definiens: means the occurrence ofany of the following : ( a ) the institution of any bankruptcy, receivership, insolvency, reorganization or othersimilar 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 orunder any similar laws or statutes of the United States or any state thereof ( the ), wherein the case of involuntary proceedings such proceedings have not been dismissed or discharged withinninety ( 90 ) days after they are instituted ; ( b ) the insolvency or making of an assignment for the benefit ofcreditors or the admittance by a Party of any involuntary debts as they mature ; ( c ) the institution of anyreorganization, arrangement or other readjustment of debt plan of a Party not involving the BankruptcyCode ; ( d ) appointment of a receiver for all or substantially all of a Party ’s assets ; or ( e ) any corporate actiontaken by the board of directors of a Party in furtherance of any of the foregoing actions