definiens: means, with respect to a party, the occurrence of any of the following : ( a ) such party shall commence a voluntary case concerning it self under any bankruptcy, liquidation or insolvenc y code ; ( b ) an involuntary case is commenced against such party and the petition is not dismissed within sixty ( 60 ) days after commencement of the case ; ( c ) a court - supervised cu stodian is appointed for, or takes charge of, all o r substantially all of the property of such party or such party com mences any other proceedings under any reorganizati on, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect rel ating to such party or there is commenced against s uch party any such proceeding which remains undismissed for a per iod of sixty ( 60 ) days ; ( d ) any order of relief or other order approving any such case or proceeding is entered ; ( e ) such party is adjudicated insolvent or bankrupt ; ( f ) such party suffers any appointment of any court - appointe d custodian, receiver or the like for it or all or substantially all of its property to continue undischarged or unstaye d for a period of sixty ( 60 ) days ; ( g ) such party m akes a general assignment for the benefit of creditors ; ( h ) the go verning body or executive management of such party shall make a duly authorized statement that it is unable to pa y, or shall be unable to pay, its debts generally a s they become due ; ( i ) such party shall call a meeting of its cre ditors generally with a view to arranging a comprom ise or adjustment of its debts ; or ( j ) any corporate actio n is taken by such party for the specific purpose o f effecting any of the foregoing