definiens: of any Party means any of the followin g events : ( a ) Such Party adm its it is generally unable to pay its debts as they come due ; ( b ) The institution by such Party of proceedings to be adjudicated as bankrupt, or insolvent or the consent by such Party to the institution of bankruptcy or Insolvency proceedings against such Party or the fi ling by such Party of a petition or answer or consent seeking reorganization or release under any applicable law, or the consent by such Party to the filing of any such pet ition or the appointment of a receiver, liquidator, assignee, trustee, or other s imilar official of such Party, or of any substantial part of such Party ’s property, or the m aking by such Party of an assignment for the benefit of creditors ; or 2 ( c ) The institutio n, consent, or filing by ( or against ) such Party of any composition, reorganization, or bankruptcy liquidat ion proceedings under applicable law provided that in the case of any such involunta ry proceeding, such proceeding is not dismissed within sixty ( 60 ) days