definiens: means the occurrence of any of thefollowing : ( a ) the institution of any bankruptcy, receivership, insolvency, reorganization or other similarproceedings by or against LICENSEE under any bankruptcy, insolvency, or other similar law now or hereinafterin effect, including any section or chapter of the United States Bankruptcy Code, as amended or under anysimilar laws or statutes of the United States or any state thereof ( the ), where in the case ofinvoluntary proceedings such proceedings have not been dismissed or discharged within ninety ( 90 ) days afterthey are instituted, ( b ) the insolvency or making of an assignment for the benefit of creditors or the admittance byLICENSEE of any involuntary debts as they mature, ( c ) the institution of any reorganization, arrangement orother readjustment of debt plan of LICENSEE not involving the Bankruptcy Code, ( d ) appointment of a receiverfor all or substantially all of LICENSEE ’s assets, or ( e ) any corporate action taken by the board of directors ofLICENSEE in furtherance of any of the foregoing actions