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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 /> similar officer for an Obligated Person in a procee receiver, fiscal agent or ding 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 />