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(1) 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) Ina 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 />(c) Manner of Disclosure. The City agrees to make available the information described <br />in subsection (b) to the.following entities by telecopy, overnight delivery, xaail or other means, as <br />appropriate: <br />(1) the information described in paragraphs (1), (2) and (3) of subsection (b), to the <br />MSRB through EMMA; <br />(2) the information described in ' subsection (b), to any rating agency then maintaining a <br />rating of the Bonds at the request of the City and, at the expense of such Bondowner, <br />to any Bondowner who requests in writing such information, at the time of <br />transmission under paragraph (1) of this subsection, or, if such information is <br />transmitted with a subsequent time of release, at the time such information is to be <br />released; <br />(3) all documents provided to the MS RB shall be accompanied by identifying <br />information as prescribed by the MS R13. <br />Mil <br />