Delta Airlines 2006 Annual Report Download - page 184

6.20 Cancellation of Indebtedness.
No Credit Party shall, nor shall they permit any of its Subsidiaries to, cancel any claim or Indebtedness owed to any of them except (i) in
the ordinary course of business consistent with past practice, (ii) in respect of intercompany Indebtedness among the Credit Parties or (iii) negotiated on an
arm’s-length basis and for consideration reasonably deemed by the Borrower to be reasonable.
7. T E R M
7.1 Termination.
The financing arrangements contemplated hereby shall be in effect until the Maturity Date, and the Loans and all other Obligations shall
be automatically due and payable in full on such date.
7.2 Survival of Obligations Upon Termination of Financing Arrangements.
Except as otherwise expressly provided for in the Loan Documents, no termination or cancellation (regardless of cause or procedure) of
any financing arrangement under this Agreement shall in any way affect or impair the obligations, duties and liabilities of the Credit Parties or the rights of the
Administrative Agent and the Lenders relating to any unpaid portion of the Loans or any other Obligations, due or not due, liquidated, contingent or
unliquidated or any transaction or event occurring prior to such termination, or any transaction or event, the performance of which is required after the
Maturity Date. Except as otherwise expressly provided herein or in any other Loan Document, all undertakings, agreements, covenants, warranties and
representations of or binding upon the Credit Parties, and all rights of the Administrative Agent and each Lender, all as contained in the Loan Documents,
shall not terminate or expire, but rather shall survive any such termination or cancellation and shall continue in full force and effect until the Termination
Date; provided, that the provisions of Article 13, the payment obligations under Sections 1.13 and 1.14, and the indemnities contained in the Loan Documents
shall survive the Termination Date.
8. E V E N T S O F D E F A U L T ; R I G H T S A N D R E M E D I E S
8.1 Events of Default.
The occurrence of any one or more of the following events (regardless of the reason therefor) shall constitute an “Event of Default”
hereunder:
(a) Borrower (i) fails to make any payment of principal of the Loans or any Letter of Credit Obligation when due and
payable, (ii) fails to make any payment of interest on, or Fees owing in respect of, the Loans or any of the other Obligations within three (3) Business Days of
the date when due and payable, or (iii) fails to pay or reimburse the Administrative Agent or any L/C Issuer or Lender for any expense reimbursable hereunder
or under any other Loan Document within ten (10) days following the demand for such reimbursement or payment of expenses.
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