Delta Airlines 2006 Annual Report Download - page 271

“Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization, association,
corporation, limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city, municipal, local,
foreign, or otherwise, including any instrumentality, division, agency, body or department thereof).
“Petition Date” has the meaning ascribed to it in the Preamble.
“Physical Aircraft Appraisal Methodology” means, in determining an opinion as to the Net Orderly Liquidation Value of Eligible
Aircraft or Eligible Engines, including but not limited to, taking at least the following actions: (i) reviewing the most recent Collateral Report; (ii) reviewing
the Appraiser’s internal value database for values applicable to such Aircraft or Engines; and (iii) checking other sources, such as manufacturers, other airlines
and U.S. government procurement data, for orderly liquidation prices of such Aircraft or Engines.
“Physical Ground Service Equipment Appraisal Methodology” means, in determining an opinion as to the Net Orderly Liquidation
Value of Eligible Ground Service Equipment, including but not limited to, taking at least the following actions: (i) reviewing the most recent Collateral
Report; (ii) reviewing the Appraiser’s internal value database for values applicable to such Ground Service Equipment; (iii) checking other sources, such as
manufacturers, other airlines and U.S. government procurement data, for orderly liquidation prices of such Ground Service Equipment and (iv) physical
inspection of such Ground Service Equipment.
“Physical Flight Simulator Appraisal Methodology” means, in determining an opinion as to the Net Orderly Liquidation Value of
Eligible Flight Simulators, including but not limited to, taking at least the following actions: (i) reviewing the most recent Collateral Report; (ii) reviewing the
Appraiser’s internal value database for values applicable to such Flight Simulators; (iii) checking other sources, such as manufacturers, other airlines and U.S.
government procurement data, for orderly liquidation prices of such Flight Simulators and (iv) physical inspection of such Flight Simulators.
“Physical Spare Parts Appraisal Methodology” means, in determining an opinion as to the Net Orderly Liquidation Value of Eligible
Spare Parts, including but not limited to, taking at least the following actions: (i) reviewing the most recent Collateral Report; (ii) reviewing the Appraiser’s
internal value database for values applicable to Spare Parts; (iii) developing a representative sampling of a reasonable number of the different Spare Parts for
which a market check will be conducted; (iv) checking other sources, such as manufacturers, other airlines, U.S. government procurement data and airline
parts pooling price lists, for orderly liquidation prices of the sample parts referred to in clause (iii); (v) visiting the Designated Spare Parts Locations selected
by the Appraiser where the Spare Parts are kept by any Credit Party; (vi) conducting a limited review of the inventory reporting system applicable to the Spare
Parts, including checking information reported in such system against information determined through physical inspection pursuant to the preceding clause
(v); and (vii) reviewing a sampling of the Spare Parts serviceability tags, books and records (including tear-down reports). The physical sampling will be
completed at the necessary Designated Spare Parts Locations where in the aggregate up to 80% (by measure of appraised NOLV) of the Pledged Spare Parts
are kept by the Credit Parties.
A-36