Delta Airlines 2006 Annual Report Download - page 269

“PBGC” means the Pension Benefit Guaranty Corporation.
“Pension Plan” means a Plan which is an “employee pension benefit plan” described in Section 3(2) of ERISA.
“Permits” has the meaning ascribed to it in Section 3.24.
“Permitted Encumbrances” means the following encumbrances: (a) Liens for taxes or assessments or other governmental Charges not yet
due and payable or which are being contested in accordance with Section 5.2(b); (b) pledges or deposits of money securing statutory obligations under
workmen’s compensation, unemployment insurance, social security or public liability laws or similar legislation (excluding Liens under ERISA); (c) pledges
or deposits of money securing bids, tenders, contracts (other than contracts for the payment of money) or leases (other than leases of aircraft) to which any
Credit Party is a party as lessee made in the ordinary course of business; (d) workers’, mechanics’ or similar liens arising in the ordinary course of business, so
long as such Liens are inchoate and unperfected and attach only to Tooling, Fixtures and/or real estate or being contested in accordance with Section 5.2(b);
(e) carriers’, warehousemen’s, suppliers’ or other similar possessory liens arising in the ordinary course of business so long as such Liens are inchoate and
unperfected and attach only to Inventory or being contested in accordance with Section 5.2(b); (f) deposits securing, or in lieu of, surety, appeal or customs
bonds in proceedings to which any Credit Party is a party; (g) any attachment or judgment lien not constituting an Event of Default under Section 8.1(i); (h)
zoning restrictions, easements, licenses, or other restrictions on the use of any real estate or interests of any Credit Party in real estate or other minor
irregularities in title (including leasehold title) thereto, so long as the same do not materially impair the use or the value of any parcel of Owned Real Estate;
(i) presently existing or hereafter created Liens in favor of Administrative Agent for the benefit of the Secured Parties; (j) statutory and common law
landlords’ liens under leases to which any Credit Party is a party (subject to the requirements of Section 5.8); (k) (i) leases, subleases, licenses, permits and
similar use rights, entered into in the ordinary course of business with respect to the Owned Real Estate, that are by their express terms subject and
subordinate to Administrative Agent’s Liens, for the benefit of Secured Parties, in the Owned Real Estate,and do not, in the aggregate, materially detract from
the value of the any parcel of Owned Real Estate and (ii) leases, subleases, licenses, permits and similar use rights, entered into in the ordinary course of
business with respect to any leased real estate, to the extent they are not prohibited by the Collateral Documents and would not have a Material Adverse Effect
and would not materially and adversely affect the Administrative Agent’s Liens, for the benefit of Secured Parties, in Collateral stored or located at such
location; (l) with respect to Real Estate, other defects and encumbrances as may be approved by the Administrative Agent, including, with respect to the
Eligible Real Estate, any matters shown as title exceptions in the Mortgagee’s Title Insurance Policy, (m) liens imposed by applicable law on the assets of any
Credit Party located at an airport for the benefit of an Aviation Authority; (n) Liens (including leases) permitted pursuant to the Aircraft Mortgage and (o)
subject, with respect to Blocked Accounts, to the Blocked Account Agreements, Liens in favor of depositary banks (including set-off rights) arising as a
matter of law.
“Permitted Investments” means Investments made in accordance with the Investment Guidelines set forth on Annex K.
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