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