definiens: means the occurrence of any of the following : ( a ) the institution of any bankruptcy, receivership, insolvency, reorganization or other similar proceedings by or against a Party underany bankruptcy, insolvency, or other similar law now or hereinafter in effect, including anysection or chapter of the United States Bankruptcy Code, as amended or under any similar lawsor statutes of the United States or any state thereof ( the ), where in the caseof involuntary proceedings such proceedings have not been dismissed or discharged within ninety(90 ) days after they are instituted, ( b ) the insolvency or making of an assignment for the benefitof creditors or the admittance by a Party of any involuntary debts as they mature, ( c ) theinstitution of any reorganization, arrangement or other readjustment of debt plan of a Party notinvolving the Bankruptcy Code, ( d ) appointment of a receiver for all or substantially all of aParty ’s assets, or ( e ) any corporate action taken by the board of directors of a Party in furtheranceof any of the foregoing actions