definiens: means the occurrence of any of the following : ( a ) the institu tion of any bankruptcy, receivership, insolvency, reorganization or other similar proceedings by or a gainst a Party under any bankruptcy, insolvency, or other similar law now or hereinafter in effect, inc luding any section or chapter of the United States Bankruptcy Code, as amended or under any similar la ws or statutes of the United States or any state thereof ( the ), where in the case of involuntary proceedings su ch proceedings have not been dismissed or discharged within ninety ( 90 ) days after they are instituted, ( b ) the insolvency or making of an assignment for the benefit of creditor s or the admittance by a Party of any involuntary debts as they mature, ( c ) the institution of any re organization, arrangement or other readjustment of debt plan of a Party not involving the Bankruptcy C ode, ( d ) appointment of a receiver for all or substantially all of a Party ’s assets, or ( e ) any corporate action taken by the board of director s of a Party in furtherance of any of the foregoing actions