Preview | Master Servicing Agreement |

MASTER SERVICING AGREEMENT

between

GE COMMERCIAL AVIATION SERVICES LIMITED

and

GENESIS LEASE LIMITED

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	6
Section 2.04.	Compliance with Applicable Laws and GE Policies	10
Section 2.05.	Limitations	11

ARTICLE III	STANDARD OF CARE; CONFLICTS OF INTEREST; STANDARD OF LIABILITY	12
Section 3.01.	Standard of Care	12
Section 3.02.	Conflicts of Interest	12
Section 3.03.	Standard of Liability	14
Section 3.04.	Waiver of Implied Standard	14

ARTICLE IV	REPRESENTATIONS AND WARRANTIES	15
Section 4.01.	Aircraft Assets	15
Section 4.02.	Aircraft Assets Related Documents	15
Section 4.03.	Accounts and Cash Flow	15
Section 4.04.	Organization and Standing	15
Section 4.05.	Authority	16
Section 4.06.	No Conflicts	16
Section 4.07.	Compliance with Applicable Laws	16
Section 4.08.	Litigation; Decrees	17
Section 4.09.	Appointments	17
Section 4.10.	Authority	17
Section 4.11.	No Conflicts	17
Section 4.12.	Compliance with Applicable Laws of Ireland	18
Section 4.13.	Litigation; Decrees	18

ARTICLE V	SERVICER UNDERTAKINGS	18
Section 5.01.	Access	18
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 Genesis Group	19

ARTICLE VI	UNDERTAKINGS OF GENESIS	19
Section 6.01.	Cooperation	19
Section 6.02.	No Representation with Respect to Third Parties	19
Section 6.03.	Related Document Amendments	19
Section 6.04.	Exclusivity	19
Section 6.05.	Communications	19
Section 6.06.	Ratification	20
Section 6.07.	Additional Aircraft Assets	20
Section 6.08.	Execution, Amendment, Modification or Termination of Aircraft Assets Related Documents	20
Section 6.09.	Access to Genesis Group Information	21
Section 6.10.	Genesis Group Accounts and Cash Arrangements	21
Section 6.11.	[Intentionally Left Blank]	21
Section 6.12.	Further Assurances	21
Section 6.13.	Guarantees	21
Section 6.14.	Transfers of Funds	21

ARTICLE VII	GENESIS GROUP RESPONSIBILITY	22
Section 7.01.	Genesis Group Responsibility	22
Section 7.02.	Performance with Respect to Aircraft Assets	23
Section 7.03.	Lease Operating Budget; Aircraft Asset Expenses Budget	23
Section 7.04.	Transaction Approval Requirements	24
Section 7.05.	Approved Budgets and Transaction Approval Requirements	27

ARTICLE VIII	EFFECTIVENESS	27
Section 8.01.	Effectiveness	27

ARTICLE IX	SERVICING FEES; EXPENSES; TAXES; PRIORITY OF SERVICING FEES	27
Section 9.01.	Servicing Fees	27
Section 9.02.	Monthly Base Fee	27
Section 9.03.	Rent Fees	27
Section 9.04.	Sales Fee	28
Section 9.05.	[Intentionally Left Blank]	28
Section 9.06.	Expenses	29
Section 9.07.	Taxes	29
Section 9.08.	Priority of Payments to Servicer	32

ARTICLE X	TERM; RIGHT TO TERMINATE; RESIGNATION; CONSEQUENCES OF EXPIRATION, TERMINATION, RESIGNATION OR REMOVAL; CERTAIN TAX MATTERS; SURVIVAL	32
Section 10.01.	Term	32
Section 10.02.	Right to Terminate	32
Section 10.03.	Resignation or Removal	35
Section 10.04.	Consequences of Expiration, Termination, Resignation or Removal	36
Section 10.05.	Survival	37

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	40
Section 13.01.	Documentary Conventions	40
Section 13.02.	Power of Attorney	40
Section 13.03.	Reliance	41
Section 13.04.	Certain Information	41
Section 13.05.	[Intentionally Left Blank]	41
Section 13.06.	Relationship to Securitization Servicing Agreement and WHCO Servicing Agreement	41

Schedules

Schedule 2.02(a)

Aircraft Assets Services

Schedule 2.02(a)(i)

Intentionally Left Blank

Schedule 2.02(a)(ii)

Form of Officers 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 Genesis Group and Jurisdictions

Schedule 7.01

Responsibilities of Genesis 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]

iii

Annexes

Annex 1

Insurance Guidelines

Annex 2

Intentionally Left Blank

Appendices

Appendix A

Construction and Usage; Definitions

Appendix B

Form of Guarantee

Appendix C

Notices

Exhibits

Exhibit A

Monthly Report Form

Exhibit B

Quarterly Report Form