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(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 (as defined below) of the Town, if <br /> material, or agreement to covenants, events of default, remedies, priority rights, or <br /> other similar terms of a financial obligation of the Town, any of which affect <br /> 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 Town, any of <br /> which reflect financial difficulties; and <br /> (d) in a timely manner, notice of a failure of the Town to provide required <br /> annual financial information described in (a) or (b) above on or before the date <br /> specified. <br /> "Financial obligation" means (a) a debt obligation, (b) a derivative instrument <br /> entered into in connection with, or pledged as security or a source of payment for, an <br /> existing or planned debt obligation, or (c) a guarantee of an obligation described in <br /> either clause (a) or (b). The term "financial obligation" shall not include municipal <br /> securities as to which a final official statement has been provided to the MSRB <br /> consistent with Rule 15c2-12. <br /> For the purposes of the event identified in subparagraph (12) above, the event <br /> is considered to occur when any of the following occurs: the appointment of a <br /> receiver, fiscal agent or similar officer for an Obligated Person in a proceeding under <br /> the U.S. Bankruptcy Code or in any other proceeding under state or federal law in <br /> which a court or governmental authority has assumed jurisdiction over substantially <br /> all of the assets or business of the Obligated Person, or if such jurisdiction has been <br /> assumed by leaving the existing governing body and officials or officers in possession <br /> but subject to the supervision and orders of a court or governmental authority, or the <br /> entry of an order confirming a plan of reorganization, arrangement or liquidation by <br /> a court or governmental authority having supervision or jurisdiction over <br /> substantially all of the assets or business of the Obligated Person. <br /> 16 <br />