definiens: means, in relation to either Party, any one of the following : ( a ) that Party is the subject of voluntary or involuntary bankruptcy proc eedings instituted on behalf of or against such Par ty ( except for involuntary bankruptcy proceedings which are di smissed within sixty ( 60 ) days ) ; ( b ) an administrat i ve receiver, receiver and manager, interim receiver, c ustodian, sequestrator or similar officer is appoin ted in respect of that Party ( collectively, the ) and that Party has not caused the underlying act ion or the Receiver to be dismissed within sixty ( 60 ) days after the Recei ver ’s appointment ; ( c ) the Board of Directors have passed a resolution to wind up that Party ( other than a reso lution for the solvent reconstruction or reorganiza tion of that Party ) or to make an application for an administrat ion order or to appoint an administrator ; or ( d ) th at Party makes a general assignment, composition or arrangem ent with or for the benefit of all or the majority of that Party ’s creditors