DEFAULTING LENDER MADE ON THE DATE OF SUCH SET-OFF AND INCLUDED WITHIN ANY
BORROWING OF REVOLVING CREDIT LOANS AS THE ADMINISTRATIVE AGENT MAY REASONABLY
DETERMINE.
(IV)
IF, WITH RESPECT TO ANY DEFAULTING LENDER, WHICH FOR THE PURPOSES OF
THIS SUBSECTION 4.8(C)(IV), SHALL INCLUDE ANY REVOLVING CREDIT LENDER (I) THAT
HAS COMMENCED ANY CASE, PROCEEDING OR OTHER ACTION (A) UNDER ANY EXISTING OR
FUTURE LAW OF ANY JURISDICTION, DOMESTIC OR FOREIGN, RELATING TO BANKRUPTCY,
INSOLVENCY, REORGANIZATION OR RELIEF OF DEBTORS, SEEKING TO HAVE AN ORDER FOR
RELIEF ENTERED WITH RESPECT TO IT, OR SEEKING TO ADJUDICATE IT A BANKRUPT OR
INSOLVENT, OR SEEKING REORGANIZATION, ARRANGEMENT, ADJUSTMENT, WINDING-UP,
LIQUIDATION, DISSOLUTION, COMPOSITION OR OTHER RELIEF WITH RESPECT TO IT OR ITS
DEBTS, OR (B) HAS SOUGHT APPOINTMENT OF A RECEIVER, TRUSTEE, CUSTODIAN,
CONSERVATOR OR OTHER SIMILAR OFFICIAL FOR IT OR FOR ALL OR ANY SUBSTANTIAL PART
OF ITS ASSETS, OR HAVING MADE A GENERAL ASSIGNMENT FOR THE BENEFIT OF ITS
CREDITORS; OR (II) WITH RESPECT TO WHICH THERE SHALL BE COMMENCED AGAINST SUCH
DEFAULTING LENDER ANY CASE, PROCEEDING OR OTHER ACTION OF A NATURE REFERRED TO
IN CLAUSE (I) ABOVE WHICH (A) RESULTS IN THE ENTRY OF AN ORDER FOR RELIEF OR ANY
SUCH ADJUDICATION OR APPOINTMENT OR (B) REMAINS UNDISMISSED, UNDISCHARGED,
UNSTAYED OR UNBONDED FOR A PERIOD OF 60 DAYS; OR (III) THERE SHALL BE COMMENCED
AGAINST SUCH DEFAULTING LENDER ANY CASE, PROCEEDING OR OTHER ACTION SEEKING
ISSUANCE OF A WARRANT OF ATTACHMENT, EXECUTION, DISTRAINT OR SIMILAR PROCESS
AGAINST ALL OR ANY SUBSTANTIAL PART OF ITS ASSETS WHICH RESULTS IN THE ENTRY OF
AN ORDER FOR ANY SUCH RELIEF WHICH SHALL NOT HAVE BEEN VACATED, DISCHARGED,
STAYED OR BONDED PENDING APPEAL WITHIN 60 DAYS FROM THE ENTRY THEREOF; OR
(IV) ANY DEFAULTING LENDER SHALL TAKE ANY CORPORATE ACTION IN FURTHERANCE OF, OR
INDICATING ITS CONSENT TO, APPROVAL OF, OR ACQUIESCENCE IN, ANY OF THE ACTS SET
FORTH IN CLAUSE (I), (II), OR (III) ABOVE; OR (V) ANY DEFAULTING LENDER SHALL BE
GENERALLY UNABLE TO, OR SHALL ADMIT IN WRITING ITS GENERAL INABILITY TO, PAY ITS
DEBTS AS THEY BECOME DUE; THE BORROWER SHALL BE REQUIRED TO PAY ANY AMOUNT UNDER
ANY LOAN DOCUMENT TO OR FOR THE ACCOUNT OF SUCH DEFAULTING LENDER, THEN THE
BORROWER, SO LONG AS IT IS THEN PERMITTED TO BORROW REVOLVING CREDIT LOANS
HEREUNDER, MAY SATISFY SUCH PAYMENT OBLIGATION BY PAYING SUCH AMOUNT TO THE
ADMINISTRATIVE AGENT, TO BE (TO THE EXTENT PERMITTED BY APPLICABLE LAW AND TO
THE EXTENT NOT UTILIZED BY THE ADMINISTRATIVE AGENT TO SATISFY OBLIGATIONS OF
THE DEFAULTING LENDER OWING TO IT) HELD BY THE ADMINISTRATIVE AGENT IN ESCROW
PURSUANT TO ITS STANDARD TERMS (INCLUDING AS TO THE EARNING OF INTEREST), AND
APPLIED (TOGETHER WITH ANY ACCRUED INTEREST) BY IT FROM TIME TO TIME TO MAKE ANY
REVOLVING CREDIT LOANS OR OTHER PAYMENTS AS AND WHEN REQUIRED TO BE MADE BY SUCH
DEFAULTING LENDER HEREUNDER.
40
4.9.
ILLEGALITY.
NOTWITHSTANDING ANY OTHER PROVISION HEREIN, IF THE
ADOPTION OF OR ANY CHANGE IN ANY REQUIREMENT