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any committee thereof, or a decision shall have been rendered by a court of the United States or the Tax Court of the United States, or a ruling shall have been made or regulations shall have been proposed or made by the Treasury Department of the United States, the Internal Revenue Service or any other governmental agency with respect to federal taxation upon revenues or other income of the general character to be derived by the Issuer or by any similar body, or upon interest received on obligations of the general character of the Bonds which, in the opinion of the Bank, materially adversely affects the value of the Bonds or the value generally of obligations of the general character of the Bonds; or (b) Any legislation, ordinance, rule or regulation shall be enacted or be actively considered for enactment by any governmental body, department or agency of the State of Arkansas, or a decision by any court of competent jurisdiction within the State of Arkansas shall be rendered which, in the opinion of the Bank, materially adversely affects the value of the Bonds; or (c) A stop order, ruling, regulation or official statement by or on behalf of the Securities and Exchange Commission shall be issued or made to the effect that the issuance, offering or sale of the Bonds, or of obligations of the general character of the Bonds, as contemplated hereby, is in violation of any provisions of the Securities Act of 1933 , or the Trust Indenture Act of 1939; or (d) (i) Any restriction on, or general suspension of, trading in securities on the New York Stock Exchange or any banking moratorium, or the establishment by the New York Stock Exchange, by the Securities and Exchange Commission, by any federal or state agency, or by the decision of any court, of any limitation on prices for such trading or (ii) any new outbreak of hostilities or other national or international calamity or crisis, the effect of which on the financial markets of the United States shall be such as, in the reasonable judgment of the Bank, to have a material adverse affect on the value of the Bonds . 10 . All notices, demands and formal actions hereunder will be in writing mailed, telegraphed or delivered to: The Issuer: City of Batesville, Arkansas City Hall Batesville, Arkansas 72503 Attention: Mayor The Bank: The Citizens Bank P. O. Box 2156 Batesville, Arkansas 72503 Attention: Mark Skelton 11 . All representations, warranties and covenants of the Issuer contained herein shall remain operative and in full force 5