definiens: means the occu rrence of any of the following : ( a ) the instit ution of any bankruptcy, receivership, insolvency, reorganization or other similar proceedings by or against such Party under any bankruptcy, inso lvency, or other similar law now or hereinafter in effect, including any section or chapter of the United States Bankruptcy Code, as amended or under any similar laws or statutes of the United St ates or any state thereof or any other country or state thereof ( the ), where in the case of involuntary proceedings such proceedings have not been dismissed or discharged w ithin ninety ( 90 ) days after they are instituted, ( b ) the insolvency or making of an assi gnment for the benefit of creditors or the admittance by such Party of any involuntary debts a s they mature, ( c ) the institution of any reorganization, arrangement or other readjustment o f debt plan of Pint not involving the Bankruptcy Code, ( d ) appointment of a receiver for all or substantially all of such Party ’s assets, or ( e ) any corporate action taken by the board of dire ctors of such Party in furtherance of any of the foregoing actions