definiens: means the occurrence of any of the following : ( a ) the institution of any bankruptcy, receivership, insolvency, reorganizatio n or other similar proceedings by or against a Part y under any bankruptcy, insolvency, or other similar law now or hereinafter in effect, including any section or ch apter of the United States Bankruptcy Code, as amended or under any similar laws or statutes of the United States o r any state thereof ( the ), where in the case of involuntary proceedings su ch proceedings have not been dismissed or discharged within ninety ( 90 ) days aft er they are instituted, ( b ) the filing of an insolv ency proceeding or making of an assignment for the benefit of credi tors, ( c ) appointment of a receiver for all or subs tantially all of a Party ’s assets or ( d ) any corporate action taken by the board of directors of a Party in furtherance of any of the foregoing actions