Permitted Voluntary Proceeding definition
Permitted Voluntary Proceeding the commencement by the Company of a voluntary case or proceeding under Title 13, U.S. Code or any similar federal or state law for the relief of debtors with respect to any Subsidiary if (i) the sum of the Company's total investment at cost, after write-downs, in such Subsidiary and the Company's Contingent Obligations in respect of liabilities of such Subsidiary does not exceed $90,000,000, and (ii) the commencement of such case or proceeding does not create nor occasion any violation or noncompliance with other provisions of this Agreement.
Permitted Voluntary Proceeding means the commencement by a Subsidiary of the Borrower of a voluntary case or proceeding under Title 11, U.S. Code or any similar federal or state law for the relief of debtors with respect to any Subsidiary if (i) the sum of the Borrower's total direct or indirect investment at cost, after write-downs, in such Subsidiary and the Borrower's Contingent Obligations in respect of liabilities of such Subsidiary does not exceed $200,000,000, and (ii) the commencement of such case or proceeding does not create nor occasion any violation or noncompliance with other provisions of this Agreement.