Common use of Waiver Application Clause in Contracts

Waiver Application. The plan sponsor of any Benefit Plan applies ------------------ under Section 412(d) of the Code for a waiver of the minimum funding standards of Section 412(a) of the Internal Revenue Code and the Administrative Agent believes that the substantial business hardship upon which the application for the waiver is based which would be reasonably likely to subject either a Borrower or any ERISA Affiliate to liability in excess of $5,000,000.