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17 <br />(3) unscheduled draws on debt service reserves reflecting financial <br />difficulties; <br />(4) unscheduled draws on any credit enhancements reflecting financial <br />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 <br />proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form <br />5701 -TEB) or other material notices or determinations with respect to the tax <br />status of the Bonds, or other material events affecting the tax status of the Bonds; <br />(7) modifications to rights of the beneficial owners of the Bonds, if <br />material; <br />(8) calls for redemption of the Bonds (other than calls pursuant to sinking <br />fund redemption), if material, and tender offers; <br />(9) defeasances; <br />(10) release, substitution or sale of any property securing repayment of the <br />Bonds; <br />(11) rating changes; <br />(12) bankruptcy, insolvency, receivership or similar proceedings related to <br />the County or any other person or entity that may at any time become legally <br />obligated to make payments on the Bonds (collectively, the "Obligated Persons "); <br />(13) the consummation of a merger, consolidation, or acquisition involving <br />an Obligated Person or the sale of all or substantially all of the assets of the <br />Obligated Person, other than in the ordinary course of business, the entry into a <br />definitive agreement to undertake such an action or the termination of a definitive <br />