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to the Repository or the SEC. If the document incorporated by reference is a final official statement, it must <br />also be available from the MSRB. The Issuer shall clearly identify each such other document so incorporated <br />by reference. <br />Section 5. Reporting of Material Events. <br />(a) This Section 5 shall govern the giving of notice of the occurrence of any of the following <br />events ("Material Events") with respect to the Bonds: <br />1. Principal and interest payment delinquencies; <br />2. Non-payment related defaults, if material; <br />3. Unscheduled draws on debt service reserves reflecting financial difficulties; <br />4. Unscheduled draws on credit enhancements reflecting financial difficulties; <br />5. Substitution of credit or liquidity providers, or their failure to perform; <br />6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final <br />determinations of taxability, Notices of Proposed Issue (IRS Form 5701—TEB), or other <br />material notices or determinations with respect to the tax status of the security, or other <br />material events affecting the tax status of the security; <br />7. Modifications to rights of security holders, if material; <br />8. Bond calls, if material, and tender offers; <br />9. Defeasances; <br />10. Release, substitution, or sale of property securing repayment of the securities, if material; <br />11. Rating changes; <br />12. Bankruptcy, insolvency, receivership or similar event of the obligated person; <br />13. The consummation of a merger, consolidation, or acquisition involving an obligated <br />person or the sale of all or substantially all of the assets of the obligated person, other <br />than in the ordinary course of business, the entry into a definitive agreement to undertake <br />such an action or the termination of a definitive agreement relating to any such actions, <br />other than pursuant to its terms, if material; and <br />14. Appointment of a successor or additional trustee or the change of name of a trustee, if <br />material. <br />(b) The Issuer shall file a notice of such occurrence with the Repository or with the MSRB <br />within ten (10) business days of the occurrence of the Material Event. <br />(c) Unless otherwise required by law and subject to technical and economic feasibility, the <br />Issuer shall employ such methods of information transmission as shall be requested or recommended by the <br />designated recipients of the Issuer's information. <br />II -3 <br />