Delta Airlines 2003 Annual Report Download - page 195

ARTICLE 6
DEFAULTS AND REMEDIES
SECTION 6.01 Events of Default.
An "Event of Default" with respect to any Notes shall be deemed to have
occurred if:
(a) the Company defaults in the payment of principal of the Notes when
due upon redemption, repurchase or otherwise; or
(b) the Company defaults in the payment of any installment of interest
or Liquidated Damages on the Notes when due (including any interest payable in
connection with a repurchase pursuant to Section 4.08 or Section 4.09 and a
redemption pursuant to Section 4.01) and continuance of such default for 30 days
or more; or
(c) the Company fails to comply or observe in any material respect
(other than a default set forth in clauses (a) and (b) above and clause (d)
below) any other covenant or agreement of the Company in respect of the Notes
set forth in this Indenture or the Notes, and fails to remedy such default or
breach within a period of 60 days after the receipt of written notice to the
Company from the Trustee or to the Company and the Trustee from the Holders of
at least 25% in aggregate principal amount of the Notes then outstanding; or
(d) the Company defaults in the payment of the Designated Event
Repurchase Price in respect of the Notes when the same becomes due and payable;
or
(e) a default under any credit agreement, mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company or any Restricted
Subsidiary, other than any such Indebtedness which is non-recourse to the
Company or any Restricted Subsidiary, whether such Indebtedness exists on the
date of this Indenture or shall hereafter be created, which default (i) is
caused by a failure to pay when due any principal on such Indebtedness at the
final stated maturity date of such Indebtedness (which failure continues beyond
any applicable grace period) (a "Payment Default") or (ii) results in the
acceleration of such Indebtedness prior to its express maturity (without such
acceleration being rescinded or annulled) and, in each case, the principal
amount of such Indebtedness, together with the principal amount of any other
such Indebtedness under which there is a Payment Default or the maturity of
which has been so accelerated, aggregates to $75,000,000 or more and such
Payment Default is not cured or such acceleration is not annulled within 30 days
after receipt of written notice to the Company from the Trustee or to the
Company and the Trustee from Holders of at least 25% in aggregate principal
amount of the Notes then outstanding; or
(f) the entry by a court having jurisdiction in the premises of (i) a
decree or order for relief in respect of the Company in an involuntary case or
proceeding under any Bankruptcy Law, or (ii) a decree or order adjudging the
Company bankrupt or insolvent, or approving as properly filed a petition seeking
reorganization, arrangement, adjustment or composition of or in respect of the
Company under any applicable U.S. federal or state law, or appointing a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Company or of
-29-