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(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 status <br /> 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 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 Town or any other person or entity that may at any time become legally obligated <br /> 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 Obligated <br /> Person, other than in the ordinary course of business, the entry into a definitive <br /> agreement to undertake such an action or the termination of a definitive agreement <br /> relating to any such actions, other than pursuant to its terms, if material; <br /> 15 <br />