definiens: means, with respect to a sp ecified Person, ( a ) the filing by such Person in an y court or agency, pursuant to any statute or regulat ion of any state or country, a petition in bankrupt cy or insolvency or for reorganization or for the appo intment of a receiver or trustee of such Person or of its assets, ( b ) the filing against such Person of an involuntary pe tition for any bankruptcy or insolvency proceeding which petition is not dismissed within s ixty ( 60 ) calendar days after filing, ( c ) the makin g by such Person of an assignment for the benefit of its creditors, ( d ) the taking of possession of any material part of the assets of such Person by a lie n holder or other encumbrancer, or ( e ) the levy or enforcement of any distress, execution or other pro cess upon or against any of the material assets of such Person