01 of the
		Indenture.

	  

	 “Beneficial
		Interest”
		means shares issued by GFL.

	  

	 “Broker”
		means an insurance broker engaged by Servicer in accordance with Section 1.3(b)
		of Schedule 2.02(a) to the Servicing Agreement.

	  

	 “Business
		Day”
		means a day on which U.S. dollar deposits may be traded on the London
		inter-bank market and commercial banks and foreign exchange markets are open in
		New York, New York and London, England.

	  

	 “Business
		Opportunities Agreement”
		means the Business Opportunities Agreement dated as of ______, 2006 between
		Genesis and the Servicer.

	  

	 “Calculation
		Date”
		means the fourth Business Day immediately preceding each 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.

	  

	 “Cash
		Manager”
		means Deutsche Bank Trust Company Americas.

	  

	 “Cash
		Management Agreement”
		means the Cash Management Agreement dated as of ______, 2006 between the Cash
		Manager and GFL.

	  

	 “Changed
		Circumstance”
		means the occurrence and continuation of any material event, circumstance or
		condition that is reasonably likely to result in the current cash flow
		projections in any Year being materially less favorable than the forecast which
		is the most current at the time that the Approved Budget is finalized for that
		Year in accordance with Section 7.03 of the Servicing Agreement.

	  

	 “Closing”
		means the closing of the offering and sale of the Notes by GFL and the
		consummation of the Acquisition and the other transactions described in the
		Final Prospectus.

	  

	 “Closing
		Date”
		means _______, 2006.

	  

	 “Code”
		has the meaning assigned to such term in Section 9.07(c) of the Servicing
		Agreement.

	  

	 

	 
		APPENDIX A-3
	 

	 

	 
 
	  

	 
		 

		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT

		 
 

	 “Collection
		Account”
		has the meaning assigned to such term in Section 3.01(a) of the
		Indenture.

	  

	 “Competitor”
		means any of the following Persons:

	  

	 (i) any
		Person (other than GE Capital and its Affiliates) engaged in, or which has an
		Affiliate engaged in, the business of manufacturing aircraft or aircraft
		engines, which business had consolidated revenues attributable to such business
		for such Person’s and/or its Affiliates’, as the case may be, most
		recently completed fiscal year in excess of $200 million; or

	  

	 (ii) any of
		the following Persons (or any of their respective Affiliates) and their
		respective successors and assigns:

	  

	 (a) International
		Lease Finance Corporation;

	  

	 (b) Aviation
		Capital Group;

	  

	 (c) AWAS;

	  

	 (d) ORIX;

	  

	 (e) CIT
		Group Inc.;

	  

	 (f) Babcock
		& Brown Limited;

	  

	 (g) AerCap
		B.V.; 

	  

	 (h) RBS
		Aviation Capital;

	  

	 (i) Fortress
		Investments/Aircastle Advisor LLC;

	  

	 (j) Cerberus
		Capital Management;

	  

	 (k) Terra
		Firma Capital Partners;

	  

	 (l) Singapore
		Aircraft Leasing Enterprise;

	  

	 (m) Boeing
		Capital;

	  

	 (n) GATX
		Air; and

	  

	 (o) Pegasus
		Aviation or

	  

	 (iii) any
		other Person (or any Affiliate thereof) (other than GE and its Affiliates)
		which engages in a business as an operating lessor of Aircraft Assets in
		competition with any Person within the GFL Group either (x) in succession to
		any of the Persons specified in clause (ii) above or (y) which has
		consolidated aircraft leasing-related revenues (excluding revenues from sales
		of aircraft) attributable to such business for its most recently completed
		fiscal year in excess of $200 million.

	  

	 “Competitor
		Control”
		means, with respect to any Person, a Competitor’s control or beneficial
		ownership, directly or indirectly, of 50% or more of any class of securities
		(other than promissory notes or loan certificates or pass-through certificates
		in respect of promissory notes or loan certificates), directly

	  

	 

	 
		APPENDIX A-3
	 

	 

	 
 
	  

	 
		 

		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT

		 
 

	 or
		indirectly, of such Person, or the appointment or ability to appoint a
		director, member, trustee or similar Person of such Person.

	  

	 “Compliance
		Obligations”
		has the meaning assigned to such term in Section 11.05 of the Servicing
		Agreement.

	  

	 “Concentration
		Limits”
		has the meaning assigned to such term in Section 2.2(a) of
		Schedule 2.02(a) to the Servicing Agreement.

	  

	 “Conflicts
		Standard”
		has the meaning assigned to such term in Section 3.02(b) of the Servicing
		Agreement.

	  

	 “control”
		(including, with its correlative meanings, “controlled
		by”
		and “under
		common control with”)
		means possession, directly or indirectly, of power to direct or cause the
		direction of management or policies (whether through ownership of securities or
		partnership or other ownership interests, by contract or
		otherwise).

	  

	 “Core
		Lease Provisions”
		means the core lease provisions included as Exhibit K to the Indenture, as the
		same may be amended from time to time.

	  

	 “Default
		Notice”
		has the meaning assigned to such term in Section 1.01 of the
		Indenture.

	  

	 “Delivery”
		has the meaning assigned to such term in Section 1.1 of the Asset Purchase
		Agreement.

	  

	 “Deposits”
		means the deposits required under a Lease.

	  

	 “Disposition”
		has the meaning assigned to such term in Section 9.04(b) of the Servicing
		Agreement.

	  

	 “Documentary
		Conventions”
		with respect to any agreement, instrument or other document that states it is
		governed thereby, means that, except as otherwise expressly provided
		therein:

	  

	 (a) No
		Partnership. The
		parties thereto expressly recognize and acknowledge that such agreement,
		instrument or other document is not intended to create a partnership, joint
		venture or other similar arrangement between or among any of the parties
		thereto or their respective Affiliates.

	  

	 (b) Notices.
		Subject to paragraph (d) below, all notices, consents, directions, approvals,
		instructions, requests and other communications required or permitted by such
		agreement, instrument or other document to be given to any Person shall be in
		writing, and any such notice shall become effective five Business Days after
		being deposited in the mails, certified or registered, return receipt
		requested, with appropriate postage prepaid for first class mail or, if
		delivered by hand or courier service or in the form of a facsimile, when
		received (and, in the case of a facsimile, receipt of such facsimile is
		electronically or otherwise confirmed to the sender), and shall be directed to
		the address or facsimile number of such Person set forth in Appendix C to the
		Servicing Agreement. From time to time any party to such agreement, instrument
		or other document may designate a new address or number for purposes of notice
		thereunder by notice to each of the other parties thereto.

	 
		 

		
		  APPENDIX A-4
		

		

		
 
		
		   

		  APPENDIX
			 A TO THE

		  SERVICING
			 AGREEMENT
 

		 

		(c) Governing
		  Law. SUCH
		  AGREEMENT, INSTRUMENT OR OTHER DOCUMENT SHALL IN ALL RESPECTS BE GOVERNED BY,
		  AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
		  YORK.

		 

		(d) Jurisdiction;
		  Court Proceedings; Waiver of Jury Trial. Any
		  suit, action or proceeding against any party to such agreement, instrument or
		  other document arising out of or relating to such agreement, instrument or
		  other document, any transaction contemplated thereby or any judgment entered by
		  any court in respect of any thereof may be brought in any New York State court
		  located in the County of New York or Federal court sitting in the Second
		  Circuit, and each such party hereby submits to the nonexclusive jurisdiction of
		  such courts for the purpose of any such suit, action or proceeding. To the
		  extent that service of process by mail is permitted by applicable law, each
		  party thereto irrevocably consents to the service of process in any such suit,
		  action or proceeding in such courts by the mailing of such process by
		  registered or certified mail, postage prepaid, at its address for notices
		  provided for above. Each party to such agreement, instrument or other document
		  irrevocably agrees not to assert any objection which it may ever have to the
		  laying of venue of any such suit, action or proceeding in any New York State
		  court located in the County of New York or Federal court sitting in the Second
		  Circuit, and any claim that any such suit, action or proceeding brought in any
		  such court has been brought in an inconvenient forum. To the fullest extent
		  permitted by Applicable Law, each party to such agreement, instrument or other
		  document waives any right it may have to a trial by jury in respect of any
		  litigation directly or indirectly arising out of, under or in connection with
		  such agreement, instrument or other document. GFL agrees, and it shall cause
		  each other Person within the GFL Group, not to bring any action, suit or
		  proceeding against GE Capital, the Servicer or any of their respective
		  Affiliates or any of GE Capital’s, the Servicer’s or their respective
		  Affiliates’ Representatives arising out of, in connection with or related
		  to any such agreement, instrument or other document or any transaction
		  contemplated thereby except in a New York State court located in the County of
		  New York or Federal court sitting in the Second Circuit.

		 

		(e) Agent. GFL
		  and each other Person within the GFL Group hereby appoints CT Corporation
		  System (the “Agent”),
		  111 Eighth Avenue, New York, New York, U.S.A. 10011, as its nonexclusive agent
		  for service of process in connection with each Operative Agreement. The parties
		  may use any other legally available means of service of process. GFL will
		  promptly notify the Servicer, the Policy Provider and GE Capital of any change
		  in the address of the Agent; provided,
		  however, that
		  GFL will at all times maintain an agent located within New York State for
		  service of process in connection with each Operative Agreement.

		 

		The
		  Servicer hereby appoints GE Capital (the “Servicer’s
		  Agent”),
		  335 Madison Ave., 12th Floor, New York, N.Y. 10017, U.S.A., as its
		  nonexclusive agent for service of process in connection with each Operative
		  Agreement. The parties may use any other legally available means of service of
		  process. The Servicer will promptly notify GFL and the Policy Provider of any
		  change in the address of the Servicer’s Agent; provided,
		  however, that
		  the Servicer will at all times maintain an agent located within New York State
		  for service of process in connection with each Operative
		  Agreement.

		 

		(f) Consequential
		  Damages. In no
		  event will any party to such agreement, instrument or other document be liable
		  to any other for lost profits, income tax consequences, lost savings or any
		  other consequential damages, even if such party has been advised of the
		  possibility of such damages, or for punitive damages, resulting from the breach
		  of any obligation under such agreement, instrument or other
		  document.

		 

		

		
		  APPENDIX A-5
		

		

		
 
		 
 

	  

	 
		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT

		 
 

	 (g) Counterparts. Each
		such agreement, instrument or other document may be executed by the parties
		thereto in separate counterparts, each of which when so executed and delivered
		shall be an original, but all such counterparts shall together constitute one
		and the same agreement, instrument or other document. All signatures need not
		be on the same counterpart.

	  

	 (h) Entire
		Agreement; Amendment and Waiver. Such
		agreement, instrument or other document, together with the other Operative
		Agreements, shall constitute the entire agreement of the parties thereto with
		respect to the subject matter thereof and supersedes all prior written and oral
		agreements and understandings with respect to such subject matter. Neither any
		such agreement, instrument or other document nor any of the Appendix A to the
		Servicing Agreement terms thereof may be terminated, amended, supplemented,
		waived or modified, except by an instrument in writing signed by GFL, the
		Policy Provider and the Servicer. No failure or delay of any party to any such
		agreement, instrument or other document, in exercising any power or right
		thereunder shall operate as a waiver thereof, nor shall any single or partial
		exercise of any such right or power, or any abandonment or discontinuance of
		steps to enforce such a right or power, preclude any other or further exercise
		thereof or the exercise of any other right or power.

	  

	 (i) Table
		of Contents; Headings. The
		table of contents and headings of the various articles, sections and other
		subdivisions of such agreement, instrument or other document are for
		convenience of reference only and shall not modify, define or limit any of the
		terms or provisions of such agreement, instrument or other
		document.

	  

	 (j) Parties
		in Interest; Limitation on Rights of Others. The
		terms of such agreement, instrument or other document shall be binding upon,
		and inure to the benefit of, the parties thereto and their permitted successors
		and assigns and, to the extent applicable, their respective Affiliates and
		Representatives. Except as expressly set forth in any such agreement,
		instrument or other document with respect to Affiliates and Representatives of
		the parties thereto, nothing in such agreement, instrument or other document,
		whether express or implied, shall be construed to give any Person (including
		any past, present or future employee of any Person within the GFL Group) (other
		than the parties thereto and their permitted successors and assigns (including,
		in the case of GFL, the Security Trustee, the extent provided in Section 12.01
		of the Servicing Agreement) and, with respect to Section 2.01(a) of the
		Servicing Agreement and Section 9.3 of Schedule 2.02 to the Servicing
		Agreement, Genesis) any legal or equitable right, remedy or claim under or in
		respect of such agreement, instrument or other document or any covenants,
		conditions or provisions contained therein. References in the Servicing
		Agreement to the Policy Provider shall terminate without further action upon
		the occurrence and during the continuance of a Policy Non-Consent Event as
		defined in the Indenture.

	  

	 (k) Method
		of Payment. Except
		as otherwise agreed, all amounts required to be paid by any party to such
		agreement, instrument or other document to any other party thereunder
		(including in respect of any judgment or settlement entered in respect of such
		agreement, instrument or other document) shall be paid in dollars, by wire
		transfer, or other acceptable method of payment, of same day funds to a dollar
		account located in the United States as such party may specify by notice to the
		other party.

	  

	 (l) Payment
		on Business Days. If any
		payment under such agreement, instrument or other document is required to be
		made on a day other than a Business Day, the date of payment shall be extended
		to the next Business Day.

	  

	 

	 
		APPENDIX A-6
	 

	 

	 
 
	  

	  

	 
		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT

		 
 

	 (m) Past
		Due Payments. Any
		amount payable to any party or any of its Representatives under any such
		agreement, instrument or other document shall be paid on the date therein
		specified for payment of such amounts. To the extent that all or a portion of
		such amount is not paid on such date, such amount (or the unpaid portion
		thereof) shall bear interest at the Stipulated Interest Rate from such date
		until and through the date that such amount has been paid in full.

	  

	 (n) Severability. Any
		provision of such agreement, instrument or other document that shall be
		prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
		be ineffective to the extent of such prohibition or unenforceability without
		invalidating the remaining provisions thereof and any such prohibition or
		unenforceability in any jurisdiction shall not invalidate or render
		unenforceable such provision in any other jurisdiction. To the extent permitted
		by Applicable Law, each of GFL and the Servicer waives any provision of law
		that renders any provision of any agreement, instrument or other document
		prohibited or unenforceable in any respect.

	  

	 “Dollar”
		or “$”
		means the lawful money of the United States of America.

	  

	 “Due
		Date”
		has the meaning assigned to such term in Section 9.07(a) of the Servicing
		Agreement.

	  

	 “Effectiveness
		Date”
		has the meaning assigned to such term in Section 10.02(c)(ii) of the Servicing
		Agreement.

	  

	 “Engine”
		means owned or leased-in aircraft engines or, with respect to any Original
		Aircraft, any aircraft engine required to be delivered together with such
		Original Aircraft pursuant to the terms of the Asset Purchase
		Agreement.

	  

	 “EU”
		means the European Union.

	  

	 “Event
		of Default”
		has the meaning assigned to such term in Section 1.01 of the
		Indenture.

	  

	 “Executive
		Order”
		means US Executive Order No. 13224 on Blocking Property and Prohibiting
		Transaction with Persons who Commit, Threaten to Commit, or Support Terrorism,
		which came into effect on September 23, 2001.

	  

	 “Existing
		Accounts”
		has the meaning assigned to such term in Section 7.1(a) of Schedule
		2.02(a) to the Servicing Agreement.

	  

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

	  

	 “Fee
		Period”
		has the meaning assigned to such term in Section 9.03(a)(i) of the Servicing
		Agreement.

	  

	 “Final
		Prospectus”
		has the meaning assigned to such term in Section 2.03(a)(ii) of the
		Servicing Agreement.

	  

	 “Former
		Aircraft Asset”
		has the meaning assigned to such term in Section 2.04(b) of the Servicing
		Agreement.

	  

	 “GE”
		means General Electric Company, a New York corporation.

	  

	 

	 
		APPENDIX A-7
	 

	 

	 
 
	  

	  

	 
		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT
 

	  

	 “GE
		Capital”
		means General Electric Capital Corporation, a Delaware
		corporation.

	  

	 “GE
		Policy”
		has the meaning assigned to such term in Section 2.04(a) of the Servicing
		Agreement.

	  

	 “GECAS”
		means GE Commercial Aviation Services Limited, a company incorporated under the
		laws of Ireland.

	  

	 “GFL”
		means Genesis Funding Limited, a limited liability company incorporated under
		the laws of Bermuda.

	  

	 “GFL
		Group”
		has the meaning assigned to such term in Section 2.01(a) of the Servicing
		Agreement.

	  

	 “GFL
		Group Guarantees”
		means each Guarantee, in the form set forth as Appendix B to the Servicing
		Agreement, issued by each Person within the GFL Group (other than GFL) pursuant
		to Section 6.13 of the Servicing Agreement.

	  

	 “GFL
		Group Liabilities”
		means any obligations or liabilities of any Person within the GFL Group
		(whether accrued, absolute, contingent, unasserted, known or unknown or
		otherwise).

	  

	 “GFL
		Pro Forma Lease”
		has the meaning assigned to such term in Section 3(b)(ii) of Schedule 2.02(a)
		to the Servicing Agreement.

	  

	 “Genesis”
		means Genesis Lease Limited, a limited liability company organized under the
		laws of Bermuda.

	  

	 “Governmental
		Authority”
		means any court, administrative agency or commission or other governmental
		agency or instrumentality (or any officer or representative thereof) domestic,
		foreign or international, of competent jurisdiction including the
		EU.

	  

	 “Gross
		Proceeds”
		has the meaning assigned to such term in Section 9.04(b) of the Servicing
		Agreement.

	  

	 “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,
		however, that
		the term Guarantee shall not include (x) endorsements for collection or
		deposit, in either case in the ordinary course of business, (y) any guarantee
		by any Person within the GFL Group of the obligations of another Person within
		the GFL Group in respect of such Person’s obligations in connection with
		any Aircraft Assets, whether as lessor, seller or otherwise, or (z) the
		delivery of a bond or similar instrument by or on behalf of any Person within
		the GFL Group in connection with the detention or repossession of any Aircraft
		Assets or enforcement of a Lease or removal of an encumbrance.

	  

	 “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 

	  

	 

	 
		APPENDIX A-8
	 

	 

	 
 
	  

	 
		 

		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT

		 
 

	 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 U.S.
		GAAP, (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.

	  

	 “Indemnified
		Parties”
		means the Servicer and its respective Affiliates and each of the
		Servicer’s and its respective Affiliates’
		Representatives.

	  

	 “Indenture”
		means the Trust Indenture dated as of _________, 2006, among GFL, the Manager,
		the Policy Provider and Deutsche Bank Trust Company Americas, as
		trustee.

	  

	 “Independent
		Representative”
		has the meaning assigned to such term in Section 3.02(c) of the Servicing
		Agreement.

	  

	 “Independent
		Director”
		means the independent trustees of GFL.

	  

	 “International
		Interest”
		has the meaning given such term in the Cape Town Convention.

	  

	 “International
		Registry”
		has the meaning given such term in the Cape Town Convention.

	  

	 [“Initial
		Offer”
		means __________].]

	  

	 “Lease”
		means any lease or other agreement or arrangement pursuant to which any Person
		(other than a Person within the GFL Group) has the right to possession and use
		of any Aircraft Asset.

	  

	 “Lease
		Operating Budget”
		has the meaning assigned to such term in Section 7.03(a) of the Servicing
		Agreement.

	  

	 “Lessee”
		means the lessee (or equivalent Person) in respect of a Lease.

	  

	 “Lessee
		Contact”
		has the meaning assigned to such term in Section 2.01(a) of the Servicing
		Agreement.

	  

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

	  

	 “Lien”
		means, with respect to any asset, (a) any mortgage, deed of trust, lien,
		pledge, encumbrance, charge, International Interest, Prospective International
		Interest or security interest in or on such asset, (b) the interest of a
		vendor or a lessor under any conditional sale agreement, capital lease or title
		retention agreement relating to such asset and (c) in the case of securities,
		any purchase option, call or similar right of a third party with respect to
		such securities.

	  

	 “Losses”
		means any and all liabilities (including liabilities arising out of the
		doctrine of strict liability), obligations, losses, damages, penalties,
		actions, suits, judgments, costs, fees, expenses (including reasonable legal
		fees, expenses and related charges and costs of investigation, including in
		

	  

	 

	 
		APPENDIX A-9
	 

	 

	 
 
	  

	 
		 

		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT

		 
 

	 connection
		with enforcement of any indemnity) and disbursements, of whatsoever kind and
		nature; provided,
		however, the
		term “Losses” shall not include Taxes or any Indemnified Party’s
		management time or overhead expenses.

	 
		 
 

	 “Manager”
		means Genesis acting through any one of its chief executive officer, its chief
		financial officer or ____, under the Management Agreement.

	  

	 “Management
		Agreement”
		means the Management Agreement dated as of ____, 2006 between Genesis and
		GFL.

	  

	 “Master
		Servicing Agreement”
		means the Master Servicing Agreement dated as of _____, 2006 between Genesis
		and GECAS.

	  

	 “Material
		Adverse Effect”
		means an event, condition, matter, change or effect that impacts or, insofar as
		reasonably can be foreseen, in the future is likely to impact, in a material
		adverse manner, (a) with respect to any Person other than the Servicer,
		the condition (financial or otherwise), properties, assets, liabilities,
		earnings, capitalization, shareholders’ equity, licenses or franchises,
		businesses, operation or prospects of such Person or the ability of such Person
		to perform fully any of its obligations under any of the Operative Agreements,
		and (b) with respect to the Servicer, the Servicer’s liabilities,
		obligations, rights or benefits under the Servicing Agreement or the
		Servicer’s ability to perform fully any of the Services.

	  

	 “Monthly
		Base Fee”
		has the meaning assigned to such term in Section 9.01(a) of the Servicing
		Agreement.

	  

	 “Monthly
		Payment Period”
		has the meaning assigned to such term in Section 7.3(a) of
		Schedule 2.02(a) to the Servicing Agreement.

	  

	 “Net
		Proceeds”
		has the meaning assigned to such term in Section 2.03(g) of the Servicing
		Agreement.

	  

	 “New
		Accounts”
		has the meaning assigned to such term in Section 7.1(b) of Schedule 2.02(a) to
		the Servicing Agreement.

	  

	 “Non-Curable
		Termination Event”
		has the meaning assigned to such term in Section 10.02(c)(ii) of the Servicing
		Agreement.

	  

	 “Nonterminating
		Party”
		has the meaning assigned to such term in Section 10.02(c)(i) of the Servicing
		Agreement.

	  

	 “Note
		Target Price”
		has the meaning assigned to such term in Section 5.02(g) of the
		Indenture.

	  

	 “Notes”
		means any class or subclass of Notes issued pursuant to the Indenture on the
		Closing Date, any Additional Notes and any Refinancing Notes, in each case
		issued pursuant to the Indenture (or pursuant to any supplements
		thereto).

	  

	 “Notice
		of Termination”
		means a Termination Notice.

	  

	 “OFAC
		Designated Person”
		means a Person: (a) listed in the annex to, or otherwise subject to the
		provisions of, the Executive Order; (b) named as a specially designated
		national and blocked Person” on the most current list published by the
		Office of Foreign Asset Control of the United States Department of

	  

	 

	 
		APPENDIX A-10
	 

	 

	 
 
	  

	 
		 

		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT

		 
 

	  the
		Treasury; or (c) owned or controlled by, or acting for on behalf of, any Person
		referred to in clause (a) or (b) above.

	  

	 “Offering”
		has the meaning assigned to such term in Section 2.03(a)(i) of the
		Servicing Agreement 

	  

	 “Officer’s
		Certificate”
		means, as to any Person, a certificate of the President, any Vice President or
		Assistant Vice President, the Treasurer or any Assistant Treasurer, the
		Secretary or any Assistant Secretary, or any Director.

	  

	 “Operative
		Agreements”
		means the Servicing Agreement, the GFL Group Guarantees and all other
		agreements, instruments or other documents, which are required by the terms of
		any thereof to be delivered in connection with any of the foregoing
		documents.

	  

	 “Original
		Aircraft”
		means any “Aircraft” (as defined in the Asset Purchase Agreement);
		provided,
		however, that
		Original Aircraft shall not include any “Aircraft” (x) which shall
		have suffered an “Event of Loss” (as defined in the Asset Purchase
		Agreement) or (y) with respect to which a payment of the Aircraft Refund Amount
		has been made pursuant to Section 4.2 or 5.3 of the Asset Purchase
		Agreement.

	  

	 “Other
		Assets”
		has the meaning assigned to such term in Section 3.02(a) of the Servicing
		Agreement.

	  

	 “Outstanding
		Principal Balance”
		has the meaning assigned to such term in Section 1.01 of the
		Indenture.

	  

	 “Overhead
		Expenses”
		has the meaning assigned to such term in 

	  

	 Section
		9.06(a) of the Servicing Agreement.

	  

	 “Partial
		Termination”
		has the meaning assigned to such term in Section 10.02(a)(ii) of the
		Servicing Agreement.

	  

	 “Payment
		Date”
		means the 15th day of each month, commencing on _____ __, 2006; provided,
		however, that,
		if any Payment Date would otherwise fall on a day that is not a Business Day,
		the relevant Payment Date shall be the first following day which is a Business
		Day.

	  

	 “Permitted
		Account Investments”
		has the meaning assigned to such term in Section 1.01 of the
		Indenture.

	  

	 “Person”
		means any individual, firm, corporation, limited liability company,
		partnership, trust, body of persons, joint venture, governmental authority or
		other entity, and shall include any successor (by merger or otherwise) of such
		entity.

	  

	 “Policy
		Provider”
		means Financial Guaranty Insurance Company, a New York stock insurance
		company.

	  

	 “Precedent
		Lease”
		has the meaning assigned to such term in Section 3(b) of Schedule 2.02(a) to
		the Servicing Agreement.

	  

	 

	 
		APPENDIX A-11
	 

	 

	 
 
	  

	 
		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT

		 
 

	 “Prime
		Rate”
		means the rate of interest per annum publicly announced from time to time by
		Deutsche Bank Trust Company Americas as its prime rate in effect at its
		principal office in New York City; each change in the “Prime Rate”
		shall be effective on the date such change is announced.

	  

	 “Prospective
		International Interest”
		has the meaning given to such term in the Cape Town Convention.

	  

	 “Prospectus”
		has the meaning assigned to such term in Section 2.03(a)(i) of the Servicing
		Agreement.

	  

	 “Rating
		Agencies”
		means each of Standard & Poor’s Ratings Group, a division of the
		McGraw-Hill Companies, Inc. and Moody’s Investors Service, Inc. and any
		successors to either of the foregoing.

	  

	 “Ratings”
		means the then current rating assigned by a Rating Agency in respect of the
		Notes.

	  

	 “Refinancing
		Notes”
		means any class or subclass of Notes issued pursuant to the Indenture (or
		pursuant to supplements thereto) at any time after the Closing Date, the
		proceeds of which are used to repay all or any part of the then outstanding
		Notes.

	  

	 “Rent
		Collected Fee”
		has the meaning assigned to such term in Section 9.03(a)(ii) of the
		Servicing Agreement.

	  

	 “Rent
		Fees”
		has the meaning assigned to such term in Section 9.01 of the Servicing
		Agreement.

	  

	 “Rent
		Payable Fee”
		has the meaning assigned to such term in Section 9.03(a)(i) of the
		Servicing Agreement.

	  

	 “Rents”
		means the basic rent payable pursuant to a Lease, and in the event that the
		agreement or arrangement pursuant to which possession of any Aircraft Asset is
		given is other than as a lease, amounts equivalent to any basic rent, and, in
		the event that there is a negotiated or non-consensual termination of a Lease
		prior to the scheduled expiry date of the term thereof or the exercise of a
		termination right by the Lessee under a Lease, all amounts payable by the
		Lessee in connection therewith other than amounts that the Servicer allocates
		in good faith to damages for the applicable Aircraft’s failure to comply
		with the return conditions specified in the Lease for such Aircraft (as
		compared with damages for failure to pay overdue or future rent).

	  

	 “Replacement
		Servicer”
		means a replacement servicer to perform some or all of the Services under the
		Servicing Agreement formerly performed by the Servicer, Appendix A to the
		Servicing Agreement appointed in accordance with Section 10.04(c) of the
		Servicing Agreement.

	  

	 “Representatives”
		with respect to any Person means the officers, directors, employees, advisors
		and agents of such Person.

	  

	 “Required
		Expense Amount”
		has the meaning assigned to such term in Section 1.01 of the
		Indenture.

	  

	 “Restricted
		Lessee Contact”
		has the meaning assigned to such term in Section 2.01 of the Servicing
		Agreement.

	  

	 “Sales
		Fee”
		has the meaning assigned to such term in Section 9.01 of the Servicing
		Agreement.

	  

	 

	 
		APPENDIX A-12
	 

	 

	 
 
	  

	  

	 
		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT
 

	  

	 “Security
		Trust Agreement”
		means the Security Trust Agreement dated as of the Closing Date among GFL,
		Deutsche Bank Trust Company Americas, as Security Trustee and the operating
		bank, and the other parties thereto.

	  

	 “Security
		Trustee”
		means Deutsche Bank Trust Company Americas, a New York banking corporation, in
		its capacity as security trustee pursuant to the Security Trust
		Agreement.

	  

	 “Servicer”
		means GECAS.

	  

	 “Servicer
		Delegate”
		has the meaning assigned to such term in Section 12.01 of the Servicing
		Agreement.

	  

	 “Servicer
		Disclosure”
		has the meaning assigned to such term in Section 2.03(a)(i) of the
		Servicing Agreement.

	  

	 “Servicer
		Information”
		has the meaning assigned to such term in Section 2.03(m) of the Servicing
		Agreement.

	  

	 “Services”
		has the meaning assigned to such term in Section 2.02(a) of the Servicing
		Agreement.

	  

	 “Servicing
		Agreement”
		or “Agreement”
		means the Servicing Agreement dated as of _________, 2006, between GFL and the
		Servicer.

	  

	 “Servicing
		Fees”
		means the Monthly Base Fee, the Sales Fee, the Rent Fees and any other fees
		payable to the Servicer under the Servicing Agreement.

	  

	 “Shadow
		Director/Related Company Claims”
		has the meaning assigned to such term in Section 11.04 of the Servicing
		Agreement.

	  

	 “Significant
		Subsidiary”
		means any Person within the GFL Group that has title to, or any other indicia
		of ownership in, any Aircraft Assets.

	  

	 “Standard
		of Care”
		has the meaning assigned to such term in Section 3.01 of the Servicing
		Agreement.

	  

	 “Standard
		of Liability”
		has the meaning assigned to such term in Section 3.03 of the Servicing
		Agreement.

	  

	 “Stated
		Services Obligation”
		has the meaning assigned to such term in Section 7.3(a) of
		Schedule 2.02(a) to the Servicing Agreement.

	  

	 “Stipulated
		Interest Rate”
		means, for any period, a rate per annum equal to the Prime Rate in effect
		during such period plus 2 percent per annum.

	  

	 “Subsidiary”
		of any Person means a corporation, company, common law or statutory trust or
		other entity (i) more than 50% of whose outstanding shares or securities
		(representing the right to vote for the election of directors or other managing
		authority) are, or (ii) which does not have outstanding shares or securities
		(as may be the case in a partnership, joint venture or unincorporated
		association), but more than 50% of whose ownership interest representing the
		right to make decisions for such other entity is, now or hereafter owned or
		controlled, directly or indirectly, by such Person, but such corporation,
		

	  

	 

	 
		APPENDIX A-13
	 

	 

	 
 
	  

	 
		 

		APPENDIX
		  A TO THE

		SERVICING
		  AGREEMENT
 

	  

	 company,
		common law or statutory trust or other entity shall be deemed to be a
		Subsidiary only so long as such ownership or control exists.

	  

	 “Tax”
		or “Taxes”
		means all fees (including documentation, license and registration fees), taxes,
		assessments, levies, impositions, duties, withholdings and other charges of any
		nature whatsoever (including taxes based upon or measured by gross receipts,
		income, profits, sales, use or occupation, and value added, ad valorem,
		transfer, franchise, withholding, payroll, social security, employment, excise,
		documentary, stamp, corporation, corporation profits, advance corporation,
		capital duty, capital gains, capital acquisitions, wealth, vehicle
		registration, social insurance, and property taxes) asserted or imposed by any
		Governmental Authority, together with all interest, fines, penalties and
		additions imposed with respect to such amounts.

	  

	 “Taxpayer”
		means any Person within the GFL Group or any predecessor of any Person within
		the GFL Group, or any successor to any Person within the GFL Group [or Genesis
		and its Subsidiaries] (but not including the Servicer or any of its
		Affiliates).

	  

	 “Terminating
		Party”
		has the meaning assigned to such term in Section 10.02(c)(i) of the
		Servicing Agreement.

	  

	 “Termination
		Notice”
		has the meaning assigned to such term in Section 10.02(c)(i) of the
		Servicing Agreement.

	  

	 “Third
		Party Claim”
		means a claim by a third party arising out of a matter for which an Indemnified
		Party is entitled to be indemnified pursuant to the indemnity provisions of the
		Servicing Agreement.

	  

	 “Transaction
		Approval Requirements”
		has the meaning assigned to such term in Section 7.04(c) of the Servicing
		Agreement.

	  

	 “Trustee”
		has the meaning assigned to such term in the Indenture.

	  

	 “U.S.”
		means the United States of America.

	  

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

	  

	 “Utilization
		Rent”
		means the utilization rent, supplemental rent, and other similar payments
		(including payments analogous to or consisting of maintenance reserves) under
		each of the Leases.

	  

	 “Year”
		means each fiscal year ending December 31.

	  

	 

	 
		APPENDIX A-14
	 

	 

	 
 
	  

	 
		 

		APPENDIX B
		  TO THE

		SERVICING
		  AGREEMENT

 

	 GUARANTEE
		dated as of [insert date],

	  

	 made by
		[insert name] (“Guarantor”) in favor of GE COMMERCIAL AVIATION
		SERVICES LIMITED (the “Servicer”) and its Affiliates relating to the
		Servicing Agreement dated as of _________ __, 2006 (the
		“Agreement”), between the Servicer and
		_________________(“GFL”).

	  

	 WHEREAS
		pursuant to the Agreement, the Servicer has agreed to provide Services to each
		Person within the GFL Group in accordance with and to the extent set forth in
		the Agreement;

	  

	 WHEREAS
		the Obligor is a party to the Agreement and is liable for any and all amounts
		due and owing to the Servicer and any of its Affiliates under the Agreement;
		and

	  

	 WHEREAS
		each Person within the GFL Group is a direct or indirect beneficiary of the
		Services performed by the Servicer pursuant to the Agreement.

	  

	 NOW,
		THEREFORE, in consideration of the premises and to induce the Servicer to enter
		in the Agreement and to perform the Services thereunder, Guarantor hereby
		agrees, for the benefit of the Servicer and its Affiliates, as
		follows:

	  

	 1. Guarantor
		unconditionally and irrevocably guarantees to the Servicer and its Affiliates
		(a) the due and punctual payment of all amounts due to the Servicer and
		its Affiliates from the Obligor under the Agreement, whether now existing or
		hereafter incurred, and (b) the due and punctual performance of all other
		obligations of the Obligor to the Servicer and its Affiliates under the
		Agreement (all the foregoing being hereinafter collectively called the
		“Obligations”) and any and all fees and expenses (including, without
		limitation, reasonable attorneys’ fees and expenses) incurred by the
		Servicer and its Affiliates in enforcing any rights under this Guarantee, all
		without regard to any counterclaim, set-off, deduction or defense of any kind
		which the Obligor or Guarantor may have or assert, and without abatement,
		suspension, deferment or diminution on account of any event or condition
		whatsoever. In case of failure of the Obligor punctually to pay any of the
		amounts referred to in clause (a) above, Guarantor hereby agrees to cause such
		amounts to be paid punctually when and as the same shall become due and payable
		as if such payment were made by the Obligor. Guarantor further agrees that this
		Guarantee constitutes a guarantee of payment when due and not of
		collection.

	  

	 2. The
		liability of the undersigned under this Guarantee shall, to the fullest extent
		permitted by Applicable Law, be unconditional irrespective of (i) any lack of
		enforceability against the Obligor of any Obligation, (ii) any change of the
		time, manner or place of payment, or any other term, of any Obligation, (iii)
		any exchange, release or nonperfection of any collateral securing payment of
		any Obligation or any other guarantee in respect thereof, (iv) any law,
		regulation or order of any jurisdiction affecting any term of any Obligation or
		the Servicer’s or any of its Affiliates’ rights with respect thereto
		and (v) any other circumstance which might vary the risk of or otherwise
		constitute a defense available to, or a discharge of, the Obligor, Guarantor or
		any surety. The Guarantor waives, to the fullest extent permitted by Applicable
		Law, promptness, diligence and notices with respect to any Obligation and this
		Guarantee and any requirement that the Servicer or any of its Affiliates
		exhaust any right or take any action against the Obligor, any collateral
		security or any other guarantor.

	  

	 3. In the
		event that the Guarantor is required by any applicable law to make any
		deduction or withholding for or on account of Taxes from any payment to be made
		by it hereunder, then it shall (i) pay over to the government or taxing
		authority imposing such Tax the full amount required to be

	  

	 

	 
		APPENDIX B-16
	 

	 

	 
 
	  

	 
		 

		APPENDIX B
		  TO THE

		SERVICING
		  AGREEMENT

		 
 

	 deducted
		or withheld (including the full amount required to be deducted or withheld from
		the additional amounts required to be paid pursuant to clause (ii) below), (ii)
		pay to the Servicer or its Affiliates, as the case may be, together with such
		payment such additional amounts as may be necessary in order that the net
		amount received by the Servicer or its Affiliates, as the case may be, will be
		not less than the full amount of such payment which would otherwise have been
		receivable had no such deduction or withholding been required and (iii) forward
		to the Servicer as soon as possible such tax receipts or other official
		documentation with respect to the payment of the Taxes so deducted or withheld
		as may be issued from time to time by such government or taxing
		authority.

	  

	 4. Guarantor
		further agrees that this Guarantee shall continue to be effective or be
		reinstated, as the case may be, if at any time payment, or any part thereof, of
		any Obligation or interest thereon is rescinded or must otherwise be restored
		by the Servicer upon the bankruptcy or reorganization of the Obligor, Guarantor
		or otherwise.

	  

	 5. Upon
		payment by Guarantor of any sums to the Servicer or its Affiliates under this
		Guarantee, all rights of Guarantor against the Obligor arising as a result
		thereof by way of right of subrogation or otherwise shall in all respects be
		subordinate and junior in right of payment to the prior indefeasible payment in
		full of all the obligations of the Obligor under the Agreement.

	  

	 6. The
		Guarantor represents and warrants as of the date hereof to the Servicer and its
		Affiliates that:

	  

	 (a) the
		Guarantor is a [corporation or business trust duly organized and validly
		existing and, if relevant, in good standing under the laws of the jurisdiction
		in which it is legally organized] [national banking association duly organized
		and validly existing in good standing under the laws of the United States], and
		has full power, authority and legal right to execute and deliver, and to
		perform its obligations under, this Guarantee;

	  

	 (b) the
		Guarantor has taken all necessary corporate and legal action to authorize the
		guarantee hereunder on the terms and conditions of this Guarantee and to
		authorize its execution, delivery and performance;

	  

	 (c) this
		Guarantee has been duly executed and delivered by a duly authorized officer or
		Representative of the Guarantor, and constitutes the legal, valid and binding
		obligation of the Guarantor, enforceable against the Guarantor in accordance
		with its terms;

	  

	 (d) the
		execution, delivery and performance of this Guarantee will not constitute a
		default under or violate any provision of any law or regulation, or any
		judgment or order of any court, arbitrator or governmental authority, in each
		case applicable to the Guarantor, constituent documents of the Guarantor, or
		any agreement to which the Guarantor is a party; and

	  

	 (e) no
		consent of any other Person, and no consent, license, permit, approval or
		authorization of, exemption by, notice or report to, or registration, filing or
		declaration with, any Governmental Authority, is required in connection with
		the execution delivery, performance, validity or enforceability with respect to
		the Guarantor of this Guarantee.

	  

	 7. This
		Guarantee shall remain in full force and effect and be binding in accordance
		with its terms upon the Guarantor and shall inure to the benefit of the
		Servicer and its Affiliates until all the Obligations and the obligations of
		the Guarantor under this Guarantee shall have been satisfied by indefeasible
		payment in full.

	  

	 

	 
		APPENDIX B-17
	 

	 

	 
 
	  

	 
		 

		APPENDIX B
		  TO THE

		SERVICING
		  AGREEMENT

		 
 

	 8. The
		obligations of Guarantor under this Guarantee may not be assigned or delegated
		without the prior written consent of the Servicer.

	  

	 9. [The
		liability of the Guarantor under this Guarantee is limited to the maximum
		amount that will result in the obligations of the Guarantor not constituting a
		fraudulent conveyance or fraudulent transfer under Applicable Law.

	  

	 10. ]This
		Guarantee shall be governed by the Documentary Conventions, and all capitalized
		terms used but not defined herein have the meanings assigned to such terms in
		Appendix A to the Agreement. The construction and usage set forth in such
		Appendix A are incorporated herein by reference.

	  

	 11. All of
		the statements, representations, covenants and agreements made by Guarantor
		contained in this Guarantee are made and intended only for the purpose of
		binding the Trust Estate (as such expression is defined in the Trust Agreement)
		and establishing the existence of rights and remedies which can be exercised
		and enforced against the Trust Estate. Therefore, anything contained in this
		Guarantee to the contrary notwithstanding, no recourse shall be had with
		respect to this Guarantee against Guarantor in its individual capacity or
		against any institution or person which becomes a successor trustee or
		co-trustee or any officer, director, trustee, servant or direct or indirect
		parent or controlling person or persons of any of them; provided, however, that
		this Section 11 shall not be construed to prohibit any action or proceeding
		against any party hereto for its own willful misconduct or grossly negligent
		conduct for which it would otherwise be liable; and provided, further, that
		nothing contained in this Section 11 shall be construed to limit the exercise
		and enforcement in accordance with the terms of this Guarantee or such other
		agreements of rights and remedies against the Trust Estate.]

	  

	 IN
		WITNESS WHEREOF, Guarantor has executed this Guarantee as of the date first
		above written.

	  

	 
			 	 	 
	 	[Insert Name of
				Guarantor]
	 
 	 
 	 
 
	 	By:  	 
	 	
				
				  

				  

				Name:

				Title:
 

 

	  

	 
		APPENDIX B-18
	 

	 

	 
 
	  

	 
		APPENDIX C
		  TO THE

		SERVICING
		  AGREEMENT
 

	 

	 Notices

	  

	 GE
		Commercial Aviation Services Limited

	  

	 Aviation
		House

	 Shannon,
		County Clare

	 Ireland

	 Attention:
		Company Secretary

	  

	 Fax:
		(353) 61-360888

	 Telephone:
		(353) 61-706500

	  

	 with a
		copy to:

	  

	 GE
		Commercial Aviation Services LLC

	 201 High
		Ridge Road (Ground Floor)

	 Stamford,
		Connecticut 06927

	 Attention:
		General Counsel

	  

	 Fax:
		(203) 921-0029

	 Telephone:
		(203) 961-2985

	  

	 _______________________________

	  

	 _______________________________

	  

	 _______________________________

	  

	 with a
		copy to:

	  

	 _______________________________

	  

	 _______________________________

	  

	 _______________________________

	  

	 _______________________________

	  

	 _______________________________

	  

	 _______________________________

	  

	 
		
		  APPENDIX C
		

		

		
 
		
		   

		  EXHIBIT
			 A TO

		  THE
			 SERVICING AGREEMENT

 

		MONTHLY
		  REPORT TO GFL

		 

		
		  
			 EXHIBIT A
		  

		  

		  
 
		  
			  

			 
				EXHIBIT
				  B-1 TO

				THE
				  SERVICING AGREEMENT

				 
 
 

		  QUARTERLY
			 REPORT TO GFL

		   

		  
			 
				EXHIBIT B-1
			 

			 

			 
 
			  
 

		  
			  

			 EXHIBIT
				B-2 TO

			 THE
				SERVICING AGREEMENT

 

		  QUARTERLY
			 REPORT TO POLICY PROVIDER

		   

		  

		  
			 EXHIBIT B-2[Genesis
		Lease Limited Letterhead]
	 

	 
		[Date]

	 

	 
		GE
		Commercial Aviation Services Limited
	 

	 
		Aviation
		House
	 

	 
		Shannon,
		County Clare
	 

	 
		Ireland

	 

	 
		Attention:
		Company Secretary
	 

	 
		GE
		Commercial Aviation Services LLC
	 

	 
		201 High
		Ridge Road
	 

	 
		Stamford,
		CT
	 

	 
		Attention:
		Contracts Manager
	 

	 
		Subject:
		Business Opportunities Agreement
	 

	 
		Ladies and
		Gentlemen:
	 

	 
		Reference is made to
		the Master Servicing Agreement, dated as of _____, 2006 (the
		“Master
		Servicing Agreement”), between GE Commercial
		Aviation Services Limited, an Irish limited liability company (together with GE
		Commercial Aviation Services LLC, collectively, “GECAS”), and Genesis Lease
		Limited, a Bermudian limited liability company (“Genesis”). In consideration of the execution and delivery
		of the Master Servicing Agreement, the parties hereto wish to confirm certain
		additional agreements between them as set forth below.
	 

	 
		Capitalized
		terms used herein but not otherwise defined shall have the meanings assigned
		thereto in the Master Servicing Agreement. 
	 

	 
			

				
				  1.
				

			 	

				
				  Cooperation
				  Agreements 
				

			 

 

	 
		A. Referred Aircraft Opportunities. To incentivize GECAS to refer to Genesis
		opportunities for the purchase of aircraft, whether on a stand-alone basis
		without a lease, subject to an existing lease or on a sale-leaseback basis
		(each a “Referred
		Aircraft”), that GECAS elects not
		to pursue or that GECAS elects to pursue only in part, any such referral and
		election to be in GECAS’ sole discretion, and in any event to be subject
		to such confidentiality and other restrictions as may be applicable or as GECAS
		may in its sole discretion impose, Genesis shall pay GECAS a fee of 1.0% (one
		percent) of the gross acquisition cost of any Referred Aircraft in which
		Genesis or any of its Affiliates acquires any interest, whether as purchaser,
		lessee or otherwise, such fee to be deemed fully earned and payable in cash in
		immediately available Dollars upon and concurrently with the acquisition of any
		interest in such Referred Aircraft by Genesis or any of it Affiliates. Such fee
		shall only be payable in respect of the acquisition by Genesis or any of its
		Affiliates of an interest in a Referred Aircraft, and an aircraft or interest
		therein shall only be a Referred Aircraft, if GECAS first presented the
		opportunity to Genesis or any of its Affiliates to acquire such aircraft or an
		interest therein, prior to the time any third-party, including the seller
		thereof, presented such opportunity to Genesis; provided, however, if Genesis
		or one of its Affiliates participates in a transaction with or arranged by
		GECAS or any of its Affiliates at the 
	 

	 
		 

	 

	 
		 

	 

	 

	 
	 

	 

	 
		invitation of GECAS
		such transaction shall be deemed first presented by GECAS for the purposes of
		this Agreement. If there shall be a dispute concerning whether a Referred
		Aircraft in which Genesis or any of its Affiliates acquires an interest is in
		fact a Referred Aircraft as to which a fee is payable, then, except in
		connection with the participation by Genesis or any of its Affiliates in a
		transaction with or arranged by GECAS or any of its Affiliates, such dispute
		shall be settled based on whether Genesis or any of its Affiliates was
		solicited pursuant to a writing dated prior in time to the referral from GECAS
		for an expression of interest in acquiring such interest by a Person other than
		GECAS (in which case no fee is payable to GECAS). If GECAS’ referral in
		writing is dated prior in time to such other Person’s written solicitation
		of an expression of interest, GECAS shall be owed and paid its fee. GECAS may
		elect to take any fee payable to it in Genesis’s common shares valued at
		the closing price on the New York Stock Exchange (or such other exchange,
		including NASDAQ and the Over the Counter market, on which such shares are
		traded if no longer traded on the New York Stock Exchange) on the date such fee
		is payable. 
	 

	 
		B. General Offers of Aircraft for Sale. GECAS hereby agrees that, if, during the term of this
		Letter Agreement, GECAS makes an offer to the aircraft finance industry
		generally to sell aircraft owned by GECAS or one of its Affiliates (it being
		understood that for purposes hereof, when used in reference to GECAS,
		“Affiliate” means General Electric Capital Corporation or one of its
		Subsidiaries) (a “GECAS
		Aircraft”), GECAS will notify
		Genesis of such offer and, if Genesis so elects, GECAS will permit Genesis to
		submit a bid to purchase such GECAS Aircraft in accordance with the parameters
		for bids issued by GECAS. Such notice may be given by GECAS to Genesis by any
		possible means, including in writing (including by electronic mail) or orally,
		by sending to Genesis a formal request for a bid, by distribution to Genesis of
		offer materials, or otherwise. In notifying Genesis of such an offer to the
		aircraft finance industry generally, GECAS will permit Genesis to have access
		to the information concerning the applicable GECAS Aircraft on substantially
		the same terms and conditions (including Genesis’s execution and delivery
		of a confidentiality agreement in the form requested by GECAS) as GECAS makes
		such information available to the aircraft finance industry generally. For
		purposes of this Agreement, an offer to the “aircraft finance industry
		generally” is hereby defined to mean the same offer to sell one or a group
		of aircraft made by GECAS to three (3) or more potential purchasers. 
	 

	 
		C. Minimum Level of Referrals and Offers. In furtherance of paragraphs A and B above, GECAS
		also hereby agrees that, in each of calendar year 2007 and calendar year 2008,
		GECAS will refer to Genesis opportunities to purchase Referred Aircraft and/or
		offer to Genesis the opportunity to bid on GECAS Aircraft for the purchase
		thereof, which collectively and in the aggregate have an appraised value
		(determined in the same manner as the appraised values of the aircraft as
		described in that certain Offering Memorandum of Genesis Funding Limited dated
		______, 2006 relating to its Class G-1 Floating Rate Asset Backed Notes) of at
		least $300,000,000 (per each such calendar year). As provided in Paragraph 2
		below, it is acknowledged and agreed that neither party is obligated to make or
		accept any bid in respect of, or sell or purchase, any such Referred Aircraft
		or GECAS Aircraft, at any price (whether equal to or greater or lesser than the
		appraised value thereof). 
	 

	 
		D.
		Genesis’s
		Right to Meet with GECAS. Genesis
		shall have the right at each of the quarterly meetings contemplated by Section
		5.01 of the Master Servicing Agreement to meet with GECAS and describe to GECAS
		the types and characteristics of aircraft in which Genesis has an interest to
		acquire. GECAS agrees to make one or more representatives available to meet
		with Genesis at such times and for such purposes.
	 

	 
			

				
				  2.
				

			 	

				
				  No Binding
				  Obligation for Either Party.
				

			 

 

	 
		Each party
		hereto agrees that the foregoing Paragraph 1 shall be construed strictly in
		accordance with its express terms. 
	 

	 
		 

	 

	 
		 

	 

	 

	 
	 

	 

	 
		GECAS
		acknowledges and agrees that nothing in this Letter Agreement shall be deemed
		to be or shall be construed as providing for any obligation on the part of
		Genesis to purchase any GECAS Aircraft. Similarly, Genesis acknowledges and
		agrees that nothing in this Letter Agreement shall be deemed to be or shall be
		construed as providing any interest in or right to purchase any GECAS Aircraft
		in favor of or for the benefit of Genesis or any of its Affiliates, and nothing
		in this Letter Agreement shall be deemed to be or shall be construed as
		providing for any option to purchase, right of first offer, right of first
		refusal, referral right or other similar contractual right or legal interest on
		behalf of or for the benefit of Genesis or any of its Affiliates. 
	 

	 
		Likewise,
		it is understood and agreed that Genesis has no obligation to bid or make an
		offer to purchase any GECAS Aircraft or to negotiate with GECAS in good faith,
		reasonably or otherwise to purchase any GECAS Aircraft, at any time or under
		any circumstances whatsoever, and regardless of whether any GECAS Aircraft or
		any Referred Aircraft or the terms of purchase thereof are the most attractive
		available to Genesis. Furthermore, Genesis will owe GECAS a Referral Fee if and
		only if Genesis or any of its Affiliates acquires an interest (as purchaser,
		lessee or otherwise) in a Referred Aircraft, and whether to acquire such
		interest and the terms of any such acquisition shall be determined by Genesis
		or its applicable Affiliate in its sole discretion.
	 

	 
		Similarly,
		GECAS has no obligation to consider, in good faith, reasonably or otherwise,
		any bid or offer to purchase GECAS Aircraft received from Genesis or to
		negotiate with Genesis, in good faith, reasonably or otherwise, to sell any
		GECAS Aircraft to Genesis or to make any referrals of aircraft purchase
		opportunities to Genesis, whatsoever, in each case at any time under any
		circumstances whatsoever, regardless of whether Genesis’s bid to purchase
		any GECAS Aircraft is the most attractive, Genesis has indicated in interest in
		purchasing such GECAS Aircraft or Referred Aircraft, or otherwise. 
	 

	 
		GECAS and Genesis
		will only be obligated to sell and purchase, respectively, any GECAS Aircraft
		if and only if GECAS and Genesis have executed and delivered a definitive
		written agreement providing for such a sale and purchase of GECAS Aircraft,
		which agreement describes itself as legally binding on each of GECAS and
		Genesis, and then GECAS’ and Genesis’s obligations in respect of any
		such purchase and sale shall be strictly limited to the terms and conditions
		set forth in such written agreement, with neither GECAS nor Genesis having any
		duties or implied obligations (whether fiduciary or otherwise) to the other
		Person whatsoever. In furtherance of the foregoing, it is understood and agreed
		that no execution and delivery of preliminary documents, such as letters of
		intent, term sheets, memoranda of understanding or similar documents, no
		negotiations or communications, oral or written, by or on behalf of GECAS or
		Genesis, no transmission of documents (even if designated as an
		“execution” or “final” version or counterpart thereof), and
		no “agreement” described as having been reached on individual points
		in a negotiation (including as to price), shall be deemed to be or shall be
		construed as a legally binding agreement, offer, option, commitment or other
		contract for the sale or purchase of any GECAS Aircraft referenced
		therein.
	 

	 
			

				
				  3.
				

			 	

				
				  Term of
				  Agreement
				

			 

 

	 
		The term of
		this Letter Agreement shall commence on the date hereof, shall be co-extensive
		with the term of the Master Servicing Agreement as provided in Article 10
		thereof, and, unless sooner terminated by the mutual agreement of the parties
		hereto, shall terminate upon and concurrently with the termination of the term
		of the Master Servicing Agreement.
	 

	 
			

				
				  4.
				

			 	

				
				  Indemnity,
				  Limitation on Remedies, Disclaimer of Right To Damages and Absence of
				  Duties
				

			 

 

	 
		Genesis
		shall indemnify and hold harmless each Indemnified Party, on demand, from and
		against any and all Losses that may be imposed on, incurred by or asserted
		against any Indemnified Party, directly or indirectly, arising out of, in
		connection with or related to this Letter Agreement or the 
	 

	 
		 

	 

	 
		 

	 

	 

	 
	 

	 

	 
		performance
		of any obligation hereunder; provided, however, that such indemnity shall not
		apply to the extent of Losses that are finally adjudicated to have been
		directly caused by the willful misconduct or gross negligence of GECAS.
	 

	 
		Each of Genesis and
		GECAS agrees that damages for breach of this Letter Agreement would be highly
		speculative and incapable of accurate calculation. Therefore, both parties
		hereto agree that Genesis shall be entitled to the remedy of specific
		performance of this Letter Agreement for any breach hereof by GECAS, but both
		parties to this Letter Agreement agree that specific performance shall be
		Genesis’s sole and exclusive remedy for a breach of this Letter Agreement
		by GECAS (and that Genesis’s limitation to specific performance as its
		sole and exclusive remedy does not cause this Letter Agreement or such remedy
		to fail of its essential purpose). IN FURTHERANCE OF THE FOREGOING, GENESIS
		IRREVOCABLY WAIVES AND DISCLAIMS ANY RIGHT TO, AND AGREES NOT TO SUE FOR, AND
		GECAS SHALL HAVE NO LIABILITY FOR, ANY DAMAGES FOR ANY BREACH OF THIS LETTER
		AGREEMENT, INCLUDING DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL
		DAMAGES (INCLUDING LOSS OF PROFIT OR REVENUE).
	 

	 
		Each of
		Genesis and GECAS agrees that the other has no fiduciary or other duties or
		relationship to or with it, whether related to this Letter Agreement, the
		Master Servicing Agreement or any transaction contemplated thereby or hereby,
		or otherwise.
	 

	 
			

				
				  5. 
				

			 	

				
				  Miscellaneous

				

			 

 

	 
		The
		Documentary Conventions in the Servicing Agreement, and Sections 2.03 and 13.04
		of the Servicing Agreement, shall apply, mutatis mutandis, to this Letter
		Agreement, and are hereby incorporated herein by this reference.
	 

	 
		Please
		confirm your agreement with the foregoing by signing and returning this Letter
		Agreement.
	 

	 
		[Remainder
		of Page Intentionally Left Blank, Signature Pages to Follow]
	 

	 
		 

	 

	 
		 

	 

	 

	 
	 

	 

	 
		 

	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Very truly
				  yours,
 

				  Genesis
				  Lease Limited

				   

				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 

				

			 	

				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 

				

			 	

				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 	

				
				   
				

			 

 

	 
		 

	 

	 
		 

	 

	 
			
				
				  Accepted
				  and Agreed:
 

				  GE
				  Commercial Aviation Services Limited

				   

				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By: 

				

			 	

				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Name: 

				

			 	

				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Title:

				

			 	

				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  

				  GE
				  Commercial Aviation Services LLC

				   

				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By: 

				

			 	

				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Name:
				  
				

			 	

				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]