definiens: means the occurrence of any of the following : ( a ) the institution of any bankruptcy, receivership, insolvency, reorganization or other similar proceedings by or against a Party under any bankruptcy, insolvency, or other similar law now orhereinafter in effect, including any section or chapter of the United States Bankruptcy Code, as amended or under any similarlaws or statutes of the United States or any state thereof ( the ), where in the case of involuntary proceedingssuch proceedings have not been dismissed or discharged within ninety ( 90 ) days after they are instituted, ( b ) the insolvency ormaking of an assignment for the benefit of creditors or the admittance by a Party of any involuntary debts as they mature,(c ) appointment of a receiver for all or substantially all of a Party ’s assets, or ( d ) any corporate action taken by the board ofdirectors of a Party in furtherance of any of the foregoing actions