Delta Airlines 2006 Annual Report Download - page 270

“Permitted Liens” means (i) Liens granted by the Credit Parties under the Collateral Documents and (ii) any other Liens permitted to be
created or assumed or to exist pursuant to Section 6.7of this Agreement.
“Permitted Prepetition Payment” means a payment (as adequate protection or otherwise) on account of any Claim against any Credit
Party arising or deemed to have arisen prior to the Petition Date, which payments are (i) authorized by the Bankruptcy Court pursuant to First Day Orders or
other Non-Stayed Orders reasonably satisfactory to the Administrative Agent in amounts approved by the Bankruptcy Court and the Administrative Agent,
(ii) made pursuant to Section 1110 Agreements or Non-1110 Agreements, (iii) made in connection with the assumption of executory contracts and unexpired
leases or (iv) made in respect of accrued payroll and related expenses and employee benefits as of the Petition Date.
“Permitted Refinancing” means, with respect to any Person, any modification, refinancing, refunding, renewal, extension or replacement
(collectively, a “refinancing”) of any Indebtedness of such Person; provided, that (a) the principal amount (or accreted value, if applicable) thereof does not
exceed 100% (or, to the extent no payment of principal thereof (except upon acceleration) is required on or prior to the Scheduled Maturity Date, 105%) of
the principal amount (or accreted value, if applicable) of the Indebtedness so refinanced, except by an amount equal to the unpaid accrued interest and
premium thereon; (b) such refinancing has a final maturity date equal to or later than the final maturity of the Indebtedness being refinanced, (c) such
refinancing does not reduce the weighted average life to maturity of the Indebtedness being refinanced, (d) if the Indebtedness being refinanced is
subordinated in right of payment to the Obligations, such refinancing is subordinated in right of payment to the Obligations on terms at least as favorable to
Lenders as those contained in the documentation governing the Indebtedness being refinanced. Permitted Refinancings shall include any refinancing financed
with proceeds from or exchanges into Stock issued by Borrower.
“Permitted Reinvestment Collateral” means, with respect to any Collateral, (i) replacement assets useful in Borrower’s (or, in the case of
any asset owned by any Subsidiary, such Subsidiary’s) business or, in the case of any Property Loss Event, repairs to the applicable Collateral, (ii) in the case
of any Property Loss Event with respect to any Collateral included in the Term A Borrowing Base (other than Aircraft or Engines), replacement assets
consisting of like-kind assets and the Allocated Amount for which exceeds the Allocated Amount for the Original Borrowing Base Assets after replacement or
repair, as the case may be, and (iii) in the case of Aircraft or Engines, Replacement Aircraft or Replacement Engines, as the case may be; provided, that, in
each case, any replacement asset shall be subject to a first priority Lien of Administrative Agentfor the benefit of Secured Parties to the extent that the original
asset was subject to a first priority Lien of Administrative Agentfor the benefit of Secured Parties.
“Permitted Secured Financing” has the meaning ascribed to it in Section 6.3(a)(v)hereof.
“Permitted Subordinated Indebtedness” means any unsecured Indebtedness of any Delta Company that (a) is expressly subordinated to
the prior payment in full in cash of the Obligations on terms reasonably acceptable to the Administrative Agent, (b) will not mature prior to the date that is
ninety-one (91) days after the Scheduled Maturity Date, and (c) does not require payments of principal prior to the date which is ninety-one (91) days after the
Scheduled Maturity Date, except pursuant to acceleration.
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