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 the Issuer Group: (i) in respect of each Year during the term of the Servicing Agreement (other than with respect to the fiscal year commencing on the Initial Closing Date), and on behalf of the Issuer Group, prepare and deliver to the Servicer, no later than the September 30 immediately preceding the commencement of such Year a proposed Lease Operating Budget and a proposed Aircraft Asset Expenses Budget for such Year together with reasonably detailed supporting information and the assumptions underlying such proposed Lease Operating Budget and Aircraft Asset Expenses Budget, such proposed Lease Operating Budget and Aircraft Asset Expenses Budget to be based, in part, on the information provided by the Servicer pursuant to Section 7.03(c) of the Servicing Agreement; (ii) on behalf of the Issuer Group, review, discuss and negotiate with the Servicer such proposed Lease Operating Budgets and Aircraft Asset Expenses Budgets, and make such adjustments proposed by the Servicer as the Administrative Agent, in consultation with the Controlling Trustees and with due regard for current market conditions, may deem appropriate; and (iii) submit to the Servicer no later than the November 10 immediately preceding the commencement of such Year the Approved Budgets together with reasonably detailed information regarding the Issuer's underlying assumptions.

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 the Issuer MSAF Group: (i) in respect of each One Year Period and Three Year Period after the Initial Periods during the term of the Servicing Agreement (other than with respect to the fiscal year commencing on the Initial Closing Date)Agreement, and on behalf of the Issuer MSAF Group, prepare and deliver to the Servicer, no later than the September 30 immediately preceding the commencement of such each Year a proposed Lease One Year and Three Year Operating Budget Budgets and a proposed Aircraft One Year and Three Year Asset Expenses Budget Budgets for each such Year period together with reasonably detailed supporting information and the assumptions underlying such proposed Lease Operating Budget and Aircraft Budgets or Asset Expenses BudgetBudgets, such proposed Lease Operating Budget Budgets and Aircraft Asset Expenses Budget Budgets to be based, in part, on the information provided by the Servicer pursuant to Section 7.03(c7.05(c) of the Servicing Agreement; (ii) on behalf of the Issuer MSAF Group, review, discuss and negotiate with the Servicer such proposed Lease Operating Budgets and Aircraft Asset Expenses Budgets, and make such adjustments proposed by the Servicer as the Administrative Agent, in consultation with the Controlling Trustees and with due regard for current market conditions, may Agent shall deem appropriate; and (iii) submit to the Servicer no later than the November 10 immediately preceding the commencement of such Year the Approved Budgets together with reasonably detailed information regarding the IssuerMSAF's underlying assumptions.

Budgeting Process. The Administrative Agent Manager shall, in accordance with the procedures, policies and guidelines described below and on the basis of information generated by the Administrative Agent Manager and information provided by the Service Providers and the Issuer Group: (i) in respect of each Year during the term of the Servicing Agreement (other than with respect to the fiscal year commencing on the Initial Closing Date), and on behalf of the Issuer Group, prepare and deliver to the Servicer, no later than the September 30 November 15th immediately preceding the commencement of such Year a proposed Lease Operating Budget and a proposed Aircraft Asset Expenses Budget for such Year together with reasonably detailed supporting information and the assumptions underlying such proposed Lease Operating Budget and Aircraft Asset Expenses Budget, such proposed Lease Operating Budget and Aircraft Asset Expenses Budget to be based, in part, on the information provided by the Servicer pursuant to Section 7.03(c) of the Servicing Agreement; (ii) on behalf of the Issuer Group, review, discuss and negotiate with the Servicer such proposed Lease Operating Budgets and Aircraft Asset Expenses Budgets, and make such adjustments proposed by the Servicer as the Administrative AgentManager, in consultation with the Controlling Trustees Board and with due regard for current market conditions, may deem appropriate; and (iii) submit to the Servicer no later than the November 10 10th immediately preceding the commencement of such Year the Approved Budgets together with reasonably detailed information regarding the Issuer's ’s underlying assumptionsassumptions and provide a copy of such Approved Budgets to the Policy Provider.

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 the Issuer GroupGroup and subject to the review and direction of the relevant Issuer Group Member: (i) in respect of each Year during the term of the Servicing Agreement (other than with respect to the fiscal year commencing on the Initial Closing Date), and on behalf of the Issuer Group, prepare and deliver to the Issuer and the Servicer, no later than the September 30 November 30th immediately preceding the commencement of such Year a proposed Lease Operating Budget and a proposed Aircraft Asset Expenses Budget for such Year together with reasonably detailed supporting information and the assumptions underlying such proposed Lease Operating Budget and Aircraft Asset Expenses Budget, such proposed Lease Operating Budget and Aircraft Asset Expenses Budget to be based, in part, on the information provided by the Servicer pursuant to Section 7.03(c) of the Servicing Agreement; (ii) on behalf of the Issuer Group, review, discuss and negotiate with the Servicer such proposed Lease Operating Budgets and Aircraft Asset Expenses Budgets, and make such adjustments proposed by the Servicer as the Administrative Agent, in consultation with the Controlling Trustees Board and with due regard for current market conditions, may deem appropriate; and (iii) submit to the Servicer no later than promptly following approval by the November 10 immediately preceding the commencement of such Year Issuer the Approved Budgets together with reasonably detailed information regarding the Issuer's ’s underlying assumptionsassumptions and provide a copy of such Approved Budgets to the Policy Provider.