definiens: means any of the following : ( a ) a material default by Company underany sponsored research agreement between Penn and Company or any of the Equity Documents that is not curedduring any specified cure periods ; ( b ) if Company ( i ) becomes insolvent, bankrupt or generally fails to pay its debts assuch debts become due ; ( ii ) is adjudicated insolvent or bankrupt ; ( iii ) admits in writing its inability to pay its debts ; ( iv)suffers the appointment of a custodian, receiver or trustee for it or its property and, if appointed without its consent, not discharged within thirty ( 30 ) days ; ( v ) makes an assignment for the benefit of creditors ; or ( vi ) suffers proceedingsbeing instituted against it under any law related to bankruptcy, insolvency, liquidation or the reorganization, readjustment or the release of debtors and, if contested by it, not dismissed or stayed within ten ( 10 ) days ; ( c ) theinstitution or commencement by Company of any proceedings under any law related to bankruptcy, insolvency, liquidation, or the reorganization, readjustment or release of debtors ; ( d ) the entering of any order for relief relating toany of the proceedings described in Section 6.4(b ) or ( c ) above ; ( e ) the calling by Company of a meeting of itscreditors with a view to arranging a composition or adjustment of its debts ; or ( f ) the act or failure to act by Companyindicating its consent to, approval of or acquiescence in any of the proceedings described in Section 6.4(b ) — ( e ) above . The events specified in this section 6.4 shall also apply to actions taken by Affiliates of the Company if thetaking of any action described in this9 section by an Affiliate of the Company causes a material adverse effect to Penn ’s rights under this Agreement