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35 <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 /> agreement relating to any such actions, other than pursuant to its terms, if material; <br /> (14) Appointment of a successor or additional trustee or the change of name <br /> of a trustee, if material; <br /> (15) Incurrence of a financial obligation of the County, if material, or <br /> agreement to covenants, events of default, remedies, priority rights, or other similar <br /> terms of a financial obligation of the County or any Obligated person, any of which <br /> affect Bondholders, if material; and <br /> (16) Default, event of acceleration, termination event, modification of terms <br /> or other similar events under the terms of a financial obligation of the County, any of <br /> which reflect financial difficulties; 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 <br /> specified. <br /> In this Section, "financial obligation" means (a) a debt obligation, (b) a <br /> derivative instrument entered into in connection with, or pledged as security or a <br /> source of payment for, an existing or planned debt obligation, or (c) a guarantee of <br /> an obligation described in either clause (a) or (b). The term "financial obligation" <br /> shall not include municipal securities as to which a final official statement has been <br /> provided to the MSRB consistent with Rule 15c2-12. <br /> 13 <br />