Delta Airlines 2006 Annual Report Download - page 192

(b) acknowledges and agrees that this waiver is intended to benefit Secured Parties and shall not limit or otherwise effect
any Guarantor’s liability hereunder or the enforceability of this Agreement and their rights under this Section 9.7shall survive payment in full of the
Obligations.
9.8 Election of Remedies. If Administrative Agent may, under applicable law, proceed to realize benefits under
any of the Loan Documents giving Secured Parties a Lien upon any Collateral owned by any Credit Party, either by judicial foreclosure or by non-judicial sale
or enforcement, Administrative Agent may, at its sole option, determine which of such remedies or rights it may pursue without affecting any of such rights
and remedies under this Agreement. If, in the exercise of any of its rights and remedies, Administrative Agent shall forfeit any of its rights or remedies,
including its right to enter a deficiency judgment against any Credit Party, whether because of any applicable laws pertaining to “election of remedies” or the
like, Guarantors hereby consent to such action by Administrative Agent and waive any claim based upon such action, even if such action by Administrative
Agent shall result in a full or partial loss of any rights of subrogation which Guarantors might otherwise have had but for such action by Administrative
Agent. Any election of remedies which results in the denial or impairment of the right of Administrative Agent to seek a deficiency judgment against any
Credit Party shall not impair each Guarantor’s obligation to pay the full amount of the Obligations. In the event Administrative Agent shall bid at any
foreclosure or trustee’s sale or at any private sale permitted by law or the Loan Documents, Administrative Agent may bid all or less than the amount of the
Obligations and the amount of such bid need not be paid by Administrative Agent but shall be credited against the Obligations in accordance with Section 1.3.
The amount of the successful bid at any such sale shall be conclusively deemed to be the fair market value of the Collateral and the difference between such
bid amount and the remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Agreement,
notwithstanding that any present or future law or court decision or ruling may have the effect of reducing the amount of any deficiency claim to which
Secured Parties might otherwise be entitled but for such bidding at any such sale.
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