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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 /> i <br /> Bonds ; <br /> i <br /> I <br /> ( 11 ) rating changes ; <br /> E <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 />