Delta Airlines 2010 Annual Report Download - page 221

ARTICLE 27.
IAT EVENT OF DEFAULT; DELTA REMEDIES
Section 27.01. IAT Event Of Default. It shall be an "IAT Event of Default" under this Agreement if any one or more of the events set forth in
Section 27.02 and 27.03 shall have occurred and be continuing beyond the applicable cure period, if any, set forth in Section 27.05, provided that, no such
IAT Event of Default shall have occurred to the extent that the events set forth in Section 27.03 have arisen as a result of IAT's obligation to comply with and
performance pursuant to the Port/IAT Lease, the Bond Documents or any other Transaction Documents.
Section 27.02. Monetary Default. It shall be an IAT Event of Default if IAT shall have failed to pay, or credit, to Delta, when due and after the
expiration of the applicable cure period set forth in Section 27.05, any payment of any amount required to be paid by IAT to Delta pursuant to this Agreement.
Section 27.03. Non-monetary Default. It shall be an IAT 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 27.05:
(a) if IAT shall fail to perform or observe any material term, covenant, agreement, condition or provision of this Agreement to be performed or
observed by IAT, other than those referred to in Section 27.02, to the extent that Delta is not the cause either direct or indirect, of such failure; or
(b) if IAT shall have made any material representation or warranty in Section 4 of this Agreement that shall prove to have been incorrect in any material
respect when made.
Section 27.04. Termination of Port/IAT Lease by Port Authority. If the Port Authority delivers to IAT any notice of termination of the Port/IAT Lease
and such notice shall remain in effect under the Port/IAT Lease, upon IAT ceasing to have a possessory interest thereunder, IAT shall not have any right to
exercise any rights or perform any obligations under this Agreement.
Section 27.05. Notice And Opportunity To Cure. Delta shall provide IAT notice of and an opportunity to cure any default, before the same becomes an
IAT Event of Default. IAT shall have 30 Business Days after receipt of notice from Delta of a default set forth in Section 27.02 to cure such default. IAT shall
have 30 days after receipt of notice from Delta of a default set forth in Section 27.03 to cure such default, provided that, if a default set forth in Section 27.03
is, by its nature, incapable of being cured within 30 days and IAT is at all times diligently attempting to cure such default (except to the extent prevented by
any Force Majeure Event), IAT shall have such additional time as is reasonably necessary to effect the cure, provided, further, however, if the default is with
respect to the breach of a material representation or warranty, a cure by IAT shall require that IAT cause the applicable representation or warranty to be
correct as made and when cured.
Section 27.06. Remedies. Upon the occurrence of and during the continuance of an IAT Event of Default, Delta may, to the extent permitted under
applicable Law, in its discretion and
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