definiens: means with respect to a Pwty the first to occur of : ( i ) such Party shall have ( A ) voluntarily commenced any proceeding or filed any petition seeking relief under Title II of the United States Code, or any other bankruptcy, insolvency or similar law or any law for the protection of creditors of the United States, any state thereof, or any other applicable jurisdiction, ( B ) applied for or cunsented to the appointment of a receiver, tmstee, custodian, sequestrator, conciliator, administrator or similar official for it or a substantial part of its property, ( C ) tiled an answer admitting the material allegations of a petition filed against or in respect of it in any such proceeding, ( D ) made a general assignment for the benefit of creditors, ( E ) admitted in writing its inability, to pay its debts as they becomc due or ( F ) taken corporate action for the purpose of effecting any oHhe foregoing ; or ( ii ) an involuntary proceeding shall have been commenced or any involuntary petition shall have been filed in a court of competent jurisdiction seeking ( A ) relief in respect of such Party or of a substantial pm1 of its or their property, under Title II of the United States Code, or any other bankruptcy, insolvency or similar law of the United States, any state ' thereof or any other applicable jurisdiction, ( B ) the appointment of a J NSD\65187.6 receiver, trustee, custodian, sequestrator, conciliator, administrator or similar oft1cial for such Party or all or substantially all of ils property or ( C ) the winding - up or liquidation of such Party ; and such proceeding or petition shaH have continued undismissed for 60 days or an order or decree approving or ordering any of the foregoing shaH have continued unstayed and in effect for 30 days