definiens: means the occurrence of any of the following : ( a ) the ins titution of any bankruptcy, receivership, insolvency, reorganization or other similar proceed ings by or against a party under any bankruptcy, insolvency, or other similar law now or hereinafter in effect, including any sectio n or chapter of the U.S. Bankruptcy Code, as amended or under any similar laws or statutes of the United States or any state thereof, where in th e case of involuntary proceedings such proceedings have not been dismissed or discharged w ithin one hundred ( 120 ) days after they are instituted, ( b ) the making of an assignment for the benefit of creditors as to all or substantially all of a party ’s assets, or ( c ) the a ppointment of a receiver, custodian, trustee, liquidator, assignee or other similar official for all or substantially all of a party ’s assets