VOLUNTARY BANKRUPTCY EVENT. Shall mean the occurrence of any or all of the following actions by or with respect to Pledgor and/or Company: (i) filing of a voluntary petition in bankruptcy or a petition or answer seeking or consenting to any reorganization or for an arrangement, imposition, readjustment, composition, liquidation, dissolution, winding-up or any other relief for itself or with respect to its debts pursuant to the United States Bankruptcy Code or any similar law or regulation of any Governmental Authority
... relating to distress of debtors or relief for debtors, now or hereafter in effect; (ii) an assignment for the benefit of creditors or such party admits in writing its inability to pay its debts as they become due; or (iii) seeking or consenting to the appointment of a receiver, trustee, custodian, conservator, liquidator or other similar official of such party, for all or any part of the Collateral; (iv) committing any voluntary or involuntary "act of insolvency" as such term is defined in the United States Bankruptcy Code or any state law or similar law or regulation of any federal, state, domestic, foreign or other jurisdiction; (v) there is filed against it in any proceeding or other action, an involuntary petition, arrangement, imposition, readjustment composition, liquidation, dissolution, winding-up or an answer proposing an adjudication of it as bankrupt or insolvent, or, an action seeking to appoint a trustee, receiver, custodian, or conservator or liquidator, or is subject to a reorganization, in any such case, pursuant to the United States Bankruptcy Code or any similar law or regulation, federal, state, domestic or foreign now or hereafter in effect, and any such filing, answer, action or other proceeding is approved by any court of competent jurisdiction and the order approving the same shall not be vacated, stayed, set aside or discharged within ninety (90) days from entry; or (vi) it fails to deny the material allegations of a filing of any such petition or answer in a timely manner.
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