definiens: shall mean : ( a ) filing in any court or agency pursuant to any statute or regulation of any state or country, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of the Bankrupt Party or of its assets ; ( b ) proposing a written agreement of composition or extension of a Bankrupt Party 's debts, ( c ) being served with an involuntary petition against the Bankrupt Party, filed in any insolvency proceeding, and such petition shall not be dismissed within sixty ( 60 ) calendar days after the filing thereof, ( d ) proposing or being a party to any dissolution or liquidation ; or ( e ) making an assignment for the benefit of creditors . Without limitation, the Bankrupt Party 's rights under this Agr ~ ement shall include those rights afforded by 11 V.S.c . § 365(n ) of the United States Bankruptcy Code ( the ) and any successor thereto . If the bankruptcy trustee of a Bankrupt Party as a debtor or debtor - in - possession rejects this Agreement under 11 U.S.c . § 365(0 ) of the USBC, the non - Bankrupt Party may elect to retain its rights licensed from the Bankrupt Party hereunder ( and any other supplementary agreements hereto ) for the duration of this Agreement and avail itself of all rights and remedies to the full extent contemplated by this Agreement and 11 U.S.C. § 365(n ) of the USBC, and any other relevant laws