Delta Airlines 2010 Annual Report Download - page 324

WHEREAS, pursuant to a resolution adopted on October 17, 1996, the Port Authority established and authorized the issuance of the Bonds known as "The
Port Authority of New York and New Jersey Special Project Bonds, Series 6 and Series 7, JFK International Air Terminal LLC Project" to finance the
construction costs of the initial phase of Terminal 4 (the "Series 6 Bonds"); and
WHEREAS, regularly-scheduled payments of principal and interest on the Series 6 Bonds was guaranteed by a financial guaranty insurance policy issued
by MBIA Insurance Corporation ("MBIA"), which policy was reinsured by National Public Finance Guarantee Corporation ("National" and, together with
MBIA, the "Bond Insurer") pursuant to an Amended and Restated Quota Share Reinsurance Agreement effective as of January 1, 2009 between MBIA and
MBIA Insurance Corp. of Illinois, now known as National Public Finance Guarantee Corporation; and
WHEREAS, the payment of Debt Service on the Series 6 Bonds is secured by (i) a Leasehold Mortgage from IAT to the Trustee dated as of May 13, 1997
pursuant to which IAT has granted a mortgage of all of its leasehold interest under the Terminal 4 Lease to the Trustee for the benefit of the holders of the
Series 6 Bonds (the "Leasehold Mortgage"), (ii) a Lease Assignment from IAT to the Trustee dated as of May 13, 1997 pursuant to which IAT assigned all of
its right, title and interest in and to the Terminal 4 Lease to the Trustee effective upon the occurrence of an Assignment Event, as defined therein (the "Lease
Assignment"); and (iii) an Assignment of Tenant Leases and Rents from IAT to the Trustee dated as of May 13, 1997 pursuant to which IAT assigned all of
its right, title and interest in and to all leases, subleases and other occupancy agreements relating to Terminal 4 that may be entered into from time to time by
IAT as landlord, in favor of the Trustee effective upon the occurrence of an Assignment Event, as defined therein (the "Assignment of Tenant Leases" and,
together with the Leasehold Mortgage and the Lease Assignment as those documents may be amended or supplemented from time to time, the "Collateral
Documents");
WHEREAS, pursuant to a resolution adopted on August 5, 2010, the Port Authority established and authorized the issuance of the Bonds known as "The
Port Authority of New York and New Jersey Special Project Bonds, Series 8, JFK International Air Terminal Project" to finance the costs of expansion of
Terminal 4 (the "Series 8 Bonds"); and
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