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explanation of the reasons for the amendment and the effect of any change in the type of <br />financial information or operating data provided. <br />(2) In a timely manner, notice of the occurrence of any of the following events which is <br />a Material Fact (as hereinafter defined): <br />(A) Principal and interest payment delinquencies; <br />(B) Non - payment related defaults; <br />(C) Unscheduled draws on debt service reserves reflecting financial difficulties; <br />(D) Unscheduled draws on credit enhancements reflecting financial difficulties; <br />(E) Substitution of credit or liquidity providers, or their failure to perform; <br />(F) Adverse tax opinions or events affecting the tax - exempt status of the security; <br />(G) Modifications to rights of security holders; <br />(H) Bond calls; <br />(I) Defeasances; <br />(J) Release, substitution, or sale of property securing repayment of the securities; <br />and <br />(K) Rating changes. <br />As used herein, a Material Fact is a fact as to which a substantial likelihood exists that a <br />reasonably prudent investor would attach importance thereto in deciding to buy, hold or sell a <br />Bond or, if not disclosed, would significantly alter the total information otherwise available to an <br />investor from the Official Statement, information disclosed hereunder or information generally <br />available to the public. Notwithstanding the :foregoing sentence, a Material Fact is also an event <br />that would be deemed material for purposes of the purchase, holding or sale of a Bond within the <br />meaning of applicable federal securities laws, as interpreted at the time of discovery of the <br />occurrence of the event. <br />(3) In a timely manner, notice of the occurrence of any of the following events or <br />conditions. <br />(A) the failure of the City to provide the Disclosure Information required under <br />paragraph (b)(1) at the time specified thereunder; <br />(B) the amendment or supplementing of this section pursuant to subsection (d), <br />together with a copy of such amendment or supplement and any explanation <br />provided by the City under subsection (d)(2); <br />(C) the termination of the obligations of the City under this section pursuant to <br />subsection (d); <br />(D) any change in the accounting principles pursuant to which the financial <br />statements constituting a portion of the Disclosure Information are prepared; <br />and <br />(E) any change in the fiscal year of the City. <br />-19- <br />