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20�10693� (1) principal and interest payment delinquencies; (2) non-payment related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties (there are no debt service reserves established for the 2011 Bonds under the terms of the Indenture); (4) unscheduled draws on credit enhancements reflecting financial difficulties (not applicable to the 2011 Bonds); (5) substitution of credit or liquidity providers, or their failure to perform (not applicable to the 2011 Bonds); (6) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the ta�c status of the 2011 Bonds, or other material events affecting the tax status of the 2011 Bonds; (7) modifications to rights of the holders of the ZO11 Bonds, if material; (8) bond calls, if material, and tender offers; (9) defeasances; (10) release, substitution, or sale of property securing repayment of the 2011 Bonds, if material; (11) rating changes (the 2011 Bonds are not rated and no rating for the 2011 Bonds is expected to be requested); (12) bankruptcy, insolvency, receivership or similar events of the City (this event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the City in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the City, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the City); 5