definiens: means, with respec t to any Person, any of the following : 1.3.1 such Person shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itse lf or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appoi ntment of a trustee, receiver, liquidator, custodia n or other similar official of it or any substantial part of i ts property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced agai nst it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action to authoriz e any of the foregoing ; 1.3.2 an involuntary case or other proceedin g shall be commenced against such Person seeking liquidation, reorganization or other relief with respect to it or its debts under any bankrupt cy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liq uidator, custodian or other similar official of it or any su bstantial part of its property, and such involuntar y case or other proceeding shall remain undismissed and unstayed fo r a period of sixty ( 60 ) days ; or an order for reli ef shall be entered against such Person under the federal bankr uptcy laws as now or hereafter in effect ; or 1.3.3 a receiver or trustee shall be appoint ed with respect to such Person or all or substantially all of the assets of such Person