(a) “Appointment,” when used with respect to an officer of a licensee, includes the appointment of an incumbent officer of a licensee to a new or additional office with such licensee. However, “appointment” does not include the appointment of an incumbent officer of a licensee to a new term in the same office.
(b) “Election,” when used with respect to a director of a licensee, includes the election of an incumbent director of a licensee to a new term as a director of such licensee.
(c) “Event of insolvency,” when used with respect to a specified person, means:
(1) If such specified person files a petition for, or otherwise applies for, an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy, reorganization, insolvency, or moratorium law;
(2) If any other person files a petition for, or otherwise applies for, an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy, reorganization, insolvency, or moratorium law against such specified person; or
(3) If a receiver or similar official is appointed to take control of all or substantially all of the property of such specified person.