Liens and privileges arising out of judgments or awards in respect of which: an appeal or proceeding for review has been commenced; a stay of execution pending such appeal or proceedings for review has been obtained; and reserves have been established in accordance with GAAP;

Liens and privileges arising out of judgments or awards # which are satisfied before they are executed upon and which do not constitute an Event of Default under [Section 8.01(n) or (ii)])] in respect of which # an appeal or proceeding for review has been commenced; # a stay of execution pending such appeal or proceedings for review has been obtained; and # reserves (if any are required by GAAP) have been established to the extent required in accordance with GAAP;