definiens: means, in relation to either Party, anyone of the following : ( a ) that Party is the subject of voluntary or involuntary bankruptcy proceedings instituted on behalf of or against such Party ( except for involuntary bankruptcy proceedings which are dismissed within sixty ( 60 ) days ) ; ( b ) an administrative receiver, receiver and manager, interim receiver, custodian, sequestrator or similar officer is appointed in respect of that Party ( collectively, the ) and that Pmiy has not caused the underlying action or the Receiver to be dismissed within sixty ( 60 ) days after the Receiver 's appointment ; ( c ) the Board of Directors have passed a resolution to wind up that Party ( other than a resolution for the solvent reconstruction or reorganization of that Party ) or to make an application for an administration order or to appoint an administrator ; or ( d ) that Party makes a general assignment, composition or arrangement with or for the benefit of all or the majority of that Party 's creditors