definiens: means the occurrence of any of the following : ( a ) the institution of any bankruptcy, r eceivership, insolvency, reorganization or other si milar proceedings by or against a Party under any bankrup tcy, insolvency, or other similar law now or herein after in effect, including any section or chapter of the Uni ted States Bankruptcy Code, as amended, or under an y similar laws or statutes of the United States or any state thereof ( the ), where in the case of involuntary proceedings such proceedings have not been dismisse d or discharged within ninety ( 90 ) days after they are instituted, ( b ) the filing of an insolvency proceed ing or making of an assignment for the benefit of c reditors or the admittance by a Party of any involuntary debts as t hey mature, ( c ) the institution of any reorganizati on, arrangement or other readjustment of debt plan of a Party not involving the Bankruptcy Code, ( d ) appoi ntment 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 furtherance of any of the foregoing a ctions