Delta Airlines 2012 Annual Report Download - page 272

TABLE OF CONTENTS
Page
ARTICLE 1. DEFINITIONS; PRINCIPLES OF CONSTRUCTION 1
SECTION 1.1 Defined Terms 1
SECTION 1.2 Rules of Interpretation 16
ARTICLE 2. THE TRUST ESTATES 17
SECTION 2.1 Declaration of Senior Trust 17
SECTION 2.2 Declaration of Junior Trust 18
SECTION 2.3 Priority of Liens 19
SECTION 2.4 Restrictions on Enforcement of Junior Liens 19
SECTION 2.5 Waiver of Right of Marshalling 22
SECTION 2.6 Discretion in Enforcement of Priority Liens 22
SECTION 2.7 Amendments to Priority Lien Documents and Discretion in Enforcement of Priority Lien
Obligations 22
SECTION 2.8 Insolvency or Liquidation Proceedings 23
SECTION 2.9 Collateral Shared Equally and Ratably within Class 24
SECTION 2.10 Equal and Ratable Sharing of Collateral by Holders of Priority Lien Obligations 25
SECTION 2.11 Equal and Ratable Sharing of Collateral by Holders of Junior Lien Obligations 25
SECTION 2.12 Ranking of Junior Liens 25
ARTICLE 3. OBLIGATIONS AND POWERS OF COLALTERAL TRUSTEE 26
SECTION 3.1 Undertaking of the Collateral Trustee 26
SECTION 3.2 Release or Subordination of Liens 27
SECTION 3.3 Enforcement of Liens 27
SECTION 3.4 Application of Proceeds 28
SECTION 3.5 Powers of the Collateral Trustee 30
SECTION 3.6 Documents and Communications 30
SECTION 3.7 For Sole and Exclusive Benefit of Holders of Secured Debt Obligations 30
SECTION 3.8 Additional Secured Debt 30
ARTICLE 4. OBLIGATIONS ENFORCEABLE BY DELTA AND THE OTHER GRANTORS 32
SECTION 4.1 Release of Liens on Collateral 32
SECTION 4.2 Delivery of Copies to Secured Debt Representatives 35
SECTION 4.3 Collateral Trustee not Required to Serve, File or Record 35
SECTION 4.4 Release of Liens in Respect of Pari Passu Notes 35
ARTICLE 5. IMMUNITIES OF THE COLLATERAL TRUSTEE 35
SECTION 5.1 No Implied Duty 35
SECTION 5.2 Appointment of Agents and Advisors 35
SECTION 5.3 Other Agreements 36
SECTION 5.4 Solicitation of Instructions 36
SECTION 5.5 Limitation of Liability 36