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74 <br /> (n) appointment of a successor or additional trustee or the change of name of a trustee, <br /> if material; <br /> (o) incurrence of a financial obligation of the County, if material, or agreement to <br /> covenants, events of default, remedies, priority rights, or other similar terms of a <br /> financial obligation of the County or any Obligated Person, any of which affect <br /> security holders, if material; and <br /> (p) default, event of acceleration, termination event, modification of terms, or other <br /> similar events under the terms of a financial obligation of the County,any of which <br /> reflect financial difficulties; and <br /> (4) in a timely manner, notice of a failure of the County to provide required annual financial <br /> information described in(1) or(2) above on or before the date specified. <br /> For purposes of the foregoing, "financial obligation" means a (a) debt obligation, (b) derivative <br /> instrument entered into in connection with, or pledged as security or a source of payment for, an existing <br /> or planned debt obligation,or(c)a guarantee of(a)or(b). The term"financial obligation"shall not include <br /> municipal securities as to which a final official statement has been provided to the MSRB consistent with <br /> Rule 15c2-12. <br /> For the purposes of the event identified in subparagraph(1)above,the event is considered to occur <br /> when any of the following occurs: the appointment of a receiver, fiscal agent or similar officer for an <br /> Obligated Person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state <br /> or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of <br /> the assets or 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 supervision and orders of <br /> a court or governmental authority,or the entry of an order confirming a plan of reorganization,arrangement <br /> or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all <br /> of the assets or business of the Obligated Person. <br /> The County shall provide the document referred to above to the MSRB in an electronic format as <br /> prescribed by the MSRB and accompanied by identifying information as prescribed by the MSRB. <br /> The County may discharge its undertaking described above by transmitting the documents referred <br /> to above to any entity and by any method authorized by the U.S. Securities and Exchange Commission. <br /> At present, Section 159-34 of the General Statutes of North Carolina requires that the County's <br /> financial statements be prepared in accordance with generally accepted accounting principles and that they <br /> be audited in accordance with generally accepted auditing standards. <br /> The County has acknowledged in the Trust Agreement that its undertaking pursuant to Rule 15c2- <br /> 12 is intended to be for the benefit of the registered owners of the 2020 Bonds and is enforceable by the <br /> Trustee or by any registered owner of the 2020 Bonds. THE RIGHT TO ENFORCE THE PROVISIONS OF THE <br /> COUNTY'S RULE 15C2-12 UNDERTAKINGS IS LIMITED TO A RIGHT TO OBTAIN SPECIFIC PERFORMANCE OF <br /> THE COUNTY'S OBLIGATIONS AND A FAILURE BY THE COUNTY TO COMPLY WITH ITS RULE 15C2-12 <br /> UNDERTAKINGS WILL NOT BE AN EVENT OF DEFAULT UNDER THE TRUST AGREEMENT AND WILL NOT <br /> RESULT IN ACCELERATION OF THE INSTALLMENT PAYMENTS. <br /> The County may modify from time to time,consistent with Rule 15c2-12,the information provided <br /> or the format of the presentation of such information,to the extent necessary or appropriate in the judgment <br /> 20 <br />