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45 <br /> (15) Incurrence of a financial obligation (as defined below) of the County, if <br /> material, or agreement to covenants, events of default, remedies, priority rights, or <br /> other similar terms of a financial obligation of the County, 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 County, any of <br /> which reflect financial difficulties; and <br /> (d) in a timely manner, not in excess of ten Business Days after the <br /> occurrence of the failure, notice of a failure of the County to provide required annual <br /> financial information described in (a) or (b) above on or before the date 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, <br /> an existing or planned debt obligation, or (c) a guarantee of an obligation described <br /> in 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 of the Securities and Exchange Commission <br /> promulgated under the Securities Exchange Act of 1934, as amended. <br /> As used above, the "final Official Statement" means the Official Statement <br /> dated June , 2025, that the County has approved and authorized for use in <br /> connection with the offering and sale of the 2025 Bonds. <br /> For the purposes of the events identified in subparagraph (c)(12) above, the <br /> event 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 <br /> substantially all of the assets or business of the Obligated Person, or if such <br /> jurisdiction has been assumed by leaving the existing governing body and officials <br /> or officers in possession but subject to the supervision and orders of a court or <br /> governmental authority, or the entry of an order confirming a plan of <br /> reorganization, arrangement or liquidation by a court or governmental authority <br /> having supervision or jurisdiction over substantially all of the assets or business of <br /> the Obligated Person. <br /> 16 <br />