Delta Airlines 2006 Annual Report Download - page 265

(b) if requested by the Administrative Agent in its reasonable discretion, (i) a mortgagee’s title policy (or policies) or marked-up
unconditional binder (or binders) for such insurance (or other evidence reasonably acceptable to the Administrative Agent proving
ownership thereof) (“Mortgagee’s Title Insurance Policy”), dated a date satisfactory to the Administrative Agent, and shall (A) be in an
amount equal to 110% of the appraised value (determined by reference to the initial FIRREA appraisals) of such parcel of Real Estate,
(B) be issued at ordinary rates, (C) insure that the Lien granted pursuant to the Mortgage insured thereby creates a valid first priority Lien
on such parcel of Real Estate free and clear of all defects and encumbrances, except for Permitted Encumbrances and for such defects
and encumbrances as may be approved by the Administrative Agent, (D) name Administrative Agent for the benefit of the Secured
Parties as the insured thereunder, (E) be in the form of ALTA Loan Policy - 1992 (or such local equivalent thereof as is reasonably
satisfactory to the Administrative Agent), (F) contain such endorsements and affirmative coverage as the Administrative Agent may
request to the extent available in the applicable jurisdictions (including but not limited to a comprehensive lender’s endorsement, a
zoning endorsement and a floating rate endorsement), (G) be issued by Lawyers Title Insurance Corporation, Chicago Title Insurance
Company or any other title company reasonably satisfactory to the Administrative Agent (including any such title companies acting as
co-insurers or reinsurers), (H) delete the general survey exception, and (I) be otherwise in form and substance reasonably satisfactory to
the Administrative Agent and (ii) a copy of all documents referred to, or listed as exceptions to title, in such title policy (or policies) in
each case in form and substance reasonably satisfactory to the Administrative Agent;
(c) as-built surveys of such parcel of Real Estate certified to and received by (in a manner reasonably satisfactory to each of
them) Administrative Agent for the benefit of the Secured Parties and, if the Administrative Agent requires a Mortgage Title Insurance
Policy pursuant to clause (a)above, the title insurance company issuing the Mortgagee’s Title Insurance Policy for such Mortgage, dated
a date reasonably satisfactory to the Administrative Agent and such title insurance company, by an independent professional licensed
land surveyor reasonably satisfactory to the Administrative Agent and such title insurance company, which maps or plats and the surveys
on which they are based shall be made in form and substance reasonably satisfactory to the Administrative Agent;
(d) evidence in form and substance reasonably satisfactory to the Administrative Agent that all premiums in respect of each
Mortgagee’s Title Insurance Policy, all recording fees and stamp, documentary, intangible or mortgage taxes, if any, in connection with
the Mortgage have been paid;
(e) a Phase I environmental report with respect to such parcel of Real Estate, dated a date not more than one year prior to
November 30, 2004, showing no material condition of environmental concern and otherwise in form and substance reasonably
satisfactory to the Administrative Agent; and
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