definiens: shall mean, with respect to any Person : ( i ) the adjudication that such Person is bankrupt or insolvent, or the entry of a final andnon - appealable order for relief under Title 11 of the United States Code or any other applicable federalor state bankruptcy or insolvency law ; ( ii ) the admission by such Person of its inability to pay its debts as they mature ; ( iii ) the making by such Person of an assignment for the benefit of creditors ; ( iv ) the filing by such party of a petition in bankruptcy or a petition for relief under Title11 of the United States Code or any other applicable federal or state bankruptcy or insolvency law ; ( v ) the expiration of sixty ( 60 ) days after the filing of an involuntary petition under Title11 of the United States Code, an application for the appointment of a receiver for the assets of suchPerson, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment ofits debts under any other federal or state insolvency law ; provided, that the same shall not have beenvacated, set aside or stayed within such sixty ( 60 ) day period ; ( vi ) the imposition of a judicial or statutory lien on all or a substantial part of suchPerson ’s assets unless such lien is discharged or vacated or the enforcement thereof stayed withinsixty ( 60 ) days after its effective date ; and ( vii ) the filing by such Person of an answer or other pleading admitting or failing tocontest the material allegations of a petition filed against it in any proceeding of the nature describedin clause ( v ) above, and ( viii ) the expiration of sixty ( 60 ) days after the commencement of any stay referred to inclause ( v ) or ( vi ) above ; provided, that the subject of such stay shall not have been vacated or setaside within such sixty ( 60 ) day period