Common use of Parties Will Not Institute Insolvency Proceedings Clause in Contracts

Parties Will Not Institute Insolvency Proceedings. So long as this Indenture is in effect, and for one year and one day following its termination, none of the parties hereto or any Affiliate thereof will file any involuntary petition or otherwise institute any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or State bankruptcy or similar law against or by the Issuer; provided, however, that the Trustee shall not be prohibited from taking any such actions after an Event of Default if it is acting at the direction of Holders of not less than 66-2/3% in principal amount of Outstanding Notes of the Controlling Class. ARTICLE TWELVE

Parties Will Not Institute Insolvency Proceedings. So long as this Indenture is in effect, and for one year and one day following its termination, none of the parties hereto or any Affiliate thereof will file any involuntary petition or otherwise institute any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or State bankruptcy or similar law against or by the Issuer; provided, however, that the Trustee shall not be prohibited from taking any such actions after an Event of Default if it is acting at the direction of Holders of not less than 66-2/3% in principal amount of Outstanding Notes of the Controlling Class. 67 ARTICLE TWELVE

Parties Will Not Institute Insolvency Proceedings. So long as this Indenture is in effect, and for one year and one day following its termination, none of the parties hereto or any Affiliate thereof will file any involuntary petition or otherwise institute any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceeding under any federal or State bankruptcy or similar law against or by the Issuer; provided, however, that the Trustee shall not be prohibited from taking any such actions after an Event of Default if it is acting at the direction of Holders of not less than 66-2/3% in principal amount of Outstanding Notes of the Controlling ClassOutstanding. ARTICLE TWELVE