Delta Airlines 2006 Annual Report Download - page 210

(b) if any provision hereof shall require any Credit Party to take any action with respect to any SkyMiles
Collateral if requested to do so by the Administrative Agent, such Credit Party shall be required to take such action only if and to the extent that the SkyMiles
Agent shall have requested the Credit Party to take such action pursuant to the corresponding provision of the Post-Petition Skymiles Facility Documents;
(c) if any provision hereof shall require any Credit Party to take any action with respect to any SkyMiles
Collateral unless the Administrative Agent shall have otherwise provided its consent or a waiver, such Credit Party shall not be required to take such action if
and to the extent that the SkyMiles Agent shall have provided its consent or a waiver to the Credit Party not taking such action pursuant to the corresponding
provision of the Post-Petition Skymiles Facility Documents; and
(d) if any provision hereof permits any Credit Party to take any action with respect to any SkyMiles Collateral only upon
receiving the Administrative Agent’s consent to do so, the Administrative Agent shall be deemed to have provided such consent if and to the extent that the
SkyMiles Agent shall have provided its consent to such Credit Party taking such action pursuant to the corresponding provision of the Post-Petition Skymiles
Facility Documents.
10.11 Release of Collateral.
(a) The Liens granted pursuant to this Agreement shall automatically terminate, and all the Collateral shall be
automatically released, without further action by the Administrative Agent and without any further notice or consent to or of any Secured Party, on the
Termination Date.
(b) Immediately upon (i) any sale, transfer, conveyance, assignment or other disposition by any Credit Party of
any Collateral permitted by this Agreement (or pursuant to a valid waiver or consent to any transaction otherwise prohibited by this Agreement), (ii) any part
of the Collateral becoming subject to a Lien permitted by Section 6.7(f)or (iii) any Pledged Collateral being cancelled, replaced or repaid in accordance with
the terms of this Agreement, such Collateral shall be automatically released from the security interest granted pursuant to this Agreement and the Lien on such
Collateral in favor of the Administrative Agent, for itself and for the benefit of the Secured Parties, shall automatically terminate (and, if such Collateral
consists of all of the equity interest in a Subsidiary Guarantor, such Subsidiary Guarantor shall be released from its Guaranty), in each case without further
action by the Administrative Agent and without any further notice or consent to or of any Secured Party.
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