Delta Airlines 2006 Annual Report Download - page 249

(s) that arises from the sale of Delta Skymiles through DLMS to Amex;
(t) that are Ineligible Refundable Ticket Accounts or Eligible Refundable Ticket Accounts; or
(u) of any Credit Party which Credit Party has not been subject to a field examination.
“Eligible Aircraft” means all of the Aircraft, except any Ineligible Term A Borrowing Base Collateral, owned by the Credit Parties;
provided, that (i) a valid and enforceable first priority Lien on such Aircraft (subject only to Permitted Encumbrances and other Liens approved by the
Administrative Agent) shall have been granted by the applicable Credit Party in favor of Administrative Agent for the benefit of the Secured Parties pursuant
to the Aircraft Mortgage and (ii) the Liens described in clause (i)above shall be in full force and effect in favor of Administrative Agent for the benefit of the
Secured Parties at such time.
“Eligible Engines” means all of the Engines, except any Ineligible Term A Borrowing Base Collateral, owned by the Credit Parties;
provided, that (i) a valid and enforceable first priority Lien on such Engine (subject only to Permitted Encumbrances and other Liens approved by the
Administrative Agent) shall have been granted by the applicable Credit Party in favor of Administrative Agent for the benefit of the Secured Parties pursuant
to the Aircraft Mortgage and (ii) the Liens described in clause (i)above shall be in full force and effect in favor of Administrative Agent for the benefit of the
Secured Parties at such time.
“Eligible Flight Simulators” means all of the Flight Simulators, except any Ineligible Term A Borrowing Base Collateral, owned by the
Credit Parties; providedthat (i) a valid and enforceable first priority Lien on such Flight Simulators (subject only to Permitted Encumbrances and other Liens
approved by the Administrative Agent) shall have been granted by the applicable Credit Parties in favor of Administrative Agent for the benefit of the
Secured Parties pursuant to the Loan Documents and (ii) the Liens described in clause (i)above shall be in full force and effect in favor of Administrative
Agent for the benefit of the Secured Parties at such time.
“Eligible Ground Service Equipment” means all Ground Service Equipment owned by Credit Parties and reflected in the most recent
Term A Borrowing Base Certificate delivered by Borrower to the Administrative Agent, except any Ineligible Term A Borrowing Base Collateral.
“Eligible Real Estate” means any parcel of Owned Real Estate, except any Ineligible Term A Borrowing Base Collateral, in the United
States owned in fee simple by the Credit Parties as to which each of the following conditions has been satisfied at such time:
(a) a valid and enforceable first priority Lien on such parcel of Real Estate (subject only to
Permitted Encumbrances and other Liens approved by the Administrative Agent) shall have been granted by Borrower in favor of
Administrative Agent for the benefit of the Secured Parties pursuant to a Mortgage;
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