definiens: means the occurrence of any of the following : ( a ) the institution of any bankru ptcy, receivership, insolvency, reorganization or other similar proceedings by or against a Party und er any bankruptcy, insolvency, or other similar law now or hereinafter in effect, including any sec tion or chapter of the United States Bankruptcy Code, as amended or under any similar laws or statu tes 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 [ * ] after they are instituted, ( b ) the insolvency or making of an assignment for the benefit of creditors or the admi ttance by a Party of any involuntary debts as they mature, ( c ) the institution of any reorganization, arrangement or other readjustment of debt plan of a Party not involving the Bankruptcy Code, ( d ) appoin tment of a receiver for all or substantially all of a Party ’s assets, or ( e ) any corporate action taken by the board of directors of a Party in furtheranc e of any of the fo regoing actions