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System since the date hereof, the System has not since the date hereof incurred any material liabilities other than in the normal course of business; D. At the Closing, the Issuer will deliver a letter from the auditors for the System, in form and content satisfactory to the Bank, satisfying the requirements for the issuance of first lien, parity obligations, as provided in the Authorizing Ordinance; E. At the Closing, the Issuer will deliver such certificates and writings as may be reasonably requested by Bond Counsel . 9 . The Bank shall have the right to cancel and terminate its obligations under this Agreement at any time before Closing if any of the following occurs : (a) Legislation shall have been enacted by the Congress of the United States, or adopted by or introduced in either House or 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 fir► 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 5