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13 <br />-_ (8) calls for redemption of the Bonds (other than calls pursuant to sinking fund <br />redemption), if material, and tender offers; <br />(9) defeasances; <br />(10) release, substitution or sale of any property securing repayment of the Bonds; <br />(11) rating changes; <br />(12) bankruptcy, insolvency, receivership or similar proceedings related to the County or <br />any other person or entity that may at any time become legally obligated to make payments on the <br />Bonds (collectively,-the "Obligated Persons "); <br />(13) the consummation of a merger, consolidation, or acquisition involving an Obligated <br />Person or the sale of all or substantially all of the assets of the Obligated Person, other than in the <br />ordinary course of business, the entry into a definitive agreement to undertake such an action or <br />the termination of a definitive agreement relating to any such actions, other than pursuant to its <br />terms, if material; and <br />(14) Appointment of a successor or additional trustee or the change of name of a trustee, <br />if material; and <br />(d) in a timely manner, notice of a failure of the County to provide required annual <br />financial information described in (a) or (b) above on or before the date specified. <br />For the purposes of the event identified in subparagraph (12) above, the event is considered <br />to occur when any of the following occurs: the appointment of a receiver, fiscal agent or similar <br />officer for an Obligated Person in a proceeding under the U.S. Bankruptcy Code or in any other <br />proceeding under state or federal law in which a court or governmental authority has assumed <br />jurisdiction over substantially all of the assets or business of the Obligated Person, or if such <br />jurisdiction has been assumed by leaving the existing governing body and officials or officers in <br />possession but subject to the supervision and orders of a court or governmental authority, or the <br />entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or <br />governmental authority having supervision or jurisdiction over substantially all of the assets or <br />business of the Obligated Person. <br />If the County fails to comply with the undertaking described above, any beneficial owner <br />of ' the Bonds may take action to protect and enforce the rights of all beneficial owners with <br />respect to such undertaking, including an action for specific performance; provided, however, that <br />failure to comply with such undertaking will not be an event of default and will not result in any <br />acceleration of payment of the Bonds. All actions will be instituted, had and maintained in the <br />manner provided in this paragraph for the benefit of all beneficial owners of the Bonds. <br />