Delta Airlines 2010 Annual Report Download - page 216

ARTICLE 26.
DELTA EVENT OF DEFAULT; IAT REMEDIES
Section 26.01. Delta Event Of Default. It shall be an "Event of Default" under this Agreement by Delta if any one or more of the events set forth in
Section 26.02 and Section 26.03 shall have occurred and be continuing beyond the applicable cure period, if any, set forth in Section 26.04, provided that, no
such Event of Default shall have occurred if the events set forth in Section 26.02, 26.03 and 26.04 have arisen solely as a result of Delta's compliance with and
performance under the Port Authority Consent to Sublease. Upon the occurrence and during the continuance of an Event of Default under this Agreement by
Delta, Delta shall continue to have its consultation (but no other) rights on the Concessions Subcommittee, the Operations Advisory Committee, the
Management Committee, the Trilateral Committee and related subcommittees.
Section 26.02. Monetary Default. It shall be an Event of Default if Delta shall have failed to pay to IAT, when due and after the expiration of the
applicable cure period set forth in Section 26.04, any amount required to be paid by Delta to IAT pursuant to this Agreement.
Section 26.03. Non-monetary Default. It shall be an Event of Default if any one or more of the of the following events shall have occurred and be
continuing beyond the applicable cure period set forth in Section 26.04:
(a) Delta shall fail to perform or observe any material term, covenant, agreement, condition or provision of this Agreement (including pursuing the
completion of the Phase I IAT Project in accordance with Article 6) to be performed or observed by Delta, other than those referred to in Section 26.02, to
the extent that IAT is not the cause of such failure; or
(b) Delta shall have made any material representation or warranty in this Agreement that shall prove to have been incorrect in any material respect when
made; or
(c) (i) Delta shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts as they become due, or shall
make a general assignment for the benefit of creditors (except for an assignment or grant of liens and security interests on its assets to secure indebtedness
incurred or to be incurred); (ii) any proceeding shall be instituted by or against Delta seeking to adjudicate it a bankrupt or insolvent, or seeking
liquidation, winding up, reorganization, arrangement, adjustment, protection or relief of it or its debts under any Law relating to bankruptcy, insolvency or
reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or for
any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain
undismissed or unstayed for a period of 60 days or entry of an order for relief against it or the appointment of a receiver, trustee, custodian or other similar
official for it or any substantial part of its property shall occur; or (iii) Delta shall take any action to authorize any of the actions set forth above in this
subsection (c); or
(d) Delta shall have made any incorrect statement (including any representation or certification) in the Delta TAA Certificate or in any Standard Draw
Documentation relied upon by IAT in making any corresponding statement in the TAA or in a Series 8 Requisition
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