Common use of Budgeting Process Clause in Contracts

Budgeting Process. The Administrative Agent shall, in accordance with the procedures, policies and guidelines described below and on the basis of information generated by the Administrative Agent and information provided by the Service Providers and AerCo Group: (i) in respect of the Initial Periods, each one Year period (a "ONE YEAR PERIOD") and each three Year Period (a "THREE YEAR PERIOD" and, together with a One Year Period, and an Initial Period, each a "PERIOD") during the term of the Servicing Agreement, and on behalf of AerCo Group, prepare and deliver to the Servicer, not later than 60 days immediately preceding the commencement of each Year (other than with respect to the fiscal year commencing July 1, 1998), a proposed Operating Budget and Asset Expenses Budget for such Period together with reasonably detailed information regarding the assumptions underlying such proposed Operating Budget and Asset Expenses Budget, such proposed Operating Budget and Asset Expenses Budget to be based, in part, on the information provided by the Servicer pursuant to Section 7.04(f) of the Servicing Agreement; (ii) on behalf of AerCo Group, review and discuss with the Servicer the proposed Operating Budget and the Asset Expenses Budget prepared pursuant to Section 7.04 of the Servicing Agreement; (iii) submit the revised proposed Operating Budget and Asset Expenses Budget for each Period, no later than 30 days immediately preceding the commencement of each Year, to AerCo for its consideration and approval (other than with respect to the fiscal year commencing July 1, 1998); (iv) in the event that the proposed Operating Budget and Asset Expenses Budget are not approved, review and revise, in consultation with the Servicer, the Operating Budget and Asset Expenses Budget to the extent possible to address the concerns of AerCo, it being understood that final approval of the Operating Budget and Asset Expenses Budget is the responsibility of AerCo.

Budgeting Process. The Administrative Agent shall, in accordance with the procedures, policies and guidelines described below and on the basis of information generated by the Administrative Agent and information provided by the Service Providers and AerCo Group: (i) in respect of the Initial Periods, each one Year period (a "ONE YEAR PERIOD") and each three Year Period (a "THREE YEAR PERIOD" and, together with a One Year Period, and an Initial Period, each a "PERIOD") during the term of the Servicing Agreement, and on behalf of AerCo Group, prepare and deliver to the Servicer, not later than 60 days immediately preceding the commencement of each Year (other than with respect to the fiscal year commencing July 1, 1998)Year, a proposed Operating Budget and Asset Expenses Budget for such Period together with reasonably detailed information regarding the assumptions underlying such proposed Operating Budget and Asset Expenses Budget, such proposed Operating Budget and Asset Expenses Budget to be based, in part, on the information provided by the Servicer pursuant to Section 7.04(f) of the Servicing Agreement; (ii) on behalf of AerCo Group, review and discuss with the Servicer the proposed Operating Budget and the Asset Expenses Budget prepared pursuant to Section 7.04 of the Servicing Agreement; (iii) submit the revised proposed Operating Budget and Asset Expenses Budget for each Period, no later than 30 days immediately preceding the commencement of each Year, to AerCo for its consideration and approval (other than with respect to the fiscal year commencing July 1, 1998);approval; and (iv) in the event that the proposed Operating Budget and Asset Expenses Budget are not approved, review and revise, in consultation with the Servicer, the Operating Budget and Asset Expenses Budget to the extent possible to address the concerns of AerCo, it being understood that final approval of the Operating Budget and Asset Expenses Budget is the responsibility of AerCo.

Budgeting Process. The Administrative Agent shall, in accordance with the procedures, policies and guidelines described below and on the basis of information generated by the Administrative Agent and information provided by the Service Providers and AerCo Group: (i) in respect of the Initial Periods, each one Year period (a "ONE YEAR PERIOD") and each three Year Period (a "THREE YEAR PERIOD" and, together with a One Year Period, and an Initial Period, each a "PERIOD") during the term of the Servicing Agreement, and on behalf of AerCo Group, prepare and deliver to the Servicer, not later than 60 days immediately preceding the commencement of each Year (other than with respect to the fiscal year commencing July 1, 1998), a proposed Operating Budget and Asset Expenses Budget for such Period together with reasonably detailed information regarding the assumptions underlying such proposed Operating Budget and Asset Expenses Budget, such proposed Operating Budget and Asset Expenses Budget to be based, in part, on the information provided by the Servicer pursuant to Section 7.04(f) of the Servicing Agreement; (ii) on behalf of AerCo Group, review and discuss with the Servicer the proposed Operating Budget and the Asset Expenses Budget prepared pursuant to Section 7.04 of the Servicing Agreement; (iii) submit the revised proposed Operating Budget and Asset Expenses Budget for each Period, no later than 30 days immediately preceding the commencement of each Year, to AerCo for its consideration and approval (other than with respect to the fiscal year commencing July 1, 1998);; and (iv) in the event that the proposed Operating Budget and Asset Expenses Budget are not approved, review and revise, in consultation with the Servicer, the Operating Budget and Asset Expenses Budget to the extent possible to address the concerns of AerCo, it being understood that final approval of the Operating Budget and Asset Expenses Budget is the responsibility of AerCo.