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52 <br /> statement to such effect; provided, however, if such <br /> operations have been replaced by other City operations <br /> in respect of which data is not included in the <br /> Disclosure Information and the City determines that <br /> certain specified data regarding such replacement <br /> operations would .be a Material Fact (as . defined in <br /> paragraph (2) hereof) , then, from and after such <br /> determination, the Disclosure Information shall include <br /> such additional specified data regarding the <br /> replacement operations . <br /> If the Disclosure Information is changed or <br /> this Section 7 is amended as permitted by this <br /> paragraph (b) (1) or subsection (d) , then the City shall <br /> include in the next Disclosure Information to be <br /> delivered hereunder, to the extent necessary, an <br /> explanation of the reasons for the amendment and the <br /> effect of any change in the type of financial <br /> information or operating data provided. <br /> (2 ) In a timely manner, notice of the occurrence of <br /> any of the following events which is a Material Fact (as <br /> hereinafter. defined) <br /> (A) Principal and interest payment delinquencies; <br /> (B) Non-payment related defaults; <br /> (C) Unscheduled draws on debt service reserves <br /> reflecting financial difficulties; <br /> (D) Unscheduled draws on credit enhancements <br /> reflecting financial difficulties; <br /> (E) Substitution of credit or liquidity providers, or <br /> their failure to perform; <br /> (F) Adverse tax opinions or events affecting the tax- <br /> 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 <br /> securing repayment of the securities; and <br /> (K) Rating changes . <br /> As used herein, a `Material Fact" is a fact as to which a <br /> substantial likelihood exists that a reasonably prudent investor <br /> would attach importance thereto in deciding to buy, hold or sell <br /> a Bond or, if not disclosed, would significantly alter the total <br /> information otherwise available to an investor from the Official <br /> Statement, information disclosed hereunder or information <br /> -20- <br />