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1. Principal and interest payment delinquencies; <br />2. Non-payment related defaults, if material; <br />3. Unscheduled draws on debt service reserves reflecting financial difficulties; <br />4. Unscheduled draws on credit enhancements reflecting financial difficulties; <br />5. Substitution of credit or liquidity providers, or their failure to perform; <br />6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or <br />final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) <br />or other material notices or determinations with respect to the tax status of the <br />Certificates, or other material events affecting the tax status of the Certificates; <br />7. Modifications to rights of holders of the Certificates, if material; <br />8. Certificate calls, if material, and tender offers; <br />9. Defeasances; <br />10. Release, substitution, or sale of property securing repayment of the Certificates, if <br />material; <br />11. Rating changes; <br />12. Bankruptcy, insolvency, receivership or similar event of the Issuer; <br />13. The consummation of a merger, consolidation, or acquisition involving the Issuer or <br />the sale of all or substantially all of the assets of the Issuer, other than in the ordinary <br />course of business, the entry into a definitive agreement to undertake such an action <br />or the termination of a definitive agreement relating to any such actions, other than <br />pursuant to its terms, if material; <br />14. Appointment of a successor trustee or change in the name of the trustee, if material; <br />15. Incurrence of a Financial Obligation of the Issuer, if material, or agreement to <br />covenants, events of default, remedies, priority rights, or other similar terms of a <br />Financial Obligation of the Issuer, any of which affect security holders, if material; <br />and <br />16. Default, event of acceleration, termination event, modification of terms, or other <br />similar events under the terms of a Financial Obligation of the Issuer, any of which <br />reflect financial difficulties. <br />The Issuer shall notify the MSRB, in a timely manner, of any failure by the Issuer to provide <br />financial information or operating data in accordance with subsection (i) of this Section by the time <br />required by subsection (i). As used in clause (iii)12 above, the phrase "bankruptcy, insolvency, <br />receivership or similar event" means the appointment of a receiver, fiscal agent or similar officer <br />for the Issuer in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state <br />or federal law in which a court of governmental authority has assumed jurisdiction over substantially <br />all of the assets or business of the Issuer, or if jurisdiction has been assumed by leaving the Board <br />and officials or officers of the Issuer in possession but subject to the supervision and orders of a <br />court or governmental authority, or the entry of an order confirming a plan of reorganization, <br />arrangement or liquidation by a court or governmental authority having supervision or jurisdiction <br />over substantially all of the assets or business of the Issuer. <br />(iv) Limitations, Disclaimers, and Amendments. (A) The Issuer shall be obligated to <br />observe and perform the covenants specified in this Section for so long as, but only for so long as, <br />23 <br />