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whether such event is considered material within the meaning of the federal securities <br />laws: <br />1. <br />Principal and interest payment delinquencies; <br />2. <br />Unscheduled draws on debt service reserves reflecting financial <br />difficulties; <br />3. <br />Unscheduled draws on credit enhancements reflecting financial <br />difficulties; <br />4. <br />Substitution of credit or liquidity providers, or their failure to <br />perform; <br />5. <br />Adverse tax opinions or the issuance by the Internal Revenue <br />Service of proposed or final determinations of taxability, Notices <br />of Proposed Issue (IRS Form 5701—TEB) or other material notices <br />or determinations with respect to the tax status of the Bonds, or <br />other events affecting the tax status of the Bonds; <br />6. <br />tender offers; <br />7. <br />Defeasances; <br />8. <br />Rating changes; <br />9. <br />Bankruptcy, insolvency, receivership or similar event of an <br />obligated person (which is considered to occur when any of the <br />following occur: the appointment of a receiver, fiscal agent, or <br />similar officer for the Issuer in a proceeding under the United <br />States Bankruptcy Code or in any other proceeding under state or <br />federal law in which a court or governmental authority has <br />assumed jurisdiction over substantially all of the assets or business <br />of the Issuer, or if such jurisdiction has been assumed by leaving <br />the existing governing body and officials or officers in possession <br />but subject to the supervision and orders of a court or <br />governmental authority, or the entry of an order confirming a plan <br />of reorganization, arrangement, or liquidation by a court or <br />governmental authority having supervision or jurisdiction over <br />substantially all of the assets or business of the Issuer). <br />(C) The Issuer shall notify the MSRB, in a timely manner, of any failure by the Issuer to <br />provide financial information or operating data in accordance with subsection (b) of this <br />Section by the time required by such subsection. <br />(iii) 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 <br />as, the Issuer remains an 'obligated person" with respect to the Bonds within the meaning of the <br />Rule, except that the Issuer in any event will give the notice required by Subsection (b) hereof of <br />any Bond calls and defeasance that cause the Issuer to no longer be such an "obligated person". <br />(B) The provisions of this Section are for the sole benefit of the registered owners and <br />beneficial owners of the Bonds, and nothing in this Section, express or implied, shall give any <br />25 <br />